Give incentives to stay
Giving a free month’s rent is almost always an unwise decision to retain a tenant, but you may need to offer some kind of concession to compete with other properties. If competitors are offering incentives to get your tenant, a small incentive to keep them might be a wise investment. Sometimes leaving rent untouched is incentive enough. If the tenant is aware of your desire to raise rents, they’ll see their stable rent as an incentive to stay.