TOPIC: Seattle what does everyone think about 180 notice to increase rent!

Seattle what does everyone think about 180 notice to increase rent! 2 months 2 weeks ago #52687

I can’t imagine doing that to a tenant. Considering the Landlords actually make the market by setting prices this seems really unfair. No wonder so many folks are anti-landlord.
  • Jordan Else
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Seattle what does everyone think about 180 notice to increase rent! 2 months 2 weeks ago #52688

It actually works really well. Since going onto LRO we’ve seen a significant increase in renewal retention. LRO allows us to compete at the market and sub market level, and considers the shadow market made up of individual single family home rentals. It also provides us with the ability to increase those renters who are significantly below market. Our market rents fluctuate monthly based on demand; this is great for budgeting if you are affected by seasonality.
  • Suzi Simon
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Seattle what does everyone think about 180 notice to increase rent! 2 months 2 weeks ago #52689

That’s crazy! I don’t like percentage based increases in any capacity. Sure that’s how I show property owners growth but definitely not how I approach retention. I’ve always used the mindset that we want to increase rent but it should be less than it would cost them to move somewhere else. $50/mo increase is an additional $600 per year. That increase at a small property of 50 units - is an additional $30,000 per year.
  • Stacey Pichette
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Seattle what does everyone think about 180 notice to increase rent! 2 months 2 weeks ago #52690

 $30,000 Only if you run a 0 vacancy rate and with the rent freeze for the last 2 years. Then include those who haven't paid rent at all. And the added expense of extra cleaning and sanitizing twice daily.
  • Scot Worden
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Seattle what does everyone think about 180 notice to increase rent! 2 months 2 weeks ago #52691

My properties have stayed 100% for the last 5 years. And we haven’t dealt with any rent freezes thankfully since I manage conventional properties. Only had 3 people fall behind during covid and they received assistance to catch up and haven’t fallen behind again.
  • Stacey Pichette
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Seattle what does everyone think about 180 notice to increase rent! 2 months 2 weeks ago #52692

We weren’t allowed to do rent increases due to the Covid Moratorium restrictions for 20 months. So right now were trying to play catch up. So yes. There are times we would do a 10% increase.
  • Patty Jensen-Hale
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Seattle what does everyone think about 180 notice to increase rent! 2 months 2 weeks ago #52693

I’m guessing the smart operators will just give large notices of raises and then adjust down as the term comes to and end. You can’t gauge the market 180 days out, or if you can then what the hell are you doing here?? You just give a high raise notice then let people know what is coming down as you get closer to the real market.
  • Miles Scruggs
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Seattle what does everyone think about 180 notice to increase rent! 2 months 2 weeks ago #52694

Right. Just following the train of thought… Creates an automatic increase of 1% (ish) every month (or whatever period you want)…
  • Domit Domit
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Seattle what does everyone think about 180 notice to increase rent! 2 months 2 weeks ago #52695

Or 180 days out just pick something arbitrary like 10% and give notice for that.
  • Miles Scruggs
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Seattle what does everyone think about 180 notice to increase rent! 2 months 2 weeks ago #52696

Well, the city doesn’t offer a 180-day notice when raising property taxes?
  • Chris Finetto
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