How much to increase rent in Denver

[Jamie C.]

Going through my first lease renewal process on two low(ish)-end properties in Lakewood and west Denver, a condo and a townhome. I have the obvious goal: keep what have been fairly good tenants, to avoid turnover and turnover costs...yet cover my costs related to inflation. 

What rent increases, as a percentage, have you chosen for your rental properties lately in the Denver metro area? My property management company is suggesting 5% based on their rental analysis of the areas. I see a PM as having a similar goal as me in the lease renewal phase...but 5% feels a little low. Thoughts?

Thanks, Jamie