It is nice to get more rent, at lease renewal, but this does not always equate to  "more income". 

What if your tenant moves out due to the increase?

Now you will be faced with expenses such as Vacancy + Lease Fees + Utilities + Cleaning + Yard care + Paint? + Flooring? 

These expenses ($1,500 - $10,000) could far outweigh any increased rental income. Don't forget that "the market" dictates the rent rate. 

Maybe it is time for a rent hike, maybe not. Some areas have seen decreases in rent rates. "Tenant Retention" will save you money.

Discuss your options with your professional property manager.