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Updated over 1 year ago on . Most recent reply
Re-tenanting after natural disaster
Hi everyone
~ 4 months ago the neighborhood my apartment building is in got hit by a tornado.
My building came through with only light damage that has been repaired, however there are many surrounding buildings that were hit much harder and still look a mess with construction ongoing.
Prior to the disaster my building was fully occupied and the neighborhood was in demand. Now my building is 3/4 vacant as tenants leases have not renewed.
Other than offering move in incentives (such as 1 months rent for free) does anyone have any suggestions for leasing up in such as situation. My property management team is basically saying I’ll just have to be patient.
Also, has anyone had success re-negotiating mortgage payments in the wake of a disaster?