It’s late July, the rental market should be strong…Friday, July 22nd, 2016
And it is–the link to the attached article in today’s Seattle Times talks about how it’s been scorching hot for landlords though. According to Zillow, Seattle is leading the country in rent growth over the last year. Understandably, some of this upward trajectory is due to new, more expensive product coming online. Still, even with the newer product, it’s challenging to keep up with this growth and, if you’re not bumping rents (or at least analyzing them regularly) each month to elegible residents, you’re also going to fall farther and farther behind.
We also think it’s much easier for residents to work with consistent annual increases, rather than a drastic 25%+ if a landlord falls behind in pushing rents. Good luck keeping up!