Hi guys,
I'm hoping you can shed some light around the area and I'm wondering if it's just me that potentially had this mistaken all along.
Regarding vacancy rates:
If an area has a 2% vacancy rate, does this mean:
a) at any given time of the year, 2 out of every 100 properties in the respective suburb is vacant?
b) on average, a property in that suburb remains vacant for 2% of the year i.e. 365 days x 2% = property is vacant for 7.3 days (on average)
I've thought this whole time that that it was (a), but I was reading a book yesterday which lead me to believe the latter.
Cheers,
Taku
Did I completely misunderstand what vacancy rates meant all along!??
I'm hoping you can shed some light around the area and I'm wondering if it's just me that potentially had this mistaken all along.
Regarding vacancy rates:
If an area has a 2% vacancy rate, does this mean:
a) at any given time of the year, 2 out of every 100 properties in the respective suburb is vacant?
b) on average, a property in that suburb remains vacant for 2% of the year i.e. 365 days x 2% = property is vacant for 7.3 days (on average)
I've thought this whole time that that it was (a), but I was reading a book yesterday which lead me to believe the latter.
Cheers,
Taku
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