🏢🔑 In the world of Multifamily Property Management, keeping a close eye on key performance indicators (KPIs) is crucial for success.

Here are some of the top KPIs that every property manager should be tracking:

1️⃣ Occupancy Rate: This isn't just about having units filled, it's about understanding demand and the effectiveness of your management.

2️⃣ Economic Occupancy Rate: Beyond physical occupancy, are your tenants paying their rent? This gives a more accurate reflection of your revenue.

3️⃣ Tenant Retention Rate: High tenant retention can save costs associated with finding new tenants and indicates tenant satisfaction.

4️⃣ Turnover Time: The faster you can prepare a unit for a new tenant, the less revenue you lose.

5️⃣ Operating Costs: Keeping track of all costs associated with running and maintaining the properties is key to managing profitability.

6️⃣ Net Operating Income (NOI): This is your total income from the properties minus operating costs. A key measure of profitability.

7️⃣ Capital Expenditure (CapEx): Tracking the funds used to acquire, upgrade, and maintain properties is crucial for long-term financial planning.

8️⃣ Rent Growth: Is your income from the properties growing? This KPI will tell you.

9️⃣ Debt Service Coverage Ratio (DSCR): For properties with mortgages, comparing the NOI to debt obligations is crucial.

🔟 Customer Satisfaction: Harder to quantify, but incredibly important. Happy tenants are more likely to renew their leases and refer others.
Remember, data is power. By tracking these KPIs, you can make informed decisions that drive growth and profitability in your property portfolio. 📈💼