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!

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Comments (12)

Apr 1, 2021 - 10:27pm

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.

Apr 1, 2021 - 7:39pm

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).

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  • Analyst 1 in RE - Comm
Apr 4, 2021 - 4:19pm

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). 

  • Director in RE - Comm
Apr 4, 2021 - 5:31pm

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.

Apr 5, 2021 - 10:36am

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.

  • Analyst 2 in PE - Other
Apr 7, 2021 - 10:53am

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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