i just purchest a triplex in lansdowne pa. my 2nd fl tenanthasbeen there for 7 years and my 3rd floor tenant has been there going on 3 years there rent has never been raised i was thinking about doing an increase of about 8% for both is it a good and legal ideal?

Good morning. There are really...

Good morning. There are really two questions here so I will try to answer them separately: 1. Is it a good idea? This is goign to be a function of how the market in your area is doing. You definitely run the risk of losing the existing tenants or having them say no, but that might not be such a bad thing if you think the market rent in your area is higher than what you are getting AND you feel that you have a good chance of re-leasing the unit quickly. You might take a small dicounted rent in return for keeping the existing tenants but if that discount get too large then its a good move to go out to market and get the higher rent. 2. Is it legal? This will be entirely dependent on your lease and the state or local laws. Most leases have some rent increase provision in them and if they don't you are generally welcome to raise the rent to whatever you want when the existing lease expires unless that is forbidden by rent control or other laws in your specific area. Hope this helps, feel free to repost with other questions if you have them. Thanks. 

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