TOPIC: Is anyone starting to grow a conscience? These 10/15/20% renewal increases are getting to me.

Is anyone starting to grow a conscience? These 10/15/20% renewal increases are getting to me. 3 months 2 weeks ago #50019

Is anyone starting to grow a conscience? These 10/15/20%% renewal increases are getting to me. I’ve been doing this for well over a decade and doing this to long-term residents is sincerely bothering me. These people moving from the north that can now work remote have no problem paying the rents we’re throwing out, but our long-term locals are struggling - they cannot pay what we’re proposing for renewals, and they cannot find anywhere else in the city that they can afford. I’ve never seen this before and I’m questioning my morals. Anyone else experiencing this?
  • Anonymous
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Last edit: by Amanda HIll.

Is anyone starting to grow a conscience? These 10/15/20% renewal increases are getting to me. 3 months 2 weeks ago #50020

Every single day.
  • Amanda Marable
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Is anyone starting to grow a conscience? These 10/15/20% renewal increases are getting to me. 3 months 2 weeks ago #50021

Unless you are in Affordable Housing, do not forget that we are running a business!
  • Anthony T Petrone
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Is anyone starting to grow a conscience? These 10/15/20% renewal increases are getting to me. 3 months 2 weeks ago #50022

Totally agree!! I have been in their shoes before. Have you thought of giving less of increase for long term resident renewing?
  • Patsy Tilghman
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Is anyone starting to grow a conscience? These 10/15/20% renewal increases are getting to me. 3 months 2 weeks ago #50023

Thank you for asking a question that I have been struggling with as well (have a feeling we are in the same area based on your wording). And when the market crashes are we going to be decreasing on renewals?
  • Megan McCluskey
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Is anyone starting to grow a conscience? These 10/15/20% renewal increases are getting to me. 3 months 2 weeks ago #50024

I have always thought this. I will tell residents who can afford to renew but that are considering to buy, to just buy. Because it doesn’t matter anymore if you pay on time, if you’ve been here x number of years etc, every year your rent is going to go up.

It’s one of those things where we have to use our votes and vote for change.
  • Anonymous
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Is anyone starting to grow a conscience? These 10/15/20% renewal increases are getting to me. 3 months 2 weeks ago #50025

Are you advocating for govt rent control?
  • Jack Allen
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Is anyone starting to grow a conscience? These 10/15/20% renewal increases are getting to me. 3 months 2 weeks ago #50026

I’m even not necessarily sure to be honest. I’m sure there are other things that could be proposed to vote on. After working in property management there are a lot of things that are unfair. For example, where I work we adjust our rates to our competitors. However all of our competitors are luxury buildings. Brand new. Amenities. Our property though was built 2012. Has not had a single upgrade. Water heaters are over 10 yrs. No amenities, not even free coffee. No clubhouse. Nothing to even rent out. Yet we’re pricing our homes at about the same rate, maybe a $20 difference.

I do feel that communities maybe need to be assessed the value of the units?

I know this is also an issue that should be brought up to management which it has but hey I’m just the leasing manager, but the community manager.

Then we also don’t assess whether the resident has had a pay increase or decrease before renewals and then assess.

I just think property management is about the corporations rather than the people. But that’s also just how the US is in general.
  • Anonymous
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Is anyone starting to grow a conscience? These 10/15/20% renewal increases are getting to me. 3 months 2 weeks ago #50027

Market rents are based on comparable properties. If yours is, for example, Class B in an ocean of Class A space, your rents might be a bit higher than if your property were surrounded by Class C properties. But, yes, the market does tell us where to price properties (just as the market tells your employer what to pay you). Generally, speaking, if your property is priced too high, vacancies will climb within a month or two--depending on other variables of course. May I ask, what is your current vacancy rate?
  • Jack Allen
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Is anyone starting to grow a conscience? These 10/15/20% renewal increases are getting to me. 3 months 2 weeks ago #50028

I’m struggling too.
  • Katheryn Cortina
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