Converting a periodic rental agreement to lease
Hi everyone,
I have a property that I just purchased that had existing tenants. They have been there for ~3 years and are currently month-to-month. I'd like to do 2 things: increase their rent to market value and ask them to sign a new lease. In CA, I know that I have to give my tenants a 60-day notice if I want to increase their rent more than 10%. I also know that I can give them a 30-day notice to sign a new lease.
My question is: if I hand them a new lease to sign (changing them from month-to-month to a year-long lease), does it have to be a 60-day notice because of the 10% increase in rent or can it be a 30-day notice because I'm simply telling them that their lease has expired and that to stay they need to sign a year-long lease?
THANKS!