If your property is in Los Angeles, it's likely to be, but isn't necessarily, covered by LA's rent control ordinance, and restricted in how you can raise the rent. Please see the link below.
Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on, since each state has different laws, each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship.
You can increase the rent as much as you want and as much as the market will bear, UNLESS your income property is covered by the Los Angeles Rent Stablization Ordinance (RSO).
Residential rental units covered by the RSO include apartments, condominiums, town homes, duplexes, mobile homes and hotel/motel rooms. To be subject to the RSO of the City of Los Angeles, a property must meet the following three criteria:
The property must be within the City of Los Angeles; and
There must be two or more units on the lot; and
The building must have a Certificate of Occupancy issued on or before October 1, 1978.
For more information on the RSO, see: