Inflation, increased costs of taxes and insurance and capital improvements all affect rent. Typically i expect my investment to be returned in a ten year period, so between tenants i adjust rent charges.
If rent isn’t adjusted fairly frequently, yet is truly a reflection of these costs, good tenants will go elsewhere. Long term tenants don’t happen in our community unless no adjustments are made and the house is not maintained. The costs of home ownership has increased significantly these last five years. Taxing agencies should make consideration for rental properties especially if they go unoccupied.
