Real-life MMD: Should I up the rent and risk losing a great tenant?

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Money Moral Dilemma: Should I up the rent and risk losing a great tenant?
I’ve had the same tenant for ten years and haven't increased the rent once, but I’ve recently learned the house next door is rented for £250 a month more, in pretty much the same condition. My tenant works in a low paid (but, to my mind, valuable) job and doesn't have much money and so wouldn't be able to afford this kind of rise. Do I continue getting way below market value or carry on giving an essential worker and nice person a break?
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I rent my house and my landlord has not put my rent up in the 7 years I have lived in the house. He had some bad tenants before and when me and OH moved in the house, although not in a terrible state, did need some work. We have completely redecorated the whole house, put in a new bathroom, replaced carpets and various other things. Our landlord has not had to spend a penny - we did it because he was not prepared to. I think he knows when he is well off!
Have your costs increased? If not, why do you believe you deserve to take more money from your cash-strapped tenant?
The only other issue which may help if it applies is whether your tenant could qualify for help with an increase in the rent from their local council due to their low income.
So if you do need to raise the rent, discuss the best ways to do it and see if you can help your tenant to stay.
If he's been a good tenant for ten years that's a good thing. You tend only to hear about the tenants-from-hell, but there are plenty of good ones out there. If necessary, and depending on whether the rent you are charging will stand it, if he does opt to leave you should consider giving management and rent collection over to managing agents. They will charge you for the service, but it does give you some peace of mind.
The bottom line is that your tenant has carried out his side of the bargain for ten years, and you have been more than fair in sticking to a ten-year old rent. You don't need to up the rent by £250 a month, but I don't think it is asking too much to ensure that you are getting some kind of return on your investment.