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Workforce Housing: Benefits and Opportunities

Refuge InvestmentsSeptember 27

Workforce Housing: Benefits and Opportunities

“Workforce housing is a stable sector of the apartment business in the sense that occupancies tend to be a little bit higher than Class A because the demand is so strong and the supply is more limited,” Heymann says. “The turnover certainly tends to be lower, and the product’s a little bit less volatile to economic swings, whereas, in a recession, renters might be more likely to back away from high-end product.”

Perichino echoes similar sentiments. “One of the benefits [of workforce housing] is a lack of turnover and the customer loyalty,” he says. “You really do get to reap the benefits of longer-tenured residents and higher occupancy. Part of that is the demand, but you can’t take it for granted, either. You have to bring real operational expertise to the table and work to build those relationships with your residents.”

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