Should I Raise Rent

[Keon Shoulars]

I am hoping I can get a little help as this is my first investment property. My current tenant is up for a lease renewal soon. My property manager sent me an e-mail asking if I would like to renew for month-to-month, 12-months, or 18-months, etc. If so, they asked if I would like the rent to remain the same, or increase it.

The tenant was late a few times in the first year, but I always received the monthly rent plus any late fees. They did not have any complaints or issues through the first year. I am satisfied with the rent amount that I am receiving, but I hear that you should bump rent up a little each year even if it's only $5. I do not want to set a standard that rent will remain the same forever if this ends up being a tenant that stays for years. Yet, I do not want to run off a decent tenant over a $5 (or any amount) increase. I hope the BP community can help. Thanks in advance!