I'm looking to sign a lease and I notice there is a statement that the landlord can increase rent with 30 days notice. Is this normal for a lease agreement? Should I be concerned?
The exact wording is below: "Upon thirty (30) days written notice to Resident, Landlord may alter rental payment to cover additional costs in operating the premises incurred by Landlord because of any increase in ad valorem property taxes, charges for the electricity, heating fuel, and water consumed at the property, or increases in premiums paid for liability, fire or worker compensation insurance. Any such increased payment shall be additional rent."
This is in Michigan, just outside the city of Ann Arbor.