We had to blink a few times when we read this article in which representatives of major new Seaport apartment towers openly talk about how they’re trying to cooperatively keep rents as high as possible. From the article:
Every week the property managers of the big new Hub apartment complexes share information on leases signed, concessions and occupancy rates.
“We have a rule that we never run down our competition,” said Jackie Chancholo, Waterside’s property manager, who works for the Bozzuto Group, which manages the Park Lane Seaport across the street (where she previously worked), Kensington and other competing properties. “You want to build relationships so that people from other buildings share information with you, which is in everyone’s best interest. We keep it a friendly competition.”
We guess there’s nothing wrong here per se. It’s done all the time. But what’s not done is it being openly discussed in public and in the media.
Competition Friendly competition
Design sketch above is of Waterside Place, which is mentioned in the story.
P.S. — Sooner or later, the dam is probably going to break on apartment builders, friendly competition or not.
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Updated: December 2017