@Laura L. You have options, but first, some considerations for you... Seattle property taxes, the cost of materials, maintenance, labor, insurance, and now registration/inspection costs due to the Rental Registration & Inspection Ordinance (RRIO) in the city of Seattle have increased your expenses. The city's population has swelled due to the availability of high-paying jobs, and there's a lot of competition for housing within the city limits at any time of the year.
You could perform smaller or staggered rent increases, and partially subsidize your tenant's lifestyle. Many landlords take this approach to avoid turnover and conflict. But if rents continue to rise, you may find the gap growing wider between what your tenant is paying and what market value is. Some landlords today are raising rents 100% or more as buildings turn over to reach market rates, where landlords have delayed increases, which is devastating to tenants, and helps the rent control movement here.
Or, you could perform the increase all at once. Your tenant might be upset at first, but when they look at alternate housing, and find similar prices, the reality is that the cost of living (and operating rental housing) in the city is increasing, and they have the choice to keep living here or find another place that meets their lifestyle needs.
If you increase rent less than 10%, it needs to be performed in writing (and served per RCWs to be enforceable) 30 days or more prior to the first day of the new rental period. Rent increases greater than 10% must be served 60 days or more (and there's a movement to make this 90 days in the city of Seattle). And if you want to sign a lease term greater than 1 year, it's a good idea to get the signatures notarized. Good luck!
