Renting in America: The Struggle is Real (But the Opportunities are Even Realer)Jan 06, 2023
Are you an investor, property manager, or broker looking for a profitable market to invest in? According to the latest report from the Harvard Joint Center for Housing Studies, the rental market is hotter than a landlord's bedroom in July. That's right, rental housing is in high demand, making it a prime opportunity for those in our industry.
The report states that demographic changes such as an aging population and a growing number of single-person households are driving the demand for rental housing. That's not all, the number of prospective tenants seeking rental housing has increased by 21.3 million. Basically finding quality rentals in the US tracks with trying to find a parking spot at Walmart on Black Friday right now.
Fortunately, because the supply of rental housing hasn't kept pace, this spells opportunity for investors, property managers, and brokers who are able to source and provide quality rental housing that meets the demands of renters.
But, as always, with opportunity comes competition. With record numbers of renters spending more than 30% of their income on housing, convenience is king. By uncovering unique opportunities to satisfy your tenants and ensuring your management services are top tier, you'll stand out in a crowded market.
In short, it's no surprise that every local broker and real estate agent is somewhat of a property manager themselves as the market traditionally corrects itself. Understanding current market conditions by addressing convenience competition in your area will position your capitalization on the growing demand for rental housing.
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Author: Maya Madden