Lease expiration and best approach

[Juan Lopez]

I have an upcoming expiration of a 1yr lease in one of my properties. Soon enough, I will have to ask my current tenant if they want to continue and if so, if they are willing to accept a rent increase. Rent prices here in Miami have skyrocketed. I would like to get some feedback from some of you as in the best approach I could have with my current tenant. When is the best time to reach out? what kind of questions should I ask or what should i say? They are good tenants and I would like them to stay, obviously paying current market rent prices.

Thanks in advance. 

[Jonathan Styer]

I would just be honest with them and say you would like them to stay but you want to keep up with market rent and you need to increase the rent to $XXXX and see what they say. I would do it about 60 days before the end of their lease so everyone has plenty of time/notice. They could say no and then you need to make a decision but people generally appreciate just being upfront and honest in a nice way.