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Average Rent Increase

Luxury Living Chicago increases rent by +150% from original condo rents to maximized apartment rents.

CASE STUDY:

How we increased rents by 155% from original condo rents at River City Apartments

5 Keys to Success: Leasing a Condo Deconversion

 

Condo Deconversions are complicated and challenging deals, often taking years to close. However, the payoff can be significant with a sound business plan and experienced team to help execute.

1

Respectfully Rebrand. When rebranding and repositioning the property, it’s important to find a balance between honoring the original vision and history, and creating a new identity. For example at River City, an architecturally significant property in Chicago’s South Loop, we kept the original name but modernized the logo.

2

Build Excitement. When it comes time to build excitement there are two audiences to consider; both current residents who may become long-time tenants and potential new residents. Capturing these audiences early in the process with sneak peek renderings or a “VIP” resident event will ramp up momentum ahead of leasing.

3

Messaging Matters. The condo deconversion processes can have controversial moments, and the media tends to focus on and amplify those elements. It’s important that any negative information seen online is handled in a consistent way from the leasing team, including education on the past, present, and future of the property.

4

Update the Digital Footprint. Many condo deconversions are in buildings where there is already a significant renter population and there’s likely a digital footprint tied to the current association and management and/or landlords. Updating using the language to include “apartments” and “under new management” is important for clarity during the transition.

5

Prepare the Leasing Path. When planning for renovations, the strategy needs to again consider both current residents and potential new renters. Setting up a clean construction-free path for leasing that also includes assets like renderings to paint the picture, will set up a property to see increases in rent over the long term.

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Luxury Living Chicago is here to help you in all aspects of multifamily development. From pre-development consulting to marketing and leasing, we are Chicago’s multifamily leasing expert.