Comments on: How to Increase Occupancy in Apartment Buildings http://www.biggerpockets.com/renewsblog/2010/02/03/how-to-increase-occupancy-in-apartment-buildings/ Learn, Network, Invest Sat, 11 Feb 2012 23:51:37 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Scott Gilberthttp://www.biggerpockets.com/renewsblog/2010/02/03/how-to-increase-occupancy-in-apartment-buildings/#comment-97809 Scott Gilbert Thu, 06 Oct 2011 18:21:22 +0000 http://www.biggerpockets.com/renewsblog/?p=10715#comment-97809 Here's a few tricks I use in the New York City market increasing occupancy (they work){ 1) Offer existing tenants a fee for each referral 2) Make sure your rents are in line with the market. We like to be near the higher end of the rent range (but not the highest). We also look at competitive apartments and add finishes and details that is a step above the competition. This tips the scale in our direction when a would-be tenant is faced with a choice (as they always are). In short, we make our apartments a little nicer within the same rent range. Here’s a few tricks I use in the New York City market increasing occupancy (they work){
1) Offer existing tenants a fee for each referral
2) Make sure your rents are in line with the market. We like to be near the higher end of the rent range (but not the highest). We also look at competitive apartments and add finishes and details that is a step above the competition. This tips the scale in our direction when a would-be tenant is faced with a choice (as they always are). In short, we make our apartments a little nicer within the same rent range.

]]> By: Catherine Turnerhttp://www.biggerpockets.com/renewsblog/2010/02/03/how-to-increase-occupancy-in-apartment-buildings/#comment-78138 Catherine Turner Thu, 04 Feb 2010 11:51:46 +0000 http://www.biggerpockets.com/renewsblog/?p=10715#comment-78138 I would like to add a point that the rate of occupancy in apartments could be increased by the government of any country. The government should not allow the supply of apartments to grow drastically. The occupancy rate also declines when the supply surpasses the demand. This fact should also be taken in consideration. I would like to add a point that the rate of occupancy in apartments could be increased by the government of any country. The government should not allow the supply of apartments to grow drastically. The occupancy rate also declines when the supply surpasses the demand. This fact should also be taken in consideration.

]]> By: Ted Karschhttp://www.biggerpockets.com/renewsblog/2010/02/03/how-to-increase-occupancy-in-apartment-buildings/#comment-78107 Ted Karsch Thu, 04 Feb 2010 04:06:27 +0000 http://www.biggerpockets.com/renewsblog/?p=10715#comment-78107 Neil,Thanks for reading my post.The 80% reduction in rent actually refers to a client of mine in Minnesota. He bought a 5 unit retail strip center about five years ago. It was fully occupied when he bought it. Now he has 2 units vacant and on the other three units he has had to drop rents drastically, 80% for one tenant. A similar strip center to his, located directly across the street, was recently foreclosed on by a bank and now the real estate agents working for the bank that owns the property are poaching his tenants by offering major concessions including rent reductions of 80%. Neil,

Thanks for reading my post.

The 80% reduction in rent actually refers to a client of mine in Minnesota. He bought a 5 unit retail strip center about five years ago. It was fully occupied when he bought it. Now he has 2 units vacant and on the other three units he has had to drop rents drastically, 80% for one tenant. A similar strip center to his, located directly across the street, was recently foreclosed on by a bank and now the real estate agents working for the bank that owns the property are poaching his tenants by offering major concessions including rent reductions of 80%.

]]> By: Neil Uttamsinghhttp://www.biggerpockets.com/renewsblog/2010/02/03/how-to-increase-occupancy-in-apartment-buildings/#comment-78105 Neil Uttamsingh Thu, 04 Feb 2010 03:46:36 +0000 http://www.biggerpockets.com/renewsblog/?p=10715#comment-78105 Hi Ted,An interesting article.Am I reading your comment correctly when you mention '80%'? I am curious to know what markets (states) the 80% reduction of rent is taking place in.Best Regards, Neil. .-= Neil Uttamsingh´s last blog ..<a href="http://feedproxy.google.com/~r/FirstRentalProperty/~3/aDKyefznsTo/" rel="nofollow">The Eight Most Common Questions Joint Venture Partners Ask – Part One</a> =-. Hi Ted,

An interesting article.

Am I reading your comment correctly when you mention ’80%’?
I am curious to know what markets (states) the 80% reduction of rent is taking place in.

Best Regards,
Neil.
.-= Neil Uttamsingh´s last blog ..The Eight Most Common Questions Joint Venture Partners Ask – Part One =-.

]]> By: Ted Karschhttp://www.biggerpockets.com/renewsblog/2010/02/03/how-to-increase-occupancy-in-apartment-buildings/#comment-78063 Ted Karsch Wed, 03 Feb 2010 19:24:56 +0000 http://www.biggerpockets.com/renewsblog/?p=10715#comment-78063 Josh - The most common rent concessions we are seeing are landlords offering free move in and free first months rent. We also have retail strip center owners who have lowered rents by as much as 80% to be competitive and keep their current tenants. .-= Ted Karsch´s last blog ..<a href="http://commercial-loan-modification-usa.com/2009/12/28/commercial-loan-modification-for-cmbs-what-you-need-to-know/" rel="nofollow">Commercial Loan Modification for CMBS — What You Need to Know</a> =-. Josh – The most common rent concessions we are seeing are landlords offering free move in and free first months rent. We also have retail strip center owners who have lowered rents by as much as 80% to be competitive and keep their current tenants.
.-= Ted Karsch´s last blog ..Commercial Loan Modification for CMBS — What You Need to Know =-.

]]> By: Joshua Dorkinhttp://www.biggerpockets.com/renewsblog/2010/02/03/how-to-increase-occupancy-in-apartment-buildings/#comment-78062 Joshua Dorkin Wed, 03 Feb 2010 17:08:22 +0000 http://www.biggerpockets.com/renewsblog/?p=10715#comment-78062 Ted - What kinds of concessions are you seeing right now as the most common? Ted – What kinds of concessions are you seeing right now as the most common?

]]>