Consider this scenario;
You reach out to the tenant and decide to move on, you give them 60 days to move. Scenario 1 they don’t or refuse to move- eviction costs and/or lost rent
Scenario 2 they move out and Cap ex and turnover costs, lost rent, advertising for new tenants in a somewhat of a qualified tenant shortage, headaches can be avoided by simply having a conversation with the tenant to see where their head is at, and that they understand what your expectations are. To sacrifice a good tenant, which is hard to come by these days in favor of higher rent, may not be the trade-off that you need or possibly want. I would have a conversation with the tenant, and then after that if you determine that’s in your best interest and theirs to seek out a new tenant give them plenty of time and make sure you leave amicably because in case you get more rentals and they are looking in the future, I have a higher income that relationship is sure to last, which means that you have guaranteed business in the future.