November Apartment Report

Last month, the apartment complex hit a bit of a rough patch. We saw declining occupancy and increased vandalism. I'm pleased to report that things have improved during November. Occupancy increased and rent concessions decreased, so it appears the new property manager is doing well. We hit our highest monthly total revenue number since June and the third highest for the entire year. This was also an $8,000 improvement over October's figure. Our net income figure also rose to $5,700, which is $1,500 higher than last month and the highest figure of the year.

Expenses continue to be stable and we are almost $4,000 over our monthly budgeted net income figure. Unfortunately, our net income for the year overall is still $45,000 under budget, due to the poor performance during the first half of the year. Next month, our $8,000 reduction in our mortgage payment kicks in, so we should see some really good numbers for December.