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.
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:
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.