Drove past a complex in Phoenix with 25% vacancy last Tuesday

The manager there blamed the local market but said he'd raised rent 8% over three years without updating a single appliance or common area. A friend's property nearby keeps full units at similar prices by swapping out old carpet and painting every turnover. Is it really the market or are some owners just coasting on old units and acting surprised when people leave?

3 comments

3 Comments

sullivan.quinn4d ago

Yeah, that honestly made me rethink my whole take on rental management.

karenc204d agoMost Upvoted

I get what you're saying about rethinking things, but that whole "rethink my whole take" thing feels a bit strong to me. I mean, rental management still has a ton of the same old problems like bad tenants and maintenance costs. One story or experience shouldn't flip your whole view unless you were already kinda unsure about it. Its more like it added some new info to consider, not a total 180. Just saying, don't throw out everything you knew before over one thing.

the_hayden2d ago

karenc20, you're not wrong about bad tenants and maintenance costs. But I'd argue most of us property owners are coasting because it's easier than doing the work. I've been guilty of it myself. I remember telling my wife "this unit doesn't need new paint, it's fine," and then it sat empty for three months. Now I'm the guy painting and swapping out old carpet every turnover, and it's a pain, but it fills the unit faster. So yeah, that manager's story hit close to home. Sometimes I just need someone to remind me that my "coasting" is really just lazy management dressed up as "market conditions.