Increasing rent
I just purchased my very first rental property which I am managing and running myself. It's a multifamily complex and 3/4 units a occupied. One unit is empty as I am renovating it, one of the tenants will be leaving in October, the other tenants lease is up this month. I want to increase the rent for the tenants lease that is up this month because it is very low for the space they are getting (1,054sq.ft.) and well below the average for the area ($595-650). I was going to raise it $45/ month. This would increase the rent to $595/month. My reasoning is that I just replaced both the front and back doors, have done many neglected repairs in her unit and will be putting in a privacy fence to give each unit its own private space. I feel this more than justifies a rent increase. My hesitation is I do not want it to push her out. Greatly appreciate everyones advice.