Is it OK to increase rent by 12%?

[Anudeep Pradhan]

I have had these tenants for the past 6 years, always pay on time and low maintenance folks. I have held off on increasing rents for a couple of years in the past due to COVID but I can't absorb the rising insurance and HOA costs anymore.
I have to increase the rent by 12% to stay on the right side of things financially.

Is that OK to do so?

Thanks!

[Sherief Elbassuoni]

@Anudeep Pradhan, yes, you can increase the rent by more than 10%, but you need to serve them proper notice. There are consequences if they decided to move out. For example, you may be liable for their moving costs. You can read more about that in here https://www.rhawa.org/covid-19