Occupancy Dashboard
ID: RV41
Purpose:
To display the supply and demand for units and get a more accurate projection of units available 60 and 90 days out.
Description:
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.