Getting residents to swallow a rent increase has never been easy; but it’s more difficult now than ever thanks to today’s economic market conditions. In order to successfully increase rents, your team must be ready for battle. They must understand why the increase is necessary and be confident in explaining it, over and over again. […]
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‘Lease Renewal Startegies’
Offer your residents an incentive to renew their leases early. This can be, and has been, done during an open house, or you can set aside a special month, like February or March, for the renewal incentive. This is how it works: Advertise to your residents through your newsletter, emails and notices that you are […]
This article is being republished for Alicia and Derek. Special Note to Alicia and Derek: When you have no availability in your one-bedroom apartments, it’s time to increase the rents. One of the biggest issues I see with apartment communities across the country is that they treat community occupancy as a whole when they should […]
(And Other Soft Market Tips) By Doug Chasick, CPM®, CAPS, CAS, Adv. RAM, CLP, SLE Here’s a PROVEN strategy to deal with Resident turnover in a soft market. I’ve used it many times and it has always worked better than sending out renewal letters when my market disappeared! This idea is based on my belief […]
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