Rent raise feedback please

[Joseph Schommer]

Hi BP Community.

I bought a 4-plex last year in which the rents are VERY under market AND I'm paying heat and hot water in Vermont.  The residents of this house have been here for 3 years, 8 years, 12 years and 25 years...so steady-long-term renters.

My plan, based on recent feedback at a local REI meetup, is to switch everyone to month-to-month for a few years and raise the rent every 6 months giving them an opportunity to either stay on, or find another place.  I should mention this is a VERY tight rental market, and they won't find anything even close to what they're paying now. 

Even with the rental increases I'm proposing, I don't think I'll meet market rate for a while and that rate will keep rising, but my reasoning is that they ARE long-term, responsible renters.  Another detail is that we live in the building (converted attic, all separate entrances) So, while I am running a business, making these decisions in a vacuum isn't possible.

Please take a look at my spreadsheet and offer some feedback if you have any.  Positive or negative.  Should I raise more?  Does that look like too much? What would you do?  

Thanks for the education!