We wanted to take a moment to update you on some metrics that First Rate tracks to help keep you updated on the market and any new trends that are headed our way. With the first quarter completed for 2019, things are looking great!
Vacancy – 1.85%-
It happens to be turnover week which is why this may seem higher than the last time we posted. Out of 20 current vacancies 14 of them are rented and tenants will move in later this week. We anticipate our vacancy rate to be back under 1% by next week. Low vacancy is a great indicator that the market is strong and that we can continue to push rents.
Average days on market- 16.5 days
This tells us that there is a lot of activity in this market and that there is a high demand for rentals. FRPM starts advertising as soon as the tenants give notice and this metric tells you that on average the property is rented in 16 days. This means that the property is usually rented prior to the old tenant even moving out!
Turnover days – 4.87 days
This is a metric that we track to help show owners that we are committed to making sure that their investments are occupied as much as possible. Our maintenance team works hard to get the turn over inspection done the same day we receive keys and then the work is scheduled to be completed, usually in 3-5 business days, depending on condition. Our average of 4.87 days is a great turnover time and under the goal of 5 days that strive for day in and day out! We hope to keep on this pace as our leasing activity picks up into the summer.
Stay tuned for another metric update in a few weeks. We are currently working on publishing a metric page that will be on our website and updated frequently.
Melissa Sharone, President
contact me with further questions - Melissa@frpmrentals.com