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Businesss Q&A: Jim Armstrong: Today's rental market is dynamic
Visalia Times - Delta / Tulare Advance - Register - Visalia, Calif.
Author: HILLARY S MEEKS
Date: Jan 14, 2012
Start Page: C.1
Section: LOCAL
Text Word Count: 982
Abstract (Document Summary)

So much of vacancy is determined by price -- if you own a 10-unit apartment building and you rent for $500 each and you rent them all, you're 100 percent occupied. If I have 10 units across the street and rent for $600 each but have one unit vacant, then I have a 10 percent vacancy, but I'm making more money than you.

I'm not alarmed, there's several dynamics in the market that we can only guess at. Moving forward, it's very difficult. There's a lot of rentals coming on the market owned by investors who bought up foreclosures and turned them into rentals.

You can run every exposure you could possibly be in to allow people to see the property is for rent, and we make ourselves as available as possible to do whatever we have to do to get people in a rental, but if that property isn't renting, it means the rent needs to be adjusted. Maybe just a little bit every couple of weeks, and that's how you find out if the rent needs to be adjusted.

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