Is this rent increase reasonable?

[Raj Shah]

Hi everyone- I am a fairly new landlord. I have rented out my previous residence- renters moved in 3 years ago. The house at that time was probably priced around 1.3 million. We rented it out for 6500/ month. I did not raise the rent last year however we did think about putting the house on the market because there are not many houses on the market for sale and house prices in this area are significantly increased. At this point, the house is priced at around 1.5 mil.  I want to raise the rent to 7000/month (  I did not raise it the 2.5% YOY market growth since they have moved in). When I calculate out the monthly mortgage for a house at this cost assuming a 300,000 downpayment, it would come to around 7450/month so I think 7000/ month is reasonable.  They plan on moving out at the end of next year and I will have to put some work into the house if I want to put new renters in there or sell. 

This rental is in Asheville, NC. 

Any thoughts on this rent increase from 6500/mo to 7000/mo. 

thanks for your input.