October Vacancy
As the weather cools and the holiday months begin, we start to see the demand for rental homes decrease. As such, Legerity Property Management only had approximately 4% of its inventory up for renewal in October. With most of our leases locked in/extended until the winter passes, October is usually a low vacancy month. With less than a 1% vacancy rate for the month, the year-to-date and 2011 comparison may be viewed below.
October Renewal Rates
October had a 66.67% renewal rate with an average 3.45% increase in rents for renewed leases. Legerity Property Management YTD renewal rate is now at 61.43%. I had hoped this would be an even higher rate this year; however, as equity positions improved, we did have many leases on single family homes that were not able to be renewed this summer due to owner-occupied purchases.
