If you don't have them sign a term lease, check your current lease. It should state that it becomes month-to-month. You can then raise the rent. If they don't like it they will move out. Unless the home is uninhabitable you don't have to improve the property. If they leave, you (well I anyway) would end up spending money to get it back into showing state. Normal "Wear and Tear" needs to be touched up. Sometimes with longer term tenants, that "wear and tear" is "repaint everything". Anyway, I would say if you value your tenant, and they treat your property good. Why not work with them and IMPROVE your property, making them more happy and more eager to stay even longer. They should understand a rent increase if you're doing improvements versus repairs. If not, find someone else who does. Just don't over improve to the point where you can't get your money (rental market won't support price for location)
Feb 1, 2012