When significant multifamily vacancy becomes an issue it is because of one of three reasons; the people, the paper or the property. High vacancy means one of these three have gone for a walk. And we already know paper and property are unable to walk… The people can be either ownership or management. The paper refers to implemented systems or mortgage matters. And the property, well, the property is a reflection of the people in charge.
To maintain the physical and financial health of an asset extended vacancy requires a property specific game plan. Here is a starter list of things that go south with extended vacancy:
Read more...Multifamily Vacancy: 10 Negatives | Multifamily Insight Blog
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