Northeast Dallas Rent Increase on Renewal

[Marco G.]

What percent increase are NE Dallas landlords renewing leases for this year? My PM is suggesting a 7% increase after the first 12 months. Rental appreciation has been great in our area in the past year, but I’m wary of such a large increase. The unit was rented at market last year. Current market rate is around 11% higher than last year. I know all the arguments on what it would cost to replace a tenant etc., just curious what others are doing. I have stuck to the 4-5% range on renewals in recent years given the state of the market, and going up to the market rate at turnover.