Apartment Construction at 10 Year High
In 2016, there were more than 320,000 new apartments homes completed, a 50% increase from 2015. There are also currently more than 1400 large-scale projects under construction right now!
With so many new apartments coming onto the market, management companies are going to have to either cut rents, offer incentives and concessions or find creative ways to market units. In a challenging leasing environment, it’s time to look for ways to set your community apart!
How do you compete with these new communities that many times have the amenities that your residents say they are looking for? Sparkling new pools, super fancy gyms and on and on… How can you differentiate your community from all of the others?
Many existing communities that we work with have found that have a few furnished suites or guest suites have really helped set them apart from their competition.
Often times, when your potential residents are considering the relocation process, having a furnished unit that they can move into initially can be a HUGE help! Many times it may take weeks for your new resident’s belongings to show up from their previous home. What a huge selling point for you that you are able to offer a solution to that problem by having a furnished unit ready to go for their initial relocation to your community.
People have visitors, right? Another major advantage that you can offer to your residents would be to have a furnished guest suite for your resident’s guests. Often your residents may not have the room to accommodate family coming into town for a visit. Wouldn’t it be amazing for your resident be able to rent a guest suite from you and avoid the hassle of a hotel?
Find out more about communities that have benefited from having a guest suite… call or send us an email today!