Hi @Maria S. , it's like asking for a raise at a job! If you know how much you are worth, you tend to be less shy about demanding what you deserve and especially what you need. Assess your prperty and determine if they are really worth the raise. If yes, secondly id to asses what the mareket in that area can support. You can have the nicest property on the block. If most tenants in that neighborhood have financial barriers, well there is not much to do besides getting into another market.
If the market price of rents is higher than your price, well no not hesitate. You are missing out on money. Atenant who knows that they are paying less than others in the same area might not like the rent increase but they will much more prefer paying an extra $5 or $10 per month every year than having to move and possibly deal with a difficult landlord elsewhere.
As they say, the grass is not always greener on the other side of the fence.
@Maria S. Also checkout realtor.com
@Maria S. , Zillow is terrible for validating rents. I'm not sure how their algorithm is put together, but it's obviously some sort of aggregation and the numbers come out really screwy. If you have a realtor you work with, have them set up searches for leases in the vicinity of your current rentals that fit similar criteria to your property. Rentometer is also not a bad site. Anyone else have any good suggestions?
@Tim Sabo I agree 100% with your take on this subject.
@Maria S. run your properties through www.rentometer.com as well as a general search around on Zillow :)
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