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Updated over 4 years ago,
Frustrated and in need of advice -Raise rent or terminate lease?
Have been renting to the same tenants ( a family of 6, 2 parents 4 kids all 12y+) since July 2016, 4 bedroom 2 bathroom mobile home in Dacono, Colorado rent is under $1,500 utilities not included. In Feb/March 2020 i had the tenants inform me that a water pipe had frozen and burst in December 2019 and that there was now mold in the home that was causing breathing issues for the dad. We had this fixed. On Wed, July 29, 2020 tenants informed me that there was a fire on the outside of the home on Mon, July 27, 2020. I decided to do a walk through on Fri, July 31, 2020 and found that they are growing marijuana inside a tent in the living room, have 6 cats 1 dog, 4-5 firearms in a closet with no lock-box, holes in the walls - some are obvious that they've been patched and others have not been patched, leaks under every sink that now are growing mold, 1 bathroom sink is completely molded underneath the sink to the point where the sink is slowly sinking in through the wood, and that they are not cleaning. All I've been able to get from the fire report is that an investigation is open for arson. The dad of the family told me that he had to go to the hospital various times because of breathing issues due to the mold.
The original lease was for 1 year and never renewed so i believe it automatically becomes a month to month lease.
This is my dilemma - I do not want anymore damage done to the property and i want them out as soon as possible. I've been debating on the best way to do this. Do i raise the rent almost 70%, which would be what rent is going for in the area and hope that they leave or do i give inform them that we will not be renewing their lease (will give a 30 day notice). With Covid19 and the CARES act I'm afraid they'll decide to not pay rent, destroy the property even more, and i'll be unable to evict them.
Is there a limit to how much one can increase rent in Colorado with a 30 day notice, what recommendations can you all give me on how to get them out quick and with minimal costs?