“We don’t try to be the landlord of all things to all people,” Jogia said in a recent interview with Wealth Professional. “The average customer at Avenue Living currently earns somewhere between $53,000 and $56,000 a year, and we set our rents to be below 30 percent of their current earnings.”
While some residents who lost their jobs due to lockdowns still benefited from government wage support, typical Avenue Living residents, who are frequently essential workers, have shown themselves to be resilient earners through difficult economic times.
This group of renters has effectively benefited from wage increases in the current environment of inflation and labor shortages.
Even though Avenue Living had to increase the rent to keep up with inflation, it did so in a responsible manner by keeping prices within its customers’ range of affordability.
The company has entered strategic partnerships that help keep costs low through efficient supply-chain management and offer flexibility through offerings like Zenbase, a financial health solution that customizes rent payment schedules for those in need of such a service, to help keep costs under control while still committing to best-in-class service.
