> whole thing is akin to theft/shrinkage of goods. It has to get factored into the price
I’d agree and in my mind it’s the risk factor I alluded to with this above quote. In my experience, increasing prices substantially automatically moves the bar for you since only people willing to pay the new price are actually highly qualified tenants.
FWIW, I had a $2700/month house that’s now at $4000/month. I did Essentially what you mentioned. In past, I’d list it and have it rented in a week or two. But had to sort through a bunch of under qualified applications. The new price only got a few applicants but they were all highly qualified. The tenant I accepted pre-paid for 12 months lease. The tight housing market and cash rich buys are the driving force though. My tenants probably would have bought a house but couldn’t find one and got pushed to renting until they do. This didn’t exist before, at least not to current levels, and without it I don’t think I’d be able to charge a premium.
I don’t know what I’d do if I was a landlord of low rent units. You cannot “go up market” like I did. I would certainly have to find a way to be more picky. Definitely not renting to someone who has a past due debt to their previous landlord. Being more diligent about checking landlord references, etc.
I’d agree and in my mind it’s the risk factor I alluded to with this above quote. In my experience, increasing prices substantially automatically moves the bar for you since only people willing to pay the new price are actually highly qualified tenants.
FWIW, I had a $2700/month house that’s now at $4000/month. I did Essentially what you mentioned. In past, I’d list it and have it rented in a week or two. But had to sort through a bunch of under qualified applications. The new price only got a few applicants but they were all highly qualified. The tenant I accepted pre-paid for 12 months lease. The tight housing market and cash rich buys are the driving force though. My tenants probably would have bought a house but couldn’t find one and got pushed to renting until they do. This didn’t exist before, at least not to current levels, and without it I don’t think I’d be able to charge a premium.
I don’t know what I’d do if I was a landlord of low rent units. You cannot “go up market” like I did. I would certainly have to find a way to be more picky. Definitely not renting to someone who has a past due debt to their previous landlord. Being more diligent about checking landlord references, etc.