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Reply to "Annual rent increase"
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[quote=Anonymous][quote=Anonymous]My management company makes recommendations every year based on the market. Generally, they recommend 3-4% but we have a long-term tenant that takes good care of the place, she is a reliable and responsible tenant, and during COVID she never missed a rent payment. Therefore, we keep her increases low, and some years have stayed the same. It's worth a lot to have a good tenant that pays and doesn't cause issues. I would take several factors into account when setting increases, one being how badly you want to keep the tenant - or not. [/quote] This. If you have a great tenant and raise 10 percent every year you're being penny wise and pound foolish. On the flip side, if the tenant sucks feel free to jack up the rent. [/quote]
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