Attracting and keeping tenants is the number one worry of rental property owners. In good news for Katy property management, reducing vacancies will be easier due to a bright outlook for the local rental market. Here’s why:
Homeownership is less attractive or attainable.
Today’s tenants have lived through the Great Recession where thousands of people lost their homes due to foreclosure. Having witnessed the American Dream turn into the American Nightmare, many have deliberately delayed buying a home. Also, those that did lose their homes will need to rent for a few years while they rebuild their credit. Another factor is that U.S. savings rates are low and therefore many people do not have enough for a down payment. And finally, people are more willing to move long distances for jobs and therefore prefer the freedom of renting vs owning.
The rental population is expanding.
As we reported recently, the biggest pool of current and future renters will be the Millennial generation, those born between 1981 to 1997. Amazingly this demographic is still growing and is expected to exceed the numbers of Baby Boomers. As this New York Times article explains, the Baby Boomer population is decreasing as the older ones pass away. Millennials are increasing due to immigration. There are currently about 75 million Millennials. Learn how PMI of Houston Property Management targets Millennials here.
If you are looking for Katy Property Management, we can help. We are committed to tenant retention and even waive our fee during vacancy. We respond rapidly to owners and tenants and service all of the Houston area including Sugar Land, Fort Bend, Missouri City, Richmond, and Rosenberg.
PMI of Houston is a full service property management company serving Katy, Sugar Land, Fort Bend, Missouri City, Richmond, Rosenberg, and the Houston area. We offer competitive and simple flat fees with no hidden costs. Contact us to learn more about our real estate management services.