Which action by a property owner would NOT increase the net operating income?

The action of refinancing to a lower interest rate does not directly affect the net operating income (NOI). Net operating income is calculated by taking the total income generated from a property and subtracting the total operating expenses. While refinancing can lower monthly mortgage payments and improve cash flow, it does not change the income generated by the property or its operating expenses.

In contrast, cutting expenses effectively increases net operating income by reducing costs associated with property management, maintenance, or other operating expenses. Increasing occupancy leads to greater rental income since more units are occupied, resulting in higher total income. Raising the rent also contributes to increased income per unit, which directly boosts net operating income as long as occupancy is maintained.

Since refinancing impacts financing costs rather than income or operating expenses, it is the action that would not increase the net operating income.