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Category: Leasing to Tenants
We are planning to raise our rental rates in the near future because they have not changed in the past few years. Is there a legal limit to the rate we can charge? Is it legal to charge different rates for different tenants?
There is no legal limit to the rate that you can charge as rent. It is a matter of contract – a matter of what the market will bear. As far as charging different rates for different tenants, you can certainly give discounts for students, senior citizens, long-term leases, long-standing clients, etc. In a nutshell it is legal to charge different rates for different tenants, but take care not to charge different rates on the basis of traits that are considered protected, such as race, ethnicity, religion, or matters of that nature.