Your comment “I can afford low rents in exchange for good people” is the opposite of what I have experienced. In my experience the higher I raise my rents the better quality people I attract.
In one of my parks, the rents in 2000 were $310.00. We had mostly low-income folks who couldn’t afford to fix up their place. Now in 2021 the same park the rents are $882-927. We now attract retired Nurses, Retired Contractors, Retired FireFighters, and families with incomes in the +$40K range. We require 3x the rent to move in.
During the same time period, new homes in the park went from selling for around $60k to now they go for $120k. The park is much nicer and so are all the residents.
Keeping your rents low is actually a disservice to all your residents. How are you supposed to pay $100K to fix all the roads if you are barely scraping by with these low rents?
I am not an advocate of just Jacking up the rent. I am an advocate of Quality Affordable Housing. It is our job to balance out the quality and the affordability. In the park I mentioned, we spent several Million dollars improving the property over the past 20 years. All of the improvements were paid for with income that was generated by the rents. My reinvestment ratio was very high for a number of years. We earn the higher rents by providing a higher quality product. It’s a win-win.
When the rents were low we had a bad tweaker problem. As the Rents went up, the quality of the park went up, and the value of the homes went up. Almost all the tweakers left because they could now sell their home for $20-30K instead of $5k. They took the money and ran. I did have to evict a few of them too.
Nicer Park = Better Residents = Nicer Homes = Higher Rents = Nicer Park = Better Residents = Nicer Park… You get the idea.