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Valid points, Steve. Not sure where private LL get that "we might lose a good tenant" fear from. Then again, some people are quite fearful of many things which are unlikely to ever happen. Another bit of food for thought ... translate rent increases into serviceability. Sure, it might only...

I'd put it up at least 5%. That's how I do my renewals. Match market or increase 5%, whichever is the greater. In your case, it will cost them more to move than renew. Also, they will likely end up with an REA as a landlord, who will do intrusive and impersonal inspections on a regular basis...