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Should I increase my rent? How much is justified ?
Assuming your rental property is in the best condition inside and out, a reasonable increase starts at $200-$300 above market rates. If there are no takers for at the first week to half a month, then try lowering it to $150-$250 dollars above market rates depending on the unit size. You don’t have to go penny pinching when it comes to your rental property improvements because done wisely, they guarantee a return on your investment. You don’t need to have a mediocre rental property to pay for itself and provide you with a sizeable income. Contented and well pleased renters stay with you on a long term basis and on top of that, they are willing to part with a good chunk of their money just to stay in a great living space.