Raising Rent - Best Method

[Austin Fox]

Hello BP,

Im reaching out for advice as I am unsure of how to raise rent with my tenant. It's a month to month verbal agreement with a good friend of mine. He pays every month and we've had no issues for the past 7-8 months. Whats the best way to approach this? My goal is to get another $100 per month. Right now the rent is at $750.