Rents Rising Across the Nation: A Look at the Data
Housing is incredibly expensive these days, and many Americans are unable to come up with the down payment needed to secure a mortgage to buy a home. Thus, many continue to rent.
Rent rates aren't exactly cheap, either. In fact, in many cases and markets across the nation, rent can sometimes be even more expensive than a mortgage payment.
Nevertheless, there are perks to renting over owning, including more flexibility. While rental residents continue to find renting the more feasible way to find housing, the landlords and property managers from whom they rent are also benefiting in the form of regular cash flow.
Rental Rates Increasing Geographically
In fact, a recent report shows a general upward trend in apartment rental prices in many markets in the country. On average, rent prices have increased by 3.2 percent on a national level to $1,545. However, there are plenty of areas that have seen increases double that rate.
Phoenix, AZ, for instance, saw rents increase by 6.9 percent from the same time last year. Many other areas have also seen increases that are fairly close to what Phoenix has experienced over the past 12 months, including the likes of Las Vegas, Sacramento, Atlanta, and Orlando.
In certain areas, the average rent is well over the national average. Take San Jose and San Francisco, for instance, where the average rent is a whopping $3,760 and $3,560, respectively. While these prices may reflect the cost of acquiring property in these places, that type of rent can easily help bring in plenty of cash flow for property managers to cover expenses.
Justifying Higher Rental Costs
At the same time, property managers need to make sure that the rent they charge is reflective of the type of property that they're renting out. Obviously, residents will expect a certain level of lifestyle and amenities that justify higher costs.
While there are the typical community amenities that are offered that rent prices partially cover, such as swimming pools, security, and fitness centers, there are other perks that property managers can offer their residents to keep them happy and more than willing to pay their current rent, such as premium laundry services.
Some rental communities may not offer some form of onsite laundry facility for residents, forcing them to have to haul their laundry to the nearest laundromat or dry cleaners to get their clothes cleaned. Other communities may offer onsite laundry rooms, but there can also be issues with these, including limited hours of operation and the potential for machines to be unavailable due to many users doing their laundry at once.
That's where having laundry lockers from Tide Cleaners can come in extremely handy for residents. With Tide Cleaners onsite, residents simply drop off their laundry into a specific locker, specify the location of their laundry and washing instructions, then receive a notification as to when the laundry is done and ready for pickup. This is all onsite without the need to leave the premises or waste any time having to do their laundry themselves.
That's the type of premium service for which residents are willing to pay increased fees. By offering this type of service on your multi-family property, you can keep all residents happy while continuing to collect on rent. Give your residents the luxury of Tide Cleaners at your property and have our lockers installed soon.