Providing quality senior living accommodations can be rewarding on multiple levels:

• Multi-family property in Novi can be a handsome addition to your property investment portfolio
• You get to provide a comfortable place to live for the most valued members of society.

To see these rewards from your Novi investment properties, it takes careful planning and forethought. Here are some of the more important advantages—and challenges—to keep in mind if you’re thinking of turning a multi-family property into a senior living community.

Managing multi-family investment properties in Royal Oak comes with unique challenges: each unit has its own needs—as do the tenants inside.

Although you’ve likely heard of some of the benefits of hiring a Royal Oak property manager to support your property investment portfolio, how can you tell when it’s time to call in the big guns? This can be particularly challenging to gauge when you have multi-family properties.

If one—or more—of the following apply to you, it’s time to take your real estate portfolio to the next level by teaming up with a Royal Oak property manager.

In Detroit, if your multi-family occupancy rate is less than 78%, you may be falling behind the competition. However, this is a relatively low figure: nationwide, the occupancy rate is above 93%!

If you want to keep up with the rest of the country, you will have to have—on average—all of your units rented about 340 days out of the year; 13 out of 14 units should be occupied at any given time. Given the challenges in keeping multi-family rental properties adequately occupied, what steps can you take to help keep the kinds of tenants that help fuel your property investment portfolio?

Here are some important considerations when trying to increase your multi-family occupancy.