As anyone in the property management business is likely more than well aware of, the world of rental living is a growing one – at least here in the United States. After all, the data that has been gathered on the subject more than backs this up. This data clearly shows that up to more than four million new people and households will become renters over the course of the next ten years or so, at least according to research that has been conducted by Harvard’s Joint Center for Housing Studies. Currently, more than 42.5 million housing units of various types are occupied all throughout this country, a number that will only grow in the years that are ahead of us.
Those in the profession of property management can shed some light on why this is the case. For one thing, the average professional involved in property management is likely to be well aware of just what aspects of the property and property management services available are drawing renters in. For one thing, it’s the amenities than any rental property has to offer. In fact, more than half of all property management professionals feel that the presence of a pool and a fitness center has a profound impact on the ability to draw in new residents, with most tenants listing such things in their top three desired amenities included.
Good property management can also be effective at keeping current tenants in place for a number of years and not just for one. With more than 30% of all renters moving each and every year – and poor property management often playing a role in that – tenant consistency has been key for many a property management professional to work to maintain. When the property management is good, after all, tenants are much more likely to live in an apartment or other such rental unit for an extended period of time – even in cases where the rent must increase (something that can happen for a variety of factors, as anyone involved in the world of property management will likely be able to tell you).
Fortunately, the majority of all property management professionals aren’t worrying about filling their properties, as more and more people are now choosing to rent a property instead of buy one. In surveys that have been recently conducted among the rental population of this country, the reasons why have been made much more clear, aside from just the ones that are cited by property management professionals above (as important as those might be).
For instance, up to one quarter of all renters choose to live in a rental units instead of buying a home, though they have the means to do so. This makes them renters by choice and the vast majority of renters those who are renting out of necessity. In many cases, for both groups of renters, this is due to finances, as renting can be a better financial decision than buying – something that might come as a surprise to a good deal of people. As a matter of fact, up to half of all renters are choosing to rent simply because it allows them to have a more comfortable budget, something that reduces stress in their life as a whole (and therefore improves their overall quality of life quite impressively, to say the very least).
In addition to all of this, there are now more apartments to rent than ever before, allowing for more decision making to get the best one possible, something that property management professionals have taken note of in recent years. For instance, luxury apartments are growing ever more popular. Though a typical luxury apartment might be a bit more expensive than another apartment that is not classified as luxury, the amenities and overall quality of living that come with living in such an apartment can be impressive – and more than worth the extra money spent – for many a person who is choosing to rent instead of buy, especially for those who are doing so out of choice and not out of necessity.