Palm Springs Rents

[Garvey Daniels]

Does anyone have rental property in Palm Springs, Ca. that could give some advice on rents? I have an 1800sq ft, 3bd/2ba with mountain views, a pool, and near downtown with great tenants that pay on time and look after the place. I did not raise the rent after the first year but was looking to raise it this year (roughly 4-5%). My property manager says the market is over saturated with rentals and some of his other clients are lowering their rents. My online research shows rents are fairly steady for similar properties of the size and location. I don't want to scare off the tenants but need to offset increasing expenses. If you have insight into the Palm Springs rental market, I'd love your feedback.