Rapidly rising rents

[Ryan Heywood]

I have a tenant coming up on the end of their first year, and am having a little difficulty on setting their renewal increase. We leased to them after doing a complete remodel and market was $995 last year. In that time rent had go up 40%, we just leased a comp for $1399. 

My management wants to go up to $1200, but I’m used to increases being more along the lines of 5-10%. They are good tenants, and the are is not great but the unit is new and clean. 

This is in Phoenix