Let’s say you have a 20-unit apartment building that was built 30 years ago. Because of its age, let’s say it’saCproperty. Occupancy has dropped to 77 percent and rents are low. They’re doing anything they can to keep the old tenants, so they are not raising rents. That’s causing a lot of deferred maintenance on the property (that is, repairs that need to be done and have been neglected). It’s hard to get new tenants to move in because the place doesn’t look good. You can see, of course, the vicious cycle: Because they can’t get new tenants to move in, they don’t have the cash to do repairs. Their vacancy drops even more. This is the situation at a lot of properties in need of help.
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- (no access) - [David_Lindahl]_Multi-Family_Millions_How_Anyone_(b-ok.org).pdf, p67
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