Anecdata of 1 but. In July 2021 got place for too much $$$. In July 2022 they said the rent was going up $400 a month. I moved out. In July 2023 they were asking $100 less than I was paying in July 2021

I have no idea if that was this software or market change or what. It was huge complex. 700-800 units. At the time I just guessed that they raise the rent for everyone when their lease is up because most people don't want to move and will put up with the rent increase even if they hate it.

For me, the place had issues. If the rent had stayed the same I'd have put up with them just because it's easier to put off finding a new place, but $400 a month was enough for me to just move.

I find it crazy when rent goes up but they're still offering new renters a month+ off and then when you talk to the front office they're like "we don't negotiate". Well, one of us tried.

It isn't crazy, the value of the apartment is related to how high the rent is.

Think like this, if their asset is worth 400x the rent they would rather increase rent and give you temporary rebates than to ever reduce rent. Reducing rent by 100$ would cost them $40k, not something they would wanna do.

Why does the asset value model not take the rebates into account though? They are gaming the system and tenants suffer.

Is this really true? Any sane person buying a business or evaluating creditworthiness looks at revenue and expenses, not just "mmm ok 400x rent" and call it a day.