How fast to get rents to market - under market $200 per month

I’m looking at a park (different from the one I posted that I’m in contract on) with an owner who appears to be a solid $200 under market in a very, very strong market with almost no housing vacancy whatsoever.

The issue from my perspective is - how fast can I get rents to market if I buy the place?

If I go up, say $25 per year it will take 8 years to get them to today’s market - by which time I would not be surprised if market is another $150 higher than it is today - leaving me another 6 years behind to get there.

On the other hand I do not want to end up in the news as the evil guy who jacked everyone’s rents immediately. Maybe Frank doesn’t mind the heat, but I do. :slight_smile:

$50 per month per year? Is this a level at which I won’t have news crews and protesters showing up?

Any thoughts welcome.

How many other parks in the area are that far under? If none, then it depends on your backbone. I would do your biggest at acquisition. And the moderate after that. I.e. At least $100-125 initial.

My 2 cents

Oh yeah,

And WOW, does she have a sister?

Congrats on a great find.


We’ll see if it’s a great find or not - it has some warts. Fingers crossed.

Depending on your state regulations I would do a minimum $100 immediately allow a year to filter out those that may choose to leave and then bring it to full market.

I personally would not be concerned about any push back if you are that far below market, the reality is the park is of interest due to the rent level so if you are not going to quickly take advantage of the opportunity there is no point in buying.

It’s business.