As a result of no rent cap, landlords can increase rent each year that you stay rather than discount it. They can also get you in on a good deal then raise the rent literally a 100 plus a month the following year in these no rent cap communities and states. Unfortunately, many apartments become vacant and the landlord and tenant relationship suffers which makes it hard for leasing staff to rent units. What management does in situations like this where occupancy is declining rapidly:
1. Increase community activities and other events to help with resident retention.
2. Promote contests giving residents a chance to win prizes or one month free rent.
3. They heavily advertise their referral programs which pays residents money to recommend people they know only if they should decide to rent an apartment. Sometimes the incentive is increased for a limited time.
4. They hold town meetings and networking opportunities at the property to get ideas on how they can best serve the residents.
5. The award those who pay rent early.
6. They give out useful freebies to residents.
7. Management will attend classes, events and other things to help promote the property.
8. They will connect with local relocation services, civic groups, military, and businesses who need temporary housing.
9. They will have a percentage of apartments reserved for Section 8 recipients and rent those out to them.
10. They will advertise special offers in newspapers, bulletins, magazines, rental guides, and elsewhere on and offline to attract prospects.
So do find out, before you decide on a new place, whether there are rent caps and also find out online or interview residents about their rent increases. Disgruntled residents love to share their disappointments which will keep you from making the same mistakes!
Nicholl McGuire Author/Web Writer/Virtual Assistant