Noticing Association Fees Increasing And Rents Decreasing

[Chris G.]

Just an observation and could just be around me but I've noticed quite a few owners we have selling their rentals properties since the rental market has been lower compared to a year ago and the condo associations have been increasing the fees a lot. For example one of the communities has raised the condo fees almost $75 for the past 2-3 years sitting at $375 right now when rent for these units are only around $1100-1300. Another one has owner and condo fees which total almost $500 per month when the rental rate is only $1300. It makes sense to me that they'd sell if they're barely making a profit.