Rent increase for a high-end single family house rental

[Saleh Sadaghiani]

Hey BP Community! 🏡 I'm a landlord looking to adjust the rent for my rental property this year.
What's the typical percentage increase you've found to be fair and effective in 2024 in your experience? Also, any tips on communicating rent increases to tenants while maintaining positive relationships? Thanks in advance for your insights!

Context: The property is a single-family house with an attached two-car garage. As a rookie landlord, last year I allowed pets but didn't charge an extra fee for them.
Now as we're getting closer to renewal time (in 5 months), I want to start communicating the rent increase to my tenants. The property is in an incredibly desirable shape, and these tenants are overally good.