Property Manager in Distress

[Joe Rinderknecht]

Who on here has extensive experience and knowledge managing a bigger Multifamily property?

I am managing an 80 unit complex in Utah that is a section 42 Low-Income Property. The owners enforced a blanket increase to the state limit on the whole property. So it doesn't matter where the tenants were in their lease or what they were paying. They are all now paying the higher rent. From this I now have a higher vacancy because of tenants moving out and less traffic into the office. What creative ways have you used to get more traffic in your door to rent and on top of that what have you done to keep your current residents from moving? Any thoughts would be appreciated and I am happy to answer any questions you may have.

[Veronica Martin]

Hello Joe great question. You will first of all need a very strong leasing agent, a personable person, one that will make a resident feel things will get taken care of in a professional yet friendly manner.  For the current residents,do inspections and if minor upgrades are necessary take care of them immediately spending a few dollars to keep a happy resident can help with resident retention. And lastly I would recommend some kind of concessions for new residents signing a long term lease make it just under the competitions rental rate tenants need to save every dollar.