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

Kriste Campagna-Buck's Avatar
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Posted 9 months 11 hours ago
Last edit: by Amanda Hill.
Denise Weems's Avatar
Denise Weems
It’s crazy!!
Posted 9 months 11 hours ago
Taylor Theadoeshea's Avatar
Taylor Theadoeshea
Doesn’t surprise me none…
Posted 9 months 11 hours ago
Melanie Bell's Avatar
Melanie Bell
Better than no rent increases
Posted 9 months 11 hours ago
Peggy Lannery Crowley's Avatar
Peggy Lannery Crowley
That’s ridiculous.​​​​​​
Posted 9 months 11 hours ago
Patty Jensen-Hale's Avatar
Patty Jensen-Hale
And Lets not forget the rent increase cap of 10% they passed? which is a poorly disguised way for them to initiate “Rent Control” And what about something else I heard they were doing which was to make the landlord pay the residents moving expenses if they were given more than a 10% increase? Not sure if the Seattle City Council of idiots got that one passed or not too.
Posted 9 months 11 hours ago
Devante Matthews's Avatar
Devante Matthews
They did get it passed unfortunately… the laws here are very interesting
Posted 9 months 11 hours ago
Patty Jensen-Hale's Avatar
Patty Jensen-Hale
Goodness. Well that’s a polite way of summing up all these new laws in Seattle.
Posted 9 months 11 hours ago
Jordan Else's Avatar
Jordan Else
Other landlords increase rent more than 10% in a year?!?
Posted 9 months 11 hours ago
Cynthia Santiago's Avatar
Cynthia Santiago
Yes if way under market. With Yieldstar/LRO programs being used you do tend to see that at times.
Posted 9 months 11 hours ago
Jordan Else's Avatar
Jordan Else
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.
Posted 9 months 11 hours ago
Suzi Simon's Avatar
Suzi Simon
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.
Posted 9 months 11 hours ago
Stacey Pichette's Avatar
Stacey Pichette
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.
Posted 9 months 11 hours ago
Scot Worden's Avatar
Scot Worden
 $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.
Posted 9 months 11 hours ago
Stacey Pichette's Avatar
Stacey Pichette
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.
Posted 9 months 11 hours ago
Patty Jensen-Hale's Avatar
Patty Jensen-Hale
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.
Posted 9 months 11 hours ago
Miles Scruggs's Avatar
Miles Scruggs
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.
Posted 9 months 11 hours ago
Domit Domit's Avatar
Domit Domit
Right. Just following the train of thought… Creates an automatic increase of 1% (ish) every month (or whatever period you want)…
Posted 9 months 11 hours ago
Miles Scruggs's Avatar
Miles Scruggs
Or 180 days out just pick something arbitrary like 10% and give notice for that.
Posted 9 months 10 hours ago
Chris Finetto's Avatar
Chris Finetto
Well, the city doesn’t offer a 180-day notice when raising property taxes?
Posted 9 months 10 hours ago
Jordan Else's Avatar
Jordan Else
I love that this give tenants advance notice to budget differently or find a new place. It seems like a kind thing to do. We’ve always given more than 180 days so this policy, while not in my area, wouldn’t affect us at all.

Any increase would come in a renewal notice. We don’t increase with the first renewal in general and our increases are all 3% or under (unless major reno), so we have no problem notifying ahead of time. Can you imagine the stress that it would cause a tenant if all of a sudden you were bumping up the rent with only a couple of months notice? They would either have to figure out how to come up with more money or find a new place to live in just a few months.
Posted 9 months 10 hours ago
Homar Santiago's Avatar
Homar Santiago
I think your maintenance team is going to be busy turning units in the near future.
Posted 9 months 10 hours ago
Ned Wasserstein's Avatar
Ned Wasserstein
We do 90 days with auto renewal at 60 days. 180 is too much
Posted 9 months 10 hours ago
Kandice Jenkins's Avatar
Kandice Jenkins
Some people like to take advantage of knowing where they will be. Of I can lock in a tenant with a better price now & save them another increase, I do it!
Posted 9 months 10 hours ago
Ned Wasserstein's Avatar
Ned Wasserstein
Agreed. We give them an option within their first 6 months to switch to a 2 year lease which avoids the increase entirely.
Posted 9 months 10 hours ago
Laura Renaldo
's Avatar
Laura Renaldo
Is it legal to do a tiered renewal amount? So 6% increase if renewed at 180 days and then 1% higher per month until 10%?
Posted 9 months 10 hours ago
Eva Radecki's Avatar
Eva Radecki
I'm curious..what is the average price for rentals in that area?? I think i heard it was very expensive comparatively, so if it is..and the increase is substantial...most people need a bit of time to come up with the money, find a place to live...
Posted 9 months 10 hours ago
Shawn James Haussler's Avatar
Shawn James Haussler
What I think is crazy is that tenants in WA are only required to give a 20 day notice to vacate still. How are you to predict how many residents saying they are going to move out in 160 days to know how conservative to be on the increases?
Posted 9 months 10 hours ago
Lori Lindley's Avatar
Lori Lindley
Too long , I would recommend 90 day
Posted 9 months 10 hours ago
Kandice Jenkins's Avatar
Kandice Jenkins
We always do 3-6 months as a courtesy - with the notice there could be another market increase if they don't lock in their rate & sign by a certain date (market changes can happen at any time).
Posted 9 months 10 hours ago