According to a recent survey conducted by the National Apartment Association, the apartment resident turnover rate is 74% in Colorado Springs, tying it for third place with Charleston, SC. In contrast, the metro area with the lowest rate is San Jose-Sunnyvale-Santa Clara, CA, with just 9% turnover. No other Colorado city made either the top or bottom 10 lists.
While dealing with a prolonged recession, declining rents, tax increases, and a rising cost of living, the apartment industry is placing greater emphasis on operations and management skills. One of the biggest factors in successful communities is the quality of the onsite personnel, who serve both the residents and the owners. They are dealing with declining NOIs and increasing expenses while dealing with a very competitive marketplace. They also have to be aware of the economic losses, which combine vacancies, net uncollected rent, and the value of rent concessions. Not an easy time to be an asset manager!
Here is where you can read the entire executive summary of this survey.