What type of expenses remains unchanged regardless of occupancy levels?

Fixed expenses are costs that remain constant regardless of occupancy levels. These expenses include things like property taxes, insurance, and mortgage payments, which do not fluctuate based on how many units are occupied or how many tenants are present. This stability allows property owners and managers to anticipate and plan for their expenses without worrying about changes in rental income due to varying occupancy rates.

Variable expenses, on the other hand, are directly related to occupancy levels; they can increase or decrease based on how many units are rented. Examples include maintenance costs, utilities, and cleaning services, which are often higher when occupancy is full and lower during vacancies.

Contingent expenses are not a standard category in property management discussions and are typically considered as expenses that occur under certain conditions, which do not maintain a steady pattern like fixed expenses.

Operational expenses generally encompass both fixed and variable costs associated with running a property. Since they contain elements that can change based on occupancy, they don't have the same consistency as fixed expenses.

Therefore, fixed expenses are the correct choice, as they stay the same irrespective of how many tenants or occupants are in the property.