[quote=ltsdd]
The tenants are all blue-collar kind of folks and the way I have looked at it is that they need an extra $$ more than I do (I know that’s a no-no way to think as a landlord/business). [/quote]
Systemic rejection of that “no no way” by white collar folks has done a tremendous amount of damage in the world, not least to blue collar folks. That you are thinking about this carefully suggests you’ll find a good balance for yourself and your tenants.
That said, if your interest is maximizing the value of the property, you should follow and disclose a policy of rental rates that follow the market. I advise against saying this is to “cover the increased cost of living,” though. My last landlord gave that line and I found it wildly insulting. Dude, *you* are increasing the cost of living! At double the inflation rate for housing! Every year! And my heater is busted!
