2012 Legerity Property Management Performance Review
2012 was a very interesting year in the property management industry and real estate as a whole. The number of homes managed by the average property manager increased by 20% while vacancies were at record lows and rents began increasing in Idaho and the rest of the nation. With the almost overwhelming growth this past summer and my arm injury on Mother’s Day of all days, I’m sure I will forever remember this past year as a turning point.
I also decided to step up my activity in the community this past year by getting involved in some volunteer programs, becoming the Survey chair for NARPM, and attending a variety of events such as the Idaho Housing/Economic Conference and the regional NARPM convention. Needless to say, it was a very busy, very productive year.
Legerity Property Management Vacancy Rates for 2012
All that hard work certainly paid off this year however as we saw an extremely low vacancy rate of 1.12% for the year. With a few exceptions mostly in the winter, we were doing 3-day turnovers this year. I’m very grateful for our vendors who made our properties top priority even at the busiest of times; with the high demand from property managers at the beginning/end of the month, that priority was crucial to getting rentals turned over and quickly ready for our new tenants.
Legerity Property Management Renewal Rates for 2012
2012 was the first year I decided to officially track renewal rates. Given the significant percentage of homes managed in close proximity to Boise State, averaging a 60.27% renewal rate for the year was quite respectable. Between rental rates being on the rise and what would appear to be a renter base increasingly aware of the cost of moving, I suspect this should be a rate that can be maintained or even improved upon as the effects of some value-adding programs for tenants are realized.
