Lease Term Ending- Questions

[Gabe Bouldien]

Hey BP team, I have a SFR rental and their 18 month lease ends in November 2023. They have been exceptional tenants. They currently pay $1750/month, which I would say is on the lower end of average for the area. I was thinking about offering the tenants if they signed another 1 year lease (maybe push another 18 month first?) to keep the rent at $1750/month, but if they wanted to go month to month, increase the rent to $1800/month. What are your thoughts on this? Market rents are more in line with $1800-1850. I look forward to hearing your thoughts.