From Empty Apartment Complex to Fully Occupied

Overview: A Complex Without Occupancy

In December 2024, an 18-unit multifamily apartment complex in downtown Little Rock was underperforming drastically. Only four units were occupied with long-term tenants, despite the remaining units being fully furnished. The property owner had enlisted a traditional long-term property manager, but leasing efforts had stalled.

To increase occupancy, the owner partnered with a local mid-term rental host who had overflow demand from traveling nurses. That effort filled two additional units, bringing the total to six—but 12 units still sat empty, generating no revenue.

That’s when FIBI was brought in.

We were granted 8 of the vacant units and given full control to revamp, redesign, and re-strategize how to bring this building to life. Within 4 months, those units reached average occupancy rates of nearly 69%, with 88 total guest stays and 839 nights booked. The transformation led the owner to assign FIBI 6 more units for full management.

This case study breaks down how we did it—step by step.

Initial Challenges & Market Gaps

When we took over the property, we identified several core issues:

• Units lacked compelling design or amenities to appeal to today’s MTR and STR audiences
• Listing optimization was nonexistent—minimal amenities and poor OTA (online travel agency) checklist utilization
• No diversity in unit setup: all looked the same, risking internal listing cannibalization
• Bed configurations limited guest count and flexibility

Despite a prime downtown location near the Arkansas State Capitol, walkable attractions, and the city’s major medical facilities, the complex wasn’t performing.

FIBI’s Setup & Strategy: Turning Vacancy Into Velocity

We treated this project as a high-impact, high-speed conversion. Eight units. Four months. Zero excuses.

Design & Differentiation

Each unit became a standalone STR product with:

• Unique color palettes, personality-driven themes, and functional layouts
• Distinct bed configurations tailored to guest types: families, solo travelers, digital nomads
• Thoughtful checklist coverage to improve OTA search rank

Our goal was to reduce internal competition and maximize guest appeal.

OTA Listing Optimization: The Checklist That Converts

Airbnb and similar platforms reward listings that meet specific amenity and safety checklist items. FIBI made sure every unit included high-priority OTA features:

• Portable fans in every bedroom
• Collapsible baby bath, baby monitor, pack ‘n play, safety gates, outlet covers
• Board games and kids’ games: UNO, Jenga, poker set
• Children’s books and toys, step stool, child dinnerware
• Handheld showerheads, Refillable shampoo, conditioner, body wash; hand soap, tampons, cotton balls
• Fire extinguisher, luggage racks, mosquito nets, drying racks, blackout curtains
• Fully outfitted kitchens: blender, kettle, rice cooker, casserole dishes, measuring tools, pizza cutter, coffee maker, cooking oil, salt/pepper, etc.

Each of these items wasn’t just for guest comfort—they directly improved search visibility and booking conversion rates.

Setup Budget & Investment

Total Setup Investment: $50,664.79

Below is a detailed breakdown of each unit’s setup investment and configuration:

Unit 2 – $4,504.68

• Beds: Full/Queen bunk, twin trundle, convertible sofa (7 guests)
• New sofa, rug, curtains, full kitchen overhaul, towels, family amenities

Unit 7 – $2,725.40 

• Beds: King (2 guests)
• New sleeper sofa, console table/workspace, linens, full kitchen + bath essentials

Unit 10 – $3,399.96

• Beds: King + sleeper sofa (4 guests)
• New convertible couch, lift-top coffee/dining table, linens, decor, kitchen supplies

Unit 11 – $2,108.41

• Beds: Queen + convertible sleeper (4 guests)
• New sofa, console/desk combo, linens, bath & kitchen upgrades

Unit 12 – $2,555.95

• Beds: 2 Queens + futon (5 guests)
• Rearranged beds, new frames, linens, full amenity package, upgraded decor

Unit 14 – $2,691.73

• Beds: King + futon (3 guests)
• Replaced damaged couch, new area rug, linens, decor, full OTA checklist items

Unit 17 – $2,503.81

• Beds: King + convertible sofa (4 guests)
• New sleeper, coffee table, linens, kitchen + bath restock, OTA checklist items

Unit 18 – $3,307.63

• Beds: 2x Twin/Full bunks + futon (8 guests)
• Complete bedroom overhaul, new dining set, highest guest count unit

We strategically upgraded beds, added family amenities, installed blackout curtains, stocked kitchen and bathroom essentials, and ensured all listing checklist boxes were ticked.

Booking Strategy: MTR + STR = Full Funnel Revenue

To maximize revenue across various demand profiles, FIBI implemented a mixed booking strategy:

STR Units (Units 2, 12, 18):

• 1-night minimum inside 7 nights
• 2-night minimum for 8–30 days out
• 3-night minimum for 30–90 days
• 4-night minimum beyond 90 days

MTR Units (Units 7, 10, 11, 14, 17):

• 30-night minimum
• Manual overrides for gap fills under 30 days

This hybrid model gave us high visibility in short-term booking windows while allowing for long-term occupancy on MTR-optimized units.

Revenue Performance & Guest Metrics (March–July 2025)

Unit	Strategy	Beds	Sleeps	Revenue	Avg Occupancy	Nights Booked	Check-ins
2	STR	4	7	$6,900	67.32%	103	22
12	STR	3	5	$5,600	69.28%	106	15
18	STR	5	7	$3,400	57.52%	88	9
10	MTR	2	4	$4,300	89.54%	137	6
11	MTR	2	4	$3,800	100.65%	154	2
14	MTR	2	3	$7,000	100%	154	2
7	MTR	1	2	$5,300	82.35%	126	14
17	MTR	2	3	$3,920	63.40%	97	11

Total Revenue: $40,220
Total Nights Booked: 839
Average Occupancy: 68.55%
Total Check-ins: 88

In just four months, FIBI transformed a struggling asset into a high-performing, revenue-generating building. Eight units that were sitting vacant in December are now producing consistent bookings, five-star reviews, and increasing revenue.

📌 As of July 2025, the property owner awarded FIBI six additional units—a direct result of our ability to execute quickly, drive performance, and create operational clarity.

 

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