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Vacancy Report Card – 2012

December 28, 2012

Last year I did a posts reporting on the vacancies for the year. It’s now time to update for 2012. By far vacancies are the biggest cost driver for me – so a deep analysis on my occupancy is something I always like to do. The combination of the loss in rental income and the “make ready” expenses make vacancies a double whammy. I once again tracked my days vacant for each of our properties for 2012.

vacancy 2012

I always count any day the property spent vacant  – including the time around new purchases. It’s very tough to avoid any days vacant when I purchase a new property as most of them require some level of rehab. I have learned it’s best not to show properties until they are ready. With property 8, I had it rented the day after I closed as it needed very little work. Despite getting the deposit right away, the new tenants did not move in until the first of the next month so the property sat vacant for just over 2 weeks. Property 7 was also a new purchase this year and we actually had this one rented before we owned it.

Our only “true existing vacancy” this year was Property 2. This tenant fell on hard times and they had to move out. You can read about this vacancy here. Given this situation and no notice, this vacancy went very smooth and I had several candidates to choose from. It was unfortunate that Property 2 became vacant at almost the exact time that I was purchasing Property 8. Given the time of year and the quick rent in my new purchase the process of filling 2 vacancies was much easier than I feared.

I am quite happy with these vacancy numbers. The year went very smooth and we are continuing to look for ways to keep good tenants.

Related Post:

Vacancy – First one in a while for us

How to make a vacant property look occupied

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