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A recent Business Insider report highlights a significant shift in the rental market:???? 30% of rental listings now offer concessions - up from 24% a year ago. This includes perks like free rent months or parking.????️ Why? A construction boom has increased tenant options, potentially signaling a stabilization in rent growth.???? This trend is not just isolated to rentals; homeowners are also increasingly offering concessions due to high mortgage rates a ...

Mary Gwyn Jason, great info! I wish our industry thought more strategically when it comes to free rent! If your product is priced correctly, the product is maintained, customer service is a priority, the phone gets answered by nice people who do what they say they'll do, well, retention and leasing results are stronger without discounting the rent and thereby denigrating the product. So frequently people think throwing a pop up on their website that says ONE MONTH FREE is a marketing tool, when really it prevents people easily going straight to the website and seeing the wonderful qualities that differentiate their product from another...thereby selling itself! Selling a special before you even sell what your product is and how it can benefit the customer doesn't benefit the customer or the one selling the special.
So my strategy? Train your team members, look at your product, answer the phone!

Lawrence Berry, CPM Agree with Mary. We're going through one of those cycles, and as you know our industry is tied to a large number of variables out of your control. Focus on what you control such as making sure you focus on the whow factor with your current residents. Train your team on how they can change a visit into an experience, and there is a difference. Fight for every notice, especially if they're going down the street. Teach your staff and empower them on how to turn a notice into a renewal. Offer to refund any fees lost (with proof of fees paid). It's a hell of a lot less in hard costs and lost rent. Most of the time we enter the notice and basically roll over and play dead, and are conditioned to believe this is how it works. I say no.

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