I own several houses in Las Vegas, NV. I have not raised the rent for my properties for the past 5 years. One particular house I own has tripled in value (bought for $100k and is worth$300k in present time). The tenant has been paying very low rent for the last couple of years and has a month to month agreement with me. She is not the best tenant and can be very rude when a repair is needed.
The average rent price in the area is $1200 but I have been charging her $800 for the last couple of years. Property taxes have increased recently and I am thinking about raising the rent $200 – $300 and enforcing a yearly contract instead of a month to month basis. I do not mind if she moves out but is this unethical? I just find it unfair that everyone else in the neighborhood is renting for $1200 while she is only paying $800. On top of that, she has damaged a significant part of my kitchen in the house and is very rude to me and my spouse. Thank you for all the answers!
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