If the marked could bear annual 7% increases, why didn't you make them before?
What will probably happen is that you'll have a hard time filling your property after 1-2 years at the latest, and everything goes back to normal.
What will probably happen is that you'll have a hard time filling your property after 1-2 years at the latest, and everything goes back to normal.
In other words, it scares all the landlords at once, and they all raise prices a little because of it.
Are average renters getting 7% pay raises every year in perpetuity?
In extreme markets, perhaps.
Normally one landlord's ability to raise rents is constrained by the prices other landlords charge.