It is completely anecdotal but in my local experience I've seen the following pattern happen: rent is increased substantially, present tenants move out, no one new applies, unit becomes empty, rent is decreased until someone new finally moves in. I'm not a landlord but I don't think there is a rational basis for kicking all of your rent paying tenants out and then having half a dozen units go empty in the hope that you can squeeze an extra 100 every month out of someone, maybe, in the future.