Decrease in Rent Notice
Use this notice to inform your tenant that the rent will be decreasing as of a certain date.
Document Last Modified: 1/16/2020
Rental rates may change for many different reasons, but these modifications do not always mean the rent is going up. Sometimes circumstances dictate that the rental rate will actually go down. When this is the case, the Decrease in Rent Notice can be used. This one-page document helps the landlord convey the new rental rate, as well as how the lease will be extended moving forward (whether month to month or for a new fixed term), and helps the tenant to understand what the new expectations will be and when.
In order to customize this document, the landlord merely answers a few simple questions. The landlord will choose the property and tenant for whom the notice will be created. The landlord will also enter the new rent amount, and the date the new rent will take effect. The date that the notice will be sent is pre-filled; however, the landlord may modify this date when completing the document wizard.
It is significant that the document also advises the current tenant that this document only modifies the rent amount, while leaving all other lease terms in place. Written notices are important for landlords to use, as they provide good documentation in the event that a dispute should arise. The landlord will determine whether the lease will continue on a month to month basis, or whether the previous full term will be renewed, and document that on the form.
When the tenant receives the notice, he or she will have the option to accept or decline the new term under the conditions outlined in the document. Both the tenant and the landlord will sign the document. If the tenant chooses not to accept the terms, then the tenant must sign that he or she will vacate the rental unit at the end of the original lease term. The tenant is reminded of the required notice that must be given to terminate the lease. Check with your local municipality for any legal regulations about the amount of notice that is necessary for a decrease in rent notice. It is just as important to document any decrease in rent as it is rent increases.
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