In Detroit, if your multi-family occupancy rate is less than 78%, you may be falling behind the competition. However, this is a relatively low figure: nationwide, the occupancy rate is above 93%!
If you want to keep up with the rest of the country, you will have to have—on average—all of your units rented about 340 days out of the year; 13 out of 14 units should be occupied at any given time. Given the challenges in keeping multi-family rental properties adequately occupied, what steps can you take to help keep the kinds of tenants that help fuel your property investment portfolio?
Here are some important considerations when trying to increase your multi-family occupancy.