by Andrew Ruhland

Rents are stagnant, as indicated by Radix data showing that rents are down 1.5% on a year-over-year basis, nationally. Combine that with the more than 400,000 new units that came online in 2023 and another half million anticipated for 2024, and economic conditions will continue to be challenging.

To combat stagnant rent as well as supply issues, many operators implement traditional concessions, which can be  short-sighted and more costly in the long-term. While measures such as offering free rent may fill apartment homes faster and bolster occupancy, concessions can ultimately be a slippery slope and detrimental to the bottom line and overall property performance.

In today’s economic landscape, it is crucial to sidestep traditional concessions and get residents on board with technologies that align with multiple business objectives.

Read Andrew Ruhland’s article in the Rental Housing Journal.