Summer 2013 Results
Case study
Property overview
The subject property was a 60 unit class B building that had recently undergone a rehab and name change. The property was struggling to generate qualified traffic and had high staff turn-over. CLASS was brought in to help accelerate the leasing activity. Prior to the arrival of CLASS, the property was 48% occupied and had generated only 2 leases in the past 60 days. The rents averaged $850/month.
Results
CLASS was able to increase the unit absorption rate from 1/lease month to 13/month. In just 45 days CLASS was able to secure 20 approved leases and move-ins.
With vs. without CLASS (assumes absorption rate w/out CLASS remains constant)
The increase in leasing activity resulted in 18 additional move-ins in less than 45 days.
Additional annual rent revenue generated by these move-ins = $183,600 ($15,300/month)
Cost of CLASS vs. increase in annual rent revenue
Total cost of CLASS Service = $21,500 (includes travel related fees)
Additional Rent Revenue generated by CLASS = $183,600
CLASS ROI: $183,600 – $21,500 = $162,100
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