Tenants for life Currently, Sarit estimates that Tibro Properties has about 200 apartment units under construction. He says their goal is to develop approximately 1,000 units within the next five years and approximately 2,000 units within the next 10 years. He also says they intend to continue managing those units in-house, and that their focus is on “building strong and longlasting relationships with our tenants.” “Our goal is to have tenants for life,” Savan says. “We don’t just want to build buildings; we want to build lasting communities.” “We really believe in tenant rights,” Sarit adds. “That’s why we’re building apartments and not condos. There’s an important distinction. With condos, if the owner of the condo wants to move into a unit or sell the unit, the tenant has no rights. They have to leave after their one year lease. Whereas in an apartment building, somebody can rent a unit and stay there for 20 years as long as they’re paying their rent.” “Unlike many landlords out there, we’re not trying to kick tenants out every time we see a price increase. We’re not trying to gouge tenants. What we’re trying to do is create a very powerful tenant experience. We’re looking to create positive life-lasting relationships with tenants. That’s the type of business we’re trying to build.” “We want to have a business that we can be proud of,” he concludes. “We want to provide quality housing for people. We want people to feel like their unit is their home. That’s our purpose. That’s why we do what we do.” FEBRUARY 2023
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