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Even if they are on a mth to mth lease, you are only allowed to increase your rent by a certain amount - check out what that amount is. I know this, we had a LL try to pull this one on us (obviously didn't realise i used to be tenant advocate). Best bet would be to go vacant possession and get a...

Nope. Gotta wait til end of lease, and then I would be expecting a new tenant along with a new rent rate ;)