Dear Tenant,
We know it’s been a rough few months. We know that job markets are uncertain, the stock market is teetering and life is pretty stressful. To help out, here’s your lease renewal along with an increase in your rent…wait, what!?
Yep, it’s true, some property managers are raising rents, here in the Puget Sound at least. With the economic belt-tightening nationwide, I would think that landlords would try to stay away from raising the rents of current tenants, but that just goes to show that property management is a complicated business. While winter is historically a slow time for rentals, now that the weather and the market are perking up slightly, some landlords aren’t wasting the opportunity.
Perhaps I don’t have all the facts; despite the slumped market and influx of rentals versus home sales, are costs for landlords continuing to increase? I know property managers are feeling the crunch of the economic downturn just as much as renters, and I am aware that regardless of how laid back or accommodating a landlord may be, at some time or other, the rent will have to be increased, but is now the best time to do it?
When the market is flooded with move-in specials, reduced rental rates and incentives like amenities, updates and more rooms for less money, why (aside from hassle) would a renter stay in an apartment where the rent is going up when everything around him seems to be going down?
Local property managers, help! Is this just the way of the world, a savvy market plan, or a poor business move by unknowing property managers?
