Spring Rate Increases

[KrisinCali]

We had several people decide they weren't using their motorhomes and either selling and moving out or going further into the desert where the prices are slightly cheaper.

[SBAZ]

We had several people decide they weren't using their motorhomes and either selling and moving out or going further into the desert where the prices are slightly cheaper.

That probably has to do with gas/ diesel prices as well, I remember the 2009 gas hit. a lot of people decided to sell... Maybe not just the rate increase. (maybe)

[RHS_TX]

I've also read that there are a ton of RV's hitting the blocks from people that bought during the pandemic, and then realized at RV'ing and "off the grid" wasn't as fun as they thought it would be.

[Storman]

I've also read that there are a ton of RV's hitting the blocks from people that bought during the pandemic, and then realized at RV'ing and "off the grid" wasn't as fun as they thought it would be.

I think this is true. I happened to buy a lightly used travel trailer in March of 2020 from a seller in Texas, just prior to the lockdowns. At the height of covid I could have sold it for 2x what I paid only a year earlier. (he paid $45k for it new in 2018, I paid $21k for it in 2020 and could have sold it for $40k in 2021)

Lots of people are realizing that RVing isn't like the Instagram stories they've been fed. There's actually a POOP tank and a hose! I think there will be many lightly used RVs on the market, and the trouble is the RV industry couldn't keep up with the demand so they cut corners to push these things out and the quality of 2020-2022 model year "covid RVs" are even lower than normal, and that's saying something.

[KrisinCali]

I think this is true. I happened to buy a lightly used travel trailer in March of 2020 from a seller in Texas, just prior to the lockdowns. At the height of covid I could have sold it for 2x what I paid only a year earlier. (he paid $45k for it new in 2018, I paid $21k for it in 2020 and could have sold it for $40k in 2021)

Lots of people are realizing that RVing isn't like the Instagram stories they've been fed. There's actually a POOP tank and a hose! I think there will be many lightly used RVs on the market, and the trouble is the RV industry couldn't keep up with the demand so they cut corners to push these things out and the quality of 2020-2022 model year "covid RVs" are even lower than normal, and that's saying something.

I have a newer 5th wheel in our parking lot that the owners NEVER USED. They're selling it 'cheap' since they don't need it anymore.

[T_Champeau]

I have 1 long-term customer that has complained for 2 months. He's still $10 under the street rate. And I'd love to have him leave because I could easily bump it to $30 over street rate and rent it the same day!

Otherwise, no complaints. No move outs.

I feel this in my soul. Yes, you've been here since 2009, but you are a headache and a half, in a unit I have few of, and paying well below street price. PLEASE LEAVE.

On the other hand, when handing out rent raises, I always bump problem children up a few dollars more than I would if I actually liked them.

[SBAZ]

I feel this in my soul. Yes, you've been here since 2009, but you are a headache and a half, in a unit I have few of, and paying well below street price. PLEASE LEAVE.

On the other hand, when handing out rent raises, I always bump problem children up a few dollars more than I would if I actually liked them.

I so understand that one.

[helenatim]

I just sent out ~325 rate increases to existing customers, which will take effect on June 1. I increased my street rates about 6 months ago and haven't had any slowdown in rentals. I brought up the existing customers to just under those street rates and made sure that they know as a loyal tenant they'll always pay less than street rates. I offer a 12 month rate guarantee, so over the next months I'll be raising rates on those that hadn't reached their 12 month already.

I've only received 2 reply emails to the rate increase letter, both of them thanking me!

I think it's a good idea to get rate increases out there now while everybody is talking about how prices are going up, I think people seem to *understand* why you have to increase the rate. If we fall into a recession soon, they will probably not be nearly as understanding.....

One of the joys of management is setting up the rate changes in the software, crafting the explanation letter, and pushing SEND. Ba da bing, ba da boom. $8500 monthly revenue increase.

Love this! I brought everyone up to street rate on Jan 1,2022. Nobody moved out. I might have to raise some people above street rate eventually I guess. Needless to say, but I am not very patient with delinquent tenants at this moment.