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Don’t increase if good tenants
Subject Expert
“Standard” is 3% to 5%, but many markets have seen a skyrocketing of rent in the past 2 years. That being said, there are some markets where rents have declined, so it’s very market specific.
I think there’s value in keeping the same tenants, so if they are already close to market value rent, renewing at the same price may not be a bad move.