Raise Rents ABOVE Market
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Raise Rents ABOVE Market (by Bobby M [CO]) Jun 17, 2019 10:28 AM
       Raise Rents ABOVE Market (by Oregon Woodsmoke [ID]) Jun 17, 2019 10:41 AM
       Raise Rents ABOVE Market (by #22 [MO]) Jun 17, 2019 10:43 AM
       Raise Rents ABOVE Market (by Roy [AL]) Jun 17, 2019 10:51 AM
       Raise Rents ABOVE Market (by Doogie [KS]) Jun 17, 2019 11:48 AM
       Raise Rents ABOVE Market (by Vee [OH]) Jun 17, 2019 12:03 PM
       Raise Rents ABOVE Market (by LindaJ [NY]) Jun 17, 2019 1:01 PM
       Raise Rents ABOVE Market (by Robert J [CA]) Jun 17, 2019 2:24 PM
       Raise Rents ABOVE Market (by David [MI]) Jun 17, 2019 5:01 PM
       Raise Rents ABOVE Market (by pmh [TX]) Jun 17, 2019 5:36 PM
       Raise Rents ABOVE Market (by David [NC]) Jun 17, 2019 8:31 PM
       Raise Rents ABOVE Market (by BRAD 20,000 [IN]) Jun 18, 2019 12:15 AM
       Raise Rents ABOVE Market (by AL [NC]) Jun 18, 2019 8:10 AM
       Raise Rents ABOVE Market (by Tim [IN]) Jun 19, 2019 9:51 PM

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Raise Rents ABOVE Market (by Bobby M [CO]) Posted on: Jun 17, 2019 10:28 AM
Message:

Why not raise rents ABOVE market on EXISTING residents? Whether someone pays more for "organic" fruit or pays less for "normal" fruit does so because they perceive they receive better value for what they pay.

Do existing residents really move based solely on the rent?

If we offer a superior product (including how we treat residents, choices we give them, timely maintenance, etc.) to our target audience and then properly market the benefits of staying, would the resident move even if their rent is above market?

Just wondering.

--67.164.xxx.xxx




Raise Rents ABOVE Market (by Oregon Woodsmoke [ID]) Posted on: Jun 17, 2019 10:41 AM
Message:

You can try it. Let us know how it works for you. --98.146.xxx.xxx




Raise Rents ABOVE Market (by #22 [MO]) Posted on: Jun 17, 2019 10:43 AM
Message:

This is my model. I'm getting 200-500 more per month than my competition... 1100-1500 rents... this does work..good people will pay for a better quality home. People not doing this are leaving money on the table.. --174.234.xxx.xxx




Raise Rents ABOVE Market (by Roy [AL]) Posted on: Jun 17, 2019 10:51 AM
Message:

I always try to set my rents at above market with new tenants then do the first rent increase 2-3 years later, assuming they are still there. Plus, I take pride in knowing I am the highest paid LL on every block where I have a house. I do not compete with other LL's on price alone,..because that is a fools game. --68.63.xxx.xxx




Raise Rents ABOVE Market (by Doogie [KS]) Posted on: Jun 17, 2019 11:48 AM
Message:

It definitely makes sense depending on your market. If you can get it, you should! People will pay for convenience and/or service. If you are providing that, get paid for it! --63.245.xxx.xx




Raise Rents ABOVE Market (by Vee [OH]) Posted on: Jun 17, 2019 12:03 PM
Message:

Best way to screen off the bottom feeders, don't bait them... --76.188.xxx.xx




Raise Rents ABOVE Market (by LindaJ [NY]) Posted on: Jun 17, 2019 1:01 PM
Message:

I do the highest rent I think I can get at turnover. Then I can sail easily for a while, even with small rent increases. Unless you have something special, extras, or a very desirable unit, I would think raising it too much would not set well with a tenant... when will you stop raising? did you do a bait and switch(low price to get someone in and then switch to a high price) ? Are you doing upgrades? There will be a point that they do not perceive the value you think they are getting, do you know that point (which would be different for everyone)?

Now maybe it would work out, but I would think there would be some loss of tenants. The more tenants, the more that would move on. What does it cost for a turnover, to get high market rent?

Do let us know how it works for you. --108.4.xxx.xx




Raise Rents ABOVE Market (by Robert J [CA]) Posted on: Jun 17, 2019 2:24 PM
Message:

I will not raise rents above market because the cost to fix up a unit and re-rent it will be more than 2 years of the extra rental increase. --47.156.xx.xx




Raise Rents ABOVE Market (by David [MI]) Posted on: Jun 17, 2019 5:01 PM
Message:

negotiation 101 ... you can always rescind a rent increase when a current tenant threatens to move! --50.4.xxx.x




Raise Rents ABOVE Market (by pmh [TX]) Posted on: Jun 17, 2019 5:36 PM
Message:

all my rents are “above mkt” and at most I get 15 applications if & when I have vacant house. I should probably bump up so I only have to deal with 10.... --70.119.xxx.xxx




Raise Rents ABOVE Market (by David [NC]) Posted on: Jun 17, 2019 8:31 PM
Message:

My rents are on the high end for my area because my homes are higher end nice 3/2 houses. Got to differentiate yourself from the competition of apartments and 1940's 2/1 homes. --65.188.xxx.xx




Raise Rents ABOVE Market (by BRAD 20,000 [IN]) Posted on: Jun 18, 2019 12:15 AM
Message:

Bobby M,

You are right. Most folks don’t move over a few bucks once settled in.

We are mostly single family homes so there is not really a “market rent”. It’s based on the desirability of the house, lot, area, schools, number of similar homes available...

We push up rents each turnover AND

PayDayPlan rents bring in a 13th month AND

My lease os clear: automatic renewal with 2.9% Cost of Living increase.

BRAD --73.102.xxx.xxx




Raise Rents ABOVE Market (by AL [NC]) Posted on: Jun 18, 2019 8:10 AM
Message:

Brad, why just 2.9 %. I added 3.5% to my new lease and no one blinked. Thanks for the idea. --47.38.xx.xxx




Raise Rents ABOVE Market (by Tim [IN]) Posted on: Jun 19, 2019 9:51 PM
Message:

There is a fine line about being above market rate. Just saw a $1100/mo for a 1bd with garage in my town. Granted, the building was built one year ago, some high end futures. But you could rent a nice 3/1 house for that. The new complex as a result is having turnover issues.

The other crowd is that charging above market is your slumlords. 1300/mo for house that should rent for 950/mo. It's rented for four months of the year. Vacant the rest of the year. You be better off getting $950/mo. Those that pay the higher amount are high risk tenants. Which most on this site would agree... Not the renter we are looking for.

So keep this in mind when charging rents. If the market is tight, then yeah... Try pushing it a little. Or if you have an unique property, you can charge what you want. --107.77.xxx.xx



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