I have 2 single-family rental homes in the Seattle, WA area. I have owned both for over 20 years. Being the "softy" that I am, I do not raise rents very often - only about once every 4 to 6 years. Because of this, I have a very low turnover of tenants. (One rental has had the same tenants for the last 15 years, and the other rental has had the same tenant for the last 10 years. )
Although I like the low turnover, I need to start raising the rents as I am way "undermarket"; I also retired last year at the age of 50 and do not feel as "generous" as I used to be when I was still earning income from a job. However, I will probably still remain a little "undermarket" as I like the low turnover and hate it when I have to advertise, check credit reports and references, and worry about the house being vacant (i.e. no rent coming in) while looking for another tenant.
My question is for both landlords and renters: How often is the rent raised, and at what percentage? A friend said that I should be able to raise the rent at least the rate of inflation on a yearly basis. I realize each area of the country and individual neighborhoods differ in supply/demand/desirability, all of which will affect the price of rents and rent increases. But, in general, it would be interesting to hear what others are doing or experiencing in this respect. Thank you.
(FYI: I am not a slumlord; I promptly take care of anything in need of repair or replacement and maintain both homes in good condition. )
Although I like the low turnover, I need to start raising the rents as I am way "undermarket"; I also retired last year at the age of 50 and do not feel as "generous" as I used to be when I was still earning income from a job. However, I will probably still remain a little "undermarket" as I like the low turnover and hate it when I have to advertise, check credit reports and references, and worry about the house being vacant (i.e. no rent coming in) while looking for another tenant.
My question is for both landlords and renters: How often is the rent raised, and at what percentage? A friend said that I should be able to raise the rent at least the rate of inflation on a yearly basis. I realize each area of the country and individual neighborhoods differ in supply/demand/desirability, all of which will affect the price of rents and rent increases. But, in general, it would be interesting to hear what others are doing or experiencing in this respect. Thank you.
(FYI: I am not a slumlord; I promptly take care of anything in need of repair or replacement and maintain both homes in good condition. )