Homes for Rental Owners Should Focus on Wider Consumer Base- By: John Cutts
A study on the future of the U.S. home for rental market was recently discussed at the MFE Conference held in Las Vegas, Nevada by Investment Research analyst Jack Kern. The research, commissioned by the publication "Multifamily Executive," has cautioned multifamily dwelling landlords and owners against focusing exclusively on Generation Y members who are believed to be the future renters in the country.
A big percentage of Gen Y members are expected to come into the rental market soon and landlords and owners of rental housing are reportedly preparing for this occurrence and tailoring their services to this particular generation. However, Kern has cautioned that it will be wrong to ignore other age groups as majority of Gen Y are not even employed yet. He added that over 30% of this population still relies on their parents for financial help and most are still living at home with their families.
The home for rental market's anticipation of younger renters was largely influenced by the U.S. Census Bureau's report that around 57 million Gen Y members will reach the prime rental age of 22 from 2008 to 2020. This has led landlords and multifamily dwelling owners to prepare for younger renters.
However, Kern and other rental housing market analysts have stated that it will be ill advised for rental home owners and builders to start playing music in apartment lobbies aimed exclusively at young people, particularly if these sounds have the potential to annoy other age group renters. They added that using paint colors in apartments and lease centers particularly designed to attract young people might turn other potential renters off.
Kern has advised rental housing developers and landlords to focus on preferences common to all age groups. Security and comfort, he added, should be the primary focus of rental housing. He also stated that the best way to attract all types of renters is to provide trustworthy information that will allow them to make intelligent decisions and will promote a good relationship between renters and multifamily owners. This, Kern has asserted, will also lead to long-term retention of home for rental dwellers.
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John Cutts has been educated in the finer points of the foreclosure market over 5 years.