Letting out your apartment or flat is a very important decision that has many variables. It is very important to find the right tenant, have the proper paper work completed, and be prepared for the work that is part of being a landlord. It is often quite beneficial to have a property agent when one is thinking of letting out their apartment.

A property manager is your guide through the letting process, and can answer questions throughout the process. The first step a property manager can help with is to decide what the cost of your apartment will be. The property manager will be able to find out what similar apartments let for in the area, and give you an idea of what you should charge. (more…)

As we are all aware, we are experiencing a very challenging economy. 7 million jobs have been lost since 2007 and is expected to be revised to another 1 million to the “loss column” in 2010. Its becoming more and more difficult to land a job much less a career. U.S. Foreclosure rates have exceeded 250,000 for each of the last 10 months according to a report by Bloomberg on Feb. 12. (see link to report below)

The economy will get better but there are a lot of us taking whatever job we can to survive. The single family housing industry has been and continues to get crushed in many markets abroad. The banking industry is near obliterated and the auto industry has imploded. No career is completely safe. Depending on its geographical location, there is at least one industry that is actually growing vibrantly thanks to the “housing bubble.” The Apartment Rental Industry The result of foreclosure and the credit crunch is shifting thousands upon thousands of families into rental housing. (more…)

In a recent webinar, I mentioned Peter Drucker’s profound and time-tested maxim that business equals innovation plus marketing. Drucker knew what he was talking about and business owners and aspiring business owners would do well to consider what that equation means for them.

While Drucker’s “business equation” might prove true for any type of business, consider what it means for an entrepreneur who runs a multifamily real estate investing company. How does “marketing plus innovation” play out in that scenario? In this article, we will look at how the marketing side of his equation plays out in the multifamily apartment investing scenario. In an upcoming article, we’ll see how apartment real estate investors can benefit from innovation. (more…)

The past year has seen a rapid decline of the U.S. economy, taking home ownership with it. With foreclosures on the rise, the multi-family housing industry is getting a great boost. Apartment living appeals to people for its convenience and affordability-it lacks the need to maintain your own home and outdoor space, it is easier to relocate yourself and your family should the need arise, and rental homes are generally located in areas that have suitable access to transportation as well as shopping, schools, restaurants, etc. It’s no wonder that the tenant trends in renting span across many demographic profiles. In terms of income, a diverse group of people tend to rent-there are those who can afford to purchase a home and instead rent pricey apartments and lofts with upscale amenities in high-end neighborhoods, and there are those renters who do so out of financial necessity. Many young professionals rent near employment centers and metro/subways in order to improve their commutes. Empty nesters often rent in the suburbs to free themselves from the burdens of home ownership, as well as to be able to travel and explore the world following their children’s departure.

In general, immigrants tend to rent more often (and longer) than those people born and raised in the United States. Young adults from the ages of 18-30 also tend to rent more often due to their newly found freedom from the homes of their childhood, their lack of funds due to student loans, and their general inexperience when it comes to home ownership and all the bureaucratic paperwork that comes with it-renting is a much simpler option, and often much less of an investment for young adults just starting out in the “real world” not knowing where their lives will take them. The “echo boomer” generation (the children of the “baby boomer” generation) at 75 million strong, is one of the largest populations of renters in the United States. (more…)