105.02

Qualified Occupants

Requirements

When calculating physical occupancy, you must only include tenants who

  • physically occupy the unit, and
  • have commenced paying rent.

Guidance

You may include any tenant who:

  • was under a standard lease for at least 6 months, then converted to a month-to-month lease when the lease expired; or
  • is under a lease with a term of less than 6 months, if shorter-term leases
    • are commonly accepted in the market area, and
    • do not reflect weakness in the market.

You may include non-revenue producing units such as

  • management units,
  • employee occupied units,
  • maintenance units, and
  • model units.

Such units should not exceed what is usual and customary for stabilized properties in the market.