How much of a rent discount to long term tenants?

[John Parshall]

I have a property that I bought with tenants in place. They had lived there 7 years and were great tenants. I raised rent to $1050/month and they signed new 2 year lease. They are wonderful tenants, never pay late, rarely hear anything from them. I believe I could be getting $1300-1350 for this property. I know there is tremendous value to long term, great tenants. I wanted to get some feedback on what you guys think is too much of a break in price for long term tenants. Where do you guys draw the line as far as raising the price and risking having to deal with new tenants and possible issues with higher turnover?  How much of a loss in potential rent income are you willing to take to keep great tenants in place?