Hello,
I looked at a park for sale today that has differing lot rents, all of which are below market. Apparently the owner felt that based on the type of home and location of the lot (shade trees, quiet, etc) that he should charge more or less. So the rents range from 235 up to 290. They could easily sit at 325 and still be slightly below market.
I’d like to hear from anyone who has taken on this type of situation and how they approached the issue. Do you raise rents all together at the same amount? Or would you raise the low end rents gradually until they catch up to what you would like them all to be at?
Also, this park is 30 lots and all full. 8 of those lots are monthly RV spots and have the lower range rents.
Thanks!