Most local markets have vacancy rates which change over time. Over the last 10 years in the Portland marketplace, as an example, we have seen vacancy rates rise and fall. To keep vacancy levels low, our property managers watch turnover rates with great care. Every week they compare our rates to the market, set a goal to beat the rate, and also try to re-let properties as quickly as possible. With properties that have on-site managers, properties can usually be ready for a new tenant in a week after the last tenant has moved out.
Houses take a little longer.
Part of the turnover process involves getting the unit ready in terms of cleaning and painting, but another important element concerns getting the right market rent. Our on-site managers survey the competition every quarter to see if we're missing the market and we adjust our rental rates regularly. If the market is strong, we increase the rents with every turn. If the market is soft we keep the rents the same. In very competitive markets, we will give concessions to attract a tenant.