March Madness

Thursday, March 22nd, 2012

March 21st, 2012

I’m not talking about the NCAA version of this, I’m talking about what seems to be an impressive increase in the velocity of calls and inquiries for vacant apartments. November through February were relatively slow months, and the prospective residents we saw were looking more than they were “taking”.

In the last three weeks, we have seen our vacancy rate fall to less than 1%, and the folks that are calling to view units are doing so with an urgency we haven’t seen since September. Though largely anecdotal, such little vacancy is a great problem to have and makes us think harder about our pricing structure.

I wish the bracket I filled out for the NCAA version of March Madness looked as good as our vacancy rates and rent rolls…