Yearly Rent Increase Schedule for Tenant

[Deinno OKeefe]

I purchased a duplex and inherited a tenant that was paying well below market prices. Because it's a family, my plan is to increase their rent each year until at market average. My question is this: would it be a good idea to create a simple document showing the year and rent increase and go over it with the tenant? 

Caveat: I will be doing upgrades, etc throughout the years to justify the increases. 

I am not opposed if the document causes the tenant to move out early. (They are month to month)

thank you!