Hi everyone
One of my IPs has been rented for just over 18 months and due to the lower rental entry level, I increased the rental by $10 each 6 months. Reviewing RE.com.au there weren't a lot of comparisons to gauge the rental rates on however the PM advised as part of their inspection reports that an increase was warranted (I felt the last increase was possibly a little cheeky). The tenants moved out just prior to the third rental increase coming into effect - not sure of the reason, although I wouldn't be surprised if the regular rent increases contributed to their decision.
I am interested in comments for this situation - how regularly would you review the rent, particularly if there aren't a lot of comparisons for the area and the tenants are good tenants and payers.
Cheers,
One of my IPs has been rented for just over 18 months and due to the lower rental entry level, I increased the rental by $10 each 6 months. Reviewing RE.com.au there weren't a lot of comparisons to gauge the rental rates on however the PM advised as part of their inspection reports that an increase was warranted (I felt the last increase was possibly a little cheeky). The tenants moved out just prior to the third rental increase coming into effect - not sure of the reason, although I wouldn't be surprised if the regular rent increases contributed to their decision.
I am interested in comments for this situation - how regularly would you review the rent, particularly if there aren't a lot of comparisons for the area and the tenants are good tenants and payers.
Cheers,