Advise please in my rental property

[Denisse Nunez]

Hey so I own a 3 family house, I ended up doing the house hacking strategy. I rent out 2nd floor for 1000 and 3rd for 950. Taxes just increased very high I use to pay 2200 for mortgage and now I am paying 2500 , Iam not really sure if I’m able to push their rent any higher. 3rd floors lease is up for renewal and 2nd floor just moved in 5 months ago . Is it ok for me to do so ??? When is the right time to do so ? I just want to do was right and fair for both ... thanks in advance

[Ned Carey]

@Denisse Nunez unless you are in one of the rare markets that has rent control, you can raise rent at any lease renewal. Many leases renew on a monthly basis after the first year. Then you only need to give the legal required notice, usually 30 or 60 days.

When does it make sense - when the market rents are higher than yours.