Raising rents in Colorado
Is there any limit as to how much a landlord can raise rent on a month-to-month tenant in Colorado? I know this sounds like a weird question, but I have a tenant who is paying below market by quite a bit.
History: He and his partner moved in a couple of years ago. They both had decent credit and all was pretty good thru out that time with both of them. This past May, they broke up and one moved out. The remaining one wanted to stay. But he wanted to sign just a month-to-month lease, which was fine with me. But in these 5-6 months now with this guy, he has been pretty high maintenance.
Because they moved in a couple of years ago, and have been good tenants, I kept them at their original rental amount until May, when we went to the month-to-month. I raised the rent by $50 at that time. But now with everything, and given that the rent is still quite a bit below market, I would like to raise it by a couple of hundred. I know I can get that much more, as I've tested it on Craigslist. And I certainly don't mind losing this guy as a tenant now.
I've read that Colorado law only requires 10 days for a rent increase. I want to give him at least 30 days. But just want to make sure that there is no limit on the amount that I can raise the rent.
Any thoughts from anyone?