Trend Setting


THE CONCESSION QUANDARY By Les Shaver, Freelance Writer, Courtesy of NAA


In 2020, many property man- agers had to deal with something they hadn’t seen in a decade: Widespread concessions. In September, Zillow report- ed that the percentage of rental listings featuring concessions hit 30.4% in July. By comparison, only 16.2% of listings had con- cessions in February—before widespread COVID stay-at-home orders went into effect. While concessions aren’t an


issue across the board in the apartment industry, they are a prob- lem for certain assets. Widespread concessions came back in a way in 2020, but they don’t look quite the same as a decade ago, with companies experimenting with incentives that don’t include a discount in rent. The good news is that they may not stick around as long as they did then; many operators hope that once a vaccine arrives, concessions will quickly burn off.


A PROBLEM IN CERTAIN PLACES In urban areas, which many residents have fled as they


seek more space during the pan- demic,


concessions have be-


come a big concern, according to Steve Hallsey, Executive Vice President of Operations for Wood Residential Service.


“Concessions on the urban assets have increased dramatical- ly, impacting renewals as well as new leases,” Hallsey says. Some people see concessions


sticking around in cities for a little while.


Woody Stone, Executive Managing Director of Operations,


Cushman & Wakefield, Multifamily Asset Management, Americas, thinks concessions should remain elevated in core urban product for much of 2021. “The pandemic has placed added pressure on Class A assets,” he says. “As a result, new construction lease-ups have increased concessions, even in the suburban markets.” FPI Management isn’t dealing with concessions in every mar-


ket. Still, Vanessa Siebern, CPM, Senior Vice President at FPI Management, says they have increased when new supply is intro-


This heading contains information on Management & Leasing.


Apartments, Universities, Condominiums, Hotels / Motels, Residential institutions, and other multi-family housing properties. Our best sales performers have always been


We are the leading provider in the Mid-West for laundry service. First choice among


referrals from our existing customers.


POWERING PROS TO DO MORE


HomeDepotPro.com/Multifamily 800-345-3000 ■ En Español: 800-355-3335


©2021 Home Depot U.S.A., Inc. All Rights Reserved. 8 APARTMENT ADVANTAGE 45


Since 1957, our mission has been to maintain the highest level of integrity and professionalism, while providing name brand, energy efficient equipment. (OK we've upgraded the equip- ment since then, check Products for current models). We service our installations with the fastest service response in the country.


We install and maintain laundry rooms throughout the Mid-West including Ohio, Kentucky, and Indiana (as Indy Coin Laundry).


CINCINNATI COIN LAUNDRY 513 542-9800 | 800-777-9274 WWW.CCOIN.COM


John Gruen Call us to see how easy your laundry room can be.


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48