TIRE: Walking vacants (part 2)

A small property of less than 100 units in a fast growing exurb had a perpetually low (for the market) occupancy of 90%. We worked with the leasing agent, studied the market, improved renewals, and remained stubbornly stagnant at 90%.

So the regional and I went to the property and started looking around. After walking the grounds we started looking in the vacants. Two units in, we had our answer: the vacants were occupied by the hour.

(Yes, the PM was let go. Good at time management, not good at recording ‘other income’ or on the difference between legal and illegal.)