See, I would err on the side of keeping the tenants, not risk losing excellent ones to increase by, say, $1200/yr. This is because, where I live, landlords regularly face massive losses per bad tenant. Even when we ensure everything is in place to increase our chances of getting a good one, when a crap one gets through, we lose a lot more than $1200. I raise to current market levels each time a great tenant moves out.