I bought a park 3 years ago and the rents were under market. I have raised the rent $10/year the last 3 years and I am now around or above the market average but not the highest. The occupancy is about 84% and is steady. I’m in the Midwest and the local economy is not great.
I am apprehensive to raise the rent due the economy and the fact I am bringing in some homes to sell and don’t want the rent to be considered high.
Have the any others owners postpone rent increases?
I guess my choices come down to A) no increase B) remain consistent with $10 or C) a $5 increase to keep the pattern of increases but be a little sensitive during this economy.
What strategy has worked best for other owners?
Thanks for the advice.