All Forum Posts by: Sinil Kim

First you should learn your state and local laws. All states and all opinions are different. Are they good tenants? What is their history? If they are good renters then I'd give them the option to stay with the higher rent (provided that's within your laws). One thing to consider though is that time is not on your side. Here in MN I'd have to give notice by the 31st to have them move out at the end of August. Make sure you don't get too far into the year and end up with two empty units for the winter.
You didn't mention what they are paying right now, so we don't know how big of a jump the rent would be. Maybe do half of the difference now and then the other half next May 1. That way if they both move out you'll have the whole summer to find new tenants. A lot also depends on your market and how easy it is to fill rentals. Good luck!

@Sinil Kim you provided incomplete picture here. What’s the current rent? How much are the deposits?

I bought duplex last year and sent them introduction letter and mentioned that we are reviewing their files and lease will reach out if updates are needed.

Then in a week, we sent new leases if one did not exist. The one that had a lease but deposit was not topped off received a letter to pay the difference and a payment plan offer. The ones that do not have leases were given opportunity to enter into new lease at market rate with option to terminate tenancy in 30 days without penalty.

How far below market are you?