Non renewing with increase in lease

[Jason Bach]

I currently have a tenant whose lease expires in March. When we first purchased the property we inherited a lease that was far below market rate. When the tenants lease expired last year we renewed with a $75 increase (still below market, we were having a baby at the time....). When renewing the lease I wrote in the addendum the “rent will increase $125 per month upon renewal.” We now have the funds to remodel the place and would like to not renew because we feel, even with the increase of 125, we could still get more and also have the time to put our touch on it. Would there be an issue with non renewing? I fear the addendum I put it means if they are willing to pay the increase they stay.