Happy tenants stay, and they have a tendency to say good things about management and Landlords when they have had a good experience. We are still in recovery in our markets in Florida. Tenants need to stay in the black while the economy is still in the recovery zone. I would recommend either waiting to future years, or raise the rent by three percent per year as a Cost of Living Adjustment. Remember that Profit Maximization in Real Estate involves keeping your property occupied. Rents that are too high do not maximize profits when tenants seeks alternatives, and substitutes in the market. Keep your tenants within their goals and they will stay with you in the long term, and that is what you want.
Jan 27, 2015