2. Home
  3. Discuss!
  4. Multifamily Insiders Discussions
  5. The Front Lines
  6. For those of you who charge monthly fees such as admin, utilities, parking, pet, etc., how many of you are RAISING those fees?

For those of you who charge monthly fees such as admin, utilities, parking, pet, etc., how many of you are RAISING those fees?

Topic Author
Lisa Trosien
  • Posts: 39
  • Thank you received: 4
2 years 7 months ago - 2 years 7 months ago #59908 by Lisa Trosien
For those of you who charge monthly fees such as admin, utilities, parking, pet, etc., how many of you are RAISING those fees? was created by Lisa Trosien
Question Time:
For those of you who charge monthly fees such as admin, utilities, parking, pet, etc., how many of you are RAISING those fees, as well as raising rent when sending out your renewals?
Thank you so much for sharing your information! I appreciate it!
 
  • Fees.png
    • 2 years 7 months ago - 2 years 7 months ago #59908 by Lisa Trosien
    Rachel Donelson-Dugan
    2 years 7 months ago #59909 by Rachel Donelson-Dugan
    Replied by Rachel Donelson-Dugan on topic For those of you who charge monthly fees such as admin, utilities, parking, pet, etc., how many of you are RAISING those fees?
    No fee increases currently, hopefully we stay that way!
    2 years 7 months ago #59909 by Rachel Donelson-Dugan
    Erin Spriggs
    2 years 7 months ago #59910 by Erin Spriggs
    Replied by Erin Spriggs on topic For those of you who charge monthly fees such as admin, utilities, parking, pet, etc., how many of you are RAISING those fees?
    We always recommend to the client bringing recurring charges up to “market” at renewal.
    We also evaluate all one time fees at application/move-in quarterly.
    It really depends on how your charges compare to your sub market. If they are substantially low by comparison, you should likely increase the rates.
    2 years 7 months ago #59910 by Erin Spriggs
    Maggie Scott Kramer
    2 years 7 months ago #59911 by Maggie Scott Kramer
    Replied by Maggie Scott Kramer on topic For those of you who charge monthly fees such as admin, utilities, parking, pet, etc., how many of you are RAISING those fees?
    We raised our monthly pet rent from $25 to $30. Our non refundable pet fee went from $250 to $300 . Our renewals are going up 10% . We raised our market rents $50 . We are in Indiana .
    2 years 7 months ago #59911 by Maggie Scott Kramer
    Karen Mallinger
    2 years 7 months ago #59912 by Karen Mallinger
    Replied by Karen Mallinger on topic For those of you who charge monthly fees such as admin, utilities, parking, pet, etc., how many of you are RAISING those fees?
    We are. We increased our pet rent, and we have a separate charge for WSG, which has also increased. Renewal rents are currently increasing 60% of loss to lease...capped, but still working out what cap makes sense.
    2 years 7 months ago #59912 by Karen Mallinger
    Jessica Romero
    2 years 7 months ago #59913 by Jessica Romero
    Replied by Jessica Romero on topic For those of you who charge monthly fees such as admin, utilities, parking, pet, etc., how many of you are RAISING those fees?
    Have we conducted a study on if having one lump fee monthly is better/worse than the million tiny monthly fees?
    Like does it deter ppl from leasing?
    I just hate all the nickel and diming.
    2 years 7 months ago #59913 by Jessica Romero