Who’s all doing renewal increases?

Who’s all doing renewal increases?

No. Trying to maintain occupancy

I think 3%. But just started

We started increases on renewals in July, still renewed 55%

????‍♀️Owner wants me to increase. So I increase.

We are doing 30 increases except for out 1 bedrooms and the studios they are at 2.6% so the increase fits with our states moratorium.

We've been doing 3-10% for years. Recently we've only been doing mostly 3% though on 12m and we added a 3 month option due to covid which of course is a higher rate. - Phoenix, az

Zero percent increase and it’s been that way since March. Trying to keep occupancy.

We are doing increases from $20 - $50 depending on market rent for that specific floor plan. We have 75% renewals for July and 68% renewals for August.

We kept flat for May, And June. July we took slight increases, and now we are pushing to market or 3% whichever is less.

Author Dan Volz yeah same here but July increases are $100, only because they are extremely below market rates.

Rasean Robinson we pushed a few units that were way below, 1/2 to the market. We have still been leasing really well, so if they move out we expect to get the higher rent anyways

I got $100 increase where I live plus a $18/month "Community Fee" to pay for maintenance of the community ????. Getting real tired of MAA. 3rd year in a row $100 increase.

We have been increasing at 2 properties - one in Fort Worth and one in Iowa.
We have done major upgrades and our prices were below market to begin with. As soon as we get a unit upgrade we are able to lease them so we feel like our prices are correct. At the property in Fort Worth our occupancy is usually close to 100%.
It is really key to do extensive market research to figure out what is going on in your submarket. In our case we knew we were under market rents when we acquired the properties in November.

We weren’t doing renewal increases for the past three months, and everyone was literally renewing. But this past month for our October renewals, our owners wanted us to do an increase. But the residents are pissed about it now. Because they’ve heard other residents weren’t getting increases. You know how residents talk LOL.

We never stopped. However, we offer an early bird incentive. Renew within 2-3 weeks of receiving offer letter and the increase ranges from .5-2% (depending how close to market rate); the standard increase if you miss early bird is 3-5%

I send out letters asking for $50. If they are below market it’s a minimum of $25. I had a lot of 0 increases though but not if they were below market.

Nope. Seems tone deaf in this environment. We gave a discount for a few months, rolled back increases on long ago signed renewals, and aren’t charging sublease or late fees.

If delinquency is high at one of my properties, we’ve kept renewals flat as we expect vacancy to spike once evictions start. However, a number of my properties have reasonable delinquency and high occupancy. On those we’re increasing between 2%-4%. It’s like walking a tightrope.

I can't in Washington state but people are moving out and I'm re leasing at market or higher. So, I'm actually getting more rent growth on move outs than I would on renewals????‍♀️

Ive had very good success with rent increases with my assisted section 8 tenancies. Many of the private pays are still on a stretch to afford more in the is environment. I'm happy all of my private pays are still paying rents

WE are doing the average 3% and getting renewals. My poor Mom just got a 100.00 increase on a senior tax credit property effective in November. I could not believe it. I was so shocked, I mean seniors, really.

Only doing increases if I'm trying to fill a vacancy. Going easy on renewals and maintaining occupancy. Also, all the units are under DC Rent Control.