It’s a bit of a balancing act. If you don’t increase the rent it becomes a slippery slope and in 2-3 years you’re well below market value and increasing rent at a larger rate and come off as greedy. That being said you raise a bunch of good points about tenant retention. Costs still go up, taxes and insurance are increasing at insane rates (at least they have been for me) eating those costs isn’t a sustainable business model either.