Increasing the rent when you have turnover should take care of your minor expense increases.
If you like your tenants, don't raise the rent significantly, as the costs associated with turnover can far exceed any rent increase.
New tenants may require more repairs and can be more costly in the long run, making the strategy of significant rent hikes often not worth it.
The financial implications of losing a good tenant due to significant rent increases can take months to recover from, highlighting the importance of tenant retention.
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