Seems to me a tenant should expect several % a year. The PM suggesting 2% after 2 years seems ridiculous to me.
Turnover is costly but this is also the time when I can change property managers. Had a second flood because the first HVAC repair was faulty, and the PM is not fighting to get my money refunded for the cleanup. This is what I pay them 9% to do! I need to examine the contract & figure out how much dropping them would cost, & if they would continue to get a % of the current tenant's rent.
Available housing is way down since speculators bought last year, anticipating the Amazon HQ. OTOH that probably means more rentals until the Amazon people actually start moving to the area. I need to find out where this house stands between "affordable" and "luxury." There is near zero "affordable" in the region. But the area's median household income is $93,400.
This is the end of a 2 year lease on May31. These tenants have been a pain in the ass -- seems they think they are in an apartment & don't have to DO anything. Complained about HVAC being too cold downstairs; had to spend money to figure out they were not changing the damper in the main vent from winter to summer. (OTOH the PM seems not to have passed on the written instructions I created, for seasonal things like pouring vinegar into the HVAC condensate line to keep it clear -- the company assigned me a different PM). They got a mold kit & complained that it tested positive; that cost me a grand. Complained that a vinyl accordian door dating to 1955 didn't close perfectly. That cost me several hundred bucks, but the PM should have reminded them "as is." The only maintenance they've done is to volunteer to spread mulch in the flower beds -- if I paid for the mulch.
They are 3 individuals, I think 2 are a pair. Two individually "almost" qualified for the current rent at 30% income. So they can afford to pay more, if in fact the market value of the house is more.
I allow pets.
Rentometer.com is useful. What else do I get that might be actionable if I pay for the premium service?:
Results based on 27, 4-bedroom rentals seen within 12 months in a 3.00 mile radius
Average $2,859 ±2%
Median $2,950
80% $2,300–$3,300
60% $2,500–$3,200
Results based on 30, 3-bedroom rentals seen within 12 months in a 0.75 mile radius
Average $1,972 ±5%
Median $1,900
80% $1,170–$2,863
60% $1,657–$2,475
Looking around for a landlord's association in the area to get data.