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Multifamily Minute Reader Reflections: How Will You Address Vacancy in 2023?
We asked our 40,000 readers for their best ideas to combat climbing vacancy this year. Here's what they said.
Start Your Application and Unlock the Power of Choice$5.6M offered by a Bank$1.2M offered by a Bank$2M offered by an Agency$1.4M offered by a Credit UnionClick Here to Get Quotes!Last week, I asked our 40,000+ Multifamily Minute readers about vacancy. It's hard to find an apartment investing outlook that doesn't include some guarded language about increasing vacancies, so I wanted to know how you're planning to tackle the issue this year.
Survey Results
Participants had the option to choose multiple answers, and the top choice says a lot. More than two-thirds of respondents said that getting lower-cost financing would help them withstand any changes in vacancy.
That says to me that many owners know a vacancy rise is coming. And while there's a lot an investor or operator can do to fight it, it's best to plan for the worst and lower your costs any way you can. Looking at new financing is a great way to do that.
The table below has the full results.
Response | Percent of Respondents |
|---|---|
Look at lower-cost financing | 69% |
Communicate more with current residents | 61% |
Offer renewal incentives | 54% |
Evaluate current marketing efforts | 40% |
Upgrade units and/or amenities | 29% |
Hold more community events | 4% |
Other | 4% |
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Our Previous Survey
In one of our most recent surveys, we asked about interest rates. It was before the Fed announced the latest 25-basis-point hike, and about half of our respondents predicted it accurately. Read our analysis.