DALLAS, TX - According to the U.S. Bureau of Labor Statistics, 2.5 million people have lost their jobs during the past four months. One company, Riverstone Residential, is taking action to help multifamily housing residents who may find themselves suddenly unemployed. As the largest privately owned residential property management company in the United States, Riverstone Residential, a CAS Partners company, is offering a new, strategic insurance option, the Pink Slip Protection program, that allows jobless residents to remain in their apartment homes. For less than $10 a month, the Pink Slip Protection program covers a significant portion of a resident's rent for up to two months.
Industry studies show apartment occupancy decreases as unemployment rates increase. To reverse this trend, Riverstone Residential proactively teamed with its clients, including Security Properties, and its insurance partner, Assurant Specialty Property, to develop a solution, the Pink Slip Protection program. The program is aimed at attracting and retaining residents who are nervous about their employment status in today's economy.
"As a world-class property and asset management company, we understand the negative consequences felt by residents as a result of losing a job," said Toni Portmann, CAS Partners CEO. "Suddenly being unemployed can lead to worries about paying rent or the need to move when a person really needs to focus on finding a job. By partnering with Security Properties and Assurant Specialty Property, we're able to offer a fresh approach that supports our residents during a very stressful time."
The Pink Slip Protection program also generates brand loyalty for the property because it represents the best interests of residents who are more apt to pass along a positive experience to others. Riverstone Residential clients gain another important advantage: if a resident remains in his or her apartment, the property owner's revenue stream continues uninterrupted, resulting in consistent cash flow and revenue generation. Additionally, the likelihood increases that the resident will renew his or her lease, and this can significantly reduce expenses related to filling vacant units.
Riverstone Residential is currently working with a number of property owners who want to augment the Pink Slip Protection program by covering portions of the rents that exceed what is covered under the involuntary employment coverage from Assurant Specialty Property.
CAS Insurance Services, a CAS Partners company that provides the resident insurance program, will oversee the Pink Slip Protection program to Riverstone Residential clients.
Source: Riverstone Residential