Raising rent - how much is too much?

[Jeff Caravalho]

We recently found our tenant is paying about 200/mo less than market rent.  He's a great tenant.  How much/ how often should we raise the rent without making him look elsewhere?  Lease is month to month.  Thx for your input?

[Brad M.]

@Jeff Caravalho

If it were me, I would factor in the following: How long has he been a tenant? How is the market? Would he be easy to replace with a market rate tenant? Would you have significant turnover costs (repairs, painting, etc) if he moved?

If the market is great, and it would be a relatively cheap turn, I would raise it to market. Otherwise, just wait until he leaves.