Inherited lease is too low

[Jean Wilner Wilner]

I am inherited a that I think is too low. What's the procedure to raise it? Can I provide my own lease? It's a month to month can I change it to a yearly? 

[Andrew B.]

The fact that you own a property and you are asking these questions is scary. First, take a second to appreciate the fact that you are now responsible to provide housing to your fellow human beings. This is a huge responsibility, that should not be taken lightly. There are many laws both local and federal that dictate the rules of operating a rental. Learn them before you run afoul of them. You should be able to google search "[Your state] landlord/tenant laws" to find it. The website for your state will probably have a section about it as well. Download all the laws and start reading them. They are your new bible.

Now, to answer your question. Typically month-to-month leases can be ended or modified with 30 or 60 days notice. I say typically because some states (even some towns) have rent control laws that limit your ability to raise rent or sometimes they limit your ability to end your lease altogether. In your situation, if your state allows it, give proper notice that rent is increasing to the new amount. Have this sent by certified mail, so you have receipt of its delivery.