Increasing rents may cost you good tenants
I've noticed that most landlords want to continue raising there rents even if they haven't done any updating to their properties. If you had a tenant in your place for 4 years, would you continue increasing the rent? Let's say your unit was a high turnover unit that you couldn't keep a tenant in it for over 12 months. Then you were able to procure a long standing tenant who pays their rent with out any problems. What would you do as a landlord?
Most Popular Reply
Rents increase because cost of living and costs of employment keep rising - you can't charge the same amount of rent when you're paying higher property taxes, higher maintenance and labor costs, etc. As long as they maintain a cost level that is appropriate for the property, neighborhood, and local comps, there's no problem.
While updating the property is usually a trigger for a rent increase, it's not the only reason it happens.