What are the steps for raising rent?

[Nicole Candelario]

Hello fellow landlords!

It’s been one year since our tenants have been renting from us and after reviewing the market rents it seems as though we are receiving at least $200/mo under the norm. With that said, our tenants have “not” been the most desirable tenants. Part of that is my fault (I neglected to get a pet deposit from them and pet addendum). I have decided to increase the rent at least $100/mo along with pet addendum & pet deposit. Is there a certain amount of time I have to give them before it goes into effect or should I just put the new amount in the new lease? Any advice is appreciated!! Thank you

Nicole