I'd love to get info/opinions on whether there is a "standard" amount of time to increase rents in the Bay Area for Single Family Homes.
How do property management companies/landlords handle rent increases for existing renters?
I was previously increasing every 5 years , but think I may need to shorten this amount of time, as I near retirement and could use the income. I have many long term renters that have been in the homes paying on time, so my question has to do with increasing rents for existing good long term renters.
I don't want to lose good renters. I truly want to help good renters out where/when I can.
What is considered a reasonable amount of time for an increase (would be 10% increase), w/o putting my self in a position of trying to catch up to market rents at some point in the future. Also, considering that new propositions may pass that would limit/restrict future increases.
Look forward to hearing from landlords, investors, previous/current renters and anyone else to help me determine what to do.
Just trying to be smart, considerate and do the right thing all around.
Thanks.