Do large development shops offer housing concessions to analysts?
Accepted an offer at a large development shop which has multifamily in my city, I know some older analysts/associates live in their properties and I was wondering if it'd be appropriate to ask if they offer housing assistance within their apartments? Thanks!
Some firms will and some firms won’t. I’m sure you can ask HR. It’s not a crazy ask. If I remember correctly, EQR gives a perk like this - not sure if it’s free or a discount - but they offer it.
I interviewed with EQR for a gig a few months ago. They offer 30% off rent if you live in an EQR property. Of course, they pay 30-35% below market in cash comp so it really all means nothing.
Mixed bag. A lot don't, because it is a drag on their investors (higher non-revenue line item). We only give discounts to folks who work at the site level, but not to corporate employees. The REITs are able to do this though.
Have heard AVB, TCR, Greystar offer concessions/discounted rent. I’m in REPE and my firm offered me 20% off and other ongoing concessions at one of their lease-ups.
I had a friend who worked for an apartment REIT, she got a 30% discount I think (plus waiver of fees and deposits). This was open to all employees, but really to induce those who worked on site to live at the property. With structured entities (like what a lot of developers and equity funds are based on), it's not that easy as the "developer" is really just charging fees to deals in practice (and co-investing with promotes). So it is not really their discount to give you.
You may get some "discount" but it might be fairly nominal (waiver of application fees and stuff like that is probably easy to get, but true rent discounts may be tough).
In multifamily one of the assumptions you model for is literally employee discounts. I would imagine most operators offer some sort of concessions. My firm gives 20% off. (~$15B AUM).
You model a community manager or a super unit, you don't model corporate employee discounts.
When I worked at Hines, they did but only for certain properties, I think it depended on the investment vehicle. It was like 15% off asking rent.
A lot of places do, but not necessarily for any property.
I've also seen condo or single family developers who will offer up to X% of the purchase price towards a down payment on new builds for their employees.
I want to post anonymously but I've had too many MS thrown at me so I'll just say I got an internship offer from a pretty big developer in Chicago that housed interns for a $2/hr paycut
My old firm offered no deposits and no credit check, and then a unnamed reduced rate, but not exactly sure where you landed.
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