The rental market has been increasing across the country. If you have a rental property that has had a tenant for a while and the rental market has gone up in your area, it may be time to do a rent increase.
What you need to know about increasing rent in Hawaii:
In Hawaii, there is no restriction on how much you can charge for rent or on how much the increase can be. However, if you want to keep the tenant and avoid a vacancy, it’s not advisable to do a big jump in rent. I suggest waiting for a vacancy to bring the property’s rent to the current market rate.
There are rules regarding giving notice of rent increases. If you have a fixed lease term, such as a one-year lease, you can only do a rent increase at the end of the lease term. If the lease is month-to-month, you must give 45 days’ notice of the increase. If you have a lease that’s less than one month, it’s 15 days from the next rent due, but this is a rare situation since it’s for short term rentals
Note that the rules regarding increases and notices vary by location. If you manage your own rentals, it’s essential that you are aware of the local rules and regulations.
We would be happy to answer any property management or real estate sales questions you have. Call us to schedule a private consultation at (808) 593-9826 or email concierge@caronb.com
