How To Compete With New Construction Apartments W/Older Housing

[William Coet]

Hello,

This is a small city where there is a lot of new construction of new apartments.  The new apartments are all filling up quickly at the highest rates in the area.  They are attracting higher quality tenants. 

The majority of other apartments in the town are older housing stock that has been converted to apartments.  The rates are lower.  None-the-less I am wondering if the quality tenants were previously in these apartments and now are going to the new construction.  This would mean less desirable tenants for the older stock.

Any insight into what effect new apartment construction can have on the tenant base for these older apartments and how to compete/ stay relevant would be appreciated.

Thank you!