Raising Rent - Under Market Rent

[Dave Villa]

Hi All,

I have a property that is under market rent. Tenants have been good tenants for the past 3 years. They started paying $1500 and are now at $1850, market rents suggest around $2300 - rents have risen drastically in Nashville in the past few years. I value good tenants but I feel that there’s a good bit of difference between current rent and market. A $500 increase in rent seems steep, any suggestions on how to offer their next lease? I have a management company actively managing the property so I don’t have direct communication with tenants. Thank you.