Is it OK to increase rent by 12%?

[Anudeep Pradhan]

I have had these tenants for the past 6 years, always pay on time and low maintenance folks. I have held off on increasing rents for a couple of years in the past due to COVID but I can't absorb the rising insurance and HOA costs anymore.
I have to increase the rent by 12% to stay on the right side of things financially.

Is that OK to do so?

Thanks!