Who's Raising Rent?
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Who's Raising Rent? (by Sisco [MO]) Apr 1, 2021 2:55 PM
       Who's Raising Rent? (by wmh [NC]) Apr 1, 2021 2:58 PM
       Who's Raising Rent? (by Hoosier [IN]) Apr 1, 2021 3:02 PM
       Who's Raising Rent? (by wmh [NC]) Apr 1, 2021 3:04 PM
       Who's Raising Rent? (by Still Learning [NH]) Apr 1, 2021 3:04 PM
       Who's Raising Rent? (by NE [PA]) Apr 1, 2021 3:07 PM
       Who's Raising Rent? (by razorback_tim [AR]) Apr 1, 2021 3:16 PM
       Who's Raising Rent? (by Bill [KY]) Apr 1, 2021 3:25 PM
       Who's Raising Rent? (by S i d [MO]) Apr 1, 2021 4:33 PM
       Who's Raising Rent? (by Steve [ME]) Apr 1, 2021 4:36 PM
       Who's Raising Rent? (by MikeA [TX]) Apr 1, 2021 4:41 PM
       Who's Raising Rent? (by Sisco [MO]) Apr 1, 2021 5:25 PM
       Who's Raising Rent? (by T [IN]) Apr 1, 2021 5:46 PM
       Who's Raising Rent? (by Dave [MO]) Apr 1, 2021 6:01 PM
       Who's Raising Rent? (by Jim in O C [CA]) Apr 1, 2021 7:01 PM
       Who's Raising Rent? (by 6x6 [TN]) Apr 1, 2021 8:08 PM
       Who's Raising Rent? (by BRAD 20,000 [IN]) Apr 2, 2021 2:13 AM
       Who's Raising Rent? (by Gail K [GA]) Apr 2, 2021 8:28 AM
       Who's Raising Rent? (by Ray-N-Pa [PA]) Apr 2, 2021 9:14 AM
       Who's Raising Rent? (by Oregon Woodsmoke [ID]) Apr 2, 2021 10:52 AM
       Who's Raising Rent? (by Ryan [OH]) Apr 2, 2021 6:12 PM
       Who's Raising Rent? (by J.R. [OK]) Apr 2, 2021 11:56 PM
       Who's Raising Rent? (by Robin [WI]) Apr 3, 2021 11:43 AM

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Who's Raising Rent? (by Sisco [MO]) Posted on: Apr 1, 2021 2:55 PM
Message:

Rent rates are up, However I haven't read of anyone on this forum pushing rents to the point that they hit market resistance.

Is this the time move up rents aggressively?

--67.43.xxx.xxx




Who's Raising Rent? (by wmh [NC]) Posted on: Apr 1, 2021 2:58 PM
Message:

I'm raising at turnover. And $25 a year for renewals. Just got told by a very non-qualifed prospect that I am price-gouging :) --50.82.xxx.xxx




Who's Raising Rent? (by Hoosier [IN]) Posted on: Apr 1, 2021 3:02 PM
Message:

I've been raising...anywhere from 2% to 8% depending on the tenant/house. So far no one has screamed bloody murder. One tenant said they may be moving soon, but has not given a firm date or notice...so I'm ready to jump. They have not been the greatest tenants, so I'm not at all upset they are leaving. --99.92.xxx.xxx




Who's Raising Rent? (by wmh [NC]) Posted on: Apr 1, 2021 3:04 PM
Message:

I'm raising at turnover. And $25 a year for renewals. Just got told by a very non-qualifed prospect that I am price-gouging :) --50.82.xxx.xxx




Who's Raising Rent? (by Still Learning [NH]) Posted on: Apr 1, 2021 3:04 PM
Message:

Bring them to market at every turnover. Our market is hot and prices keep soaring so my turn last week listed around the 23rd, filled by 28th with first person that saw it, rent $100 more. Last tenant only there 1 year and I think I might be able to push up an additional $50-100 with current vacancy. --107.77.xxx.xxx




Who's Raising Rent? (by NE [PA]) Posted on: Apr 1, 2021 3:07 PM
Message:

I have raised on existing tenants in 4 units in the last 2 months. One up $100, one up $30, one up $20 and waiting for response from last tenant. --70.44.xxx.xx




Who's Raising Rent? (by razorback_tim [AR]) Posted on: Apr 1, 2021 3:16 PM
Message:

I try to bump to market or even slightly above on every turnover. I just posted a vacancy this week and I may have undershot based on the interest I've got so far. We'll see how many of them turn into applicants.

Existing tenants are getting their increase at renewal as specified in their lease. Older leases are 2.9%. Newer leases I bumped to a flat-rate increase (based on 3% of the original lease) to make it easier for the tenant to keep track of. --98.174.xxx.xxx




Who's Raising Rent? (by Bill [KY]) Posted on: Apr 1, 2021 3:25 PM
Message:

Iím about to send one out for $100 increase on a 3/1. Going from $1100 to $1200 on 3 yr tenant. Iíll let you know how it goes. :) --98.23.xx.xxx




Who's Raising Rent? (by S i d [MO]) Posted on: Apr 1, 2021 4:33 PM
Message:

Automatic rent increases at 2.9% for existing; 7% or more each turnover. I have the option to increase my lease renewal if I get too far behind. Right now thinking going to 5% on renewals come June as long as the market stays strong!

Where are they going to move when you're already below market? --107.216.xxx.xxx




Who's Raising Rent? (by Steve [ME]) Posted on: Apr 1, 2021 4:36 PM
Message:

I normally raise my rents at least 3-5% every year. In 2020 I didn't increase any rents except for 2 turn overs. Instead I let my tenants know that I wasn't planning on raising their rent as long as they they continued paying their current in full & in a timely manner. Over the next few months they will all be getting at least a $50 - 75 increase. --71.184.xxx.xx




Who's Raising Rent? (by MikeA [TX]) Posted on: Apr 1, 2021 4:41 PM
Message:

I have a vacancy that I put up yesterday. I was shocked, the market price increased over $200 in the last 2-3 WEEKS. I'll be sending out notices of rent increases before the end of the month.

I'm trying to figure out if this big a jump is happening everywhere or just in my city. There was a recent announcement here from the economic development council on over 1000 new jobs coming and we aren't that big of a city so I have a feeling we are getting a double bonus.

I raised the rent on my vacancy by $300 and I'm overwhelmed with applicant that have met my pre-qual questions, over 50 in less than 24 hours. Should have gone up $400. I'm looking forward to June when the rent increases kick in. --64.130.xx.xx




Who's Raising Rent? (by Sisco [MO]) Posted on: Apr 1, 2021 5:25 PM
Message:

MikeA, The situation is widespread. --67.43.xxx.xxx




Who's Raising Rent? (by T [IN]) Posted on: Apr 1, 2021 5:46 PM
Message:

Last fall I was hitting some resistance at the $765 area for 2bd/1ba.... today, $865. Rents went sky high for 2021. But all lookers are saying, "Can't find a good, clean, nice apt right now. All on the market are junk."

Got a glimpse at my property tax bill that will be sent out soon. Same assessment price, but up 10% because of a school referendum. Another local LL figured his is up 13% across the board. So govt is saying you can't evict, but has increased property taxes. Nothing like a good squeeze on the small LL. I'm just happy I got a lot of debt paid down, hands in multiple RE aspects (office, warehouse, houses, multis, etc) to spread the risk.

Either way, keep pushing rent to the top of the market... and don't hesitate to raise rent on current tenants. --76.77.xxx.xxx




Who's Raising Rent? (by Dave [MO]) Posted on: Apr 1, 2021 6:01 PM
Message:

Yes, just filled a vacancy and raised the rent over $100.00 on new tenants. They looked first and maybe thought the rent was a little high, said let us think about it ie.(pass) but they called back that night and said will take it.

I also had another couple that would have rented this same unit. So, 2 were

takers on the new rent amount.

I sent out rent increase letters last July and raised rents from $15 to $25 with no resistance.

2 bedrooms here without garage are $700 now, used to be $600 to $650.

3/2/1 are $900 then jump to $1200 for newer homes. 90í s and newer.

--173.216.xxx.xx




Who's Raising Rent? (by Jim in O C [CA]) Posted on: Apr 1, 2021 7:01 PM
Message:

In California we are on a rent freeze for the time being. I have my letters already to mail once our idiot governor allows increases. --99.23.xxx.x




Who's Raising Rent? (by 6x6 [TN]) Posted on: Apr 1, 2021 8:08 PM
Message:

Hello Sisco, I just listed my vacancy for 270 more then I was getting and will see how it goes.

I am trying to push for top rent because of the higher risk due to the last year. However, I also offer a dishwasher and ceiling fans besides the usual stove and fridge. The stove is a glass cook top.

--73.120.xx.xxx




Who's Raising Rent? (by BRAD 20,000 [IN]) Posted on: Apr 2, 2021 2:13 AM
Message:

Sisco,

Quick stats: raised 64 rents since I'm tired of Covid restrictions. Only 2 asked for a lesser increase.

No one comments came back.

My 2.9% automatic increase has kept us in line with the market. We DO make larger increases at turnover.

BRAD --73.102.xxx.xxx




Who's Raising Rent? (by Gail K [GA]) Posted on: Apr 2, 2021 8:28 AM
Message:

I raised my empty by $100 hoping to keep the tire kickers out. Hasn't worked. When I checked on Zillow/Zumper, etc. I realized I was the lowest for a 3/2 and most were way above $1000 a month so $950 for a house under 1200 square feet is a "deal" even to those who can't afford it.

Should have increased it to $1200 and had some peace in my life.

Gail --73.20.xxx.xxx




Who's Raising Rent? (by Ray-N-Pa [PA]) Posted on: Apr 2, 2021 9:14 AM
Message:

I tend to do below market increases, but this reduces the number of turn over cost while still keeping up with the increases in expenses. I am doing $20 increases - The bill that you take out of your wallet

This approach SHOULD NOT be used if you are starting out. After many years, I admit that I am lazier with ROIC, but there comes a point when it is less important.

When you are young and full of energy, No Money Down Deals are important. Now a days - I'll choose higher cash flow --24.154.xx.x




Who's Raising Rent? (by Oregon Woodsmoke [ID]) Posted on: Apr 2, 2021 10:52 AM
Message:

Rents are through the roof here. But I only did one raise. $30 a month more and I'm switching that tenant to month to month. They are everything I hope a tenant will be, but their income is 100% based upon commissions. I want to be able to get them out if his business crashes. I hope that doesn't happen. I want them to stay.

I've got excellent tenants and it is worth the money to me to keep them and not have vacancies at this time. I get stress from screening anyway and that was back when I could get a tenant out if I made a mistake and let the wrong one in.

I've told them all that I can hold the line because the county did not raise property taxes this year, but I am expecting a big property tax increase next year. So, they are all prepared to have rents go up next year.... if this nutty market continues with the high prices, which it might not. --76.178.xxx.xxx




Who's Raising Rent? (by Ryan [OH]) Posted on: Apr 2, 2021 6:12 PM
Message:

I have excellent tenants, but I am an excellent landlord and provide excellent service. I adjust rents every year to market. In 17 years I've never had anyone move over a rent increase. I just bought a 48 unit and raised them all by $90. A few complained. Zero moved. As long as you are around market, tenants will not likely move over a rent raise. This is their home. Moving is expensive. Moving is unpleasant. --174.233.xxx.xx




Who's Raising Rent? (by J.R. [OK]) Posted on: Apr 2, 2021 11:56 PM
Message:

I sent out 12 notices today on rent increases ranging from $25 to $75. I have been a bit lazy with raising rents and have decided to add the automatic yearly increase to my lease. --68.0.xxx.xx




Who's Raising Rent? (by Robin [WI]) Posted on: Apr 3, 2021 11:43 AM
Message:

Sent out a round of rent increase letters mid-month. I'll check today to see who remembered. :) --104.230.xxx.xx



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