Locking in the Rent Price

[Sam B.]

Out of state landlord here.  Great property management in place.  I want to attract quality tenants that stay put.  I don't see rent rates increasing greatly in my area for the foreseeable future.

Any other landlords here experiment with locked rent prices for a pre-set duration?

I was speaking with a seller/landlord of a fourplex earlier this week and he mentioned that a couple of his tenants have been with him for 15+ years.  As I inquired further, he mentioned that he had setup an agreement to never increase rent prices as long as the tenants renewed their lease.  Interesting.

15+ years later, the tenants were renting about 20% under market.  However, these tenants cared for the place as if it was their own, rarely called for issues, when they called, the issues were quickly and easily mitigated.

While I'm not sure I would be willing to lock in rent prices indefinitely, I think a 3-5 year lock would:

1)  Allow me to pull in market/slightly above market rent immediately.

2)  Offer peace of mind to the tenant regarding future rent increases.

3)  Provide incentive for the tenant to stay put.

Being out of state, attracting long term tenants has more value vs squeezing out a couple of % in rent increases.

Feedback appreciated.