History Lesson: When Rent & Occupancy Dropped in 2009
The more things change, the more they stay the same.
Photo by Andresr/iStockphoto.com
In 2008 & 2009 when the housing market tanked and we experienced rent drops, I was on-site. Here are my thoughts for those who are potentially going through this again in the current market:
1. Service matters! Those properties that have settled for less than stellar service and have been cruising on the easy leasing to combat their higher turnover will suffer. Even fairly well-run properties without stellar service will find themselves a little behind. Service is what differentiates your community from the neighbors and your residents are comparing your service to other industries, not just other properties. Amazon can get a package to their door in 24 hours but you can’t get a service team member out to check out their AC when it’s 90 degrees. Market to your residents, and woo them to renew! Lowering turn over will be a lifesaver in a market when traffic dies.
