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" ... In fact, I found that I was even able to raise rents during the crisis by changing our rental model to a unique “renovation on demand” concept. Because of the pandemic, many landlords thought that tenants wouldn’t want to pay additional rent for an upgraded apartment and hence halted renovations. We showed prospective tenants a nonrenovated unit and a renovated unit and let them choose: They could rent a nonrenovated unit for, say, $1,000 per month, or pay an additional $200 or $250 per month for a fully renovated unit. Surprisingly, since April, 70% of new tenants chose the renovated units, which helped us get rent increases of 10% to 29% during the pandemic. ... "