The Estates on San Antonio (Feb 2020 Updates)
With the joint efforts of the Centraline and the management team, The Estates on San Antonio has maintained a high occupancy rate since the acquisition. As of February 20th, 2020, the current occupancy rate of The Estates on San Antonio 2019/20 school term is 95%.
Currently, the pre-leasing rate for the 2020/21 school enters its growth phase, and more than 12 beds are booked for two consecutive weeks. As of February 10th, The Estates on San Antonio pre-leasing performance continued to be in the top bracket, reaching 40%, which was about 6% better than the market average. The average pre-lease rent is currently US$667, which is only US$14 less than the annual budget target of US$681.
The market analysis report shows that as of February 6th, 2020, The Estates on San Antonio pre-lease rate reached 36.1%, ahead of the market average of 30.6%, and ranked third in the market. The growth of pre-leasing is expected to continue in the coming months.
The outstanding lease performance of The Estates on San Antonio is partly thanks to the completion of the renovation project on schedule. In order to enhance the attractiveness of the apartment, the management and renovation company stepped up their efforts and completed the renovation works of the clubhouse and fitness room before Christmas. The new study space and game room are well received by the tenants.
With the completion of the renovation project, the management immediately uploaded the updates and pictures to Instagram and Facebook, as well as the official website. As it is now the rental growth period, the publicity efforts will accelerate the project to reach the expected pre-lease rate and the target rent.
The management company not only introduced first-rate rental agencies but also held a series of promotional activities during the university student apartment fair, and received a lot of positive feedback. There has been a surge in the number of visitors to the apartment as a result.