The millennial generation has surpassed the boomer generation population, and it’s no surprise they have become a driving factor in the growing multifamily sector. Multifamily developments are battling over the latest trends to attract new millennial renters, but in order to successfully attract millennials you need to understand this generation and what they value. In fact, the true homeownership rate for 18-34 year olds has fallen to a new low: 13.2%.
This year we are beginning to see several properties switch to digital platforms. It is one of the fastest growing trends and has proven to be highly successful. One of the most effective switches a property can make is investing in a property management software program. Not only does this provide invaluable help for property managers, but buyers love it too.
For investors looking to get a foot in the affordable housing industry, there are two major ways to get involved in investing in affordable housing properties. However, the most common approach is through HUD, which offers financial incentives and other related programs to encourage the development of affordable housing properties. But even more successful than HUD is Low Income Housing Tax Credit Communities (LIHTC).
Its that time of the year again when property managers are focused on turning around move-outs, facilitating move-ins, and hosting property tours. There is nothing easy about ensuring empty spaces are flipped at an ideal price to ensure no lack of cash flow.
For those in the real estate investment industry, taking on a multifamily property can be seen as a huge risk. Short of being part of a Real Estate Investment Group, or a large institution with the experience of investing in multifamily, most people have little experience in the multifamily investment space — let alone know how to grow that investment.
Last year set a high bar for the multifamily industry. According to Updater, the apartment service industry houses over 37 million residents in over 19.7 million units and contributes $1.3 trillion to the economy every year. Don’t let these gargantuan numbers fool you — our industry is still growing and has no reason to slow down.
In real-estate, affordable housing is a term that floats around on the sidelines, often devoid from discussion unless directly related to a hot-topic like the recent HUD fair housing ruling. But for renters in the market, affordable housing is an important topic. According to the Department of Housing and Urban Development, families that spend more than 30% of their income on housing are considered financially burdened, yet an estimated 12 million people now pay more than 50% of their annual income on housing. If this isn’t alarming enough, consider this:
PLANO, TEXAS (PRWEB) JULY 19, 2016
ResMan, a provider of online property management software announced today it will exhibit at the 2016 Southeastern Affordable Housing Management Association's Regional Conference and Tradeshow on August 16. Attendees are encouraged to visit the ResMan booth to learn more about the latest addition to the fastest growing property management software: ResMan Affordable Housing.
We are in the eye of the storm for the multifamily peak leasing season. This can seem like the most hectic time for property management teams, but there are still critical steps your team can make in order to be successful in the midst of chaos. It is never too late to prepare and make small changes to make this leasing season the best one yet.
As student housing expands into mainstream real estate, investors are flocking to get their share of the market. With pre-lease rates continuing to rise, and many universities turning to public-private partnerships to meet student bed demands, the market shows no sign of slowing.