I think it depends on the area. I had to decrease rents last year because rents dropped in my area. I expect no increase next ear unless things change in the economy and local rents. Check your competition for rents...since that will tell you where rents are in your area.
Annual rent increases are not automatic. I have not raised rents at all for the past two years because my rental market is so soft. Even Section 8 did not approve rent increases last year.
I did not lower rents for existing tenants. For turnovers, however, I have had to advertise a lower rent than I had been getting from my former tenants.
I think it depends on the area. I had to decrease rents last year because rents dropped in my area. I expect no increase next ear unless things change in the economy and local rents. Check your competition for rents...since that will tell you where rents are in your area.
Annual rent increases are not automatic. I have not raised rents at all for the past two years because my rental market is so soft. Even Section 8 did not approve rent increases last year.
We had to lower rents also.
I did not lower rents for existing tenants. For turnovers, however, I have had to advertise a lower rent than I had been getting from my former tenants.
To see the trend in your area, use the real estate rental comparibles tool:
http://www.propbot.com/Comparable-index.html