How much do you typically raise your rent per year?

[Teresa Villaruz]

Hi there,

I just started my real estate rental journey early this year with a condo being rented out to a couple. We're almost at the end of the lease and after that, they'll be going month-to-month (as per the 1 year leas agreement). 

How much % do homeowners/property manager typically increase rent when lease term is due? 

I notice that on average, that's about 3-5%, but similar properties in my neighborhood are now listed for 8-10% of what my tenants are paying.