Should I Raise Rents When My Current Tenant's Lease Expires?
From my past 10 years of owning my owner rentals and managing others, it's normally best to leave current good tenants in place without raising their rent. I actually have a few tenants that have rented from me for almost 10 years and I have never raised their rates. But, they are great tenants and never cause problems, which in the long run is cheaper then finding a new tenant.
What happens sometimes when raising rent is good paying tenants decide to move out. Lets say we raise rent by $50/month, but tenant moves out. If it takes us just 35-40 days to find new tenant(do any miscell repairs which will always need to be done), it will take you well over a year and a half to recoup the extra rent you have raised on the "new" tenant.
I have found the best thing to do is to raise rents when a tenant moves out. So when my tenant of 10 years moves out, my rental amount will go up at that time.