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.

[Theresa Harris]

On a $750 rental, a $100 increase is a big jump.  Just tell him your expenses have increased, assuming that is why you want to increase rent, and give him the appropriate notice.

Check your local laws and your lease as to how much notice you have to give and if there are limits on how much you can increase the rent by.