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Recommend monitoring leads closely in the next two weeks to ensure leasing pace doesn’t slow into September.
Negative YOY: Occupancy fell from 71.3% to 64.0% (–7.3 pts, –10.3%) and Net Rent fell 9.2%.Root causes: Jan 2026 saw fewer move‑ins (25→18) and more vacancies (Vacant 190→228) and unrentable units (3→10) vs Jan 2025. The site also had new auction move‑outs (0→4) and fewer complimentary rentals (4→1). These point to higher turnover and downtime. (Management raised the rate PSF from ~$14.33 to $16.29, but heavy vacancy still drove occupancy down). This aligns with reports of softening NC markets under new supply. Revenue was up YOY, aided by higher rates, but occupancy losses and some delinquency (AR>30% up) are concerns.Analysis: Occupancy drop correlates with fewer rentals and higher vacancy in January. New supply pressure in the region likely depressed demand. Higher rates mitigated revenue loss but pinch occupancy.Actions: Boost leasing (target vacant units), offer concessions if needed, and expedite turnover. Improve collections (AR>30 jumped) to ensure rent realization.
Negative YOY: Occupancy was flat (78.1%→78.0%, –0.1 pt). No decline in rents or revenue.Root causes: January 2026 saw similar move-ins (17→20) and move-outs (25→24) vs Jan 2025. Auctions were down (7→4) and vacancy nearly unchanged (157→159). All occupancy-related metrics are stable. Notably, net rent and revenue rose strongly (+12.3% and +20.2%), likely from higher rents (despite a slight rate PSF dip) and better collections (AR>30% roughly steady).Analysis: Occupancy held steady. The property captured higher revenue via rate increases (AR>30% improved slightly). No glaring negatives this month.Actions: Continue maintaining occupancy with proactive tenant retention. Monitor collections (AR unchanged) and keep pricing competitive.
Negative YOY: None. Occupancy improved from 57.0% to 64.0% (+7.0 pts, +12.2%). Rents and revenue also rose.Root causes: Jan 2026 saw more move‑ins (8→13) and constant move-outs (3→3). Vacancy fell (130→121). This suggests better leasing activity. AR>30% and concessions were stable.Analysis: All metrics improved. Strong occupancy gains suggest effective leasing or market demand. Negative trends aren’t present. Continue current strategy.
Negative YOY: Actual Occupied Rent down (–1.0%). Occupancy nearly flat (–0.2 pts).Root causes: January data show move-ins dropped (18→14) while move-outs were similar (14→15). Auction move-outs were minimal both years. Vacant units fell (207→147), perhaps due to tighter inventory or deferred leasing. The rate PSF dropped slightly (–1.0%), causing a small rent decline. AR>30% was unchanged (~2.8%).Analysis: Occupancy is flat, but net rent slipped due to a slight rate cut (Actual Rate PSF –1%). The big drop in unrentable units (13→7) means more units were available – possibly cushioning the occupancy rate. No sign of concessions.Actions: Reassess pricing: if market rates softened (consistent with regional trends), consider targeted rent bumps. Boost lease-up of remaining vacant spaces. Maintain tight collections.
Negative YOY: Occupancy fell (87.8%→86.0%, –1.8 pts, –2.1%).Root causes: Jan 2026 had more move-outs (9→13) and auctions (0→2), and a jump in vacancies (117→148) versus Jan 2025. Move-ins were stable. These indicate higher turnover and downtime. The rate PSF dipped slightly (–0.8%) but rent/revenue still edged up modestly (+1–2%).Analysis: The slight occupancy dip stems from increased move-outs/auctions and rising vacancy. This suggests lease expirations or renters leaving faster than replacements. (Industry sources note similar occupancy softening due to oversupply.)Actions: Focus on retention to reduce move-outs and minimize vacancy days. Evaluate if rent rates are market-aligned (rents rose slightly, but occupancy fell).
Negative YOY: All three metrics dropped sharply. Occupancy –15.6 pts (–18.7%), Rent –11.7%, Revenue –13.2%.Root causes: Jan 2026 saw far fewer move-ins (29→9) and more move-outs (7→21, including 2 auctions) compared to Jan 2025. Vacancies surged (168→182) and unrentable jumped (0→4). Despite an increased rate PSF (+2.0%), occupancy plummeted. Clearly, high churn and slower leasing drove performance down.Analysis: The steep occupancy fall reflects critical leasing issues: very low move-ins and many auctions. Market-wide oversupply may have left this site severely under-leased (consistent with NC’s softening rents).Actions: Urgently stimulate demand (deep concessions, marketing campaigns) to fill vacancies. Consider reviewing competitive rates and adding services to attract renters. Tighten pre-lease screening to reduce auctions.
Negative YOY: Occupancy –8.8 pts (–12.2%), Rent –13.8%, slight Rev –0.5%.Root causes: Move-ins fell (20→12) and move-outs rose (11→18, including 1 auction). Vacancies jumped (178→191) and unrentable increased (1→2). Though the rate PSF went up (+7.5%), renters appear to have left faster (similar to Flat Rock). AR>30 rose (12%→15%).Analysis: The broad declines suggest weakened demand or price resistance: despite raising rents, occupancy and net rent fell. The rise in AR>30% indicates collection issues. Market reports of heavy supply growth in the region mirror this softness.Actions: Re-examine pricing (make sure rents aren’t above market). Ramp up occupancy via targeted discounts and better lease terms. Improve collections to prevent revenue leakage.
Negative YOY: Occupancy –20.6 pts (–22.2%).Root causes: Despite higher revenue and rent (rates up), occupancy dived. In Jan 2026, there were more move-ins (3→9) and fewer move-outs (3→1), but vacancies ballooned (9→70) and unrentable more than doubled (4→11). This likely reflects a large increase in available inventory (former unrentable spaces). The business raised rates (PSF +4.9%), boosting income, but the utilization rate fell sharply. AR was zeroed out (improved collections).Analysis: The occupancy plunge appears driven by a supply change – many more RV spaces became rent-ready (unrentable ↑ from 4 to 11), diluting utilization despite higher demand at top rates. The revenue jump shows successful pricing.Actions: Re-focus on leasing new spaces to bring occupancy back up. Continue premium pricing while marketing the added capacity. Ensure prompt maintenance turnaround to convert unrentable units.
260211 ModBox Meeting Notes
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Date
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Gastonia and Mooresville remain a focus
@Dave Keenum
Mon, Aug 11
May need to pull down rates at these 2 properties
Mon, Aug 11
Guardian is on the come up
Mon, Aug 11
Guardian is pending CO for Row 4
Mon, Aug 11
Activity has slowed some for the Portfolio so far in August
Mon, Aug 11
@Dave Keenum
Mon, Aug 11
Mint Hill Construction
Tue, Oct 14
Guardian Inventory is in
Tue, Oct 14
Flat Rock Leads are dropping 43 move outs since 11/1
Tue, Dec 16
Tue, Dec 16
There are no rows in this table
January 2026 vs January 2025 Property Performance
Across the portfolio, January 2026 (CY) vs January 2025 (PY) shows mixed results. In many Southern markets, high new supply has led to softer occupancy and rents. Nationally, Yardi reports slight YOY occupancy declines and flat rents into late 2025. The tables below summarize each property’s key metrics (Occupancy, Actual Occupied Rent, Revenue Collected) for Jan 2026 and Jan 2025, with absolute and % YOY changes. Negative trends are highlighted and traced to the dataset (move-ins/outs, vacancy, etc.). Recommendations follow each analysis.
ModBox – High Point
Table 26
Metric
Jan 2026 (CY)
Jan 2025 (PY)
Abs Change
% Change
Occupancy (%)*
64.0%
71.3%
–7.3 pts
–10.3%
Actual Occupied Rent
$59,781.80
$65,864.00
–$6,082.20
–9.2%
Revenue Collected
$70,278.79
$66,206.51
+$4,072.28
+6.2%
There are no rows in this table
ModBox – Piedmont
Table 27
Metric
Jan 2026 (CY)
Jan 2025 (PY)
Abs Change
% Change
Occupancy (%)*
78.0%
78.1%
–0.1 pts
–0.1%
Actual Occupied Rent
$82,210.24
$73,189.00
+$9,021.24
+12.3%
Revenue Collected
$87,035.27
$72,381.99
+$14,653.28
+20.2%
There are no rows in this table
ModBox – Gastonia
Table 28
Metric
Jan 2026 (CY)
Jan 2025 (PY)
Abs Change
% Change
Occupancy (%)*
64.0%
57.0%
+7.0 pts
12.2%
Actual Occupied Rent
$21,632.60
$19,754.00
+$1,878.60
9.5%
Revenue Collected
$22,252.30
$20,637.00
+$1,615.30
7.8%
There are no rows in this table
ModBox – Mooresville
Table 29
Metric
Jan 2026 (CY)
Jan 2025 (PY)
Abs Change
% Change
Occupancy (%)*
72.0%
72.2%
–0.2 pts
–0.2%
Actual Occupied Rent
$63,384.32
$64,027.00
–$642.68
–1.0%
Revenue Collected
$70,419.71
$67,898.59
+$2,521.12
+3.7%
There are no rows in this table
ModBox – East Flat Rock
Table 30
Metric
Jan 2026 (CY)
Jan 2025 (PY)
Abs Change
% Change
Occupancy (%)*
86.0%
87.8%
–1.8 pts
–2.1%
Actual Occupied Rent
$49,653.36
$48,782.00
+$871.36
+1.8%
Revenue Collected
$53,572.51
$52,746.52
+$825.99
+1.6%
There are no rows in this table
ModBox – Flat Rock
Table 31
Metric
Jan 2026 (CY)
Jan 2025 (PY)
Abs Change
% Change
Occupancy (%)*
68.0%
83.6%
–15.6 pts
–18.7%
Actual Occupied Rent
$37,326.16
$42,289.00
–$4,962.84
–11.7%
Revenue Collected
$36,317.13
$41,860.43
–$5,543.30
–13.2%
There are no rows in this table
ModBox – Mint Hill
Table 32
Metric
Jan 2026 (CY)
Jan 2025 (PY)
Abs Change
% Change
Occupancy (%)*
63.0%
71.8%
–8.8 pts
–12.2%
Actual Occupied Rent
$59,272.60
$68,774.00
–$9,501.40
–13.8%
Revenue Collected
$63,926.91
$64,253.32
–$326.41
–0.5%
There are no rows in this table
ModBox – Guardian RV
Table 33
Metric
Jan 2026 (CY)
Jan 2025 (PY)
Abs Change
% Change
Occupancy (%)*
72.0%
92.6%
–20.6 pts
–22.2%
Actual Occupied Rent
$91,145.68
$81,271.00
+$9,874.68
+12.2%
Revenue Collected
$90,117.44
$76,661.14
+$13,456.30
+17.6%
There are no rows in this table
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