Greenville Property Management Case Study: Improving Rent Roll Performance for a 10-Unit Property
This Greenville property management case study reviews how Jones Assurance Property Management improved the property performance of a 10-unit rental property between 2022 and 2024.
When Jones Assurance Property Management took over management, the asset had measurable upside but was not operating at its income potential.
Two units were vacant and had been vacant for months, creating an initial 20% vacancy rate. Several occupied units were also renting below market. The property was losing income from both vacancy and rent roll underperformance.
The appropriate strategy was not a blanket rent increase. Immediate market-rate adjustments across the entire rent roll could have increased turnover risk, created vacancy concentration, and reduced the benefit of higher rents through lost income and make-ready costs.
The property required a disciplined asset management approach: stabilize occupancy, benchmark rents to market, lease vacant units at appropriate rates, and transition below-market leases without disrupting property-level income.
Greenville market conditions improved during this period, but market movement alone did not produce these results. The outcome required active leasing execution, rent roll analysis, renewal management, concession strategy, and turnover sequencing.
Executive Summary
From 2022 to 2024, Jones Assurance Property Management improved property-level performance through rent roll management and occupancy stabilization. The performance improvement occurred over a 24-month management period.
- 59.1% increase in monthly rent income: from $6,365 in 2022 to $10,125 in 2024
- 27.3% increase in average rent per unit: from $796 in 2022 to $1,013 in 2024
- Vacancy stabilized from 20% to full occupancy: with 2 of 10 units vacant for months at takeover
- $45,120 increase in annualized scheduled rent income: compared to 2022
- Operational drivers: leasing execution, turnover sequencing, controlled concessions, renewal management, and rent roll analysis
Property Snapshot
Property identity withheld for owner and resident privacy.
| Category | Detail |
|---|---|
| Property Type | 10-unit multifamily property |
| Market | Greenville area |
| Management Start | 2022 |
| Initial Vacancy | 2 of 10 units |
| Initial Vacancy Rate | 20% |
| Primary Challenge | Vacancy loss and below-market rents |
| Core Strategy | Occupancy stabilization, market rent benchmarking, renewal management, and controlled turnover sequencing |
| Result | 59.1% increase in monthly rent income from 2022 to 2024 |
Case Study Data
| Data Point | Detail |
|---|---|
| Property Type | Multifamily rental property |
| Unit Count | 10 units |
| Market | Greenville area, Upstate South Carolina |
| Years Reviewed | 2022 through 2024 |
| Starting Vacancy | 2 of 10 units vacant |
| Starting Vacancy Rate | 20% |
| Ending Occupancy | Full occupancy |
| Average Rent Growth | 27.3% increase |
| Monthly Rent Income Growth | 59.1% increase |
| Additional Monthly Rent Income | $3,760 |
| Additional Annualized Scheduled Rent Income | $45,120 |
| Primary Management Drivers | Leasing execution, rent roll analysis, market benchmarking, renewal strategy, concession management, and turnover sequencing |
The Asset Management Challenge
The property had two performance issues occurring at the same time.
First, 20% of the property was not producing rent. For a 10-unit multifamily asset, that level of vacancy has an immediate impact on monthly income.
Second, several occupied units were below market. Those units were producing rent, but not at a level consistent with the property’s achievable income profile.
The challenge was correcting both issues without creating a new operating problem. Raising rents too slowly would leave income unrealized. Raising rents too aggressively could trigger multiple move-outs, increase make-ready costs, and delay income recovery.
The asset needed a strategy that improved rent performance while protecting occupancy.
Operating Strategy
We approached the property through three operating priorities: lease vacant units at market-supported rents, manage existing tenant increases with discipline, and control turnover timing.
Reset Pricing on Vacant Units
The first priority was resolving the two long-term vacancies.
We listed the vacant units at market rent rather than filling them below market for speed alone. This established a stronger income baseline for the property and avoided locking new leases into another cycle of underperformance.
A vacant unit needs to lease, but the lease rate matters. Solving vacancy at the wrong price can improve occupancy while limiting asset performance for the next lease term.
Manage Existing Tenant Increases with Discipline
The existing rent roll required a more nuanced approach.
Several tenants were below market, and in some cases, the gap was meaningful. Moving every lease to full market rent immediately may have appeared attractive from a rent roll perspective, but it could have created unnecessary vacancy and operational disruption.
We reviewed each situation individually, including rent gap, lease timing, resident history, property condition, and vacancy risk.
In some cases, we accepted a less-than-market rent for a defined short-term period. This gave the tenant time to plan while preserving the owner’s ability to move the unit toward market rent. These concessions were not permanent income sacrifices. They were controlled transition tools designed to reduce vacancy concentration and support a more orderly rent adjustment.
Sequence Turnover and Marketing
Turnover timing was treated as part of the income strategy.
Rather than forcing multiple below-market units into vacancy at the same time, we used lease timing, renewal decisions, and limited concessions to stagger transitions. This allowed units to be prepared, marketed, and leased in a more controlled sequence.
For a 10-unit property, avoiding vacancy concentration is critical. One vacancy is manageable. Several simultaneous vacancies can reduce monthly income, strain make-ready coordination, and create pressure to discount.
The impact of these operating decisions is reflected in the property’s rent growth, occupancy stabilization, and monthly income results.
Performance Results
The following charts and figures reflect rent roll and monthly rent income data over the management period.
Average Rent Per Unit Increased 27.3%
We increased average rent per unit from $796 in 2022 to $1,013 in 2024.
That represents a 27.3% increase.
The largest increase occurred between 2022 and 2023 as long-term vacancies were leased at stronger rates and existing rents began moving closer to market.
Monthly Rent Income Increased 59.1%
We increased monthly rent income from $6,365 in 2022 to $10,125 in 2024.
That represents a 59.1% increase.
| Year | Monthly Rent Income |
|---|---|
| 2022 | $6,365 |
| 2023 | $9,675 |
| 2024 | $10,125 |
By 2024, the property was producing $3,760 more per month than it was in 2022.
That equals approximately $45,120 in additional annualized scheduled rent income.
Why Income Growth Outpaced Rent Growth
The distinction between rent growth and total income growth is central to this multifamily case study.
Average rent per unit increased 27.3%.
Monthly rent income increased 59.1%.
The larger property-level income gain occurred because we addressed both variables: occupancy and rent positioning. Filling the long-term vacancies increased the number of income-producing units. Moving rents closer to market increased the income generated by each unit.
If the strategy had focused only on rent increases, the improvement would have been smaller. If it had focused only on filling vacancies without correcting pricing, the property would have remained below its income potential.
Methodology
This case study is based on rent roll analysis and monthly rent income data from 2022 through 2024 during Jones Assurance Property Management’s management period. The performance improvement occurred over a 24-month management period.
The analysis compares average rent per unit and total monthly rent income by year. The performance improvement reflects multiple operating factors, including lease-up of long-term vacant units, market benchmarking of vacant-unit pricing, review of below-market occupied units, renewal decision-making, controlled use of short-term rent concessions, leasing velocity, make-ready timing, and turnover sequencing.
Performance is presented at the property level based on rent roll and scheduled income tracking during the management period. Figures are rounded to standard reporting levels for clarity.
This case study is based on documented operating and rent performance data collected during active management.
The figures represent property-level scheduled rent performance and do not represent a guarantee of future results for other properties.
Asset Management Takeaway
The case study demonstrates the importance of execution sequence in small multifamily management.
The property did not require a speculative repositioning strategy. It required disciplined operating decisions: correct vacant-unit pricing, stabilize occupancy, benchmark existing rents, manage renewal risk, and avoid unnecessary vacancy concentration.
For owners and investors, the broader lesson is that rent improvement is not only about the final rent target. The path to that target matters. Timing, tenant communication, turnover control, and leasing execution can materially affect the net result.
Greenville Area Relevance
Small multifamily owners in the Greenville area operate in a market where rent growth, affordability, property condition, and resident retention must be evaluated together.
A property can remain fully or mostly occupied while still underperforming if rents are not reviewed against current market conditions. At the same time, aggressive rent movement can create vacancy that reduces or delays the benefit of higher lease rates.
For 2-to-20-unit properties, the margin for error is narrow. This rent growth case study shows how active management can improve asset performance by identifying income leakage, correcting rent positioning, and managing tenant transitions in the proper sequence.
Final Outcome
By 2024, Jones Assurance Property Management helped move this Greenville area 10-unit multifamily property from a partially vacant, underperforming asset to a stabilized property with stronger operating results.
The property stabilized from an initial 20% vacancy rate, with 2 of 10 units vacant, to full occupancy.
We increased average rent per unit from $796 to $1,013, a 27.3% increase.
We increased monthly rent income from $6,365 to $10,125, a 59.1% increase.
The property generated approximately $45,120 in additional annualized scheduled rent income compared to 2022.
The performance improvement was driven by market-based leasing, rent roll analysis, renewal management, controlled transition concessions, and disciplined turnover timing.
Firm Profile
Jones Assurance Property Management operates across residential and multifamily assets in Greenville and Upstate South Carolina. The firm’s approach includes rent analysis, leasing execution, tenant communication, renewal management, maintenance coordination, reporting, and operational review of property performance.
This page is intended to document one example of Greenville multifamily property management execution based on actual operating data.
Relevant Resources
Relevant resources include:
- Residential Property Management Services
- Greenville Property Management Services
- Rental Income Calculator
- Contact Jones Assurance Property Management
Disclaimer
This case study reflects one property’s actual performance. Results vary by property condition, location, market demand, rent positioning, tenant history, lease timing, vacancy, and owner objectives.
Case Study FAQ
What was the property’s condition when JAPM took over?
When Jones Assurance Property Management took over in 2022, the Greenville area property had 10 units, with 2 units vacant. That created an initial 20% vacancy rate. Several occupied units were also renting below market.
What was the core operating issue?
The property had two income constraints: vacant units and below-market rents. The management strategy needed to improve both without creating unnecessary turnover.
How much did average rent per unit increase?
Average rent per unit increased from $796 in 2022 to $1,013 in 2024, a 27.3% increase.
How much did monthly rent income increase?
Monthly rent income increased from $6,365 in 2022 to $10,125 in 2024, a 59.1% increase.
How much additional annualized income did the property produce?
By 2024, the property produced $3,760 more per month than it did in 2022. That equals approximately $45,120 in additional annualized scheduled rent income.
How did JAPM handle below-market tenants and short-term concessions?
Some existing rents were significantly below market, but immediate full market adjustments could have created avoidable turnover. Each situation was reviewed based on rent gap, lease timing, resident history, and vacancy risk. Short-term concessions were used selectively to manage the transition from below-market rent to market-supported rent, reduce the risk of simultaneous vacancies, and give tenants time to plan.
How did turnover timing affect the result?
Turnover timing helped protect property-level income during the adjustment period. By avoiding a cluster of vacancies, units could be prepared, marketed, and leased in a more controlled sequence.
What was the main reason income increased faster than rent per unit?
Income increased faster because the property improved both occupancy and rent positioning. Filling long-term vacancies increased the number of rent-producing units, while rent adjustments increased income per unit.
Does this case study guarantee similar results?
No. This case study reflects one property’s performance. Results depend on property condition, market demand, current rents, vacancy, tenant history, lease timing, and owner objectives.