Handling rent reductions with current residents

[Andrea]

I work in a student community and competition has been really tough, so we are offering reduced rents to new leases.  However, our current residents are complaining about the low rents and want us to reduce their rent.  Of course, we are not going to do that.  I am looking for effective ways to communicate to my residents why this is happening and why we cannot reduce their rent.  Thanks for your help.

[Richlist]

Well I very much doubt you will find a form of words that will persuade your current residents that having to pay higher rents than the new students is the right thing.

You need to find a financial benefit that can be given to current residents to balance the scales. It doesn't have to be money as long as its considered as a financial benefit.

Depending on how many people are involved you may be able to negotiate a discount on goods, services or venues that are attractive to students. You may be able to obtain some discount vouchers or similar. I guess you need to think out of the box.

[Grampa]

Explain it is down to market forces and that the current tenants agreed to pay what they currently do at the time their tenancies commenced. If they want to vacate their current accommodation and move into a cheaper one that is their right but they would have to be referenced again and incur all the expence that involves or there would be an admin charge of xxx