Every situation is different, but I have not and don’t plan to raise rent on our 5 year tenants in our 4 bedroom sfr. The are an older couple who take great care of the place and if they left, may have to settle for a family w/ kids who draw on walls and scratch floors and such. The condos… I am thinking about raising after not raising for 3 years but I am lucky to have great tenants there also- dilemma dilemma. Your 3% increase after 3 years sounds reasonable though imo.
I am against yearly raises because if I were a tenant and it was known that rents would rise every year I would be constantly looking for another place even if increases were just a token amount. The annual increases give off bad vibes and makes it feel like you are power tripping or something.
