Rent Increasing and Negotiation

[Joshua Hanson]

I have a house in Las Vegas that is managed.  I've been slowly raising rents, but am far below market rents.  They are currently at $1370/month.  They moved in four years ago at $1265.  Market rent is at least $1800 now.  When I told manager to raise to $1525, they came back with $1450.  I countered at $1490 and have been countered again at $1475.  I didn't anchor at a higher price to be able to come down to where I wanted it and am not sure I've set a good precedent with negotiating rent increases.  They have been decent tenants and even though rental market is strong, I don't want a vacancy right now as renovation costs are high right now.  I'd love to hear some feedback about how others have handled these situations.  Thanks in advance!