Lease Renewal is coming due .What is the rent% increase ??

[Jeyo Punnakottil]

Lease is coming due for renewal end of June.Tenants what to extend lease for 1 yr.Tenants were excellent the past yr.Always paid rent on time.Took care of property.Never had an issue .What is the typical rent % increase happening in the market with Covid circumstances (3%,5%). I donot want to overcharge the tenants but still have to factor in inflation.

[Serena Kim]

@Jeyo Punnakottil

Look for comparables and make sure your tenants are paying less than similar. This year I raised the rent on my tenants and explained that over the past year HOA and taxes went up. At the same time, since they were excellent, I wanted to make sure they were still paying less than comparable properties. They quickly signed.