I understand that rent increases can put a strain on our residents That is why we always give our residents a preferred rate. As the manager at Madison Park for close to 5 years now, I am confident that we do the best we can to keep our current residents. Every month I have consistently kept a 70% renewal rate. And with this market, that is great by apartment standards! The market has changed drastically in the last 2 years, with all of the home foreclosures & condo conversions of apartment communities comes more renters!

What this resident also failed to mention is that we did offer a concession off the first month s rent for renewing with us. This resident is currently paying less than $1 per square foot in their home. In this area, that is extremely low! And after the rent increase, this person would still be paying about $1.08 per square foot. Within 1 mile of this property, we are in direct competition with 9 other apartment home properties. At these properties, the average price per square foot (for a 1 bedroom) starts at $1.28 and all the way up to $1.58.

User Responses
From: Anonymous	Date: 09/09/2008
The $1.28 - $1.58 per foot is what you charge as well. The real question is WHAT you get for that money. I suppose since a piece of Salmon costs $9 a pound at the grocery that justifies paying $9 for a pound of ground beef? How absurd!! Your argument simply makes NO SENSE.
From: Anonymous	Date: 06/19/2009
Your argument makes even less sense. They are charging less on average because they see themselves as the ribeye not the tenderloin. They should charge whatever people are willing to pay, they are running a business. If they are overcharging their occupancy rates will slap them in the face. Is this not a free market? If they want to charge $2 per foot they can and should be able to.
From: nitish01	Date: 08/13/2009
The individual who wrote this is flakier than a $3 bill.

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