Tell me about your rent increase process...

[Jennifer Rysdam]

Hey everyone. What is your rent increase process? Do you do a certain percentage every year? If so, is it a percentage or just an increase by a certain dollar amount across the board? Or do you just do it when you feel like you are way under market? I can't decide what to do. I'm in such a small town area that there really aren't good rent numbers to go by, but there is also a shortage of rental properties.

Thanks!

[Max T.]

I usually do increases at tenant turnover. Most of my tenancies last from 1-3 years. A few have gone longer than that, and I will usually increase them when I get an increase in expenses (like property tax increase).