To display the supply and demand for units and get a more accurate projection of units available 60 and 90 days out.
The Occupancy Dashboard pulls together “demand” and “supply” information in order to forecast upcoming unit availability.
The supply information comes from
- Leases Ending (and not renewing)
- Notices to Vacate Received
- Evictions Initiated
- Unoccupied Units
The demand information is obtained from leads by asking about the move-in date, desired unit type. A probability is assigned for converting leads into showings, applications and leases.
- Number of leads
- Number of showings
- Number of lease applications
- Number of leases signed (with move-in dates)
Knowing how many units, of each unit type will be leasable in the coming weeks can help with:
- Deciding how much to spend on lead generation
- Which units to promote in the marketing
- Adjust rents
- Take other actions proactively to reduce vacancy
More Information …
The data required for this dashboard doesn’t readily exist. Companies have be meticulous about recording leads. And for each lead, these questions also need to be asked:
- Desired move-in date
- Desired unit type
Refer to this blog post, How to Forecast Occupancy, for details.