2. Strong and Stable
Although the average US monthly rents decreased by $3 during October, to $1,216, they still increased 4.4% year-over-year. Industry analyst Yardi Matrix’s says this is a return to a more standard rent increase rate.
The primary reason average monthly rates have declined is that a number of markets where rents were increasing at double-digit rates have moderated. In addition, an oversupply of high-end “lifestyle” apartments has suppressed rent growth.
Other positive market trends include occupancies of stabilized properties at almost cyclical highs; robust household formation, which increases demand; and a higher rate of growth for lower-cost Renter-by-Necessity apartments.
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3. A Range of Rentals
CoStar Group rates apartments on a scale of to 5 stars, with 1- and 2-star properties of a lower quality, 3-star average, 4-star with more high-quality finishes and a few onsite amenities; and 5-star aesthetically exceptional and many onsite amenities.
As of October 2016, 1- and 2-stars had a 75% share of all US rental properties and a 36.2% share of units; 3-stars, a 19.8% share of properties and a 41.5% share of units; and 4- and 5-stars, a 4.7% share of properties and a 22.3% share of units.
The average vacancy rate of 4- and 5-stars declined from 7.7% during Q to 6.7% during Q2 2016, while 1-, 2- and 3-star properties’ vacancy rates remained steady throughout Q1 and Q2 2016, after increasing during Q
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4. Dweller Data
According to the National Multifamily Housing Council (NMHC), 37% of all US households, or million, were renter-occupied as of October 2016, where 35% of all US residents lived, or million Americans.
NMHC data show that 49% of all US apartments had just 1 household member, with 22%, single males; 26%, single females; 11%, married couples only; 9% married couples with children; 14%, single parent; and 17%, other households.
NMHC also reported that 23% of all US apartment households had one or more children younger than 18. The median household income was $32,841, with 32%, less than $20K; 20%, $20K–$35K; 14%, $35K–$50K; 15%, $50K–$75K; and 18%, $75K+.
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5. Senior Living
According to a February 2016 Freddie Mac survey of adults 55+ living in rental properties, the mean age of all renters was 65.4 years, with 42% male and 58% female.
The median income of all renters was $24,800, with those who were single-family renters having a higher median income of $29,800 and those who were multifamily renters having a median income of $20,400.
Among all renters, 56% were Caucasian Americans; 22%, African Americans; 14%, Hispanic Americans; 6%, Asian Americans; and 2%, other.
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6. The Challenge of Affordability
According to a September 2016 Freddie Mac report based on a Harris Poll, 65% of participants said renting was more affordable than owning a home, which is a few percentage points less than the January 2016 poll result of 69%.
Of those renters polled, 46% said their rent had increased during September 2016, compared to 40% during October Among the renters whose rent increased, 46% were extremely concerned about a future increase.
Despite increasing rents, 44% of renters were in the top group in their satisfaction of their overall rental experience, increasing by a third from the 33% who were in the top group during October 2015 and January 2016.
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7. Investment Environment
The health of the multifamily market also depends on investors’ view of investment opportunities. According to JLL, investment sales increased 8.2% through the first 9 months of 2016, to a total of $101.2 billion, on pace to set a new annual record.
Although multifamily housing starts declined 5.1% during the first 9 months of 2016, investment analysts view this as an opportunity for markets to absorb short-term increases in supply.
A major driver of record investment sales has been the 14 million new jobs in the US since October 2011 and the more than 200 metropolitan areas where the unemployment rate is 5.0% or lower.
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8. Advertising Strategies
Establishing relationships with local multifamily management companies could result in an excellent opportunity for advertising buys when they decide to re-brand and/or upgrade communities, with a name change, new amenities, etc.
Although occupancy and rental rates are at historic highs, management companies may want to reinforce their brand, community amenities and move-in specials during the spring and fall when people are more likely to move.
As an increasing number of Baby Boomers retire, many will choose to downsize to rental communities. TV, of course, is one of the most efficient advertising medium to reach
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9. New Media Strategies
One of the primary benefits of multifamily properties is their proximity to public transportation and convenient travel times to work, shopping and activities. Each of these can be a photo and/or video feature for social media posts.
Management companies can engage with their residents through the use of a quarterly poll or survey to determine their level of satisfaction with their apartments, communities and amenities A poll or survey should also allow residents to suggest improvements.
Ask a few residents of various ages to serve as “brand ambassadors,” sharing their enjoyment of apartment living and decorating and other apartment living tips via regular social media posts.
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