Below is First Rate Property Management's five-year vacancy chart. The chart shows our rental vacancy rates, by week, for the past five years. At a month into 2015 we continue to see a strong rental market, with a vacancy rate of 1.35% in the first week of February. Vacancy is low and rents continue to increase. We have two rentals that are throwing our metrics out of whack. One is a multi-family unit where we pushed rents a little too hard and need to bring it back down. The other is just so unfortunate that we have denied every applicant. Other than that, everything continues to rent quickly and at a higher rent than before the start of the year.
With rents continuing to increase, we expect that the lease renewal rate will be strong in 2015. The cost to move and the increase in local rents make it easier for tenants to stay put.
Our Leasing Team Leader, Melissa Sharone, reports that, as things start to pick up with the start of the year, FRPM is still seeing low vacancy rates. "I believe this is because we are pre-leasing a majority of our properties," explains Melissa. "I also feel that as the rental market continues to climb people want to get moved prior to prices going even higher. Also, the reason for the spike this week is that tenants who were due to move out at the end of the month moved out early. These properties are mostly re-rented but the new tenants are not moving in until March, therefore they are vacant for longer than normal."
First Rate Property Management Rental Vacancy Rate
February 5, 2015: 1.35%
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