We have another park about a mile away from ours. Their rents are about $80 lower than hours and about $120 lower than the market. So this is putting pressure on raising our rents as few of the tenants are moving to this MHP. Any suggestions to avoid this out flow?
yes, work on buying that park
Yes, Already did that and the Seller rejected it for now.
Do the math, maybe you can raise your offer. Or ask him at what number he would think about selling. This could be a hit out of the park if you did it right.
Up grade your community to a level that will justify the higher rates. Appearances are extremely important when it comes to attracting residents. Placing strict community rules in place and enforcing those rules regarding upkeep of lots will make your community the place people will want to live. In addition you will be able to attract higher quality tenants willing to spend more.
A friend of mine in the same business as I am sends his price list to his competitors at the first of every year. They usually raise their prices to just under his, but close to his.
You might consider doing something similar.