Raising rent is normal but this is a fact that no renter wants to face
. It is good to bear in mind that not all apartment owners want to raise the rent just because they can or because they have vendetta on the renters. Apartment owners and landlords also sometimes have a hard time implementing a rent raise. This dilemma usually takes a toll on their income.
Increasing the rate of the rent should be done with right timing. Being too slow to implement a rent increase will negatively affect the finances of the apartment owner. Why are owners slow in doing this? There are a lot of reasons such as waiting for the right season or even taking sympathy for those renting the apartments.
For the landlords and apartment owners out there, the major question remains - When is the right time to raise the rent? The best answer to that is when the occupancy of the building already exceeds 95% of the total projection. This means that the demand is now that big that it allows for an increase in the rent without having so many people breathes down their necks. The raise in rent will contribute to the added upkeep of the facility due to high occupancy.
Raising rent is also a good move especially when other Simpsonville apartments are doing it already. Other apartment owners might gang up on the one with the low rent still, thereby not making the market stable. If a certain apartment building still has the lowest rate in the neighborhood, it might attract bad reputation such as having poor facilities.
Bear in mind that the owner of a Simpsonville apartment is running a business that is why rent increase is inevitable in the future. Sometimes, they have to be firm in running a business and increasing rents or else they will go bankrupt for they too have bills to pay. After all, rental business, although very similar, is still different from running affordable housing.
For Simpsonville apartment renters, keep in mind that landlords and owners often review their rentals at least every quarter. Anticipating the increase and working hard for it is a lot better than being surprised and unprepared. Remember that there is nothing personal when it comes to raising rents; it is just pure business.