What is the condition of the unit? If it will be needing new flooring, repairs, renovation, then I would agree its time to up the rent to beef up your reserves.
If the unit is nice and the tenant has kept it nice, I might lean to not raising rent. If the rent increase pisses them off, maybe they will neglect/abuse things and end up costing you time/$$ when then move out. I guessing the rent delta is about $2k over a couple of years. So after repairs, is it a net gain?
Or, sign a new 2 year lease to keep the rent the same.
