Houston Apartment Update

The monthly report for the Houston apartment complex was positive once again. As mentioned last month, occupancy for February was at 96% (not quite the 97% they estimated, but still darn good). Income for the month equaled their highest month ever. Repair costs were higher due to the quarterly unit inspections, which resulted in more repairs than normal.

I wrote last month about the income from telephones and wondered if that was all really from people using pay phones. I never did get a response to that question (and I never really pursued it because I felt it was a minor curiosity issue and I didn't want to take up the manager's time with such things), but in this month's report, management mentioned that they have entered into an agreement with a national phone company to make that company the preferred phone provider for the residents. In exchange for this, we received a one-time payment of about $24,000 plus we will receive a monthly commission on new service in the units.