June Apartment Update

The June numbers for the Houston apartment complex continue to show improvement. The big news is that the property almost broke even last month – it was in the red only by $200. There were no more one-time administrative or maintenance charges. Total income rose almost a thousand dollars over last month while total expenses only rose $500. Looking over the whole year, total income has risen every month and we the current monthly income is now $13,000 over the monthly income number from January. Over the same time, expenses have remained relatively flat, only raising about $1,500 per month over January's number. We didn’t get an occupancy figure, but it looks like it might have dropped slightly – the vacancy loss increased about $3,000 over last month. At the same time, rent concessions dropped by $1,200 – which could play into the lower occupancy figure. All in all, the property is operating very close to the projections management provided a couple months ago.