Introducing: Starry's Lift Program
Sep 1st, 2020
Multifamily real estate has historically been a resilient asset class but with new leases and renewals down, owners and managers are facing an unprecedented challenge: maintaining healthy occupancy levels. With a surge in suburban interest and withdrawal from urban centers, property owners in major metros are feeling the heat. Attaining, but more importantly, retaining existing residents is a top priority.
Recently, we surveyed subscribers across the country and found that over 50% would renew their lease or move to an apartment enabled by Starry Internet. Fast, high-speed, reliable internet is no longer just the top-ranked amenity amongst residents, but critical to working from home, staying connected to loved ones, remote schooling, tele-medical needs, and more.
Knowing that all current and incoming residents need internet in their apartment, Starry and some of our esteemed partners have come together to launch the Starry Lift program to help boost building occupancy. The program enables our real estate partners to offer a complimentary year of internet to incoming and renewing renters as part of concession packages. Related and Beam Living are just a few of our partners who have successfully implemented this program and seen impactful results.
Why Starry’s Lift Program?
Today’s net occupancy levels are dropping. Urban cores like New York City and Washington DC are starting to offer free months of rent incentives to stay competitive, as vacancy rates spike. Another report by Grace Hill revealed that 60% of residents intend to move out of their apartment. As a result concession packages are making or breaking leasing deals. And with 86% of residents rating high-speed internet as the most important amenity in their apartment, a concession package including free internet works as both a cost-saving measure and an added incentive to drive leases.
How does it work?
Through this program, buildings will be able to offer a complimentary year of Starry Internet in any agreements with current or new residents. Logistically, Starry will work closely with building teams to determine a reduced rate for one year of internet, which will be billed to the building when redeemed by the resident. Starry Internet and the select building must have the necessary documents in place to take advantage of Lift.
How To Get Started
Our Lift program is available in select Starry buildings across Boston, New York, DC, Denver and Los Angeles. Reach out to your Starry representative or email email@example.com for more info.