Yes, they are more renters than at any point in the last 50 years, that is true. But consider if you will, according to data from the MNHC website, there are more luxury apartment units than the market demands, just look at the data below. Think about it, multifamily housing construction for 2017 is at an all time high and Yardi Matrix predicts a 21% increase in luxury units added to the market for 2017.
Statistics for 2016 from NMHC website
- Households that rent apartments: 18,858,729
- Existing Units on the market: 19,506,190
- Units Added in 2016: 421,064
Bubble Watch in Luxury Market
New inventory being added to the luxury housing market, apartments included have been outpacing market demand for several years now. The result is beginning to create downward pressure on rents and in many cases properties are beginning to miss the mark on occupancy goals. The Wall Street Journal and Zero Hedge have both written very good articles regarding the inventory glut and the effects.
What is Needed as the Boom Begins to Fizzle
As the glut of invesntory in the Luxury Apartments market begins to take hold, properties are going to have to become more effective reaching their intended audience. Rentlogic has been assisting the multihousing industry in increasing occupancy for more than 8 years with its innovative and proprietary system.
We know how to reach your intended audience. We also understand many management companies, in an effort to save costs, have an individual or individuals that post ads daily to increase their reach. However, are they posting high impact – branded ads continuously 7 days a week, 24 hours a day, constantly tracking and analyzing the effectiveness of the ads. Adjusting copy as needed to deliver the highest and best results to our clients.
At Rentlogic, that is our only focus. Increasing your occupancy through increased leads, reduced marketing costs, and getting you immediate results. All calls are tracked and you can access that data at anytme. You can look at the dates, times, and call durations of each call, so you can see the results of our proven system.