The Resilience of Renewals: A Bright Spot in a Dark Market
This is the third in a series of comprehensive articles recapping the 2009 RealPage User Conference in Dallas, July 12-14
For Chris Long, director of pricing and revenue management at Denver-based UDR, there has been a bright spot among the declining rents he’s seen in submarkets nationally. While new rents have had all the trajectory of ducks being shot from the sky, his renewal leases have stayed relatively steady, and some have even posted small gains.
"In markets where new lease prices are down 7 percent, we’ve been able to keep renewals flat, or even see an increase of 1 percent or so," Long says. "There’s definitely been softening, but you’re not seeing renewals come down as much as new leases."
Long’s experience at UDR, which owns 44,571 units nationally, illustrates one of the main takeaways from the 2009 RealPage User Conference. Namely, while you probably feel like you have to offer the world to gain new residents or keep the ones you’ve already got, renewals are one area where you still have some pricing power.
Read the full article here.
Posted by: Michael | September 24, 2009
Tag: Conference Recap
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