How to calculate rent increase for Month-Month vs Yearly Lease

[Kurt K.]

Hello all.  My tenant in my only rental property might be moving out, but has asked if we would consider a month to month.  We said yes.  I just need to know what is a way to calculate a fair rent for a month to month vs a the current amount we charge in our year lease.  I searched google and could find a good answer.  This house is in Henderson, Nevada.  Their first year, 2016-2017, the rent was $1600, second year we increased it to $1650.  They have been great tenants and we want to accommodate them while they search for a house to buy, etc.

Thanks for any feedback!