In NYC I received a 17% increase (and left). Anything above 5% is outrageous, especially if the rent is already at market value.
Reasonable or not, if new tenants are willing to contract at the higher prices then one could say that particular market/neighborhood commands the new price. It could be an unreasonable rate increase or you could have been getting a steal all along. Hard to say without knowing the city/neighborhood.
5%. But ultimately you also have to weigh the extra cost of a move. Have they raised it every year or did it stay level for a period? Might see if any towns near you are rent controlled.
Is it negotiable? My last renewal the initial offer was a $100 monthly increase (~10%). By asking nicely at the front office, after some time for communication with whoever actually makes these decisions, I had it dropped to only a $20 increase.
You might be able to negotiate a lower increase by offering to sign a 2, 3, or 5 year lease.
it maybe written into your lease contract. ours said the max increase was 12% a year. the first year we renewed-you guessed it, it was about 11% increase.we stayed, because moving transaction costs would have been the same cost (and we knew we'd try to leave after year two-and we did)
I managed to negotiate a 6% increase from the initial 11% increase. I was happy with that, but if it had been the initial offer, I probably would've been furious and tried to negotiate.