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more and more people are reporting reductions in occupancies and a drop off in telephone inquiries and office drop-ins.
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Sounds like you are being told rental activity is down based upon inquiry activity being down. If people are not inquiring then it would seem rate never enters the equation.
Determining rate influence to closing activity can only be measured by closing % by unit type. And even then, rate may not be why close is not occurring. It could be curb appeal, it could be sales technique, it could be poor professionalism by on site management. The old saying of 'people, product, promotion and price', in that order, determines your ability to sell, especially in todays climate is ringing true.
The real question seems to be 'are your inquires down?' and what methods are being used to drive more on the front end so you have more closings on the back end?