Founded in 2007, RXR is a leading real estate owner, investor, operator and developer committed to building socially, economically and environmentally responsible communities. With 93 properties and 9,000+ multifamily units, RXR has grown to become a leader in the multifamily market.
Unlocking a successful lease-up
In early 2022, RXR launched leasing at The Willoughby in New York, a 34-story luxury development blending the best of Brooklyn’s signature Fort Greene and Downtown Brooklyn neighborhoods while delivering luxury housing with panoramic views from every floor. The 476-unit amenity rich building sits within the Long Island University campus. In a very competitive market, RXR aimed to accelerate its lease-up without increasing bad debt exposure.
RXR's goals:
Appeal to wider pool of renters
Stabilize lease-up ahead of forecast
Maximize rent roll protection
Minimize bad debt
More leases. Fewer concessions. Less risk.
RXR partnered with TheGuarantors to offer lease guarantees and security deposit replacements at The Willoughby, enabling them to convert significantly more renters and accelerate lease-up goals, all while increasing protection against rental income loss.
Rent Coverage
Giving RXR another chance at approving conditional and declined applicants, Rent Coverage maximizes lease conversions while minimizing loss from default, vacancy, holdover, no shows, and more.
Deposit Coverage
A lower-cost deposit alternative, Deposit Coverage enhances protection against damages off the bat for RXR, while reducing renters’ move-in costs.
The results
Adopting TheGuarantors’ products at The Willoughby drove strong lease-up results and protection for RXR.
33% faster lease-up: Stabilized occupancy in just 12 months – 6 months ahead of RXR’s original 18-month projection.
$9M+ in value secured: Rent fully guaranteed, with traditional deposits replaced for residents.
$287K recovered: Delinquent rent reclaimed by TheGuarantors’ expert mitigation team.
50% lower concession rate: The Willoughby's concessions were half the market average.
Higher rent per unit: Outperformed rent rates at comparable properties.
$0 cost to RXR: All benefits delivered with zero additional cost.