by the Portfolio Management Team, Summerfield Management
![Myth: Rent increases are a cash grab by ownership. Truth: Increases will not help ownership make more money. Operating costs increased during the pandemic and have now skyrocketed because of inflation and other economic factors. Increases mean we’ll be generating more revenue, but the owner’s profit will remain the same. Truth: Market rate. In most states, we have been in a lockdown for the past 2 years, not only in collecting rents, but in raising rents. Increases bring leases inline with current market rate. A tenant may feel an increase is unfair, but if they decide to move, they will find rates for comparable units about the same. We love our residents and hope they’ll choose to stay. Truth: Service. We don’t want to cut corners on service. Increases help cover the cost of maintaining the level of service residents expect.](https://www.summerfieldmanagement.com/wp-content/uploads/2022/06/6_15-Rent-Increases-Article-Image.png)
Summerfield specializes in the management of apartment properties that are approximately 75 units or larger, and is licensed to manage in Washington, Oregon, Idaho, Montana, Florida, Georgia, North Carolina & South Carolina.
If you would like to discuss additional specifics of our management program, please reach out to our Managing Director, Robert Parmar at rparmar@smfield.com or call 770-628-5943.