Increasing Your Profit Without Increasing Rent
- Apr 02, 2019
There are pros and cons to increasing rent as a Coworking space operator. Members, or tenants of any kind, have come to expect rent hikes, and it tends to be the most common method of boosting profits. However, there is of course the very high probability you’d lose members with price hikes. Many will seek spaces who offer comparable amenities for a better price, in the same way a tenant would seek a new apartment to live in if rents spiked after a year.
What’s important is to capitalize on the inherent unwillingness of people to leave comfort. Moving to work in a new location changes commutes, daily habits, people you interact with, and general comfort levels. Outside of increasing rent, there are ways to increase profit while still keeping your members happy.