American Apartment Owners Association

Amenity-Driven Renters Are Selective: Village Green Survey

Mon, 08/28/2017 - 9:48pm
The company’s national study found that although there are generational differences when it comes to a community environment, a majority of renters are taking a growing interest in amenity offerings.

Diane Batayeh, CEO of Village Green

 

Village Green released the results of its First Annual National Renters Index, a nationwide survey of resident opinions on the rental market. According to the results, renters are becoming more selective with their wants and are taking a growing interest in amenities. The top three criteria residents use to evaluate a property were price at 85 percent, location at 81 percent and then community environment at 49 percent.

When searching for the perfect home, 59 percent of renters search online before visiting, with 65 percent using renting websites. Another 58 percent read reviews on the communities before making the decision of whether to live there.

THE AMENITIES HUNT

Amenities are a growing trend in the rental market, with options such as fitness centers, dog parks, on-site salons and business centers—these apartments end up providing much more than just a place to sleep for the resident. According to the survey, 62 percent said that having a ‘homey’ look and feel is most important, followed by 60 percent saying it fits their lifestyle. Rounding out the top four at 52 percent equally were the importance of being able to issue a maintenance request online and offering high-end property amenities.

Although renters are searching for better community offerings, there is a generational gap when it comes to what is most important. According to the Renters Index, 48 percent of Millennials are willing to pay a higher rent in order to get high-end amenities, whereas only 28 percent of Baby Boomers are willing to do the same. In contrast, 68 percent of Gen-Xers and 69 percent of Baby Boomers look for clear and thorough information on the provided amenities, while 69 percent of Millennials care most about high quality photos of the spaces.

“The feedback from this National Renters Index serves as a call to us all that we need to be listening to our current and prospective renters about the amenities and experiences sought from their next rental experience,” said Diane Batayeh, CEO of Village Green. “To maximize resident satisfaction, we need to insure Renters carry the belief that they are getting a special experience and living in an environment filled with sought after amenities and the feel of home.”

Image courtesy of LinkedIn

Source: MHN

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What Home Thieves Target Most

Mon, 08/28/2017 - 12:38pm

Renters are more likely to experience a burglary than homeowners, according to data from the Bureau of Justice Statistics. Apartment buildings with two to four units are the most at risk of theft.

“This is probably because plenty of people come and go from apartment complexes daily, while homes only have a few family members who enter or leave,” according to ADT, a security firm, which recently analyzed data on burglary risks across the country.

There were nearly 1.6 million burglaries in 2015, amounting to about one every 20 seconds, according to the FBI. About 72 percent were residential.

The cities with the most burglaries, according to ADT’s analysis, are: Lake Charles, La.; Vallejo, Calif.; Pueblo, Colo.; Youngstown, Ohio; Springfield, Ohio; Dayton, Ohio; Canton, Ohio; Santa Fe, N.M.; Memphis, Tenn.; and Albany, Ga.

On the other hand, ADT reports that the cities with the lowest amounts of crime tend to share similar social and economic characteristics, such as low unemployment rates, high education levels, and small populations. The cities with the fewest burglaries are: Palatine, Ill.; Orland Park, Ill.; Peabody, Mass.; Fishers, Ind.; Leesburg, Va.; Ramapo Town, N.Y.; Novi, Mich.; Carmel, Ind.; Rochester Hills, Mich.; and Johns Creek, Ga.

Of 400 convicted burglars who shared their reasons for committing a theft, their top reasons for break-ins were: drugs (51%); money (37.1%); foolishness (5.4%); thrills (4.4%); or revenge (2.2%). The ADT survey also showed the top items these convicted burglars were hoping to find in a break-in were: cash (90%); jewelry (77.8%); illegal drugs (65.9%); electronics (63.5%); prescription drugs (50.5%); and clothing or shoes (18.4%).

Source: “Burglary Odds Across America,” ADT.com (August 2017)

Source: Realtor

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Landlord Property Management Software Simplifies Multi-Property Management

Mon, 08/28/2017 - 6:27am

Busy landlords and property owners want shortcuts that will help them manage their rental properties without sacrificing attention to detail. If you’ve been curious about rental property management software, learn what you need to know about choosing and using this utility.

What Is Rental Property Management Software?

There are many types of software for managing rental properties. Since not all platforms offer the same tools, it’s important to know what’s generally available, then screen software to make sure it offers features that you really want or need.

Most software for landlords lets you accomplish tasks, such as:

  • Market and advertise rentals
  • Screen tenants
  • Manage information for every rental unit and tenant, for at-a-glance reporting
  • Accept rental applications online
  • Manage maintenance requests
  • Accounting
  • Analyze rental unit performance
  • Access paperwork and landlord forms
  • Budget for long-term maintenance or other goals
Benefits of Landlord Property Management Software

Whether you rent a single unit or own a multi-family complex, staying on top of all the details can be difficult. For some, this means stress or time spent worrying about tenants. For others, it could mean a missed deadline or overlooked maintenance that eats into your profits. When you use software to get organized, you’ll notice a dramatic reduction in the stress associated with being a landlord. You’ll be able to plan, which can save money — say, by advertising units well in advance of vacancy so you never miss out on income; or by keeping up with preventative maintenance to reduce emergency repairs.

Most property management systems these days include some form of cloud-based or online access. This lets you check your accounts from anywhere. If you travel regularly or no longer live near your rental, it’s helpful to have remote access to all need-to-know information about rental units, so you can take decisive action while drawing on data.

The software can also streamline your income and expenses, including bill pay. You might send rent collection reminders to tenants, to reduce late rent payments. With accounts payable and receivable functions, you can scroll through units to determine if there’s a missing payment — or, conversely, if you need to pay a water bill. Landlords who own multiple properties enjoy the simplicity this brings to property management.

Projected profits features let you look into the future, so you can develop a plan to save for that remodel you’ve always wanted and work toward goals.

At American Apartment Owners Association, we offer discounts for ManageZoom, Rentec Direct, Tenant File and Property Matrix. Explore the features these programs offer, select the tool that’s the right fit for you, and get started with property management software for less. Once you try it, you’ll wonder how you went so long without it.

Disclaimer: The information provided herein is for advisory purposes only and AAOA takes no responsibility for its accuracy. AAOA recommends you consult with an attorney familiar with current federal, state and local laws.

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