Hello all! I'm still looking into Empathy and Retention: How are you all...

Hello all! I'm still looking into Empathy and Retention: How are you all extending empathy to your residents when delivering hefty rent increases that are prevalent in many markets today … many people are still struggling, but rent costs are skyrocketing in many areas. What is your messaging? How are the conversations going? How are they receiving the news? Appreciate your help with this research. #empathy

Brent Williams, Kara Rice and 3 others

Gerry Hunt Great question!! I am not on site anymore, but I am hearing for many folks in my area that the property staff has a take it or move attitude. Western North Carolina has the highest rents in NC and high occupancy. Renter have no options and the staff knows that ~~ there is no empathy even with 18% increases.

Valerie Sargent Wow - thanks for the input, Gerry.

Gerry Hunt It makes me said, Valerie! ????

Jennifer Carter love to see the response here

Lilah Poltz Removed

Karen Mallinger This really is a tough one. Our market isn't skyrocketing like some, but it's definitely climbing. One thing we're doing is offering gifts at renewal. Items like lighting and plumbing fixture upgrades to help the resident feel we're increasing the value they are receiving. We're open to considering updates the resident wants that aren't on "the list". We don't look at it as an "incentive", but more of a "thank you".

Jacqueline (Jackie) I think the best approach is to give them all the information you can. Sell to them as you would someone brand new. I find it is best to agree that "the market is very high right now" as this reminds them it is not just your property, and also reminds them to weigh the options with a big picture mindset. Is somewhere $50 less worth the move and probable increase from them in 12 months? Don't lose sight of where your market can be in 18-24 months. It is possible to take advantage of a hot market while keeping loyal customers. Even if they do move out now, they are still possible interested renters in the future.

Jay Koster Our building completed lease up at "must move in" rates shortly before Covid hit. With two years of no increases, we explain that if we are to continue offering housing we must be able to at least break even.

Most of our folks seem to understand that, and are accepting the move to market rent.

Valerie Sargent Thank you, everyone, for all of this great input!

Can't comment or like? Make sure to log in or register for a free account!

Event starts in:

Latest Surveys

New Insiders