Monday, July 24, 2017

Changes in the Apartment Industry

There are 38 million residents renting apartments in America today,  and this number is expected to grow. The country could add as many as seven million additional renter households this decade.All this growth means more traffic to businesses in close proximity to apartments--more lattes from the coffee shops, more food from the supermarkets, and more customers at the drycleaners.

Americans are beginning to place greater value on the concepts of walkability, urban revival, and work-life balance. This opens more people up to housing options beyond the traditional single-family house, which helps explain why almost 1.1 million households chose apartment living over the past four years. 3

Apartment communities offer their residents numerous advantages, including maintenance-free living, 24-hour fitness centers, concierge services such as package delivery and valet trash pick-up, and business centers. Apartment communities also offer an easier work-life balance--they are typically located closer to job centers and leisure activities.

The growth in apartment living translates into growth in the job industry--there are more than 12 million jobs in construction, operations, leasing, management, maintenance, and skilled trades. That means there is a huge demand for qualified people--in fact, the U.S. Department of Labor estimates 11,000 new property management jobs every year.

Those individuals who find successful careers in the apartment industry are from all walks of life. They have a broad range of experience -- from military veterans who are searching for a new type of job to recent college graduates ready to take on their first position in the workplace.

Stephanie Puryear Helling, President of the National Apartment Association Education Institute and Senior Director, Operations and Real Estate Strategic Services at Greystar--the nation's largest residential property management firm, and Jeremy Lawson, Reputation Manager at Fogelman Management Group--a full service property management and investment company-- appear here to outline the changes the apartment industry is bringing to communities and explain how it can mean a new career path for many who never considered this industry.

[2]Source: NMHC calculations based on household projections from Harvard's Joint Center for Housing Studies and the premise that 50 percent of all new households are renter-occupied

[3]U.S. Census Bureau, 2006 American Community Survey, Tenure by units in structure; U.S. Census Bureau, 2010
American Community Survey, Tenure by units in structure

No comments:

Post a Comment