4 Steps to Switching Property Managers
/
Changing property management companies can feel like a daunting task. Here are 4 simple tips to help you through the process.
Read More
What Are The Benefits of Using a Property Management Company?
/A competent property manager can add significant value to your investment, which is why many seasoned real estate investors will tell you that a good management company is worth their weight in gold. Here are a few ways that a good property manager earns their keep:
Read MoreRents Plummet on Urban Apartments
/
Desperate owners have been dropping rents and offering eye-popping concessions and optimizing on-site amenities in attempts to lure tenants. But it’s not nearly been enough to offset the trend of residents relocating to more spacious and less expensive markets as well others, including many young renters, who have lost jobs and moved back home to live with their parents.
In addition, as the economic chaos caused by the coronavirus cuts into the demand for apartments, developers continue to finish new luxury apartment towers downtown that are fighting to attract the renters that are left. Core urban markets across the U.S. are suffering from higher vacancy rates and bigger cuts in rental rates than suburban areas in the same metropolitan areas.
“Downtowns are getting hit the hardest. All of the top six markets had negative downtown absorption,” says Andrew Rybczynski, managing consultant for CoStar Advisory Services. “We’ve seen strength in two areas: the suburbs and cheaper commuter markets near major metros.”
