Rent increase to keep up with inflation and higher costs to maintain the property
Hello,
What is a good and (if possible) kind way to communicate to tenants that if they were to renew the lease, the rent will be increased at the legally allowed rate, which in this case is 10%?
They are currently in their third year and last year had $0 increase but the rent price includes pool and garden service.
I posted the home on Zillow, at 13% above the current rent, and there is a healthy amount of interest so my guess is the current rent is way below market rate.
I would appreciate insight from people who have gone through this and/or others who have good advice.