Inherited A Long Term Tenant

[Kyle Wenger]

Hi Everyone,

I am soon going to be inheriting a long term tenant of 13 years. She keeps the house immaculate and wants to stay. The problem is the rent is currently $300 below market rent. As a new landlord, how do I approach the situation and let her know that the rent will need to be increased. I want to keep a good tenant, but she might not be able to afford the rent increase. My best bet is to probably give her a notice that I won't be renewing her lease, but wanted to hear input from more experienced landlords. Thoughts?