As Schroeder Management Company finished Quarter 1 of 2019, we have been very fortunate that our overall vacancy factor for unrented apartments as of April 21, 2019 is .083%.  This is based on a portfolio of 58 apartment communities in Orange County and South Los Angeles County, and 2292 total units.  Out of the 2292 total units, as of April 21, 2019, we had 19 units that were unrented and from the 19 units, 7 units are 1 bedroom, 11 units are 2 bedroom, and 1 unit that is a 3 bedroom.  Some of those listed vacant units are due to a new acquisition which is undergoing a substantial rent increase and renovation, so higher than average vacancies typically occur until our management team is able to get the building stabilized.

The communities with zero or very low vacancy factors has very similar traits:  properties well located in neighborhoods that have great employment opportunities. Although our rent amounts are very competitive with other properties in the area, our communities stand above other communities in the area based on: our property appearance, the upkeep of our maintenance, and the care and customer service the residents receive from our Community Managers, Porters and Maintenance staff. These combined factors are reasons why prospects choose to rent at our properties, and our residents choose our communities to call home.

As we continue into Quarter 2 and 2019, we project that our communities are in great position for continued income growth – low vacancies and continued rent increases. As a professional property management company, our goal is to understand and be sensitive to the market to be able to make adjustments in the rent structure, property advertising, property improvements, and employment training to get the best returns for our investors.