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Updated over 5 years ago,
First year is up - how to raise rents, keep tenants and lease
Hello everyone, I am coming up on a year with the first tenants in my duplex rental property located in Echo Park in Los Angeles. I have two renting the bottom floor that signed Oct 1 2018 and one in the top floor unit that signed feb 2019. Given that the first unit is coming up on the end of the lease I want to make sure I handle the transition well. The unit goes for $3,050 a month and the tenants seem to be pretty happy with things, we have a decent line of communication ( I am self managing the property) and I have been responsive to concerns and proactive on repairs.
My main question is if I need to have/should ask them to sign another year long lease or let it lapse into month to month. I would like to bump the rents and given that the property is rent controlled with me paying one utility I can increase 4%. Any tips on how to approach this with tenants? My landlord (I rent in down town) only does month to month and I get a notice every year just slide under my door with the increase on it. I have zero appreciation for my landlord however and would like to set a better precedent.
Any tips on how/when/what to communicate to these guys?