Keeping Renters Happy
By Aikednea Johansen
The outcomes of the National Association of REALTORS (NAR) current bi-annual housing survey supports what the multi-family housing business has already known for a long time - that given the opportunity, many renters would rather own their own homes than rent. Not only do multi-family properties compete for tenants with other apartment developments, they also compete with the lure of homeownership.
The NAR survey indicated that over 40% of homebuyers in the final half of 1997 came from rental scenarios. The number one reason for purchasing a house, over 37% of the time, was to own rather than rent. The multi-family housing business might well draw the conclusion that to keep tenants pleased, it should provide rental units that closely approximate the homeowning expertise...after which some.
Many multihousing development companies are attempting to address the requirements of renters by growing amenities and by creating larger square-footage homes that will accommodate larger families and/or house actions. Other people are working toward strengthening their appeal to renters by offering safer, much more worry-free, maintenance-free environments. Nonetheless others are hoping to appeal to renters' pocketbooks. Apartment marketing consultant and trainer Dorothy Gourley believes you will find several economic elements that might favor apartment life, namely the costs and bother of house upkeep and landscaping and the slow or nonexistent appreciation of homes in many areas.
According to Gourley, rent increases for apartments nationwide have been kept to a minimum level during the final couple of years whilst amenities have elevated, generating them a much better "buy" than in years past.
Today's apartment dwellers have a renter's market in which they can demand and get a wide assortment of amenities, rent abatements, flexible leases and other advantages just to sign on the dotted line. Amenities that had been as soon as regarded as luxuries like swimming pools, covered parking, and on-site laundry facilities are now commonplace.
To compete, the multi-family housing business should one-up itself.
Consultant Jennifer Levitt has researched the issue and has concluded that the success of multifamily developments will probably be based on how well they address the lifestyles of tenants. She says tenants, who are time-pressed like anyone else, appreciate becoming in a position to do a number of things at once. They like doing laundry in their apartments, and like being able to wash their hair and do a load of dishes with out depleting the hot water.
They enjoy privacy, quiet and security. Shared walls mean noise. Shared corridors mean much less privacy. According to the U.S. Census Bureau, more than 25% of all households have a single occupant, mostly ladies. Over one-third of all households are run by single parents, again mostly women. Security is consequently an increasingly important issue for them also as conventional families, non-traditional couples along with other demographics.
Tenants want to have the ability to do what homeowners take for granted - have a location to park their vehicles and be able to get their mail effortlessly. Those problems may be an issue when a tenant has much more than one car, or gives a party and discovers there isn't any location for guests to park their vehicles. And as far as obtaining mail is concerned, what about those times when a package is too large for the mailbox and has to be taken towards the workplace, which is always closed by the time you get off work, and you cannot get your package?
Last but not least is the problem of natural beauty - sunlight and gardens. Numerous tenants are willing to pay extra to have a plantable garden and for bigger windows to let within the sunshine.
The idea would be to attract renters who select renting for the lifestyle, not simply because they've to rent instead of own.
The NAR survey indicated that over 40% of homebuyers in the final half of 1997 came from rental scenarios. The number one reason for purchasing a house, over 37% of the time, was to own rather than rent. The multi-family housing business might well draw the conclusion that to keep tenants pleased, it should provide rental units that closely approximate the homeowning expertise...after which some.
Many multihousing development companies are attempting to address the requirements of renters by growing amenities and by creating larger square-footage homes that will accommodate larger families and/or house actions. Other people are working toward strengthening their appeal to renters by offering safer, much more worry-free, maintenance-free environments. Nonetheless others are hoping to appeal to renters' pocketbooks. Apartment marketing consultant and trainer Dorothy Gourley believes you will find several economic elements that might favor apartment life, namely the costs and bother of house upkeep and landscaping and the slow or nonexistent appreciation of homes in many areas.
According to Gourley, rent increases for apartments nationwide have been kept to a minimum level during the final couple of years whilst amenities have elevated, generating them a much better "buy" than in years past.
Today's apartment dwellers have a renter's market in which they can demand and get a wide assortment of amenities, rent abatements, flexible leases and other advantages just to sign on the dotted line. Amenities that had been as soon as regarded as luxuries like swimming pools, covered parking, and on-site laundry facilities are now commonplace.
To compete, the multi-family housing business should one-up itself.
Consultant Jennifer Levitt has researched the issue and has concluded that the success of multifamily developments will probably be based on how well they address the lifestyles of tenants. She says tenants, who are time-pressed like anyone else, appreciate becoming in a position to do a number of things at once. They like doing laundry in their apartments, and like being able to wash their hair and do a load of dishes with out depleting the hot water.
They enjoy privacy, quiet and security. Shared walls mean noise. Shared corridors mean much less privacy. According to the U.S. Census Bureau, more than 25% of all households have a single occupant, mostly ladies. Over one-third of all households are run by single parents, again mostly women. Security is consequently an increasingly important issue for them also as conventional families, non-traditional couples along with other demographics.
Tenants want to have the ability to do what homeowners take for granted - have a location to park their vehicles and be able to get their mail effortlessly. Those problems may be an issue when a tenant has much more than one car, or gives a party and discovers there isn't any location for guests to park their vehicles. And as far as obtaining mail is concerned, what about those times when a package is too large for the mailbox and has to be taken towards the workplace, which is always closed by the time you get off work, and you cannot get your package?
Last but not least is the problem of natural beauty - sunlight and gardens. Numerous tenants are willing to pay extra to have a plantable garden and for bigger windows to let within the sunshine.
The idea would be to attract renters who select renting for the lifestyle, not simply because they've to rent instead of own.
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