If you want to increase the weekly rent on your investment property, there are a few things to consider.
First, if you have a property manager, ask for their advice. They will know how strong the local market is and how much rent you should charge.
If you don’t have a manager, check similar properties to yours to see what they’re renting for.
Check the suburb’s vacancy rate. If it’s lower than 3%, that’s a positive. But any higher and you may struggle to find tenants to pay a bigger price.
A couple of months of no rental income will far outweigh any benefit you might have had from an increase.
You must wait until the end of the lease to increase the rent. And if you have reliable, long term tenants, think carefully. If they leave, you may find they were more valuable than the extra money.