In 2019, before even COVID ever hit, we saw that there is – that rents hit such heights that it was really hard. Or, in our eyes, it was really hard for tenants to sustain and rents were going up even higher.
So, that gave us a red flag that at some point there should be some sort of adjustment. We didn’t know what kind of adjustment it would have been. But, we saw that there should be an adjustment and then COVID came. So right before Covid, not right before it was six months before we created a plan. What are we going to do in case of a downturn?
And we’ve identified certain professions that when you are going to get hit harder than others, we’ve started communicating with Section 8 to bring more of the government subsidized rents into our apartments, which we didn’t deal with before.
We created a list of nine things that we needed to adjust and we started working on adjusting them to mitigate risk of downturn in Smartland.
