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The full-time air-conditioning season is approaching, particularly in the red-hot (pardon the pun) Sun Belt states where apartment growth has been steadily climbing (think Phoenix, among other markets). What is an apartment operator to do?
The apartment industry lauds itself on offering a variety of exceptional employment opportunities and a career path that fosters great potential for advancement. While that statement largely rings true, the industry is admittedly experiencing a few challenges with the current model.
Many apartment operators have chosen to pause renewal increases, waive a number of fees to current residents, and have not pushed rent growth as aggressively as they would have done under normal conditions. This has significantly impacted planned budgetary and revenue goals.