Last modified on October 13th, 2017
By Christina Burch
But before you do, it’s wise to get caught up on all the market has been saying.
In a recent webinar, we took a deep dive into the latest regional and national trends for rental and job growth, occupancy rates, and more.
Here’s what you need to know to set yourself up for success:
- Millennials continue to make up the largest portion of the population (and are likely your largest demographic of renters). However, the Baby Boomer generation is catching up. Their desire to transition into senior housing – or other rental options – is going to increase largely in the future.
- Mobile is here to stay. We all know that mobile phones have changed the way we communicate, research, and create, so it’s no surprise that mobility has become standard in the rental industry. 84% of renters use mobile phones during the apartment search process. Having mobile-friendly features make all the difference in attracting renters, filling vacancies quickly, and boosting resident retention and satisfaction.
- U.S. job growth continues to climb. Property managers should be aware that the U.S. economy has added more than 200,000 new jobs for the second straight month in July. These figures have topped economists’ estimates and mean that the unemployment rate has fell to 4.3%, matching the lowest level since May 2001. It’s wise to take note of how your market is responding to the increased demand for rentals.
While there’s plenty to interpret in today’s rental landscape, property managers should focus on staying informed and adjusting their strategy accordingly. With several new demographics turning toward renting, outline a plan to attract these generations with targeted amenities and features. Also, keep a close eye on job growth and your market’s supply. Staying equipped with this knowledge, especially when speaking with owners, will help you finish out the year strong and prepare for a big 2018.
For more, check out the recording below: