rent increases help

[Linda Thomas]

Good evening all,

So I have a long term tenant that's been with me for about 7 yrs. I have NEVER raised her rent since she moved in. She's been a fairly good tenant for the most part. Now due to general cost increases such as, property tax increases, insurance premium increases, and maintenance costs, I really need to raise her rent and in addition rents are going a lot more than what she is paying in the area. She is about $200-300 under market rate now. I want to raise her rent between 40-60 a month more but I feel bad (not sure why I do - I know it's a business) I think I feel bad doing it now because of the pandemic. Would a $50 monthly increase been seen as drastic? thoughts? I'd like her to stay on but I'm afraid she might end up wanting to move now but again after possibly checking other prices in the area that might help her stay.