The rental market continues to grow this 2016 with single millenials and families downsizing their homes as the main clientele. An influx of renters for this year may affect the current trend in selling properties, and even investors and property managers should prepare for it.
Property Manager reveals the market prediction on the rental and housing industry via a report from AppFolio's VP of Product, Nate Kunes. It is common knowledge that the rental property market is changing, and more single millennials are leaning into renting apartments rather than buying a house. Families that are empty-nesters are also downsizing and giving up their longtime family homes for rented spaces.
This change can be an indication that it is time to investigate and look into rental property manager's staff and software solutions to stay on top and keep up with the changing market.
Knowledge is power -- this is what Inman believes is the key in keeping up with the changing trends of the rental industry. The report predicts that the rental housing industry will continue to rise. The increase in demand for rental spaces is one of the main trends in the rental housing market to watch out for this 2016. People are still buying houses; however, more people are leaning into renting.
The low-maintenance lifestyle is what mainly attracts millennials into renting. Staffing and software requirements and needs for the rental market should be checked and evaluated. To keep up with the demand that is about to surge this year, overstuffing, overbuying and lack of reliable software solutions for landlords and renters' needs will make it hard for some rental companies.
Expanding is still possible, but the profit and budget should be taken into keen consideration before doing so.
With the rental industry predicting an influx of renters this year, smart solutions in staffing, software and other aspects required in maintaining and making profit out or a property is thus necessary.