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Wednesday, February 18, 2009

Relocation Means Money For Apartment Industry

I am heavily involved in marketing for the Multi-family Industry.

Like all other industries, times have been tough for producing what drives our industry, new leases and resident retention.

As more and more vacant condos and single-family homes revert to renting as a source of income, the competition for Multi-family rental traffic has increased exponentially.

However, there is light at the end of the tunnel.
"We're seeing increases in rental volume that suggest that we may be nearing a turning point in the cycle," says Donald P. Hinman, SVP of Epsilon.

"Along with the high unemployment numbers, we're seeing that the rate of existing home sales is still deteriorating, while the decline in the rate of people moving is flattening out. People who formerly owned houses are now moving into rental properties," he says--a trend he expects to continue as more and more people find themselves pulling up stakes to find a new job.
[source: MediaPost.com]
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