Nearly Two-Thirds of Landlords Plan to Raise Rent

Most Popular Reply

Theresa HarrisPro Member
Member since 2019 · 15k+ posts · 11k+ votes
3y

Not sure why this is news.  All landlords should be increasing rent annually even if it is by $10.  Costs go up and running rentals is a business.  The article failed to mention what the average rent increase was.  That is the more important number.

4Reply
See this reply in the discussion

9 Replies

Jump to latestLatest
  • Theresa HarrisPro Member
    Member since 2019 · 15k+ posts · 11k+ votes
    3y

    Not sure why this is news.  All landlords should be increasing rent annually even if it is by $10.  Costs go up and running rentals is a business.  The article failed to mention what the average rent increase was.  That is the more important number.

    4Reply
  • Bob S.
    Real Estate Consultant · Cleveland · Member since 2020 · 6k+ posts · 3k+ votes
    3y
    Quote from @David Krulac:

    https://www.parealtors.org/blo...

    Nearly Two-Thirds of Landlords Plan to Raise Rent


     Is there a question?, I raise the rent every year for the last 10 years, everyone does? 

    3Reply
  • Ishmael Johnson
    New to Real Estate · NY · Member since 2020 · 196 posts · 29 votes
    3y

    Is this still possible in areas, that have rent control?

    0Reply
  • Henry T.
    Member since 2022 · 1k+ posts · 1k+ votes
    3y

    Screw planning. Do it!   Seattle has imposed a limit to 10% so that was 9.999% raise., necessary to get near market, an older guy that knows he has a good deal, he's ok with it.  Another, a younger professional, I raised $25, for no reason other than keeping up with annual increases. The $25 guy was not happy. As he gets older he's gonna be in for some real surprises, then he'll reflect on my little $25 raise and wonder what he was thinking being so upset. Great tenants, both of them. It's interesting how age and perspective makes a difference.  Many youngsters seem to think "housing is a right", and that rent should be free, blah blah.  They have no idea what's coming.

    2Reply
  • Eric Gerakos
    Investor · Costa Mesa, CA · Member since 2016 · 1k+ posts · 1k+ votes
    3y

    I have raised rent an average of $200 month for the past 3 yrs. I'm running a business and my costs go up every year. 

    1Reply
  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    3y

    @Theresa Harris

    My thoughts exactly, number should be closer to 90% except in markets that are seeing lower rent prices

    7e investments53 Reviews
    WebsiteView Page
    1Reply
  • Bill B.
    Investor · Las Vegas, NV · Member since 2013 · 8k+ posts · 10k+ votes
    3y

    I’m guessing the other 34% are renting to family, in the middle of a multi-year lease, are lying to the survey taker to sound like angels, or are retired ma/pa operators that don’t know better and haven’t increased rent in 10 years. 

    0Reply
  • Tommy Sowell
    Investor · Waianae, HI · Member since 2014 · 107 posts · 42 votes
    3y

    @David Krulac

    I had a hard time raising rent every year but I learn the hard way that that ishoulr have. I had a six plex on SanDiego that was owned free and cleari was getting $700 a month foe ranch place

    The I sold the six plex for good money since th property as in cailfprmia th property tax was $$1400@a year andthe new owner would have to pay $3000a year.six months after I sol the place two of my old tenants call and ask,if I had any other place for rent the owner raise the rent to$1750 amonthnut. OST of the old tenant’s where still their afoul have made$70,000 a year more by not raising the I could have use that money I though if I raised the rent my tenants would move out but I was wrong.

    0Reply
  • Dan H.Pro Member
    Investor · Poway, CA · Member since 2015 · 7k+ posts · 8k+ votes
    3y
    Quote from @David Krulac:

    https://www.parealtors.org/blo...

    Nearly Two-Thirds of Landlords Plan to Raise Rent


     I am only shocked that it is not a much higher percentage planning to raise rents.  Inflation for some of last year was near 10%.  This implies a lot of costs went up significantly.  In addition, in most markets property prices have risen faster and more than rents.  This results in virtually every market a new residential purchase has negative cash flow if rented.

    In my market rents have gone up significantly in the last year.  I expect the to go up significantly in the next year.  This is largely because of various additional risks associated with the market.

    All my tenants will be getting rent increases.  If they are a good tenant, the rent increase will have their rent a little below market rent.

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free