Great! Thanks for helpful info!

We charge a transfer fee only when it's during a lease term, and we require completion of at least 6 months of that lease. We also require a 12 month commitment in the new unit, and if they're unable to, we charge premiums on anything less than 12 months. We waive app/admin fees but require a new deposit If they transfer at the end of the lease, and we allow them to be eligible to receive the new move in incentives (12 months required)- this does help in retaining good residents and keeps them from looking elsewhere.

That's a good question. Most of the time, people are up-sizing or downsizing. Aside from that, I can't really speculate as to why someone would want to take the time and money to move in the same community.

What is the incentive for the resident to do that? I mean, if they have to pay everything all over again, pack and move, then what is their reason to stay there instead of move out altogether? (Other than they love you, of course!)

Because we still charge a new app fee, new deposit and new admin fee - plus transfers are not eligible for move in specials.

I love your steps - very thorough! Why don't you charge a Transfer Fee?