The article shows the average cost of turning a unit for the last three years has been slightly below $4,000, per a study by Zego, a San Diego-based property management automation company. The turnover cost is comprised of advertising and marketing (including leasing concessions), unit repairs, other concessions and lost rents. The article subsequently addresses the necessity of retaining residents due to high turnover costs. So what are some of the property attributes that may cause residents to second guess relocating? Better amenities, better community technology, concierge services, and updated/renovated units round out the top four.

 

 

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.

 

Please find us at svikhart.com or contact us at 801-550-5684 to learn about the real estate services the firm provides. To subscribe to the firm’s newsletter addressing events of the day please follow this link Newsletters.