The real estate agency began to “brag” about a price increase of $225 per week
A real estate company was exposed celebrating a rental price increase of $225 per week as an “achievement”.
A tenant shared a screenshot of an email update from national property management company Ironfish, sharing their numbers for June.
“June Achievement: Largest Rent Increase – $225 per week,” the flyer reads.
Below the details is a picture of children fighting on a bed.
The user posted the email on Reddit with the comment: “My rent just went up $400 a month and the agency emailed me bragging about it…”
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The email also told recipients that the average weekly rent increase was nearly $100 per week and revealed comparative increases in asking prices: “July 2021 through December 2021: $393. January 2022 through June 2022: $460”.
The Reddit thread exploded in response.
“Landlord here, it’s not justified. It shouldn’t even be legal to raise the rent so much for the same tenant. Different if new tenants come in but it’s an outrageous amount,” one user commented.
Another said: ‘I’ve been a landlord for a few years and won’t raise the rent (much to the chagrin of the property management company) – the tenants have been there for 12 years and keep the place spotless, always pay on They have young children, both working in low-paying jobs, doing their best.
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A renter called the email ‘cringe’ and a landlord remarked: ‘I got the same email and had the same feeling of disgust, and I’m a landlord (but not with them).”
Ironfish has been contacted by Nine for comment.
Data from leading national real estate agency Ray White shows advertised rental prices rose nearly 14%, outpacing CPI rental price increases of 1.6%.
At the same time, the nationwide vacancy rate this month tightened to a record low of less than 1%, according to Domain.
The lack of listings increased competition and rising interest rates – with costs being passed on from landlords to tenants – along with inflation, continued to squeeze the rental market to a critical point.