How to negotiate big rent increase with tenants

[Sandro Hagenbuch]

Hi all,

2 years ago I've become a landlord and am renting out my old apt (during the height of covid discounts in cities like NYC and Jersey City). Since then, most discounts are gone and rents seemed to have increase quite a lot. I sent my tenants a renewal lease to increase the rent by 16% which seems to be in line and still slightly under market but obviously were shocked. We've scheduled a phone call to talk about it. I do want to keep them as tenants as turnover is expensive and they're fairly good tenants. Can anyone give good negotiation tips? Aka, I would love to get the 16% increase, need at least 10%, but fear that I'll cave too quickly to 10%. Would love to hear some stories / experiences with similar cases! thanks a lot