To determine if occupancy levels for a specific type of property are changing, what should a property manager do?

To determine if occupancy levels for a specific type of property are changing, surveying comparable properties is a valuable approach. By assessing the occupancy rates of similar properties in the same market, a property manager can gain insights into local trends and demand pressures that may affect their own property's performance. This comparative analysis allows the property manager to understand whether the changes they observe are part of broader market movements or specific to their property.

In contrast, analyzing past occupancy rates might provide historical context but lacks the immediacy of current market conditions. Consulting industry reports may also offer insights but could be too generalized and not focused on specific local trends. Meeting with property owners is beneficial for gathering anecdotal evidence and insights, but it may not provide the statistical basis needed to understand broader occupancy trends effectively. By focusing on comparable properties, the property manager can make informed decisions based on direct competition and current market dynamics.