Rental rate historical data?

[Casey Miles]

Is there a source (website) where I can research rental rate data? I rarely raise rents in my units and usually wait until a vacancy occurs, research rental rates via craigslist, etc, and then rent for whatever the market will bring.

I recently bought a duplex where the previous owner raised rents almost annually by 2.5-3 percent each time. Obviousely it depends on the market but what does everyone else do? Scheduled increases? Wait for vacancies?

I'm in the Phoenix market and have both MF and SF.

Thanks everyone,

Casey

[Marcia Maynard]

We rarely raise rents. But when we do, we do so because our expenses have significantly increased, not just because others in our market are renting at higher rates and we might be able to generate more income. We value keeping good tenants in place. Our longest term tenant is at 26 years now and the next longest term tenant at 23 years. Annual rent raises will encourage good tenants to start looking elsewhere. 

Turnovers cost money and time. The increase in rent will rarely cover the cost of losing a good tenant and doing a turnover. When we do a turnover, we are apt to do upgrades at that time and raise the rent to reflect the better product we are now offering. Our rate will then be closer to market rate but still a bit below, to attract an ample number of applicants from which to choose.