I bought a park where the lot rent of $250 had not been increased in probably 10 years. Its in a weak economic area, and most of the competition is following suit…scared of tenants possibly leaving. But the way I see it, it’s very unlikely that any lot rent paying tenant is going to leave, even if I raise the rent substantially. I would like to see it at $350, but am wondering if thats just too big a jump at one time. Would I be better off upping it say $65 or so now and wait a year or two to get it to $350 or just do it all at once
Your opinion and experience is greatly appreciated.