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Hello all! I'm still looking into Empathy and Retention: How are you all extending empathy to your residents when delivering hefty rent increases that are prevalent in many markets today … many people are still struggling, but rent costs are skyrocketing in many areas. What is your messaging? How are the conversations going? How are they receiving the news? Appreciate your help with this research. #empathy

Jacqueline Musto I think the best approach is to give them all the information you can. Sell to them as you would someone brand new. I find it is best to agree that "the market is very high right now" as this reminds them it is not just your property, and also reminds them to weigh the options with a big picture mindset. Is somewhere $50 less worth the move and probable increase from them in 12 months? Don't lose sight of where your market can be in 18-24 months. It is possible to take advantage of a hot market while keeping loyal customers. Even if they do move out now, they are still possible interested renters in the future.
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Jay Koster Our building completed lease up at "must move in" rates shortly before Covid hit. With two years of no increases, we explain that if we are to continue offering housing we must be able to at least break even.

Most of our folks seem to understand that, and are accepting the move to market rent.
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Valerie Sargent Thank you, everyone, for all of this great input!
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