No one likes finding out they have to start paying more money for something, especially if they don't understand why.
Our company finds itself in that position each year with new rates for lawn care/ snow removal, maintenance materials, vendor labor, postage, and much, much more. As such, from time to time, we find it necessary to increase our residents' rental rates in order to keep providing the quality service you've come to expect, and to ensure our continued ability to serve you.
Any time we have to increase rent, we do all we can to keep the increase within 3% of current rental rates. Whenever possible, we attempt to factor in positive details, such as length of tenancy and history of on-time payments. In all cases, we take current market rates for the neighborhood into account.
We do ask that our residents understand that any rent increase is not a personal attack, but rather the result of detailed evaluation and a necessary business decision.
Here are some of the most common reasons your rental rate may have increased:
- property taxes went up for more than 40% of our portfolio
- planned improvements often require prepayment
- expensive repairs/ replacements of building roofs, furnaces/ boiler systems, surface parking, etc
- increases in neighborhood market value, ie market rent based on dollars per square foot
- necessary expansions in support software or increase in number of personnel
- higher vendor rates for lawn care/ snow removal
- property insurance rates increase
It is our hope and goal to continue working with you, but that does periodically entail raising rental rates to offset increased costs of doing business.
We truly appreciate your consideration of these factors, and optimistically anticipate another year of continuing to provide you with your Home.
