FOLLOW HYUNDIA’S LEAD Urbane Lab Project #010609

January 6, 2009
By

FOR IMMEDIATE RELEASE
January 6, 2009

Contact:
Eric Brown
248.767.4460
eric@urbaneapts.com

URBANE APARTMENTS GIVES RENTERS HIT BY RECESSION A WAY OUT
Renters who experience an “involuntary loss of income” in 2009 can get out of their lease with the local apartment company’s “carefree Freedom Lease.”

In a local economy that is experiencing falling home prices and double-digit unemployment, it’s easy to think that consumers might be uneasy about committing themselves to a long-term agreement, such as a lease on a new apartment. Folks who are worried about losing their jobs aren’t likely to take on the added risk of a one-year lease.

Urbane Apartments
– a local apartment company with communities in Royal Oak, Clawson, Berkley, Troy and Ferndale – unveiled a novel approach to the problem this week. Extending their already-available Freedom Lease, the apartment operator said residents who lease an apartment in 2009 would be able to get out of their lease if they lose their job or otherwise experience an involuntary loss of income at any point throughout the term of their lease.

“We don’t want people to feel paralyzed,” said Eric Brown, the owner of Urbane Apartments. “It’s a very tough environment around here right now, and we need to be willing to work with our residents if they are put in a tough position because of the economy.”

Getting out of the lease won’t have a negative effect on the resident’s credit, added Brown.

Urbane is no stranger to being flexible to meet their customers’ needs. For several years now, the company has offered flexible rental terms through their Freedom Lease to address the demands of contract workers and other short-term residents who may not be able to sign a 12-month lease.

About Urbane Apartments
Urbane owns and operates (16) apartment communities in and around Royal Oak, Clawson, Berkley and Troy MI. For information on Urbane Apartments offerings, call (248) 988-7125 or visit UrbaneApts.com.

Eric’s background is rooted in the rental and real estate industries. He founded metro Detroit’s Urbane Apartments in 2003, after serving as senior vice president for a major Midwest apartment developer. He established a proven track record of effectively repositioning existing rental properties in a way that added value for investors while enhancing the resident experience.

He also established The Urbane Way, a social media marketing and PR laboratory, where innovative marketing ideas are tested. Eric has been featured in Entrepreneur Magazine and Business Week Magazine.

You can connect with Eric_Urbane on Twitter.

Eric also writes regular articles for the following publications;

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  • Erika Napoletano

    Very compassionate – I like the approach. Would be interested in seeing a follow-up blog at the end of the year with results and impact.

  • Brandon

    Awesome idea. You can build trust and confidence in your current residents at very little cost. (Are you really going to be able to sue and collect on the remainder for a lease from someone who is unemployed anyhow?) –Brandon, urbaneblog.com

  • Eric Brown

    @Erika, Thanks, we are just trying to do what we can to push back the fear. I think the fear of the unknown is exaggerating things. We will keep everyone posted on the program and how it is working

  • Eric Brown

    @Brandon, Thanks for the support. These are pretty crazy times. To your point, even if you could collect, do you really want to beat someone who is down, no, Not Me,

  • Carlene

    How are you verifying that the resident has loss of income? I can see the marketing value in this, because you look like the “good guys”. But I can’t say I agree with this idea and I would fight it if my company started doing it. What’s the point of having a lease if you’re just going to let them out of it? Might as well just rent month to month. A lease is in place not to constrain the residents, but to protect them and protect the company. Your budget is going to be all over the place as people suddenly leave, your turn costs will be higher. I know you’ve saved money by reducing your onsite staff with that avatar, but all the money you’ve saved you’re going to be spending in higher turn costs and advertising.

  • Eric Brown

    Carlene, Thank you for your comment and opposing views.I see and really understand your point completely. I am also the owner of Urbane and of the communities we manage, so I truly get the side of having and honoring a lease commitment. I have partners and lenders to answer to, and they are not thrilled with allowing folks out of a lease for any reason.However, it is my opinion that most, but not all, residents that loose their job, and absolutely need to relocate or move are going to do it anyway. Those residents that value their apartment with Urbane and really want to stay sometimes figure out a way even with a loss of income.But the biggest advantage of this program comes from the folks that had an Enhanced Experience with Urbane, even in a low point of what was going on and then became Urbane Evangelists That is priceless,

  • Jonee Kimber

    Creative, and magnificant.

  • Susan Wells Leasing

    In this economy you have to find what works best for you. This is a great “nitch”. Believe in it, sell it and the leases will come.