One of the meanings of this word:
a situation requiring a choice between equally undesirable alternatives.
And we have one at the Park. We are running about 80% occupancy there and me and my business partner Tj had a talk about what to do about that. Typically rents run 600 for s/w and 750 d/w homes. We have had several empty since April and 2 from June.
My argument is missing even one month’s rent at $750 per month dropping rent to 690 would cover that hit if we kept it full at the lower rent. Losing 3 month’s rent or more makes no sense…these are spic and span rent ready homes. I want to drop d/w to 695 and singles to 550.
His argument is lower rent atracts lower classes (he is right) and if word got out in the park we were renting at reduced rates our older tenants would want this same treatment!!! I (weakly) responded we would ask newer tenants to be quiet about their rates. He laughed and asked if these are the same tenats that smoke and drink together one weekend and are arrested for brawling next weekend? I shut up…
Talking with my friend SandiFL this evening I shared this prob with her and she had a GREAT suggestion…tie this lower rent to odd jobs around the Park. One of the biggies is cleaning around the dumpster every week
when emptied another is trash pickup where the school busses picks up every day, or raking. WOW! I like it.
Any others? Suggestions?? We hate to see 8K plus go uncollected each month. This is bottom line money.
Please don’t forget we have a MOM coming up peeps…link is below and it will be my last co-hosting this event… get those room reservations this month please:
We have some great minds on this Board and I very rarely ask for help but this 20+% vacancy is killing me, this is like free money going to waste in very tough times.