Pink Slip Protection

What a great idea!!
Riverstone Residential, is offering a new, strategic insurance option, the Pink Slip Protection program, that allows jobless residents to remain in their apartment homes. For less than $10 a month, the Pink Slip Protection program covers a significant portion of a resident's rent for up to two months.

Read more here. . . www.multifamilybiz.com/article.aspx?id=1840

Great program - thank you for sharing the information. Have you read about some the various let you out of your lease if you lose your job programs?

What a fantastic idea! Take together all the skips and evictions you have a month due to people loosing their jobs and you could possibly reduce it significantly!! I know at my property we are hurting bad with people loosing their income and having to move.

Lisa T. told me about a company [I can not recall the name] that would reduce the rent by half for two or three months so as to give the person time to find another job.

Mike,
I have been reading about more and more companies that will let you out of your lease when you lose your job! Most of the companies require a thirty day notice---that means you have to pay another month! It costs money to move even if it is back home with family. It might be better, psychologically, to be allowed to stay in ones own home, rent free, for a few months. It will give the resident time to make smart decisions about their your future.

This is an interesting concept. I would love to hear about the outcome too. :o)

I am watching various 'protection' programs out there and I have to say that I think some have *not* been well thought out. Riverstone's sounds great. Some others...not so much.

Before you jump into the 'protection program' please do your homework and make sure you've covered yourself and the interest of your asset. Yes, I agree that we are all in this together, but please look at the programs the larger players, like Riverstone, have put out and model yours on theirs and other larger companies. One of the best ones I ever saw was put together by Csmden Residential years ago during the Enron implosion. I don't know if Camden has one in place now, but their Pink Slip Program for Enron employees was helpful but not hurtful to the asset in the long ru.

Some of the plans I have seen are ripe for fraud. Do your homework before you announce or put a plan into place.

I agree Lisa. We sometimes do things with out thinking them through.
We have a responsibility to the owners to maximize their dollars and not hurt the property.
We need to plan wisely.