InterRent REIT making “positive strides”: CEO

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InterRent REIT’s second-quarter gross rental revenue increased 29.6 per cent from the same period a year earlier, the Ottawa-based company said Wednesday.

“Our customer centric rental operations model continues to make positive strides with regards to improving occupancy and driving rents on suite turnover,” CEO Mike McGahan said in a statement.

Gross rental revenue for the quarter was $20.7 million, while operating revenue was $20.6 million, up 31.5 per cent from the second quarter of 2014. Net operating income for the quarter was $12.3 million, or 59.3 per cent of operating revenue, compared with $9.2 million, or 58.6 per cent of operating revenue, for the same quarter last year.

InterRent said its average monthly rent was up 3.3 per cent from last year at $978. Its vacancy rate for June 2015 was 4.9 per cent, down from 5.8 per cent a year earlier. The company has 7,663 total suites as of June 30, an increase of 25 per cent from the same time last year.