How to price your park's rents against a nicer park next door?


#1

How much in lot rent reduction do you need to take in order to compete with a larger and nicer park next door?

The park across the street is 3 times the size, newer and has amenities like the swimming pool, clubhouse, large lots and dedicated parking and charges $410 in lot rents.
What should a smaller park (but also nice, clean and well run), without a pool, playground, clubhouse and extra parking be charging to still be able to attract interest? Assuming all other things being equal (like utilities, etc).
Both parks have a 90%+ occupancy as is. Other parks (all large operators) in the area charge $425+, with some upto $500
The smaller park’s rents are at $350 right now. Is there room to get them higher?


#2

Hello. I would try 375. Still a great deal. Good luck


#3

@Celectric, thank you. This was also the number I was thinking. This park’s deal relies heavily on my ability to raise rents. Hence the question.