The best renters, those with high credit scores and low maintenance needs, are highly sought after in the new rental market. Renters report that they don’t mind paying a premium for a home where they feel safe and comfortable, but keeping those tenants will take more than amenities. Adding bells and whistles is just as much a dead end game as lowering the rent and no property owner will survive long without a strategy to attract and hold onto the best tenants.
Great tenants are getting harder to find and the competition is heating up to find them, even if they are not in the market for a new apartment currently. Big data and aggressive marketing techniques are the hallmarks of the emerging rental market. At the recent Apartment Rental Management conference in Miami, Kelly Maguire, an executive director at SAS, clearly laid out the future of the rental market, where owners “need to be more strategically oriented, consumer focused and be more technologically advanced.”
The new renter is older and ready to settle down a bit, according to 2012 statistics from National Multi Housing Council . For those under 30, just over half, 57 percent, are renters. That percentage increases with age. From 30-44, almost two thirds are renting at 63 percent. Those numbers jump up to 78 percent for baby boomers aged 45-64 and the really surprising number is 84 percent of seniors are now in the rental market. We can expect those to stay high or increase as the population bubble ages. The new renters are older, wiser and accustomed to being treated with respect. Here are three suggestions for making the ideal tenants feel at home for the long haul. Read More – Multifamilyinsiders.com>
