QUESTION: How are your rents doing? Up? Down?

QUESTION: How are your rents doing? Up? Down? The highest concessions I've seen in major and secondary markets and 2.5 months free and a $1000 gift card. What are you seeing? What are you offering?
#multifamilystrong
www.globest.com/.../apartment-rents-have-dropped.../

Nada!

Nikki, what market are you in?

Lisa Trosien San Diego

Rents are up & no concessions in Las Vegas & Norcal

Phoenix. My rents are up and no concessions

Rents are flat with no more than $50 increases at renewal up to market rent max. Not raising market rents now. $250 to $500 off move in expenses. B class property in north Fort Worth.

Rents are raising here, no move in specials at all.

Staying the same and We’re offering a half month of rent free so far. Traffic just picked up this week

Lisa Trosien NE Suburb of the Twin Cities of Minneapolis/ St Paul MN.
Just took an app too lol

Our rents are up and no concessions. New Haven, CT region.

Lisa Trosien Southside of Jax, FL.

Lisa Trosien the largest concession I have seen here is 2 months free as a stand alone special

Softening of rents in some floorplans with high availability. Concessions range from 1 month free to 2 months free with a $1000 gift card. Texas

Jill Bounds I feel you on this one. I think we are offering up the first born child at the moment and may need to toss in the second one too.

Massachusetts is all over the place. Boston and directly surrounding cities are dropping rents and/or offering large concessions while the suburbs are increasing rents with little to no concessions.

I think every large metropolitan area is going through some variation of this--no one wants to live in a mid- or high-rise in a crowded city during a pandemic. Our communities in Nashville are giving concessions (and dealing with comps giving away as much as 3 months!!!), while in Franklin we're hitting some of our highest occupancies of the year with no concessions.

We have done zero concessions all year. We have 4 apartments vacant and that’s the most we have ever had with $200-300 increases on Rent from previous leases!

Jean Carlos Lopez thats Vegas

Significant drops to rents AND up to 2 months free at the majority of our market rate assets which are mainly urban infill. Coupled with up to over 10% vacancy (typically unheard of in our market- the vacancy and the drop to rents). We're budgeting flat on income through the first six months next year and minimal increase after that.

Rents up, just raised market rent. Increases at renewal. Occupancy up with no concessions. Chattanooga, Tennessee

B Class Property. Renewal increases no more than $100. If a resident comes into negotiate we will take into consideration what they are requesting. During Covid we didn’t do renewal increases if the signed their renewal early.
We are doing concessions. Based on the unit and property. Our smaller property no concessions unless a stale unit. Between $500 to 1st month free. Look & lease specials with 1 month free or 1/2 off first month if you apply outside of 24hrs from touring.
We’ve kept rates low and in turn we have keep our buildings above a 90% occupancy rate. For our smaller we’ve maintained 98 to 100% occupancy.
Our comps that have continued through Covid to increase renewal rates and have higher rates, their occupancy and leased percentages have not gone above 90%. They have consistently stayed in the mid 80s, even though every week they continue to get more leases than us.

We’ve kept stable. Can’t imagine increasing them amidst a pandemic. We chose to give a discount in April, may, and June while locked down.

We are doing well and haven’t been running concessions for the past few months. Hopefully it will stay this way.

Central Texas and rents all over our market have increased as the market is just over saturated right now. No concessions.

San Francisco Bay is all over the map. Some competitors giving up 3 months with 15 month lease plus no pet, no parking, no application or admin fees and back pocket gift cards. Crazy times.

We arent giving anything and are 99% occp. And 100% leased

No increase on renewal and up to 1 month free on select units.

I’m offering to take them off the wait list if they don’t like waiting six months to a year...

Seattle. Rents are at the lowest I've seen in years, plus concessions ranging from 1 to 3 months free. The eviction moratorium is killing us. $150k in delinquency. No rent increases, no late fees, no evictions at least through June 2021 but more than likely all of next year.

Miles Scruggs no it's announced. The eviction moratorium ends as of right now on 12/31/20 but there is an ordinance that states evictions are banned for 6 months after and no late fees can be assessed.

Miles Scruggs

wow that is bad. Plus you have just cause on top of that which ties the hands.

Rents up up up - bur collections

We are doing well. We haven’t offered concessions in 2 years.

Rents stable, concessions 1/2 - 1 mo free. Collections 98% collected.

Dallas single family rentals - rents are strong, but having to drudge through crappy applicants. The other challenge are the deposits and initial rents and fees, sometimes several thousand bucks to get the keys. They have the recurring income but not enough cash in the bank. Working through it though.

I shopped a Houston luxury mid rise in the Museum District a couple of weeks ago - 3 months free on a 13 month lease.

The Olympia, Washington market seems strong. Despite being able to raise rent on renewals, we are achieving record numbers on turnover. Lots of new construction coming on board. So we are expecting to see some changes soon though.

In the Treasure Valley, Boise, Meridian Idaho, rents are going up. Rents on renewals are staying the same.

North Dallas, A high-rise-midrise. 1 month free/reduced rates only on current vacant units. No increase on renewals. Traffic is slow, moveouts are buying homes.

Rents are up here in PA (Philadelphia suburbs). Rent Increased in May and less vacating than last year. No concessions. Certainly an odd time. We haven't had a quiet lull since April.