How much are you raising your rents?

[Erin Dorsey Robinson]

Hello All- It's been all over the news that rents are skyrocketing although the trend seems to be cooling off in some places. Are you raising rents on your tenants? If so, how much have you gone up and what has been the result?  Are they staying or are you seeing some turnover starting to happen. Just curious what individual experiences have been with this.

[Michael Haas]

3-5% a year on average over the last 5 years. This year we've had a lot of tenant turnover, and are re-renting a lot of units to new tenants for 15% more because of how the rental market has rebounded. We also didn't raise rents at all for 2 years because of Covid, so for us most of the big recent raises are us playing catchup for that lost time.