RESULTS: CLASS B LEASE-UP
The focus of this case study is a class B property with units totaling around 130. The property was struggling to secure new leases and reach an occupancy of 90% . Having utilized CLASS’ services on other properties in the past, the owners brought in CLASS to increase the leasing activity. Prior to the arrival of CLASS, the property was leasing at an average rate of about 6 leases per month with rents averaging $452/month.
CLASS was able to increase the unit absorption rate from 1.5 leases per week to an average of 4.5 per week—tripling previous leasing numbers. In just 45 days, CLASS was able to secure 27 leases and bring the property from 85% to over 90% leased.
RENT REVENUE PER MONTH – Click Graph to Enlarge
WITH VS. WITHOUT CLASS (assumes absorption rate w/out CLASS remains constant)
*The increase in leasing activity resulted in 18 additional leases in a span of 6 weeks.
*Additional annual rent revenue generated by these move-ins = $97,632 ($8,136/month)
COST OF CLASS VS. INCREASE IN ANNUAL RENT REVENUE – Click Graph To Enlarge
Total cost of CLASS Service = $17,264 (includes travel related fees)
Additional Rent Revenue generated by CLASS = $97,632
CLASS ROI: $97,632 – $17,264 = $80,368