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Updated about 3 years ago,
How much rent can i increase for next lease renewal - CA- SAC
Hello Landlords,
I am planning to manage this rental from next lease renewal (3rd renewal, starts from March 1st, 2022 - Feb 28th, 2023) onwards. Current rent is 2180$ (tenant pays all utilities approx ~150-200$). This is a brand new 2020 home, 1932sq.ft, 4 bed (down stairs bed room with full bath) and 3 bath.
1st Year - 2020, March, 1st - 2150$
2nd Year - 2021, March, 1st - 2130$ (decreased 20$ due to pandemic)
3rd Year -2022, March, 1st - How much rent I can reasonably increase? all the homes in this area are listed for 2800$ + utilities (I have used online rent estimate tools like Avail,Rent-O-Meter, Zillow)
I am planning to increase 150$ per month which brings monthly rent to 2280$. $150 is too low or too high? any thoughts or suggestions really help me.
Thanks in Advance - RK