At PGM Real Estate and Property Management, we know that staying on top of industry trends is crucial for success in the rental market. From shifts in rental prices to changes in tenant demands, we’re always keeping an eye on what’s happening in the market. In this article, we’ll take a closer look at the latest industry news and trends, and how they may affect you as a landlord.
First and foremost, one trend that’s worth noting is the increase in rental prices. According to recent data, rental prices have been on the rise, with the average cost of a one-bedroom apartment climbing by 4.3% in the past year. This trend is being driven by a number of factors, including a tight housing market, rising construction costs, and increased demand for rental properties. But at PGM, we’re committed to working with our landlords to make sure rental prices are fair for both the landlord and the tenant.
But it’s not just rental prices that are on the rise – demand for rental properties is also on the upswing. According to a recent report, the number of renters in the US has reached an all-time high, with over 44 million households now renting their homes. This trend is being driven by a number of factors, including a growing population, a shortage of affordable housing, and a desire for flexibility and mobility. And with PGM’s extensive network and marketing strategies, we can help you find the right tenant for your property.
Another trend worth noting is the growing popularity of co-living spaces. Co-living, also known as shared housing, is a type of living arrangement where multiple unrelated individuals share a single residence. This is a trend that is becoming more popular among the younger generation who are looking for an affordable, flexible, and social living arrangement. At PGM, we have a team of experts who can help you navigate the co-living market and find the right tenants.
Technology is also playing a big role in the rental industry, with more and more landlords and property managers turning to technology to streamline their operations and improve their bottom line. At PGM, we’re always at the forefront of technology, from our rental applications and digital lease agreements to property management software, we are making it easy for landlords to have easy access to information about their properties.
The rental market is constantly changing and evolving, and at PGM Real Estate and Property Management, we’re committed to staying informed on the latest trends and patterns. Whether it’s rising rental prices, increased demand for rental properties, or the growing popularity of co-living spaces, understanding these trends can help you make better decisions for your business and stay ahead of the curve. And with PGM’s expert guidance, you can rest assured that you’re in good hands.
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