We've had a tenant for 2 years with a 12 month lease each year. The tenant would like change the duration of the lease to 6 months or 3 months. How much of a monthly increase should we charge? Also, what becomes of the 1 month security deposit?
Answer
The security deposit remains in place as it is to protect you against certain damages you might suffer. Its amount would not change. What rent increase you give depends upon numerous factors that we know nothing about i your case and on your gut feeling as to how much is reasonable and wil not drive them away. They can always ask to be month to month tenants.
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