You can use Microsoft Excel to keep records of your vacancy rate as it fluctuates. One of the biggest benefits of using Microsoft Excel is that you have access to an automated formula that can calculate your vacancy rate for you.
If you want to calculate your vacancy rate, you need to figure out how you are calculating this number. For example, are you purely interested in the number of people who are living in your property right now? If so, you may be leaving out a few people who might be paying a lease on an apartment but who might not have moved in yet. Or, are you interested in calculating the number of people who are currently paying a lease? If that is the case, you may be including people who are paying at least but who are not currently living in the building.
How you decide to calculate this formula is going to be a major driver of how you use the information. Therefore, it is important to not only understand the formula but also understand what the number means. That way, you can make the best possible decision for your multifamily community.
The good news is that you do not necessarily have to pigeonhole yourself into a single formula. You can change the formula you use depending on how you want to deploy the information. That way, you will have an easier time making decisions as quickly as possible, helping you stay ahead of some of the other apartment buildings in the community. If you are tired of doing clerical work, then you may want to take a look at how Microsoft Excel could help you calculate your vacancy rate. This is not necessarily a number you have to calculate by hand. If you are wondering, “what is a good vacancy rate for rental property,” the answer is that it varies depending on the type of property you have.