The conventional wisdom among multifamily owners and operators is that occupancy and net operating income (NOI) are essential measures of an asset's health. Knowing how many units are occupied and how much revenue those units generate has been the way to gauge financial and operational performance. But multifamily experts told ApartmentBuildings.com that these metrics, while important, can also mask underlying operational problems. "Occupancy is one of the easiest numbers in this business to manufacture," said Garrett Karam, chief investment officer...