Riverstone Provides Unemployment Protection to Renters in its Communities
- Apr 20, 2009
By Anuradha Kher, Online News EditorDallas–Joining the ranks of several other multifamily companies, Riverstone Residential is now offering a pink slip protection program to residents across its communities.Residents who lose their jobs can remain in their apartments under Riverstone’s protection plan. 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.Industry studies show apartment occupancy decreases as unemployment rates increase. To reverse this trend, Riverstone Residential has teamed with its clients, including Security Properties, and its insurance partner, Assurant Specialty Property, to develop the Pink Slip Protection program. The program is aimed at attracting and retaining residents who are nervous about their employment status in today’s economy.“We understand the negative consequences felt by residents as a result of losing a job,” says Toni Portmann, CAS Partners CEO. “Suddenly being unemployed can lead to worries about paying rent or the need to move when a person really needs to focus on finding a job. By partnering with Security Properties and Assurant Specialty Property, we’re able to offer a fresh approach that supports our residents during a very stressful time.”The company hopes that this program also generates brand loyalty for the property because it represents the best interests of residents who are more apt to pass along a positive experience to others. If a resident remains in his or her apartment, the property owner’s revenue stream continues uninterrupted, resulting in consistent cash flow and revenue generation. Additionally, the likelihood increases that the resident will renew his or her lease, and this can significantly reduce expenses related to filling vacant units, according to Riverstone.Riverstone Residential is currently working with a number of property owners who want to augment the Pink Slip Protection program by covering portions of the rents that exceed what is covered under the involuntary employment coverage from Assurant Specialty Property.