Tuesday, October 02, 2012

Apartment Complex August Update

The August financials for the Houston apartment complex are in. Occupancy remained at the same level as last month - 90%. Rent concessions increased and management expects occupancy to increase during the last quarter of the year. The unemployment rate in Houston remained at 7.5%, which is where it has been since June. This is slightly lower than the 7.6% it started the year at, but higher than the low of 6.5%, which was hit in April.

The increased rent concession cost was offset slightly by reduced marketing expenses, reduced apartment turnover costs, and lower maintenance costs. Overall, although the property's overall income was about the same as last month, it lost $100 this month, compared to making $900 last month.

Management will be giving the yearly conference call in two weeks to update us on the state of the investment and the projections for the future. Overall, they say they are progressing as they had planned back in February when they made the cash call.

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