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Past 2 years period has became a big challenge almost for everybody and especially for condo owners. Based on “Condo Business Intelligence” 2019 – 2021 years statistics, almost 43 % condominiums increased condo fees by 0,2 % – 10 %, ~ 19 % of condominiums increased condo fees by 10 % – 20 % and ~ 3 % of condominiums increased condo fees by more than 30 %.
At the same time, some of the condo management teams demonstrated a high art of condo management. 24 % of condominiums did not change condo fees
and ~ 6 % of condominiums (108 buildings) even decreased condo fees!
A short resume:
~ 47 % of the condominiums (50 buildings) that decreased condo fees during 2019-2021 years have a high condo fee level $0.7 – $1.0 per SF / month,~ 37 % of them (40 buildings) have an average condo fee level $0.5 – $0.7 per SF / month and~ 15 % of them (17 buildings) are condos with $0.5 – $0.7 condo fee.
The most of condominiums that decreased condo fee are0 – 5 years buildings ~ 30, 23 % – 20 – 30 years old buildings, 20% – 11-20 years old buildings and~ 19 % – the olders buildings, 30 years and older. And just 8 condominiums (6 – 10 years old buildings) decreased condo fees.
Some of Condo Management Companies manage the buildings that might be benchmarks to follow: