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My experience is that tenants will only pay above market value if: 1. there are not many properties available 2. they keep missing out 3. they love the place 4. they want to be in that specific location or building 5. they haven't looked around to get an idea of what the market rate is To most...

With increasing the rent, it's good to make sure that the agent still gave the tenant the 60 day notice to increase the rent. Just in case the tenant becomes aware later on down the track and then you have to pay back the amount increased and reissue the notice correctly..