ChicagoDowntown / Loop

Resident referrals help K2 lead in rentals

by Joe Zekas on 12/3/13

K2, the new luxury apartment tower in the Fulton River District, has leased up rapidly enough to secure a $110 million cash-out refinancing from GE Capital Corp.

A source at the property emailed me yesterday that “K2 continues to lead the pack with regard to weekly leases, even above [our primary competitor].”

K2′s resident referral program has been a significant factor in the lease-up. The program is simple: a resident who refers a friend, family member or colleague receives a $750 credit toward their rent when the person signs a lease and moves into the building.

Resident referral programs have become increasingly popular in recent years, and they’re offered at many buildings. K2′s is one of the more generous that I’ve seen.

If you have a wide circle of friends who might want to move into your building, don’t assume that you’ll be able to live rent-free – unless you’re a licensed broker or leasing agent. State law limits the amount of compensation that licensed management companies can pay to an unlicensed individual for referrals.

In the video, K2′s first resident explains why she moved to K2 from a neighboring building.

Note: K2 is one of our advertising sponsors.

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