Something I forgot to add is that when looking at the rental amount that people are paying in the area, are you looking at the price of new (to the market) rentals, or what long term renters in the area are already paying? Sometimes there is a vast difference in this amount.
Many landlords leave their long term tenants on a lower rental amount than they would receive if their tenants left and they had to find new tenants. When talking about market rents, you should be looking for what the new tenants are paying, not what the long termers are already paying - if you know what I mean.
If there really is zero vacancy rates, then that says to me, that you could easily put the rent up, and if these tenants leave you will still easily get someone else in there place.
Another thing to add is that the cost of moving house is expensive AND inconvenient. Making small increases regularly is the way to go. If the tenant likes where they live, they are unlikely to move for the sake of $5 or $10 per week.
Many landlords leave their long term tenants on a lower rental amount than they would receive if their tenants left and they had to find new tenants. When talking about market rents, you should be looking for what the new tenants are paying, not what the long termers are already paying - if you know what I mean.
If there really is zero vacancy rates, then that says to me, that you could easily put the rent up, and if these tenants leave you will still easily get someone else in there place.
Another thing to add is that the cost of moving house is expensive AND inconvenient. Making small increases regularly is the way to go. If the tenant likes where they live, they are unlikely to move for the sake of $5 or $10 per week.
