Friday, January 30, 2015

Top Property Management Trends in 2015


Trulia rounds up the top property management trends for 2015.  The information can be enlightening for renters and property managers alike.

Rent is on an upward trend, increasing an average of 6.2% from 2013 to 2014.  The reason is that Millennials are getting better paying jobs, which means they can now strike out and rent an apartment on their own rather than living with their parents.  Rent may be at an all-time high, but with a lot of new construction set to be available this year, rent may be leveling out in 2015.

Mobile Searches for properties are high among millennials, who are never without their phones.  So property managers need to make sure their websites are mobile-friendly and easily accessible through a mobile interface or they may lose out on the tech-heavy millennial market.

People are moving less, although Millennials still move twice as much as the rest of the market.  So it's important for property managers to focus on the segment of the population that is moving, and that's those 18-34 year olds.  Make sure your property caters to their needs.  Also, make sure your current residents are happy so you can retain the people already there since replacing them is going to become more difficult with less mobility in the market.

The last trend is that phone calls are the most important way to reach potential renters.  77% of future renters call potential properties before taking any other steps.  So as a property manager, your goal should be to get them to schedule an appointment, which makes them 3 times as likely to sign a lease.

A Plus Apartments are experts at the Austin apartment market.  We call all the communities you're interested in, so you don't have to.  Make one phone call today to 512-231-1400 and let us do all the work!