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.