Our on-site managers survey the competition every quarter to see if we're missing the market and we adjust our rental rates regularly. If the market is strong, we increase the rents with every turn. If the market is soft we keep the rents the same. In very competitive markets, we will give concessions to attract a tenant. This ends up being factored into a budget as a promotional expense.
Location also drives the vacancy rates of rental units.
Prospective tenants will consider such issues, and therefore such questions impact vacancy rates. Property condition greatly impacts vacancy rates. In response, your units must be clean, safe and feel like home. If these conditions do not exist your rate of vacancy will increase. Leases can stretch the length of time a tenant will stay with you.