As a Rochester resident for over 30 years, we have seen the many changes and improvements made to our city, including constructing a more upscale apartment complex to fill a need for the growing population of empty nesters who wish to downsize, and to a lesser degree, a segment of successful, young professionals. However, the building, First Street Lofts, created a price point (average $3000 per month) that is not sustainable, long term, for their target. At this price point it will suffer with constant turnover - resulting in their need to create a significant "make the unit marketable" fee (not disclosed in the lease we reference) for those tenants who do not re-sign. It is determined solely by the landlord.
It is no different when, for example, you prepare you home for resale. Is it not the owners responsibility to "make it marketable"?
Perhaps the Lofts should restructure their price point to achieve a higher, consistent occupancy rate instead of gouging the tenants who supported them with a penalty fee.
