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It's Showtime for Amenities

Published Sunday, August 01, 2004

Three years ago Anthony Rossi Sr., president of Chicago-based RMK Management Corp., noticed a growing number of residents vacating the more than 6,000 apartments his firm manages in the greater Chicago and Minneapolis areas. “Then 2002 and 2003 were like a floodgate opening,” Rossi recalls. The majority of tenants leaving RMK's communities were purchasing single-family homes. While RMK has historically lost 20% to 25% of its residents to home buying each year, that turnover rate has nearly doubled to between 35% and 40%, Rossi says. Many departing tenants have been lured by low mortgage rates, which fell from ...

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