Guidance on rent increases

[Dave Hart]

I have 3 rental properties in Chicago. I find that I’m only increasing rents when I have a turn (every 2-3 years).

I’m debating if I should implement rent increases for current tenants during lease renewal, even if it’s just $25/month to help keep pace with increasing costs and taxes. 

All my tenants are great. Pay on time. And are helpful and understanding when things go wrong (there is always something). I’m attentive to issues quickly and make quality fixes and updates. Overall, good working relationships on both sides. 

I want to keep tenants longer in general but also want to keep up with rents. 

Any thoughts on increasing rents for lease renewals? Is there a % increase that others use or rules of thumb?

Thanks