Rents Go UP!
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Rents Go UP! (by David L. [OH]) May 13, 2022 5:05 PM
       Rents Go UP! (by Dee Ann [WI]) May 14, 2022 12:20 AM
       Rents Go UP! (by S i d [MO]) May 14, 2022 7:17 AM

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Rents Go UP! (by David L. [OH]) Posted on: May 13, 2022 5:05 PM
Message:

1. Followed the various threads to raise rents. Tenant moved out April 30th. Quick paint, new doors (old ones were 30 years old and trashed, some plumbing updates, advertised for the first time on FB Marketplace with a 15% increase and had about 40 applicants. Narrowed it to the top 5 and rented it in about 36 hours from posting applications. Took occupancy the same day!

All thanks to the good advice I got here. Would not have thought I could get 15% higher. Thank you for pushing me.

2. Raised rent on other units at 3-5%. Fair amount since we are not touching it. Told them we held tight during pandemic but cannot hold any longer. No pushback and one told me they understood. They know it is a good deal.

One comment on the FB Marketplace "Is it still available?" response. I created a reply you can cut and paste indicating it is still available, my contact information, and an application went to all of them. This reduced the riff raff by about 90%.

On to the next one!

--74.130.xxx.xxx




Rents Go UP! (by Dee Ann [WI]) Posted on: May 14, 2022 12:20 AM
Message:

Way to go David! May the force be with you!

I recently noticed thatfeature on FB Marketplace and it is a real timesaver.

--75.11.xx.xx




Rents Go UP! (by S i d [MO]) Posted on: May 14, 2022 7:17 AM
Message:

Good job!

Now, what if I told you that you could bump your existing renters 15% too?

I recently found that bumps of 10% were met with no resistance. Prices (and costs) are up 20%. Gotta stay competitive. We're so used to price stability that we forget that in some cases we MUST go up more than 3% per year. This last year in my town of you didn't raise rents by 20% you were behind the curve as taxes, insurance, labor, and materials all went up by at least that much of not more.

So yes...well done. Now get ready for round 2 and don't fear pushback. Deal with that when/if it comes. If they don't push back, I'm not raising it enough. --184.4.xx.xx



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