From Multihousing News:

Management Co. Offers Layoff Protection Program to Residents Across its 140 Communities
Published: March 16, 2009

By Anuradha Kher, Online News Editor

Orange County, Calif.--Western National Property Management recently launched its Layoff Protection Program, which allows those residents who lose their jobs to cancel their leases without penalties.

"We understand that in the current economic climate, some people are hesitant to commit to leases, knowing that if they lose their job they could find themselves in a bind," Thomas K. Shelton, president of Western National Property Management, tells MHN. "We want to provide our residents with peace of mind when they move in or renew their leases and instill some confidence in people's thinking," he adds.

For a couple to qualify, the person losing his or her job should be earning 50 percent or more of the rent.

This program will be offered at Western National Property Management's 22,000 units throughout Orange County, the Inland Empire, Los Angeles and San Jose, where concessions are also being offered. "The average rate of concession across all our properties is about 6 percent on a 12-month lease, but it depends on where the property is located," says Shelton. Price is one of the biggest concerns for people looking to rent right now, he adds.

The program was launched only last week and will be offered indefinitely. "Depending on the popularity of the program, we will think about continuing it when the economy turns around. We believe it's going to help our portfolio perform better," concludes Shelton.