§ 34-18.2-5. Rent increases for leased land.
(a) A landowner, as defined in § 34-18.2-2, shall give the homeowner sixty (60) days’ written notice prior to any lot rent increase. The written notice shall set forth the current rent, the proposed rent, and the date upon which the increase shall take effect.
(b) If a homeowner or a homeowners’ association, having, the power and authority to negotiate rental terms on behalf of member homeowners, believes that the rent increase is “excessive” as defined in this section, the homeowner or authorized homeowners’ association may submit the matter to binding arbitration pursuant to chapter 3 of title 10. In the event the parties are unable to agree upon an arbitrator, an arbitrator shall be appointed in the manner set forth in chapter 3 of title 10. The costs and expenses of the arbitrator shall be borne equally by the landowner and the homeowner or authorized homeowners’ association.
(c) An “excessive” rent increase, for purposes of this section, is an increase which unreasonably exceeds the fair rental value of the property based on market conditions at the time.
(d) The arbitrator shall promptly hear the dispute and render a decision based on the “excessive” rent increase standard as set forth in this section.
(e) No lot rent increase shall go into effect until the earlier of:
(1) Completion of the binding arbitration process; or
(2) Ninety (90) days after the written notice given under subsection (a) of this section.
(f) This section shall not apply to chapter 31 of title 44.
History of Section.
P.L. 2014, ch. 254, § 2; P.L. 2014, ch. 281, § 2.