It may seem obvious, but raising rent and determining rent pricing strategically is an easy way to increase your rental revenue each month. However, setting the rent price isn't that easy. Raising rent without doing the proper preparation and market research will chase away potential tenants, and you'll be worse off than you started.

Here are a few tips to raise your rent prices and some alternatives that will increase your revenue as well.

Related: How to Set a Fair Rent Price for Your Properties

Understanding the market is a surefire way to ethically and accurately raise rent prices. Without getting a feel for the competition, it can be easy to overprice or underprice your property — you could either scare away potential tenants with your lofty price tag or miss out on more income if you price the unit too low.

When setting a rental price, you must justify it with data collected from your neighborhood and determine a rent-to-value ratio using comparable properties in the market. Market rent is the expected amount of rent that your property can generate each month. This metric is based on various factors like location, amenities, the condition of the unit and the rent price being charged by comparable properties in the area, called comps.

Compare average rent prices when considering these properties. Comps are a landlord's best........

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