Quote from @Trevor Richardson:
Quote from @Nathan Gesner:
From what I've read, rent rates in Nashville have increased by more than 10% in the last year. You could increase your tenant 5% and they would still be below average.
Better yet, don't listen to statistics and averages. Study your market and really understand the value of your specific property, then charge what it's worth.
If you feel these tenants were burned by the early hiccups, let them move out and start fresh with someone else that won't experience the hiccups and is willing to pay market rate.
Correct. It’s amazing how many SFR owners don’t know their real rental rate for their home. I could poll 100 owners and maybe 5 would actually have researched it and know what the monthly rent for their house could be.
Thanks all for the advice. I have looked at rates and fall in the top percentile of what it could rent for based on the size and location. median rates may have raised but I haven't seen the max rents increase at the same amount with a compression toward the top end.
Ultimately, I'm getting, research your area making sure you are still competitive and watch the increase in expenses and raise accordingly.
