As a past homeowner for ~10 years and as a FirstKey renter for the past 9 months (since June 2022 after selling our house) as we wait to begin building a custom house, we have found FirstKey is largely a good rental company to work with (I know this goes against the usual FirstKey Homes review you see on Google, Yelp, etc.).
They know when they are wrong / need to help, as when our home’s refrigerator died in the rental, they determined a new unit was needed, and they nicely compensated us for the spoiled food. When you put in a support ticket the right way (i.e., give them appropriate info and follow their ticketing system process), they get it handled appropriately in a reasonable time frame. They also seem to largely know when they are in the wrong (i.e. initially pushing us on HOA infractions and then realizing it is another neighbor or their unit’s set-up is the actual cause of the infraction) and when they realize they are wrong, they listen, and then support us as renters in the extremely strict HOA neighborhood we’ve found ourselves renting.
However, I will not recommend FirstKey (and it will never get more than a 1-star review from our family) in its current form in how the organization currently handles renewals. If you start renting with FirstKey, then beyond the first term, you should expect a non-negotiable significant rent increase well above the local average rent increase. See below for specifics:
• Average rent increases in the area I live are 4-6% YoY. For our early renewal discount (offered at 120 days prior to renewal that must be accepted 90 days prior to renewal), we have been offered the opportunity to renew at just below a 10% increase YoY for a one-year renewal term. If we miss the early renewal offer, we have the opportunity to renew at just above a 12% increase YoY. In both offers, the monthly pet fee will also unexpectedly increase.
o No options were offered to us for reducing our renewal rate for committing to a longer term
• I have tried talking to several renewal agents as to why the Firstkey renewal is so high above the average YoY renewal in the area and I have used a few objective (longer term at lower cost..) and rental unit negativity points to try to negotiate. In reply, each agent uses a blanket statement that these are inflationary times and costs are rising to provide rentals and they do not ever negotiate renewals (every renewal agent says this on the phone each and every time).
• I have asked a renewal manager to call back to talk further through these renewal practices and they have yet to call back. This is disappointing to experience.
At this point, we expect we will be be reluctant 2nd year renters of FirstKey as the 10% early renewal rate barely edges out moving and choosing a new rental at lower rates (with security deposits and other fees), but just barely. Next year, we’re likely gone no matter the situation (whether our house is done or not) if FirstKey approaches us with another sizable rent increase. At some point, we as customers have to stop allowing ourselves to be taken advantage of by vendors such as FirstKey Homes who are continuing to push the inflationary narrative further and further. Stop paying the higher rates, post more negative reviews, and bad practices like this will stop.
After my personal experience and reading through the many other negative reviews, I expect FirstKey Homes will make no relevant changes and I will then personally look forward to seeing FirstKey Homes sitting on many open rentals when their current renters move – they will be eating significant costs that could likely have been avoided if they would be more negotiable with their “valued” customers at renewal time.
I would gladly change my review / perception of FirstKey Homes to a 4-star review, or even a 5-star review, if I could get just get some real perception on why the rental rates increased so much vs. the local averages and/or offer us a fair negotiation opportunity such as the ability to commit to a longer renewal term at a lower price or a shorter renewal term at the currently offered pricing options.