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Blog: Apartment Management

How Demographic Changes Have Impacted the Apartment Market

Few dispute the notion that demographics drive the apartment market. When looking at demand, the most fundamental statistics that analysts consider include population, household formation and employment. While these statistics tend to move hand in hand, sometimes patterns emerge that show a chasm in these numbers, and demographers are keen to report how these chasms may explain more about the underlying apartment fundamentals than the more macro trends.

One of the more interesting findings in this expansion can be found in the demographic statistics. Data on households shows that non-family households have grown at a disproportionately faster rate than family households. Non-family households include singles, roommates and any kind of cohabitation arrangement that does not include marriage or children. The graph below clearly shows that this divergence started when the housing market collapsed, but it continued throughout the subsequent eight years. This chart illustrates the common notion that Millennials have put off starting a family and buying a home. It also explains why the apartment market has thrived over the last 10 years, expanding by 12 percent from 2007 to 2016.

3 Tips to Help Keep Your Apartment Complex Safe

As an apartment complex owner, it is not only your responsibility to ensure that your tenants are happy, but it is also important that you make them feel safe. We are not just talking about the fact that you should be reminding your tenants to lock their doors, windows and cars; we are talking about your employees and if you use a security system or not. To make your property as secure and safe as possible, we recommend that you take into consideration the following:

Why Is It Important To Have Good Carpets In Your Apartments Or Homes?

To attract new tenants or residents, one of the first things that you should be doing is increasing the property's overall curb appeal. However, do not forget that you also need to pay attention to what's going on inside the unit or home. For instance, aside from paying attention to the color of the walls, lighting, appliances, etc., something else that property owners need to keep in mind is the condition of the home’s or unit’s carpets.

Professional Property Management Will Increase Your ROI

Sep 07 2011
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A professional property management corporation can help in increasing your return on investments in realty. Whether it is your second home, vacation home, or a self storage, you can enhance your returns by employing a building manager.

A building generates regular income through rentals. In order to get good returns it is essential that you get good rent. But, you have to determine the right rent for your building. This can be determined through the market research. The data about the rent of the buildings in the same area is collected. The rent depends on many factors like location and the demand and supply gap in the area. The amenities available in the building are also kept in mind while deciding the rent. Thus, there are lots of things that go in determining the right rental of a building. As it is not easy to carry out such extensive work and employing a professional property management agency will help you in this matter. They keep on doing such market research from time to time and hence have a fair idea about the rentals of the buildings.

Attracting More Tenants To Property Management Apartments

Jul 14 2011
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 Property management apartments are of great help. Recent trends show that people prefer to live in apartments because it helps them save money and decrease their environmental footprints.

A property manager specializing in apartments can help you market your apartment buildings more effectively so that you get reliable tenants. Your property manager can suggest you various ways to attract prospective tenants.

Get To Know Building Management

Dec 18 2008
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Building management is simply taking care of a building and managing all the related activities. It can range from any emergency breakdown management to management of any expansion job. This job can be done on individual supervision but with complicated matters getting incorporated into every sphere, the job seems best to be left to the professionals for value for money output. These days the professionals are being complemented by various systems and software that take care of many aspects of the day-to-day management of a building.

Eviction Rules for Property Management

Dec 18 2008
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A property manager is expected to be well versed with the laws that govern asset dealings. He is expected to advise the owner on the different rules of dealing with residential or self storage tenants and also arrange for legal help both for the owner as well as the tenant as and when required. If the owner wants to evict a tenant he needs to follow a procedure as prescribed by the legal authorities of his city or state. There are certain facts that he needs to be aware of.

Apartment Maintenance Is Many Jobs In One

Dec 18 2008
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Apartment maintenance is a broad term that is used for the upkeep and maintenance of the physical structures and daily operations of multi-family complexes. The term can refer to any one of the specific duties performed in the interest of the day to day upkeep itself, or as a comprehensive description of all of the duties and responsibilities of the personnel hired to perform such duties. The term could even refer to the individual tenants responsibilities in regards to the upkeep of the spaces that they inhabit.

Pros and Cons Of Apartment Management Companies

Nov 29 2008
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Many new investors fear purchasing apartment buildings believing their lives will be completely taken over by the tenants and the building upkeep. What they should realize, however, is they can invest in an apartment or complex and avoid the hassle of hiring plumbers and janitors or even speaking to a tenant. They simply need to hire an experienced and capable apartment management company to manage their investment.

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If you’ve ever considered investing in a few rental properties in Philadelphia or Bucks County, PA now might be a good time. Prices are still low in Philadelphia, but have been on the upswing. According to the National Association of Realtors, the median price of an existing home in a US metropolitan area grew 13.7% between July 2012 and July 2013, the latest in a 17-month streak of year-over-year price increases. 

New landlords can choose from properties that are likely to appreciate and a large pool of potential renters.Licensed realtor Pat Mueller cites a few reasons for this trend: “Many families have lost their homes to foreclosure and are entering the rentals market for the first time in years. Mortgages are also harder to get now, so fewer people are qualifying for a new one.”The more skills you bring to the table to get into Houses for Rent in Philadelphia Philadelphia or Bucks County, PA and the more time you have to devote to your properties, the faster you can make a return on your investment. 

But investing in rentals can also be disastrous (or too stressful to be worthwhile) without expertise. Here are three professionals you may consult about your new rental properties, and what you can do to mitigate how much they cost you:Handyman:  You may need to hire a specialist for some work on your rental. If you need new outlets or new pipes, for example, hire an electrician, plumber or licensed contractor. Handymen usually tackle smaller, more manageable tasks, like:

  • Painting and paint removal
  • Drywall repair
  • Minor appliance repairs (fixing a leaky toilet or faucet, among others)
  • Installing tiling or flooring, moldings, windows, doors
  • Refinishing decks, cabinets and other wood items

When You Could Skip It: You could do any (or all) of these projects yourself if you have the time and interest in learning. Of course, this only works if you live relatively close to your rentals and are flexible enough to service them on short notice. And if you’re willing to respond to the occasional 5 AM basement flooding.

Average Savings: Any base rates or costs-per-hour vary from location to location in Philadelphia or Bucks County, PA , but nationally, you can expect to spend an average of $60 to $85 per hour for repair costs. It general costs less to hire an individual handyman than a handyman employed by a company. Expect an additional charge if your job requires a trip to the store for materials.

Resident Property Manager As the owner of a handful of rental properties, you may be able to manage them yourself, but if you want help, a single resident manager would probably be more cost efficient than a property management company. Resident managers may:

  • Serve as a handyman
  • Advertise vacancies in your units
  • Show apartments to prospective tenants
  • Review rental applications
  • Collect rents

When You Could Skip It: Again, the closer you live to your properties and the more spare time you have, the less likely you are to need a manager. The obligations of being a boss will also cut into the time you save on maintenance.

Average Savings: The national median wage for residential managers is just over $25 per hour. Research the wages in your community and adjust according to how much responsibility your manager will take on. 

Real Estate Agent: Once you’ve gotten your financials in order and done your own research on the neighborhood(s) you’re considering, you might contact a realtor to show you potential properties. You can also arrange for a realtor in Philadelphia or Bucks County, PA to show rentals once they’re ready to rent.

When You Could Skip It: It depends. Even if you’re a local, or have thoroughly researched the neighborhood(s) you’re considering, a realtor is a great resource for a first-time rental buyer. Realtors have access to data and statistics not necessarily available to the general public and first-time buyers may not know all the right questions to ask. Using a realtor to fill your Houses for Rent vacancies is less of a no-brainer, depending on your other time commitments or whether you plan to hire a resident manager who could do the same thing.

Average Savings: As a buyer of rental properties, as when buying your own home, sellers typically pay most, if not all, of the buyer’s realtor fees. In this case, Mueller points out there’s little reason not to work with a realtor. For help in filling your units in Philadelphia or Bucks County, PA, the services of a realtor would set you back between 10-20% of the unit’s rent per month.  Mueller recommends interviewing with several brokers before making your final decision to invest into Houses for Rent .

The Bottom Line: As a new landlord, you can’t necessarily control the flexibility of your schedule or the amount (and cost) of unexpected repairs to your properties. Rentals are a long-term investment. However, to maximize profits from your Houses for Rent, new rentals, you can buy close to home and start small. It is best to begin with just one or two properties. This will allow you to maximize the time you spend on your properties’ needs, and minimize the amount you’ll have to pay anyone else.

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