Has anyone else hit a dry leasing season?? Rents have gone up almost $600-700!

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1 year 10 months ago #638497 by Carletta Richardson-Cheeseboro
Has anyone else hit a dry leasing season??  In the Nashville area... any suggestions? The heat is on us... after an occupied renovations... rents have gone up almost $600-700! Prior residents are leaving... we have 38 vacantes to fill. Help!  
1 year 10 months ago #638497 by Carletta Richardson-Cheeseboro
Chelsea Alise Santiago
1 year 10 months ago #638499 by Chelsea Alise Santiago
It’s so dry right now
1 year 10 months ago #638499 by Chelsea Alise Santiago
Celeste Norena
1 year 10 months ago #638500 by Celeste Norena
We leased 30 units in last 45 days California isn’t dry
1 year 10 months ago #638500 by Celeste Norena
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1 year 10 months ago #638501 by Brandon Payton
Celeste Norena same. I'm 100% occupied in San Jose with only one NTV.
1 year 10 months ago #638501 by Brandon Payton
Celeste Norena
1 year 10 months ago #638502 by Celeste Norena
Brandon Payton we are almost 100%
1 year 10 months ago #638502 by Celeste Norena
Nicole Schiestel
1 year 10 months ago #638503 by Nicole Schiestel
Brandon Payton what part of San Jose and what are your general rates? I have a prop on N Capitol and hardly any action
1 year 10 months ago #638503 by Nicole Schiestel
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1 year 10 months ago #638504 by Brandon Payton
Nicole Schiestel actually in Campbell. $2300-$2700
1 year 10 months ago #638504 by Brandon Payton
Kathy Brown
1 year 10 months ago #638505 by Kathy Brown
Celeste Norena I'm surprised with so many people leaving California
1 year 10 months ago #638505 by Kathy Brown
Celeste Norena
1 year 10 months ago #638506 by Celeste Norena
Kathy Brown nope we have many coming in
1 year 10 months ago #638506 by Celeste Norena
Kathy Brown
1 year 10 months ago #638507 by Kathy Brown
Celeste Norena Very surprising!
1 year 10 months ago #638507 by Kathy Brown
Debby Jordan
1 year 10 months ago #638508 by Debby Jordan
Seems like things are slowing down and this business over the last few months any marketing ideas are certainly welcome to be sent my way lol
1 year 10 months ago #638508 by Debby Jordan
Shane Spencer
1 year 10 months ago #638509 by Shane Spencer
Invest in perq we do got 30 rentals last month, these peeps show up for appt becuz perq texted and emailed them after appt and prior to arrival best investment ever plus we have a look and lease too
1 year 10 months ago #638509 by Shane Spencer
Irene Trejo
1 year 10 months ago #638510 by Irene Trejo
Shane Spencer do you have a link? I am interested.
1 year 10 months ago #638510 by Irene Trejo
Shane Spencer
1 year 10 months ago #638511 by Shane Spencer
Irene Trejo I will look up our rep tmw at work and send it
1 year 10 months ago #638511 by Shane Spencer
Shane Spencer
1 year 10 months ago #638512 by Shane Spencer
1 year 10 months ago #638512 by Shane Spencer
Irene Trejo
1 year 10 months ago #638513 by Irene Trejo
1 year 10 months ago #638513 by Irene Trejo
Kali Van Wagenen
1 year 10 months ago #638514 by Kali Van Wagenen
Shane Spencer would love this info!
1 year 10 months ago #638514 by Kali Van Wagenen
Shane Spencer
1 year 10 months ago #638515 by Shane Spencer
1 year 10 months ago #638515 by Shane Spencer
Alyssa Lucas
1 year 10 months ago #638516 by Alyssa Lucas
I’m south of Nashville, I feel like most places aren’t renting like they used to, especially with rental increases. I feel like we’re going into a market where apartments are not as high of a demand as they used too be.
1 year 10 months ago #638516 by Alyssa Lucas
Angela Kohler
1 year 10 months ago #638518 by Angela Kohler
Alyssa Lucas I'm in Murfreesboro. We are excited to be at 92%. We used to stay at 100%
1 year 10 months ago #638518 by Angela Kohler
Kathy Brown
1 year 10 months ago #638519 by Kathy Brown
Alyssa Lucas I agree!
1 year 10 months ago #638519 by Kathy Brown
Brenda Summers Borino
1 year 10 months ago #638520 by Brenda Summers Borino
Time to revisit those rent hikes!
1 year 10 months ago #638520 by Brenda Summers Borino
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1 year 10 months ago #638521 by Jonathan Weatherford
Hell. I’m in a suburb of Charlotte, NC. For the past year I’ve been 97-98% occupied and 97-98% preleased. I’m now occupied at 95% and trending out 92% over 60 days. No leases or traffic in sight even after doing tons of outreach marketing and specials.
1 year 10 months ago #638521 by Jonathan Weatherford
Alexandra Anthony Smith
1 year 10 months ago #638522 by Alexandra Anthony Smith
A quick reduction of price on stale units (or a loss leader) and offering an incentive for urgency. Lease and move in by February 15 for $500 gift card, for example. Don’t hit your rent numbers if you can offer an incentive rather than making large decreases in rates.
1 year 10 months ago #638522 by Alexandra Anthony Smith
Kimberly Parker-Daniel
1 year 10 months ago #638523 by Kimberly Parker-Daniel
I’m a regional in the Nashville area and it’s been a slow January. But you can’t increase like you could a year ago. Reset your renewal prices. You can regenerate the next few month 3-5% and call back notices for these new rates.
1 year 10 months ago #638523 by Kimberly Parker-Daniel
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1 year 10 months ago #638524 by Kristina Janis
1 year 10 months ago #638524 by Kristina Janis
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1 year 10 months ago #638525 by Katie Davis
Hi! In property management for last 10 years. Renting season is around the corner. We are in IL but are slower every year around this time. At the end of March we start to see more quality and quantity of renters come around! We say “March 27th magic”. Renting season May-Sept is best time to rent. We try to plan our lease expirations to mostly those months. I would special promo a few of the units to get them off the books and wait for the season to come. Hope this helps!
1 year 10 months ago #638525 by Katie Davis
Donna Henrickson
1 year 10 months ago #638526 by Donna Henrickson
My property now has new owners-they have given non-renewals and steep increases and are now seeing a huge increase in upcoming vacancies. They shake their heads and wonder why. Why? People's incomes haven't gone up and if they have it is minimal. There are not many people who can afford $500-$700 increases. You do not need a masters degree to figure that out. Hell I can't even afford to live where I work.
1 year 10 months ago #638526 by Donna Henrickson
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1 year 10 months ago #638527 by Carletta Richardson-Cheeseboro
Donna Henrickson this!!!!!! Sad when your managers cannot even afford it!
1 year 10 months ago #638527 by Carletta Richardson-Cheeseboro
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1 year 10 months ago #638528 by Chris Finetto
It’s not dry, you’re just fishing in the wrong area. You’re current marketing isn’t reaching people.If you’re not getting traffic, go find it. Universities, major employers, large employment centers.
1 year 10 months ago #638528 by Chris Finetto
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1 year 10 months ago #638529 by Megan Goodmundson
1 year 10 months ago #638529 by Megan Goodmundson
Ashley Heffner
1 year 10 months ago #638530 by Ashley Heffner
Several: 1. Look at your ad words try and focus on one floor plan at a time so if you’re 1 bedroom heavy put marketing money into creating more direction towards ad words. 2. Increase resident referrals 3. Do fun concessions 4. Social media—-> do TikTok’s 5. Walk your comps, do a market survey figure out what’s going on in the area and what everyone is doing to combat it. 6. Find fun events and do giveaways (we have spring training etc so we used to give away tickets if they moved in by a certain day as an example). 7. Maybe do some before and after videos and post those so people can see the value and upgrades that were done. 8. Get local…. Go to your nearby shops and cute walkable area and video those and post them as a perk to living at your community. 9. Sometimes it’s not always about cost it’s about being customer service driven, fun, and most of all accommodating to the prospects. See the value and show them why living there makes the most sense!
1 year 10 months ago #638530 by Ashley Heffner
Ashley Heffner
1 year 10 months ago #638531 by Ashley Heffner
Oh and on #8 maybe do a perk program with those businesses exclusive with your residents only. That’s always fun!
1 year 10 months ago #638531 by Ashley Heffner
Kiely Barrett
1 year 10 months ago #638532 by Kiely Barrett
Ashley Heffner preferred employer type programs got weird for us with fair housing and source of income recently becoming a protected class in Colorado. It has always been a great traffic source for me though.
1 year 10 months ago #638532 by Kiely Barrett
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1 year 10 months ago #638533 by Carletta Richardson-Cheeseboro
1 year 10 months ago #638533 by Carletta Richardson-Cheeseboro
Ashley Heffner
1 year 10 months ago #638534 by Ashley Heffner
Carletta Richardson-Cheeseboro sure. I went around to the local areas and if it was a gym they offered our residents 10% off. If it was a car wash they got one free car wash a month. The sushi place did 5% off total bill on Mondays. nail place did 10% off services. So in return we would do shout outs on social media for them and put on their our resident exclusive deals. So it was a PERK program for being our resident.
1 year 10 months ago #638534 by Ashley Heffner
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1 year 10 months ago #638535 by Carletta Richardson-Cheeseboro
1 year 10 months ago #638535 by Carletta Richardson-Cheeseboro
Madeline Nash
1 year 10 months ago #638536 by Madeline Nash
Effortless Ads can help. Affordable, flexible, no contracts. [email protected]
1 year 10 months ago #638536 by Madeline Nash
Monica Whitaker
1 year 10 months ago #638537 by Monica Whitaker
What I have seen , the " newly renovation "price increase is not backed by real renovations , it's more paint and appliances. People are not willing to give have their monthly income for a gallon of paint and a slapped in fridge. Really update ! Or put the prices to match the unit . You wouldn't have vacancies.
1 year 10 months ago #638537 by Monica Whitaker
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1 year 10 months ago #638538 by Cindy Shearer
Central Indiana...just trying to find decent tenants that actually pay their bills. Have apartments at a decent price, but the quality of the applicants is really poor.
1 year 10 months ago #638538 by Cindy Shearer
Marilyn Thompson
1 year 10 months ago #638539 by Marilyn Thompson
Same situation at my property in Arkansas.
1 year 10 months ago #638539 by Marilyn Thompson
Andria Antoine
1 year 10 months ago #638540 by Andria Antoine
Yeah, going through it in Palm Springs CA. Have you tried increasing referral bonus? We're doing email blasts, offering transfers with waived deposits- Anything we can think of.... I don't know if your company has this or will be open to it or not but we also work with a bond company called 'RHINO' which will basically cover deposits for people so they don't have to pay the deposit up front. Check it out! It's helped a lot of people move who wouldn't be able to afford it due to higher deposits
1 year 10 months ago #638540 by Andria Antoine
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1 year 10 months ago #638541 by Brian Moore
What kind of renovation? New counters? Recessed lighting? Something other than paint and a stainless steel fridge? What justifies raising rents that much when incomes haven’t raised by the same percentage?
1 year 10 months ago #638541 by Brian Moore
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1 year 10 months ago #638542 by Carletta Richardson-Cheeseboro
Brian Moore we have granite countertops, new white modern cabinets, wood flooring, new marble showers and rainfall shower head….. stainless steel appliances…. We have literally done a complete overhaul.
1 year 10 months ago #638542 by Carletta Richardson-Cheeseboro
Bob Miller
1 year 10 months ago #638543 by Bob Miller
Carletta Richardson-Cheeseboro sounds like too much Reno for your market. More people who get increased rates of this magnitude rent houses and don’t have to worry about their prior neighbors being a wall away.
1 year 10 months ago #638543 by Bob Miller
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1 year 10 months ago #638544 by Carletta Richardson-Cheeseboro
1 year 10 months ago #638544 by Carletta Richardson-Cheeseboro
Kelli Windsor
1 year 10 months ago #638545 by Kelli Windsor
Happens every year around this time… people overspend for the holidays, are filing taxes, and making their plans. Let those tax returns start rolling in and the dam will break. Also, if you’re concerned about the rate increases, check your market. If you’re not overpriced, don’t worry about it.
1 year 10 months ago #638545 by Kelli Windsor
Crosby Poston
1 year 10 months ago #638546 by Crosby Poston
G5 AI driven marketing technology can automatically reallocate spend to the highest converting channels. No wasted time on unqualified leads and more leases at a lower cost.
1 year 10 months ago #638546 by Crosby Poston
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1 year 10 months ago #638547 by Stewart Beal
1 year 10 months ago #638547 by Stewart Beal
April Harper
1 year 10 months ago #638548 by April Harper
Start watching Matt Eastons closing videos on YouTube. Your ownership will blame leasing for being unable to close. Practice practice practice
1 year 10 months ago #638548 by April Harper
Christine Heffran
1 year 10 months ago #638549 by Christine Heffran
Customer services and your people are both equal and the key to a properties success. Walk your property and vacant units daily/weekly and make sure it’s immaculate. This is the one thing I notice as a regional that so many managers seem to overlook and I just don’t get it. You can renovate and expect people to want to live there but if your property isn’t immaculate, it’s not going to happen or it will happen eventually but at a very slow pace and with less desirable residents. Make sure your maintenance team is covering all areas of the property… they too need guidance so get out and walk with them if you aren’t. ALWAYS check the checker. These 3 pieces are the absolute most important. Chances are your client already vetted out the market to make sure they could get the increased rents so don’t panic about higher rents… sell the dream to your prospects. Make sure you’ve combed through your ILS’s and see they all reflect the correct pricing, phone numbers are all ringing to your property. Make sure website is functioning properly. Dig into your lead tracking system, are follow ups happening? Have you listened to your team members calls to make sure there aren’t learning opportunities here? These are ALL things I look at when leasing has slowed and of the time it’s one of the above; or multiple that is being missed and that is why there isn’t leasing. It’s SO easy for people to say we just aren’t getting the traffic. Thousands of dollars are spent on marketing to bring in the leads but more times than not it’s the basics we have to get back to in this business in order for a property to be successful. Customer Service, the upkeep of your property and your people are the 3 key components to a properties success. Good luck!
1 year 10 months ago #638549 by Christine Heffran
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1 year 10 months ago #638552 by Carletta Richardson-Cheeseboro
Christine Heffran girl! I am moving to a smaller property….. found that out today! Have not had stable staff since employed. 6 people have quit due to the complicated dynamics we have been dealing with. Occupied renovations are a beast. I am going to a smaller property…… but all is well. When removed, they will clearly see it was never me. I am managing a property….. l was never allowed to “manage”. I am dusting myself off….. the tears are dried…… and l am okay with understanding the things l have no control over.
1 year 10 months ago #638552 by Carletta Richardson-Cheeseboro
Christine Heffran
1 year 10 months ago #638553 by Christine Heffran
Carletta Richardson-Cheeseboro there is always a reason and purpose for the things that happen in life - right?! Stay positive and keep the basics of property management in play. Staffing is so tough nowadays. Sorry to hear how hard it’s been but happy you will be in a better place
1 year 10 months ago #638553 by Christine Heffran
Amy Gruver
1 year 10 months ago #638554 by Amy Gruver
It's no longer fun to be in our business
1 year 10 months ago #638554 by Amy Gruver
Heather Fleeger
1 year 10 months ago #638555 by Heather Fleeger
Make sure you have a good online reputation! When you Google search “best apartments in….(fill in your city” pay attention those communities that are listed towards the top, and are not paid ads. Those are your higher Google scored communities. Be them! If you’re not, get yourself on a tool that will help!
1 year 10 months ago #638555 by Heather Fleeger
Kiely Barrett
1 year 10 months ago #638556 by Kiely Barrett
Usually winter months in Colorado are typically pretty slow, picking up March through September. We're exceptionally busy right now, but primarily due to a price reduction. Have you considered where you're advertising? Maybe bump your ILS package to the next level?
1 year 10 months ago #638556 by Kiely Barrett
Sid Beckley
1 year 9 months ago #638681 by Sid Beckley
Crosby,

Any rough estimate of how much they cost? Thank you!
1 year 9 months ago #638681 by Sid Beckley