As a landlord for many years, I’ve found the best policy is to discover the average market for my units, then ask slightly less and be very picky about chosing tenants. I also raise them slightly each year, always keeping them under (presumably rising) market comps. Tenants are told up front of this policy.
Yes, I’ve seen foolish landlords ask for higher than market rents and then sit on vacancies for a while, or else rent to dregs as tenants. Can’t cure stupid.
