I have a duplex where I inherited one side of tenants. The rent was not raised for the past 6 years, and is currently only 63% of the current market value.
The renter is a single parent of two children. There is a shortage of rentals available, and would likely have 30-40 applicants if they decided to move. The tenant does not cause me too much grief for repairs/etc and takes good care of the property.
That aside, in Washington we can now raise rents, with COVID restrictions easing.
Somewhat related, landlords must also now convert to X-month lease terms from month to month, or else be forced to not use “just cause” eviction – as that law is changing. Each lease must have terms of “non-renewal, or renewal”
So since I have to change the month-month lease to a fixed term, it’s time to do the rent increase.
How should I go about the lease change/rent increase while still balancing the business and ethical side? Any tips on how to present/discuss to where the renter feels better about the change?