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It is a good idea to check rentOmeter and rentals.com every year to verify that your rents are in line with the competition. You could be charging too little for your rentals and losing cash flow opportunity.
For existing tenants, you should raise rents every year at least 5%. A good way to soften the blow of a rent increase is to say that your customary rent increase is 10% a year but because they have paid on time, you will only raise rents 5% this year. In really HOT rental markets 10% may be the right amount to raise rents.
How much do you raise your rents each year?
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