Using Vacancy rate as monthly KPI

[Justin R.]

I have several properties throughout a handful of states, all professionally managed. I usually glance as the vacancies but don't actually create KPIs for this metric.  Of course all 5 managers use different software and portals, each with their own style of reports. 

Im looking for ideas from other investors that are requesting Vacancy rates from their property manager. I just don't see me sifting through leases and figuring out move in/out dates as a good use of my time.

Perhaps I will just send an email to each PM requesting the current vacancy rate,  and their associated units along with the rest of my monthly reports.

Thanks to anyone that wants to share their experience in this tracking.

Cheers.

[Justin R.]

Quote from @Bradley Buxton:

@Justin R.

It's an important metric because it can kill your cash flow especially if you only have a single investment. Property managers need to be able to tell you the overall vacancy rate for all their properties and the rate for your specific properties. In my area there are some that seem like they keep track of rentals on napkins. If your PM companies are using software it should be an easy number to pull. 

 Yes thanks for your input. I understand the importance that why I am going to start having my PMs give me this monthly. My question is regarding how investors are obtaining their vacancy rate from their PMs. None of my PMs send a monthly vacancy rate, but some have the leases I a review in their portal. I am playing with the idea of asking them to create a monthly vacancy rate for my properties as part of THEIR job. 

Cheers