How much are you raising your rents?

[Erin Dorsey Robinson]

Hello All- It's been all over the news that rents are skyrocketing although the trend seems to be cooling off in some places. Are you raising rents on your tenants? If so, how much have you gone up and what has been the result?  Are they staying or are you seeing some turnover starting to happen. Just curious what individual experiences have been with this.

[Remington Lyman]

Quote from @Steven Foster Wilson:

Quote from @Erin Dorsey Robinson:

Hello All- It's been all over the news that rents are skyrocketing although the trend seems to be cooling off in some places. Are you raising rents on your tenants? If so, how much have you gone up and what has been the result?  Are they staying or are you seeing some turnover starting to happen. Just curious what individual experiences have been with this.

 I do raise the rents. One of my best properties I got here in Columbus Ohio was for $35,000 the tenant was paying $400, I raised it to $800 and they were very nice about it. They said they knew it was a matter of time for the rent to go up and they were happy for how cheap they had it for all the years before. I think people are not as willing to pack up everything and move. 

 I once raised one tenant from $300 to $1,100 when I bought a 4 unit. He cursed me out of the apartment. Then he stayed for 2 more years.