Smaller family sizes mean people are seeking smaller apartments.
The recession has rocked the housing market. People who may have formerly been interested in purchasing homes became renters, and those seeking to rent apartments have different desires than renters of the past.
Demand for units is expected to remain strong through 2015 and will likely grow faster than historical averages, according to data from the Freddie Mac Multifamily Research Group. This means rental property marketers need to be aware of the needs and desires of more renters seeking units in Multifamily communities.
The Changing Family
Families have changed drastically over the last few years, and that means your potential renters may be seeking different things than they were in the past. Multifamily Biz reported that the average family size decreased by about one percent from 2000 to 2010, and while that number may seem negligible, it has an impact on the size of units needed by families. Smaller families need smaller units, and even single prospects are seeking more compact spaces for increased efficiency and lower prices.
The size of the average family isn't the only thing that's changing — families' desired locations are also rapidly evolving. While many in the past preferred a home in the suburbs, more are now seeking housing closer to major city centers for easier access to jobs and transportation.
Marketing to the New Family
Family sizes, structures and desires are changing—your marketing needs to keep up with these changes in order to stay competitive and turn prospects into renters. You'll need to use strategic internet marketing techniques to grab the attention of apartment seekers and find new renters. Take note of new family trends when you market your property to let prospects know you're aware of their concerns and looking out for their best interests.
Show off size. When you're marketing properties to families, you want to let them know it's large enough for their needs, but still note that it's efficient and not too enormous for the smaller family size seen today. Highlight the number of bedrooms, or let prospects know they can easily fit two twin beds or bunk beds in a room for siblings who want to double up.
It's all about location. While you'll want to feature proximity to a city center and public transportation to attract those working downtown, you'll also want to highlight other nearby amenities that could sway families. Note your property's distance from local schools and parks so parents with children can determine how convenient the property will be for shuttling their kids to classes and recreational activities.
Market family-friendly features. While Multifamily properties of the past may have focused on an on-site playground or pool as a kid-friendly feature, there are other important amenities to note today. High-speed Internet is important to families whose children need to use the web for school research and homework, as well as for their parents who may need it for work and entertainment.
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