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Old 05-10-2013, 03:11 PM
 
Location: Cole neighborhood, Denver, CO
1,123 posts, read 3,111,475 times
Reputation: 1254

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I have a condo in Capitol Hill and haven't raised rent in 5 years. But now that the market is hot, I am going to do so this next term.

Any landlords out there? On average, how much percentage have you raised compared to your rent about 5 years ago? I'm at $1,300 for a 2/2 condo. I'm thinking I can go to at least $1,500 in this market. A real estate friend told me to go $1,800 but I think that's a little obscene.

Thanks!
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Old 05-10-2013, 03:16 PM
 
Location: 0.83 Atmospheres
11,474 posts, read 11,559,641 times
Reputation: 11986
I just raised rent in my 2/1 house in Mayfair from $1200 to $1350. People are telling me I could have gone higher.

My 2/2 house in West Wash Park was $2000 back in '08 when I last rented it. I will be returning it to the rental market later this summer at $2500-$2700. The little 2/1 duplexes across the street are at $2200 now which just blows my mind.
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Old 05-10-2013, 03:32 PM
 
6,385 posts, read 11,886,305 times
Reputation: 6875
You need to review your rents every year so you can push modest increases when they make sense. Your friend is probably correct in how much you could charge, but chances are good that will only work for another tenant so if you like who is there keep increases in check to maybe 15-20% from where it has been.
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Old 05-10-2013, 03:39 PM
 
Location: In The Thin Air
12,566 posts, read 10,617,630 times
Reputation: 9247
I have raised rent twice in the past 3 years and I still haven't had a problem getting a tenant. That being said come August I am putting my condo up for sale.
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Old 05-10-2013, 04:00 PM
 
Location: Just south of Denver since 1989
11,828 posts, read 34,436,540 times
Reputation: 8981
What does Zillow say?
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Old 05-10-2013, 04:39 PM
 
Location: Berkeley Neighborhood, Denver, CO USA
17,710 posts, read 29,823,179 times
Reputation: 33301
Default No one listens to Zillow

Quote:
Originally Posted by 2bindenver View Post
What does Zillow say?
Who cares? All I know is that Suzanne says: "It's a good time to buy."
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Old 05-10-2013, 07:54 PM
 
Location: Wherabouts Unknown!
7,841 posts, read 18,999,002 times
Reputation: 9586
To a realtor...it's ALWAYS a good time to buy, and now it the BEST time to buy.
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Old 05-10-2013, 10:24 PM
 
Location: Denver, CO
2,325 posts, read 5,509,755 times
Reputation: 2596
I was just telling someone that the average rent in Denver is now approx. $1200 and he said "Oh I pay $1800....for a studio". I'd sure like to own an apartment building right now.
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Old 05-13-2013, 07:21 PM
 
384 posts, read 596,120 times
Reputation: 837
Raise it as much as you can without scaring away your current tenants if they are good and reliable.
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Old 05-14-2013, 05:08 AM
 
792 posts, read 2,874,250 times
Reputation: 882
I'd like to know if any landlords have spent any of this new money fixing up their rentals.
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