Loading…
9
Tried raising security deposits by $200 and got zero pushback from tenants
I bumped my standard security deposit from $500 to $700 on three new leases in Atlanta last month, thinking I'd get complaints or lose applicants. Nobody even questioned it, so I feel dumb for not doing it sooner. Anyone else finding tenants are totally fine with higher deposits?
3 comments
Log in to join the discussion
Log In3 Comments
joseph_green132mo ago
People just accept whatever they see on paper now. Nobody reads the fine print anymore. They skim the total number and move on. It's like when stores raise prices by a few cents, nobody notices. Tenants are so desperate for a place to live they'll sign anything. You could probably bump it to $1,000 and still get takers in this market. Same reason people pay $8 for a coffee without blinking.
1
troyc172mo ago
I actually looked up the financial reports for one of the big property management companies in Texas last month. They specifically mention "auxiliary fees" as their fastest growing revenue stream. Things like application fees, pet rent, parking passes, trash valet, and even mandatory "community landscaping" charges that used to be included in rent. So the number on the lease might stay the same or go up a little, but the actual amount you pay each month can be $200 or $300 higher now. They broke it down in the shareholder letter and called it a "strategic pricing diversification." People focus on the base rent because it's the biggest number on the page. But the fees are where they really get you now. It's not even about raising the rent to $1,000. It's about piling on small charges that add up fast.
9
laura_wilson2mo ago
The fine print in those leases is longer than the actual rental agreement.
1