Mr. Jay Parsons, Rental Housing Economist (and seer, sage and prophet) at Real Page, provided information on his LinkedIn page showing the cost to turn a unit in 2023 has doubled since 2019. Mainly, if not exclusively due to inflation, labor and materials are more expensive than ever. Also contributing the increase expense is the fact that more residents are relocating now. More turnover, more costs, as Jay says. Mr. Parsons is incredibly well equipped to provide commentary as his strong focus is on the use of rock-hard data. This commentary, from late July-2023, is a must read for anyone in multifamily CRE.
Svikhart & Associates, a Salt Lake City-based real estate services company, focuses on asset management, brokerage listings and sales, and all aspects of a multifamily investment. Specific diligence regards property operations and strategies to maximize asset performance and value. Additionally, the firm assists owners regarding economic, financial and market factors that impact returns on investment. The firm targets ‘Mid-Tier’ assets which it defines generally as 10-to-60-unit properties.
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