Occupancy rate is the share of a property’s units that are leased and occupied. A 200-unit community with 188 occupied units is 94% occupied. It is a core health metric — falling occupancy reduces income and can signal pricing, product, or management issues.
Investors distinguish physical occupancy (units filled) from economic occupancy (rent actually collected), which also reflects concessions and delinquency. Stabilized workforce apartments typically run in the mid-90s percent; a sharp drop is worth investigating.
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