I’ve been at 2 properties since the pandemic and both are incredibly different experiences. My first property in CA was a luxury building in Santa Monica. As soon as stuff shut down in March we have all of our corporate leases submit their lease buyout fees (11 units). Then we had a 3 residents come in pay their 30 days, pay their early buyout fee and say “I’m moving on Friday bye”. Then residents that did stay saw this as an opportunity to “help us out” by offering to transfer to a larger unit for lower than market rates. Occupancy tanked.
So I learned with luxury buildings, they have the money to cut their month spending and immediately go somewhere cheaper.
I transferred in April to a regular property in CO and our property is doing exceedingly well all thi s considered. We’ve maintained 94% or higher leased. One of our properties is currently 100% leased and occupied with only 1 renter on a deferral plan. We have a few residents on deferral plans at our other property because it’s larger but nothing crazy.
Fortunately the biggest challenge at my new property has been dealing with maintenance. During the shut down we could only do emergency orders. We sent NUMEROUS emails about this but work orders kept flowing in for light bulbs, batteries, filters, birds nests, spiders, moth migration etc. Then going online and leaving poor reviews about maintenance. We can respond how we actually want to and can’t remove them and it’s like “Gahhhh! We sent MULTIPLE emails about Covid. It’s covid not our team!” Then because we took over just a few months prior from another management company the timing was just a so it makes it look like our management company is doing a poor job when it’s not the case. So residents have been extra mean and demanding concessions for every little thing which it’s just how mean they are to me that’s exhausting.