Forem of Raise the rent

[Ahmed Jasim]

I have SF in Houston; One year rental contract and it is time to either extend for another year or they will leave; What is the best strategy to increase the rent? 

I'm renting 2100$ and median rent in my area around 2195$, Houses with same condition they rent it for 2300-2400$

can anyone share a good form to send it to tenant?

Thank you

[Nathan Gesner]

@Ahmed Jasim don't make it more complicated than it is. If your tenants have half a brain, they know the market is tough right now. Prices are high, inventory is low, and even if they find something else to rent it will cost them money and time to move.

If market rate is $2,400 per month, then you're about 12.5% below market. I don't like to get more than 10% below market and that's for really, really good renters that I want to keep forever. In your case, I would consider a $100 increase which is around 5%. That keeps them below market, it should be affordable, and it's unlikely they would move for $100 a month in this difficult market.