Yesterday, in the afternoon, I signed seven new residential leases for an average of roughly $2500 / month.
It got me thinking about how weird it is that we consider leases on a monthly payment basis and about how much money is actually going through our office each month.
After all, those seven leases represented contracts for the provision of safe, healthy housing over 12 months for $2500 x 7 units x 12 months = $210,000(!).
In almost any other context, signing contracts worth that much would be a major deal… but we do it here every week.
In fact, if you think about our whole tenanted portfolio of approx. 250 units, we have something like $7.5MM worth of rent coursing through our organization each year… which will grow to something like $13-14MM by December.
Too bad we only get a teeny, tiny slice of that money (for now!).