FRPM tracks a number of metrics to evaluate our processes and services. Although a number of our metrics measure our business, most measure FRPM's performance for our property owners and tenants. I thought I would share some that I hope you find not only interesting, but also appreciate.
The one metric that we report on a frequent basis is our vacancy rate. Our low vacancy rate is something that we continue to be proud of. Over the past two years, FRPM's average vacancy rate has been 1.47%, which is exceptionally good compared to the national average of about 7.38%. As you read on, you'll see that our success in other areas contributes to this great vacancy rate.
Our maintenance team tracks things like call backs for contractors and the number of days to get a property rent ready for the next. In 2015, the average number of days it took to get a property rent ready was 5 days. This is a good number because it also includes turnovers where the property had to be completely remodeled, such as full paint, all new flooring, perhaps new windows and doors, etc. Our quick turnover time allows us to place the new tenants in sooner, which of course contributes to our lower vacancy rate.
Besides vacancy, our leasing team tracks things such as: average days on market, lease renewal rate, and rent averages. Days-on-market is typically the number of days a property sits vacant before a new tenant is selected. Unlike many other Boise property management companies, FRPM begins advertising once the tenant gives notice and we work with the outgoing tenant to show the property while it is still occupied. On average, FRPM advertised for 24 days, which tells our property owners that FRPM gets their properties, rented almost a week before the current tenant even moved out.
Our tenant eviction rate is another metric that we track that helps our property owners understand the importance that we put on our tenant screening. For years our eviction rate has been less than one-tenth of one percent, and in 2015 we matched our historical consistency with an eviction rate of less than one-tenth of one percent, monthly average. Again, our screening criteria help FRPM to keep important statistics where they ought to be, which in turn keeps our owners and tenants happy. Moreover, when this measurement does jump up, we have seen that the increase often coincides with taking on properties where the property manager did not screen well and FRPM as the new property manager had to evict. We do our best to make these transitions as smooth as possible for all parties involved, while enforcing our rental policies in the interests of all parties involved.
FRPM is always striving for continued success and improvement, and through these metrics we learn both where we can improve and where we should continue to focus our efforts on what we do best.
First Rate Property Management Rental Vacancy Rate
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- Interest Rates
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- 1st Quarter Vacancy Survey
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