Gave myself a raise (by MikeA [TX]) Aug 1, 2022 5:00 PM|
Gave myself a raise (by Jim in O C [CA]) Aug 1, 2022 7:43 PM
Gave myself a raise (by Homer [TX]) Aug 1, 2022 8:05 PM
Gave myself a raise (by Tonia [RI]) Aug 1, 2022 11:05 PM
Gave myself a raise (by S i d [MO]) Aug 2, 2022 8:24 AM
Gave myself a raise (by Small potatoes [NY]) Aug 2, 2022 10:59 PM
Gave myself a raise (by WMH [NC]) Aug 3, 2022 9:08 AM
Gave myself a raise (by MikeA [TX]) Posted on: Aug 1, 2022 5:00 PM
Not something remotely possible for most Americans. Can you imagine going over to payroll in a a big company and telling them to increase your pay by 10% effective in 60 days for the 2nd time this year? You'd get laughed out of the office. For those of us here, it's just another day at the office.
Today was review the market rates and send out increases day. I expected the market to have softened over the last 6 months, nope! A 10% increase went out today across the board to take effect right before midterm elections (you can thank your politicians in your own way).
Even with increases of 10%, 6 months later I'm no closer to market than I was before. I'm still below market by 10-20% across the board. Rents have gone up 30+% since this time last year in my market. I guess I should have reconsidered my self imposed 10% increase cap.
My wife was concerned that we may get some move-outs over this round of increases. My logic to here was "where they gonna go that's cheaper?" If they move they will be paying 10-20% more and I'll bring it fully up to market so a win for me. Yes, having a turnover is no fun but If it makes me a minimum of $200 and up to $450 a month more I can live with it. My only concern is I have a couple that are on the edge of being able to afford their place now, don't know if they can handle another 10%. Their finances are not my problem, but finding a place to go will be a challenge for them.
Hopefully they will take the initiative and figure it out before making me engage through the legal system.
I did notice an interesting shift over the last 6 months when I was analyzing market rates. The major advertising platforms 6 months ago were 1)Facebook, 2) Zumper, 3) Zillow and 4)Apartments.com. Today when I looked it has shifted to 1)Apartments.com, 2)Facebook, 3)Zillow, 4)Zumper. I'm not sure how they managed to go from virtually no SFH listings to the majority in 6 months but they did. Well actually, they have done a ton of advertising in the local market. Guess I'm going to have to figure out a new marketing plan if I get a vacancy.
So, have you looked at your market in the last few weeks? Are market rates softening, holding steady, or still streaking up?
Gave myself a raise (by Jim in O C [CA]) Posted on: Aug 1, 2022 7:43 PM
My 3 br 2 ba houses is going from $2650 to $3000 and I’m
still $300 under market. I secured my type of tenant, single mom 2 under 9 kids.
Gave myself a raise (by Homer [TX]) Posted on: Aug 1, 2022 8:05 PM
I sent out a lot of increases in April once I received the tax value increase notice. Had one move out. Here went from $1450 to $1600. I re rented it for $1800 in June. Should that house come open today, I could get $2100. At $1800 I was top of the market that week. Even with all the increases I sent, I am still leaving 300-400 per month on the table already. 28 times $400 per months is $11,200 per month…….sounds like I need to send out another round of increases. --47.32.xxx.xxx
Gave myself a raise (by Tonia [RI]) Posted on: Aug 1, 2022 11:05 PM
Good idea I am also going to do that. Looks like rent control will be going in effect after the elections.. progressive here bat crap crazy. My apartments are C level but all 3 bedrooms and I will have no choice, although a raise would be good and I don't mind if they move out --71.117.xxx.xx
Gave myself a raise (by S i d [MO]) Posted on: Aug 2, 2022 8:24 AM
Yep, when you're the boss, you can control your raise! One of the many cool opportunities in today's market.
My day job (W-2) is also keeping an eye on the market, and in addition to our initial double digit percentage raise this past April we look to be getting a second raise this Fall, as well as the company now converting our sick time to regular Paid Time Off (PTO). We can now use those hours that were reserved for sick days for vacation/whatever time. Nice little flexibility perk, there! It's one reason I have trouble leaving the day job: good pay, good benefits, pretty chill environment. I'd have to add something like 30-40 more units to replace that whole package, along with assistants to keep up. Who knows? Maybe someday I will. For now, steady as she goes adding commercial units. Not as large of a cash flow initially, but super easy to managed and I love the flexibility and creativity that one can bring to it.
Gave myself a raise (by Small potatoes [NY]) Posted on: Aug 2, 2022 10:59 PM
I believe rents have peaked by me. I just moved in 4 units may/June, so nice increase. have a 2br fairly priced and lousy prospects --172.58.xxx.xxx
Gave myself a raise (by WMH [NC]) Posted on: Aug 3, 2022 9:08 AM
I always always always panic that we've priced too high or will never find the right person - until we do. And then I want more rentals LOL! It only takes ONE to fill a space - keep that in mind instead of the all the bad minions you are dealing with - you only need ONE good one. --50.82.xxx.xxx