CompleteLandlord.com Releases Survey Results on Rental Increases
CHICAGO, April 27, 2007 – CompleteLandlord.com, the online destination for residential landlords and real estate investors, recently surveyed three hundred residential landlords across the country about rent increases. According to the survey results, 57 percent of landlords raised rent prices during the past 12 months. A greater proportion, 67 percent of landlords, plan to raise their rents in the next 12 months. Among those that increased rents in the past year,
77 percent of landlords increased rents by less than 10 percent.
The survey results show landlords who raised their rents in the past year are more likely to raise their rents in the next 12 months. Seventy nine percent of landlords who raised their rents in the last 12 months plan to raise rents again in the next 12 months. For landlords that didn’t raise their rents in the past year, 51 percent will raise rents in the next 12 months.
Landlords indicate the most frequent tenant complaints were:
Forty six percent of landlords surveyed say that property tax increases are the key reason for future rent increases. The top five reasons why landlords are increasing rents are:
- 46% Property tax increases
- 44% Comparable unit rents in the area have increased
- 40% Maintenance cost increases
- 31% Made upgrades to the units
- 23% More people were looking to rent
“The survey shows landlords feel more comfortable raising rents this year than they did last year. This is probably due to the changing economic landscape. As the housing market cools, it is stimulating demand for rental properties. Additionally, rental property ownership costs continue to climb given the upward trends in property taxes and maintenance.” And also noted, “Those landlords who have taken rents up in the past are most likely to do so in the future.”
CompleteLandlord.com’s goal is to give the estimated 10 million small and medium-sized landlords in the U.S. the information, tools, products, services and community they need to be successful. The Web site provides landlords, for free and with paid access, information, tools and community related to the complete lifecycle of owning, leasing, maintaining, and selling rental properties. The site offers how-to information and tips for landlords, including forms, tenant screening, best practices, financial guides, real estate regulations, and advice.
About CompleteLandlord.com:
CompleteLandlord.com provides an online solution for tens of thousands of landlords wanting to manage their rental properties productively and profitably. The Web site provides free educational content, advice from other landlords, the ability to tap into a panel of real estate experts, or access online state-specific products and services. Based in Chicago, Illinois, CompleteLandlord.com is part of the family of brands from Socrates Media, LLC. The company has helped hundreds of thousands of landlords be more profitable and productive with their rental units.
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