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Why are leasing agents incentivized to acquire new renters but not to keep existing ones? I’ve never really understood this strategy from an operator perspective.
Also, why are existing residents not offered similar concessions to renew leases as new residents are to move in?
Would love insight here.

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Charity Zierten If I lived in an apartment community, I would have to move every single year. I would have to move in order to keep up with the rent increases. Of course, this applies to rental houses as well. The increase in rent every year is just too much for someone on a fixed income.
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Guest Insider concessions to everyone. Average renewal rate will be 50 percent. You can increase that and lower turnover by providing excellent service, a convenient experience, and a well maintained product. Owners need to raise market rents continuously to make the numbers look good for the mortgage company and their investors. They also need to show that they can sell the property for a profit if needed. If they give concessions to everyone, they just can’t make the numbers. It’s all a numbers game. All staff should be giving excellent service and should have a role in maintaining customer satisfaction- so it would make sense that renewal bonuses get split among the entire staff.
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Chris Finetto Because that’s the way they’ve always done it. But you’re right. Renewals should be rewarded! But only if you get a decent rent increase.
General rule, shave off your bottom 10% every year. Your lowest rents by unit type, etc. Some folks just gotta go, or pay up.
It’s not an easy job.
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