How to increase rent DURING lease term?

[Mark Csongradi]

Hi everyone,

I purchased a property where the rents are insanely below fair market rate ( 40-50% lower). One lease is up in a month so I don't have an issue there, however, the other side's lease will be active for almost a year, it was recently renewed. I was wondering if there is a creative (and legal) way to increase the rent to a more reasonable rate. After researching it, someone recommended to offer the tenant to raise it to 75%-ish of the market rate and lock them in for another 6 months or a year after their initial lease would end. Do you all have other ideas how it can be done, that's appealing to the tenant as well? I would prefer to keep the tenants, but the current rent just doesn't make sense financially. 

[Theresa Harris]

Find out how much notice you need to give the first tenant before increasing the rent.  for tenant number 2, see if there are renos they want done (and you want to do) that they might let you do in exchange for increased rent.