Tenant Rent Increases in Alpharetta
How much are you increasing your long term renters in Alpharetta?
Most Popular Reply
For good long-term tenants I keep increases modest, usually 3-5% a year, even if market rent is higher. A reliable tenant who pays on time and takes care of the place is worth more than squeezing every dollar and risking a turnover.
That said, I do check market comps every renewal. If a unit has drifted way below market, I'll do a bigger bump but give plenty of notice and sometimes phase it over two renewals so it doesn't feel like a shock. I manage rental property in Memphis too, and the same approach holds up there, different market, but the logic of retention over maximization travels.
The math that keeps me grounded: one vacancy plus turn costs (cleaning, paint, lost rent, re-leasing) usually wipes out a couple years of aggressive increases. Curious what others in Alpharetta are seeing on the comp side right now though.