Does anyone know if there is anything specifically written into AZ law capping the percentage or amount of a rent increase upon expiration of a lease term?
I have lived in my current residence for 2 years. Midway through my 2nd lease, apartment community switched management companies. My current lease will expire at the end of October and the new management company assured me that my rent will increase if I choose to renew.
When I inquired about the amount of the increase, it was difficult to get any information. I received an answer to an email inquiry stating that my rent will increase to approximately $XXX, which I computed to be nearly 30% higher than my current rental rate.
I understand that landlords are allowed to increase rent upon lease expiration and I don't have any issues with small increases. A nearly 30% increase in rent, however, is impossibly high and unreasonable.
I found a website with Landlord/Tenant Act information and all I could find was general information about landlord's right to increase rent. Does anyone know if there are any percentage or dollar amount caps?