Many properties have been experiencing higher turnover and higher vacancy due to changes in migration patterns and the economic challenges stemming from the Covid pandemic and government reactions to it. With all this turnover (and…Keep Reading
Many owners, especially in urban areas, are having a harder time renting their apartments. The number of listings seems to be swelling each day on Craigslist and other listing sites. Rents at competing apartments are dropping. New properties are coming online, slashing rents even more and offering all sorts of move-in incentives in order to lease up and meet their loan covenants. How’s a person to compete?
Many owners were pleasantly surprised earlier this year that most tenants continued to pay rent even during the pandemic. However, we now credit much of that to stimulus money – whether it be the $1200…Keep Reading
It has been nearly half a year that most routine maintenance at multifamily properties have been on hold. While it is understandable that companies focused on doing as little non-emergency maintenance as possible in order…Keep Reading
When the economy falters and your competition is throwing out concessions and cutting their prices, there is a strong temptation to do the same. But before you even think about doing that, you should revisit…Keep Reading
For better or for worse, with the Covid-19 epidemic, change has been thrust upon us. Some will be paralyzed by fear and uncertainty. They will ‘wait for the crisis to pass’ or wait to ‘see…Keep Reading
When looking to ‘turn around’ distressed properties or when seeking properties with potential upside, many real estate investors will analyze the rent differentials in the market, evaluate what upgrades they should do to the units…Keep Reading
If you are running a Class B asset, it can sometimes be hard to compete with the newer, nicer properties. They have amenities and features (and many times, even a budget) that you just don’t…Keep Reading
Resident retention is always a popular topic in property management. And it should be! With turnover rates hovering in the 50% range, keeping people longer is probably the easiest way to improve operating performance and…Keep Reading
How much money are you (or your resident managers) leaving on the table each month that you didn’t even know you could have had? Many owners, flush with rental increases and full occupancy, have gotten…Keep Reading