My father owns a rental property in Sydney's western suburbs. It contains a 2 bed house to the front that we rent out, and the family business that runs out of factory that my great grandfather built behind this. Traditionally, we have long term tenants in the house that come in at market rental values, that then tend to live there for years with little or no rental increases, not ideal. I was chatting to the managing agent a few weeks ago and they suggested the property was massively undervalued in terms of rent @ $310 a week. They suggested a 2 bed unit in the area is renting for a minimum of $350 and a 2 bed house @ $450. I've had the rent put up to $330 and suggested that we need to bring it up to market values, which the agent agreed with. The current tenant we're happy with, and has been there for years so doesn't have a current lease. What are people's thoughts on fair and reasonable timeframes for incremental rent increases to get us to market value rent. I suppose in my mind that is somewhere in the $400-425 mark because of the commercial premises behind but would need to take the advice from the managing agent.