The rental market has softened in recent times. Time on market has increased and overall inspection numbers are lower. As a landlord, you would be well advised to keep an existing tenant happy than face the prospect of finding a replacement tenant in a soft market.
Its important to recognise that rent increases are as a result of stronger market conditions, not a landlords right. If tenants are asked to pay an increase on rent, they will rightly review the market to ensure the request is fair.
A tenant that takes good care of your investment property can ultimately be a better tenant than a higher paying tenant that abuses the property. Higher rent is negligible if maintenance costs go up.
Whilst every landlord understandably wants a maximum return on investment, leaving a property empty for a few weeks to gain an extra $20 or $50 per week means that it can take 12 months to claw back the lost revenue.
Vacancy is the enemy of property investors. The best returning investment properties are occupied ones.