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- Resident Retention: A Turn Costs What? Part 1 – Multifamily Blogs
Food for thought and action from Jen Piccotti:
Turnover. We’re always going to have it. In some cases, turnover is good: saying goodbye to a delinquent or unruly resident who sucks up valuable staff time and resources. Some cases are uncontrollable: a resident is relocating to a new city or state, or they are buying a home. But most turnover is not only bad but something you can directly control.
Let’s break that statement down.
“Most turnover is bad.”
In the 2012 NAA Survey of Operating Income and Expense, the average national turnover rate was 54%. This number has remained fairly consistent over the past several years, but the bottom line for our industry is that on average a community has to replace half of its customers every year.
Traditionally, our industry has accepted this with the thought that the units can always be leased again at a higher rate. A higher rental rate equals more income, right? Wrong. Here’s why:
Read the source article … https://www.multifamilyinsiders.com/mult ifamily-blogs/resident-retention-a-turn- costs-what-part-1
- Freddie Mac Failed To Pursue Defaulters For Recovery of Up To $4.6B
Freddie Mac failed to refer nearly 58,000 foreclosed mortgages with about $4.6 billion in shortfalls to vendors who assess borrowers’ ability to repay and are responsible to collect mortgage payments, thus foregoing a chance to recover dues from homeowners who had the ability to repay, according to an audit report from the Federal Housing Finance Agency’s Office of Inspector General, or OIG, in Washington.
- Top 10 Apartment Markets Over the Past Five Years [Video] | Property Management Insider
In part one of this special series, MPF Research examined the so-called “Sexy Six” markets favored by many investors and whether or not they lived up to their billing over the past five years.
Editor’s Note: MPF is measuring revenue change based on today’s effective rents for new leases vs. prices charged five years ago as well as looking at the change in occupancy numbers over the same period of time.
Read the source article … https://www.propertymanagementinsider.co m/top-10-apartment-markets-past-five-yea rs.html
- Are You Obligated to Disclose Previous Meth Contamination on Your Property?
By Elizabeth Whited … Meth labs have been found in some pretty strange places. To name a few: college campuses, hotel rooms, vehicles, and even inside a nursing home. But the most common, and logical (if setting up a meth lab anywhere could be considered logical) place is in a rental property, or home. After all of the cleanup, and the extensive procedures to take care of a previous meth lab on a property, is it still necessary to inform new renters, or potential buyers?
The answer, of course depends on the state. The Scripps Howard News Service conducted a search for states that require meth contamination disclosure to potential home buyers, and tenants. They found that only a little over half of the states in America require disclosure (with varying laws).
Read the source article … https://www.therrd.com/main/?p=3752