Did you know that Essex always offers at least one lease renewal option that is no more than 10%?
 
Many of our competitors do not cap rent increases upon renewal, which can be painful for renters – especially in the current rental market. Essex values our residents, which is why we always offer them at least one long-term (greater than 10 months) lease renewal option that is no higher than 10%. This lets them lock in a reasonable rate for a long length of time, which is good for us and for them. There are no exceptions for renovations.
 
This is a key differentiator for us versus other apartment providers. During the leasing and renewal process, you should share this information with your customers if they mention concerns about rent increases. (However, it’s probably not helpful to offer this information if they don’t ask.) You can let them know that we value our long-term residents and are committed to providing reasonable rental rates, especially in today’s hot rental market.
 
Please contact Revenue Management or your RPM if you have any concerns about renewal offers.