What we see in our portfolio:
As is typical this time of year, rental demand has fallen dramatically. We are responding by a) listing units for rent ASAP, b) performing strategic upgrades as units sit vacant (e.g. new light fixtures, then if it doesn’t rent then add new doors and millwork, if it still doesn’t rent consider bathroom renovation, etc.) and c) lowering prices and offering concessions. Now is the time to be aggressive lowering prices and offering concessions. Better to get heads in beds and raise rents later than let units sit vacant.
