I bought a park that was significantly below average quality for the area, with lot rents that were at or slightly above market.
As such, I intended to leave lot rents as they were for a few months.
However, the park is located in an area with astronomical tenant demand. without advertising. We have a waiting list of people who want to move in, and have filled out applications and gotten preapproved
As such, even though we’re slightly ‘overmarket’ it feels like the entire market is too low. Is there any significant reason the park’s lot rent shouldn’t be be bumped up a few % this year?