Apartment and Commercial Building Berlin-Friedrichshain
Start of Administration
July 2005
Initial Situation
- Sinking net rent due to:
Rent losses, large increases in utilities and damage afflicted apartment conditions
Resentment among tenants due to sinking quality of living conditions
Measures Taken
- Reduction of rent receivables in the five digits through intensive tenant consultation and support
- Reduction of operating costs particularly through:
Trash and disposal management
New provisioning of building insurances based on the conditions of our basic agreement
Savings on cleaning and landscaping services - Improvement of the quality of living through:
Effective, low investment measures in the apartments
Improvement of cleaning services
Revaluation of common areas: visually appealing covered bicycle storage was created under simultaneous downsizing the trash areas
Result
By relieving the tenants in regard to utilities coupled with increased tenant satisfaction, rents have stabilised at a high standard.
