Morgan properties purchased our apartments a little over a year ago, June 2016. Since their purchase our rent increase has gone up $108 dollars.
All we have to show for the increase is basic backsplash "upgrades" and a microwave we never used because we have our own. They keep telling us how "lucky" we are because new residents are paying more than we are and they base their rate on "market value". We are now 1 year away from being at $1000 (788 sq ft) for a one bedroom in Raleigh, NC. This is absolutely ridiculous!
I can't respect companies that aren't at least honest about their bottom line. Instead of saying "We value profits over people because we are in the business of making money and we give our leasing agents bonuses for every new lease they get signed", they try to make you feel like you are being irrational and they are justified. Just say what it is and keep it moving, I may not like it, but at the very least I can respect the honesty. If you really cared about your residence and staff, you would either make the rent increases more reasonable and value loyal residents and retention as well, stop overworking your maintenance staff and/or take some of the rent increases and invest in more than one trash compactor so your residents didn't have to smell the stench of garbage everyday.
Stop making empty promises of everything you are going to do. They didn't find time to do 1/4 of their plans but bashed the previous company, found all the time to increase rates and run all of our neighbors away with their inflated rates (out with the old in with the new I suppose). Guess this will be the last lease we sign to give us time to look for a new home. Property owners and landlords must feel powerful and pretty proud of themselves making basic housing so unaffordable while trying to convince residence that they have so many "leasing options".
Again, I know their is always the option to move, but their is a systemic issue of unaffordable housing that we must start pushing back on. When we give these companies power to dictate the terms of our living conditions we are doing ourselves a disservice. If homeownership is getting harder to obtain and property owners are capitalizing off of this, then property owners can take this as the opportunity to be morally responsible but instead as sure sure as the sun is yellow they keep operating under status quo ALL of the time and find some way to justify the fact that they are pricing people out of living quarters!
"We have to keep up with this or that" " We have to base our rates on this", lets be honest, they have to share holders profits. Enough is enough!!
Product or Service Mentioned: Morgan Properties Apartment Rental.
Reason of review: Pricing issue.