The largest metropolitan areas in the U.S. have seen high density renting for sometime. Many communities have taken steps to attempt to manage the issue. However, in the final analysis if cost of living demands it then this will be a reality.
As apartment operators, why should we embrace this trend?
In the industry, we tend consider density related to tenant behavior issues. This association is based on experience and should not be ignored. How do we counter this? Some ideas that stand out include:
- Increased deposits based on density.
- Processes to identify density violations and processes to bring the violating tenants into compliance.
- Processes to better tenant and manage tenants for screening. Perhaps additional charges for added parking needs are a good response. Or, co-signature requirements on leases.
Ignoring the issues is not reasonable, but the economy may have created a new reality that we can’t realistically ignore.
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