I love FOMO but what does it stand for? FEAR OF MISSING OUT There's moving…
When was the last time you increased, or even considered increasing the rent on your investment property?
As a property coach, I recommend my clients undertake a rental review every six or twelve months.
If it is relevant to do so at that time, consider raising the rent.
The increase should not be too significant, as good tenants need to be looked after. By the same token, leaving the rent at the same level for years and then expecting a huge increase is also not an advisable tactic.
In my experience, small increases at regular intervals work best.
Another time to reset the rent is when a tenant vacates. Just make sure you abide by the RTA (Residential Tenancy Act) at all times.
And remember, whilst playing fair is an important policy, this is a business NOT a charity.