This Tacoma, Washington-based real estate development company recently issued a press release announcing that its current portfolio of eleven rental properties is operating at full occupancy (with a vacancy rate of only one to two days per unit) due to a waiting list of prospective tenants. This news is particularly compelling because traditionally the winter months are known for their high vacancy rates.
Due to the shaky housing and credit markets, many renters (and even some homeowners) are being forced to downsize, which is creating a boom for Cascadia that should last for several months. The increasing demand has caused management to reevaluate its pricing to meet the market equilibrium. Over the next few weeks, the company plans to review each of its properties and implement rent increases of five to ten percent where appropriate. This will translate into an immediate increase in revenues, and should positively impact the company’s bottom line, since there will be no increase in costs accompanying this additional revenue.
The company has recently grown in size, and now operates 11 properties with 21 rental units located in Seattle and Tacoma, WA. In an update to shareholders, President and CEO, Nazir Maherali stated, “The last year was a good year for the company and we hope to not only double the size of our portfolio but to exceed it by 20% in 2008, thereby growing our asset base, boost revenues and increase shareholder value.”
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