Raising rent with a new contract

[Brandon G.]

We're about to close on our first property, a duplex.  One side is recently vacant, the other is rented.  The current rent is 600 and we're going to raise the rent on the unrented side to 700.  I'd like to raise the rent on the currently rented side in about 6 months.  A new lease agreement will be signed by the current tenant.  My question is, if the tenant signs a year lease at $600 month, what do I need to do to be able to raise that rent to $700 in a few months?  Can I simply state this in the lease agreement when he signs in?

Thanks,

[Allen Fletcher]

@Brandon G.

You need to tell the current tenant that you are planning on increasing the rent on his next lease renewal. If you treat the tenant with respect and keep them informed on the new policies you are going put in place they will either a) fall in line and stick with the new policies or b) move out once their lease is up. Either way you get exactly what you want and you will probably have less issues too.

Regards,

Allen Fletcher