How rent is set at renewal
The MAK Homes Fair Renewal Policy caps rent increases based on the market rent for similar homes.
MAK Homes sets renewal rents with its Fair Renewal Policy. The increase depends on how far your current rent is below the average market rent for similar homes in your community, and it is never more than 8%.
| Your rent vs. market rent | Increase |
|---|---|
| Within 10% of market rent | 0%, no increase |
| 10% – 20% below | 4% |
| 20% – 30% below | 6% |
| More than 30% below | 8% (maximum) |
Example
Your rent is $1,750 a month and the market rent for your type of home is $2,050. You're about 15% below the market rent, so the increase is 4%, making your new rent $1,820 a month.
Notice period
We send your renewal offer at least 90 days before your lease ends. Where local law requires a longer notice period or sets a lower cap, we follow the law. Customer care can take you through your own calculation.