Apartment owners would be wise to adopt allowances for roommate situations as another way to increase occupancy. With rents higher in many places, apartment seekers are already struggling with challenges to obtaining a place to rent. Laid-off workers, low income people, growing foreclosures and spotty credit all serve as obstacles for would-be renters to find apartment homes.
In the Portland area, the trend for more roommate situations and a 50 percent rise in advertising for the same, have moved apartment owners to play along. According to The Oregonian and the Metro Multifamily Housing Association vacancy slipped from the ten year average of 5.6% to the now lower 3.6%.
Economic conditions and the growing Echo-Boomer lifestyle mentioned in this blog on October 17th, 2008 (http://www.consultpete.com/blog/generation-apartment-industry) are creating a need for the flexibility for people to share their living space with other income earners.
For information visit: http://www.oregonlive.com/money/index.ssf/2008/10/rental_market_woes.html
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Please contact me at Pete@ConsultPete.com or 925-719-3569 if I can be of assistance. To learn more about my background, visit Consult Pete. To learn more about my company strategy, visit Commercial MasterMinds.
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