People select a new apartment home largely based on location. Price point and lease terms are also taken into consideration. But when it comes to the choice to renew, the decision is based on customer satisfaction.
With a rent adjustment for the renewal, the apartment may be priced “right” as supported by a marketing survey; but will a resident see, appreciate and agree with the value?
There is sometimes a confusing dynamic when a resident moves out identifying the reason as “rent too high.” Managers search to justify:
-changes in household income
-changes in employment
-change in household composition.
After all the rent was acceptable at the time of move in, and possibly the rent hasn’t even changed. The change may not involve the price-instead its the value the apartment represents.
-Has the resident needed to make repeated calls to resolve maintenance problems?
-Is the coin operated laundry often out of service?
-Are there problems with neighbors that can’t be resolved?
-Has the apartment home proven to be “less” than anticipated?
Individuals who choose to rent, need / want convenience. They have a busy life style, whether they’re a career individual. single parent, or a senior citizen enjoying a carefree schedule. Emphasizing the value will improve the likeliness of a renewal.
Can you point out the value in yor closing on a renewal or a lease?