Keeping tabs on the most recent leasing agent data and trends in property management help your company take proactive steps to protect your financial investment. Understanding the overall state of the housing market is essential to provide you with practical information to base your decisions and investment strategies. There are many trends in property management to look for during this new year.
Increased Use of Technology
Consumers and investors are increasingly dependent on technologies to provide them with up-to-the-minute information on leasing costs, occupancy rates and other relevant property management data. Making sure that you have access to the most current information helps your company price units competitively in the local marketplace. This allows the highest possible profitability and a favorable reputation for your properties within your target area. The right tech tools help you price rental properties appropriately and encourage the right moves in the local real estate marketplace.
Amenities Even More Important
As more millennials look to upgrade their living spaces in response to improved economic conditions, the right amenities will make a bigger difference in the appeal of your rental properties. Some amenities to consider include access to high-speed internet and cable television options, pet-friendly apartments and in-unit appliances. These upgrades and added services often increase the value and appeal of your properties in the competitive marketplace.
A Balancing Act
A number of factors are likely to affect the lease and rental markets for 2019.
• Tariffs on construction materials may significantly increase the cost of new construction, which could increase demand for existing rental properties.
• The increasing economic power of millennials could lead to a surge in the purchase of new homes. This could potentially depress the rental and lease markets in some areas.
• Rent control legislation could play a major role in affecting the value of real estate investments in major metropolitan areas. This could potentially limit the ability of apartment complexes and real estate investors to achieve profitability in these.
Keeping an eye on these proposals and trends in leasing agent data help investors make the most practical decisions in terms of potential profitability in these high-demand markets.
The team at Apartment Data Services provides you with the latest multifamily data research and leasing agent data to help you make practical and profitable choices in the modern marketplace. We work with you to provide the services you need to reach potential tenants and to promote your properties effectively. Call us toll-free at 1-800-595-8730 to discuss your needs with our team of specialists. We look forward to the opportunity to serve your company.