Property Occupancy Report
Property Occupancy Report
Prepared by: [Your Name]
Company: [Your Company Name]
Date: [Date]
I. Property Information
A. Property Location
This property is located in St. Louis, MO 63101. Situated in a prime neighborhood, it offers easy access to local amenities, including shopping centers, schools, parks, and public transportation. The surrounding area is known for its vibrant community, with various restaurants, cafes, and recreational facilities within walking distance.
B. Property Description
The property consists of a modern three-story building with 9 units, each differing in size and layout. The units range from one-bedroom apartments to spacious three-bedroom suites, catering to a diverse range of tenants. Common areas include a fully equipped fitness center, a rooftop terrace with stunning city views, a community room available for events, and a landscaped garden area. Additional amenities include high-speed internet access, on-site laundry facilities, and secure parking options.
II. Current Tenants
A. Tenant List
|
Unit Number |
Tenant Name |
Lease Start Date |
|---|---|---|
|
101 |
Davion Barton |
January 1, 2050 |
|
102 |
Barry Morar |
March 15, 2050 |
|
103 |
Jerrell Lowe |
June 1, 2050 |
|
104 |
Jean Harris |
July 1, 2050 |
|
105 |
Malcolm Raynor |
August 15, 2050 |
|
106 |
Philip Mitchell |
September 30, 2050 |
|
107 |
Carmel Ryan |
November 1, 2050 |
|
108 |
Dell Stokes |
December 15, 2050 |
|
109 |
Etha Lehner |
January 20, 2051 |
B. Tenant Feedback
Feedback collected from tenants indicates high satisfaction with the property management, amenities, and location. Many tenants appreciate the cleanliness of the common areas and prompt responses from the maintenance team. However, a few tenants have requested more frequent maintenance check-ups and improved internet connectivity, which are being considered for implementation in the upcoming months.
III. Vacancy Status
A. Current Vacancies
The property currently has 2 vacant units: 201 and 202. These units are being actively marketed to potential tenants through various channels, including online real estate platforms and local community bulletin boards. Virtual tours are also offered to interested applicants.
B. Recent Vacancies
|
Unit Number |
Vacated On |
|---|---|
|
301 |
September 30, 2050 |
|
302 |
August 15, 2050 |
Both recently vacated units have undergone a thorough cleaning and minor repairs to ensure they are ready for new tenants.
IV. Lease Expirations
A. Upcoming Lease Expirations
|
Unit Number |
Tenant Name |
Lease End Date |
|---|---|---|
|
101 |
Davion Barton |
December 31, 2050 |
|
102 |
Barry Morar |
March 14, 2051 |
|
103 |
Jerrell Lowe |
June 1, 2051 |
Property management plans to reach out to tenants three months before their lease end dates to discuss renewal options and gather feedback on their living experience.
V. Occupancy Rates
A. Current Occupancy Rate
The current occupancy rate for the property is 83.3%, with 9 units occupied. Efforts are being made to increase this rate through effective marketing and tenant retention strategies.
B. Historical Occupancy Trends
Over the past year, the occupancy rate has remained stable, fluctuating between 80% and 90%. Seasonal promotions and community events have proven effective in maintaining tenant interest, and property management continues to explore innovative marketing strategies to enhance occupancy.
VI. Financial Summary
A. Rental Revenue
Monthly rental income stands at approximately $15,000, with a yearly forecasted revenue of $180,000 based on current leases. Projections for the upcoming year indicate potential growth in revenue, particularly with the anticipated lease renewals.
B. Operational Expenses
-
Maintenance: $2,000/month
-
Utilities: $1,500/month
-
Management Fees: $1,000/month
-
Marketing Expenses: $500/month
C. Net Profit
The estimated net profit for the property is approximately $8,500 per month after accounting for expenses. This figure reflects a healthy financial status and allows for reinvestment in property improvements and marketing efforts.
VII. Recommendations or Insights
A. Marketing Strategies
To reduce vacancies, implementing targeted marketing strategies, including online listings, social media promotions, and virtual tours, could be beneficial. Additionally, hosting open house events may attract potential tenants and allow them to experience the property firsthand.
B. Lease Renewals
Consider offering incentives for lease renewals to existing tenants to improve retention rates, such as minor upgrades (like fresh paint or new carpeting) or rent discounts for long-term commitments. These efforts could enhance tenant loyalty and stability.
C. Maintenance Upgrades
Focus on addressing maintenance issues, particularly in common areas, to enhance tenant satisfaction and attract new residents. Regular maintenance check-ups and improvements to amenities will demonstrate the management's commitment to providing a high-quality living experience.
D. Community Engagement
Organizing community events, such as BBQs or holiday parties, can foster a sense of belonging among residents and encourage them to renew their leases. Engaging tenants in community-building activities may also improve overall satisfaction and reduce turnover rates.
This elaborated report provides a comprehensive overview of the property's current occupancy status, tenant feedback, and financial performance, along with actionable recommendations for future improvements.
