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Vacancy and Occupancy: An In-Depth Look at Where and How the Occupancy and Vacancy Fields Should be Used

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N1 has multiple fields for Vacancy/Occupancy to capture “instances”. See below for usage details.

Income & Expense - Vacancy/Occupancy

The main Vacancy/Occupancy fields can be found for Data entry purposes in the Income and Expense tab in N1-Web. These fields should be tied to the appropriate Expense instance. Note that the “active” expense instance will tie with the “active” sale instance.

Entering in the vacancy rate will auto-calculate the Occupancy rate from 100%. If PGI is entered, the Vacancy Amount will also auto-calculate, although you may overwrite the value.
PGI.png

For comp data, the fields will be as follows:

  • Vacancy % = Vacancy
  • Occupancy % = Occupancy
  • Vacancy $ = Vacancy Amount

Time of Sale - Vacancy/Occupancy

The “Time of Sale” fields are optional fields where the appraiser would like to keep data that happened at the time of sale with the record. Essentially a record of the Occupancy/Vacancy surveyed at the time of Sale.

Users can hand enter or copy vacancy and occupancy data from the active instance in the income/expense tab.
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For comp data, the fields will be as follows:

  • Vacancy % = TOS Vacancy Rate
  • Occupancy % = TOS Occupancy Rate

Commercial Lease - Vacancy

The Comm Lease Vacancy field (1.19 release) allows for entry of a vacancy percentage that is not tied to the inc/exp entry. This can be utilized for properties that are mixed-use or in other scenarios where the data entry for vacancy should be kept separate.

For comp data, the field will be as follows:

  • Commercial Vacancy

Multifamily Lease - Vacancy/Occupancy

The MF Lease vacancy/occupancy fields calculate based on vacant units. Ideal workflow is as follows:

1. Enter no. of units and vacant units per Unit Type:
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For comp data, the field will be as follows:

  • Type 1 Vacant Units (where number is index of unit type)

2. User can then hand-enter or use the "Calculate Vacant Units" button to pull the total vacant units. User can then hand-enter or use the “Calculate Vacancy” button to calculate the Vacancy Rate. MF Occupancy will be auto-calculated from the Vacancy.
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For comp data, the field will be as follows:

  • Vacant Units
  • Vacancy Rate
  • MF Occupancy

Lodging & Hospitality - Occupancy

This field is used to calculate Revenue Per Available Room and can be pulled in from the inc and expense data as needed. Fields will appear in the Improvements tab when the “Lodging & Hospitality” view is enabled.
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For comp data, the field will be as follows:

  • Lodging Occupancy