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What Is the Best Software for Rental Property Management?

By
Hank Rossi
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What is the best software for rental property management is the question this week for Landlord Hank from a landlord with 51 properties

What is the best software for rental property management is the question this week for Ask Landlord Hank. Remember Hank is not an attorney and is not offering legal advice – always check your local and state laws. If you have a question for him please fill out the form below.

 

Dear Landlord Hank,

What’s the best rental property management software for a person who has 51 units?

I have built this portfolio over the last 13 years and have been using a property manager. I am exploring options to bring management in-house if it makes financial sense.

-Chad

Hi, Landlord Chad,

At one time I personally owned about 50 units and had no problem keeping up with everything easily without a property-management software package.

Now, since I own a property management and leasing company and we have a few hundred rentals and have to deal with owners and tenants, we have been using AppFolio for about 10 years.

It is a good platform, but not cheap, and it has some drawbacks. There are others out there as well and I’d thoroughly check them out too before deciding.

Sincerely,

What is the best software for rental property management is the question this week for Landlord Hank from a landlord with 51 properties
Landlord Hank says, “At one time I personally owned about 50 units and had no problem keeping up with everything easily without a property-management software package.”

Hank Rossi

 Each week I answer questions from landlords and property managers across the country in my “Dear Landlord Hank” blog in the digital magazine Rental Housing Journal.    https://rentalhousingjournal.com/asklandlordhank/

Ask Landlord Hank Your Question

Ask veteran landlord and property manager Hank Rossi your questions from tenant screening to leases to pets and more! He provides answers each week to landlords.

  • This field is for validation purposes and should be left unchanged.

“I started in real estate as a child watching my father take care of our family rentals- maintenance, tenant relations, etc , in small town Ohio. As I grew, I was occasionally Dad’s assistant. In the mid-90s I decided to get into the rental business on my own, as a sideline. In 2001, I retired from my profession and only managed my own investments, for the next 10 years. Six years ago, my sister, working as a rental agent/property manager in Sarasota, Florida convinced me to try the Florida lifestyle. I gave it a try and never looked back. A few years ago we started our own real estate brokerage. We focus on property management and leasing. I continue to manage my real estate portfolio here in Florida and Atlanta. “ Visit Hank’s website here.

 

Slight Decrease In Rents In August

By
John Triplett
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National rents fell 0.1% in August signaling the end of the rental market’s typical busy season, according to the September report

National rents fell 0.1% in August signaling the end of the rental market’s typical busy season, according to the September report from Apartment List.

The median national rent is now $1,412. In August, 59 of the nation’s 100 largest cities saw rents fall.

This is the second consecutive summer of modest rent growth, “as the market remains sluggish thanks to a windfall of new supply. If historical trends hold, rents will continue to fall on a monthly basis for the remainder of the year,” the Apartment List research team writes in the report.

National rents fell 0.1% in August signaling the end of the rental market’s typical busy season with the decrease in rents

In the fall, fewer households tend to move when school resumes and temperatures cool.

The report says that apartments are on average slightly cheaper today than they were one year ago.

Year-over-year rent growth is -0.7 percent and “has now been in negative territory for over a full year. Despite this, the national median rent is still more than $200 per month higher than it was just a few years ago,” the report says.

National rents fell 0.1% in August signaling the end of the rental market’s typical busy season with the decrease in rents

Vacancy Index continues elevated

Through August the Apartment List vacancy index sits at 6.7 percent, the highest reading since August 2020.

“And there’s good reason to expect that it could rise even further during the remainder of the year,” the report says. “This means that renters should have more available options than they have had in some time, especially in the Sun Belt markets where construction activity has been strongest.”

National rents fell 0.1% in August signaling the end of the rental market’s typical busy season with the decrease in rents

Report Summary

The report concludes that with August’s 0.1% decrease, the busy season is officially over and rents will continue to fall for the remainder of the year.

“Year-over-year rent growth also indicates a sluggish market, remaining negative at -0.7 percent. Rent increases are currently being moderated by a robust construction pipeline expected to deliver a decades-high number of new apartment units in 2024.

“Improving consumer sentiment about broader macroeconomic conditions seems to have driven a rebound in rental demand this year, but that bounce back has so far been outweighed by the impact of incoming supply. And recent signals of labor market softness could dampen demand going forward,” says the Apartment List research team in the report.

See the full September report here.

 

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New Freddie, Fannie Tenant Protections For Multifamily Properties

By
John Triplett
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Freddie Mac and Fannie Mae have announced new tenant protections for residents in multifamily properties with mortgages they back

Freddie Mac and Fannie Mae have announced new tenant protections for residents in multifamily properties with mortgages backed by the two Government-Sponsored Enterprises (GSEs), according to a release from the Federal Housing Finance Agency (FHFA).

The new multifamily lease standards policy requirement starting February 28, 2028 will require borrowers with new Enterprise-backed financing to provide residential tenants the following three minimum standards which will be included in all residential leases at properties for which applications for new loans are signed on or after the effective date.

The new multifamily least standards are:

  • 30-Day Notice of Rent Increases: Written notice of a rent increase at least 30 calendar days prior to said increase;
  • 30-Day Notice of Lease Expiration: Written notice of the scheduled expiration of the residential lease at least 30 calendar days prior to said expiration;
  • 5-Day Grace Period for Late Rent Payments: A minimum five calendar day period from the rent due date before late fees or other penalties can be charged, e.g., if rent is due on the 1st day of the month, a late fee cannot be charged until the 6th day of the month if rent is still unpaid.

“Fannie Mae and Freddie Mac’s (GSEs) announcements today of new multifamily tenant protections mark an important milestone by increasing transparency and improving communication between housing providers and tenants,” said FHFA Director Sandra L. Thompson.

In 2023, Fannie Mae financed approximately 482,000 units of multifamily rental housing, a significant majority of which were affordable to households earning at or below 120% of area median income, according to Mortgage Point.

“These lease standards seek to extend the reach of common baseline tenant protections,” said Kevin Palmer, Head of Multifamily for Freddie Mac. “Although many borrowers already exceed these minimum standards, all will be required to meet the standards to obtain GSE financing in the future. The details we released are intended to give lenders, borrowers, and other market participants clearer expectations with regard to how we will implement, monitor, and enforce the new requirement.”

See a list of frequently asked questions about the new tenant protections policy here.

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Photo credit krblokhin via istockimages

What Is Decent Monthly Cash Flow for A Rental Property?

By
Hank Rossi
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What is decent monthly cash flow for an investment rental property to determine if it is the right buy for a real estate investor?

What is decent monthly cash for for a rental property for a real estate investor is the question this week for Ask Landlord Hank. Remember Hank is not an attorney and cannot offer legal advice. If you have a question for him please fill out the form below.

Dear Landlord Hank:

What is a decent monthly cash flow on an investment home for rental?

-Mitchell

Dear Landlord Mitchell,

That is a tough/easy question and very individual.

Your face can tell you the answer after you do a little homework. If you are considering a property as a rental investment, determine your fixed expenses every month and think of EVERYTHING – this is critical, so go over this list until you have it all and then check it again:

  • Mortgage if you will have one
  • Taxes
  • Insurance
  • HOA fees
  • Reserve
  • Landscaping
  • Pest control
  • Management

Add all those up and then determine the rental rate.

Are you going for an annual tenant or are you going short-term?

Annual is slow and steady; short-term can generate more cash flow income, but it’s more work and less steady.

After you do all your calculations and you see the monthly profit, are you smiling or are you worried?

If you aren’t smiling, this is not the investment for you. Sometimes the market is too high and you can’t find a property that makes sense financially.

Keep looking and hold on for the right property. Keep doing your homework, and make sure you know the value that you are looking for.

To me, buying a rental property is like looking for treasure. If it was easy to find, everyone would be doing it. Rental properties are my favorite investment. It took me a year of looking to find my first one.

I had a wonderful broker that really knew value and he took me around and showed me properties so I could see and learn for myself.

I’ve had stocks and bonds, T-bills and CDs, and used to trade commodities (no bitcoin) – and real estate is my mainstay and true love. Make sure you always have needed insurance, a reserve to cover unforeseen and costly expenses (new HVAC, etc.), and do thorough background screening on all tenants.

Sincerely,

What is decent monthly cash flow for an investment rental property to determine if it is the right buy for a real estate investor?
Landlord Hank says, “Keep looking and hold on for the right property. Keep doing your homework, and make sure you know the value that you are looking for.”

Hank Rossi

 Each week I answer questions from landlords and property managers across the country in my “Dear Landlord Hank” blog in the digital magazine Rental Housing Journal.    https://rentalhousingjournal.com/asklandlordhank/

Ask Landlord Hank Your Question

Ask veteran landlord and property manager Hank Rossi your questions from tenant screening to leases to pets and more! He provides answers each week to landlords.

  • This field is for validation purposes and should be left unchanged.

“I started in real estate as a child watching my father take care of our family rentals- maintenance, tenant relations, etc , in small town Ohio. As I grew, I was occasionally Dad’s assistant. In the mid-90s I decided to get into the rental business on my own, as a sideline. In 2001, I retired from my profession and only managed my own investments, for the next 10 years. Six years ago, my sister, working as a rental agent/property manager in Sarasota, Florida convinced me to try the Florida lifestyle. I gave it a try and never looked back. A few years ago we started our own real estate brokerage. We focus on property management and leasing. I continue to manage my real estate portfolio here in Florida and Atlanta. “ Visit Hank’s website here.

Apartment Connectivity: Managed WiFi Equals Greater NOI

By
By The Editors
-
Improved apartment connectivity has had the biggest impact on revolutionizing multifamily living to take advantage of innovative services

Improved apartment connectivity has had the biggest impact on revolutionizing multifamily living to take advantage of innovative services and solutions found in today’s apartment communities.

By Andrew Ruhland

The multifamily industry has undergone significant changes in just a few short years. Driven by necessity and long-overdue progress, operators have recognized the importance of adapting to the digital era, embracing innovation and technology at an unprecedented rate.

However, it is essential to understand that innovation in this industry is only as good as its foundation – which is fundamental to transforming the community living experience.

The apartment connectivity experience impacts everyone – prospective renters, residents, onsite teams, vendors and visitors.

From enhancing self-service leasing and streamlining communication to optimizing smart home technology, operators have implemented various technologies to make the rental experience more enjoyable and productive for all stakeholders. While apartment living has certainly become more enjoyable over the years, things can quickly go sideways when tech doesn’t work the way it’s supposed to. By setting a connectivity foundation to sync all of their technologies, operators are improving the community experience and realizing even greater NOI.

In order to cultivate and sustain a successful community in today’s tech-centric climate, operators must comprehend the unique connectivity needs at every property, the necessity of a robust digital infrastructure and how it maximizes the innovation that powers the resident experience.

Yesterday’s Connectivity Foundation

Technology can be your best friend— until it stops working properly.

No matter which technologies operators have implemented in their communities, these new tools require a consistent, strong, community-wide connection to optimize functionality.

This foundation can make or break the resident experience. The physical foundations and infrastructures the industry has come to rely on are no longer cutting it. A growing number of operators are beginning to realize that the key to optimizing the vast array of innovative services and solutions found in today’s communities is by enhancing the digital infrastructure in which those products depend on.

“We’re always looking at ways to enhance our properties,” said Jeremy Woldert, vice president of asset management for Knightvest Capital. “In order to do that and thrive in this rapidly changing digital landscape, we must adapt and embrace innovation with a clear focus on improving the community experience. The only guaranteed way to do that is by laying a reliable foundation that can shoulder a wide-array of evolving technology.”

Why a Robust Connectivity Foundation is Necessary

A strong digital infrastructure is the enabler that allows operators to harness the full potential of innovative technology and elevate operational efficiency, resident satisfaction and the overall community experience.

As the industry continues to make progress, the importance of investing in a robust connectivity foundation cannot be overstated.

“We knew it would be an investment in the future of our communities,” Woldert said. “Offering property-wide connectivity is directly tied to creating an experience that leads to long-term residents and greater NOI. We also get to keep the equipment when our agreement expires, which is a very attractive feature of bringing on a managed WiFi service provider.”

The shift towards a tech-based environment has brought about numerous advancements and opportunities for operators. But outside of the countless smart home features and virtual leasing solutions, improved connectivity has had the biggest impact on revolutionizing multifamily living.

Maximize Connectivity, Transform the Community Experience

By streamlining operations and automating manual tasks, operators can greatly refine the resident experience.

Tasks like online rent collection, maintenance requests and resident communication can all be optimized through a well-established digital infrastructure. This not only saves time and resources but also minimizes the potential for errors, leading to a better all-around experience.

In today’s digital landscape, residents expect seamlessness and convenience at every turn of their journey. Offering in-demand services that depend on a comprehensive connectivity foundation, such as digital payment options, virtual property tours and rapid response times to maintenance requests, can improve resident satisfaction and retention rates. Residents are more likely to stay in a community that meets their expectations and provides them with the features they desire and add value to their lives, such as smart home tech and seamless streaming capabilities.

Data-driven decision-making is another critical advantage of a strong digital infrastructure. With access to data analytics, operators can make informed decisions based on resident preferences, maintenance needs and market trends. A data-centric approach allows for proactive strategies that can significantly improve the community experience and boost NOI by enabling operators to adapt quickly to changing market conditions and resident needs.

“By improving our connectivity foundation, we were able to realize the full potential of our smart technology and modern amenity offerings that contribute to a quality living experience,” Woldert said. “Additionally, optimizing the features of our apartment homes and overall property not only presents immediate benefits for both ourselves and residents, but sets our communities up for sustainability.”

The Role of Apartment Connectivity Going Forward

Innovative products and services are propelling the industry into the future, but without a solid apartment connectivity foundation and best-in-class customer care team to support them and their residents, operators may be selling themselves short.

“The multifamily industry is becoming increasingly dependent on tech-centric features and amenities, and those fully rely on property-wide connectivity based on a foundation designed to adapt with ever-changing digital needs and advancements,” Woldert said. “To remain relevant and get the most out of our investments by improving the residents’ living experience, nothing supersedes a robust digital infrastructure.”

As the industry continues to evolve in this tech-centric era, operators must prioritize property-wide connectivity to ensure that their communities not only adapt accordingly, but fully thrive in the digital age. Operators that have built a connectivity foundation to harmonize their technology will have the best chance to create a superior community experience and increased NOI.

About the author:

Andrew Ruhland is an account executive and content writer for LinnellTaylor Marketing, which focuses exclusively on the rental housing industry, its trends and technology innovations.

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Great Tenant Experiences Are About Timely, Clear Communication

By
John Triplett
-
Technology has a huge impact on renter’s expectations and timely, clean communication is essential for good tenant experiences

Technology has a huge impact on renter’s expectations and timely, clean communication is essential for good tenant experiences says a new report from AppFolio.

The report of more than 2,000 U.S. renters uncovers key insights into their shifting motivations and behaviors, emphasizing the critical role of technology in the resident experience.

The marketing and leasing process are key

Nearly one-third of renters surveyed (30%) search for new rentals on property or property manager’s websites – a top three resource alongside major internet listing services. This finding underscores the importance of a strong online presence for property managers.

  • A clear and transparent listing is ranked as the most important factor that renters consider, with 95% of respondents saying they view it as very important or important.
  • 88% of renters describe a property manager’s reputation on review sites as a very important or important aspect of evaluating a new rental.
  • Furthermore, more than three-quarters (76%) of renters expect to hear back about a listing within 24 hours of contacting the owner or property manager, while 27% expect a response within a few hours.

Technology has a huge impact on renter’s expectations and timely, clean communication is essential for good tenant experiences

Catering to long-term renters with effective communication and service

With a growing number of residents planning to rent for longer, there is increased demand for rental housing that fits their long-term needs. Effective communication and prompt maintenance services play a pivotal role in attracting and retaining these renters, as residents who are satisfied in those areas are more likely to renew their leases and recommend their property managers to prospective renters.

  • Nearly half (46%) of respondents said they intend on renewing their current lease, with about one in four (23%) reporting this was because they are unable to purchase a home.
  • Renters who are satisfied with their property manager’s communication methods are 25% less likely to be planning a move and nearly four times more likely to recommend their property managers than renters who are unsatisfied.
  • Similarly, those satisfied with maintenance are 25% less likely to say they are planning to move, and nearly three times more likely to recommend their property management company.

Technology has a huge impact on renter’s expectations and timely, clean communication is essential for good tenant experiences

“This report highlights the undeniable impact that technology has in meeting renter expectations,” Stacy Holden, senior director and industry principal at AppFolio, said in a release. “Bottom line, great resident experiences today are all about timely and clear communication; while having access to the information you need at your fingertips.

For a more in-depth look at the key trends shaping the rental market, download the 2024 AppFolio Property Manager Renter Preferences Report.

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Justice Department Sues RealPage Over Apartment Pricing

By
John Triplett
-
The Justice Department sued RealPage alleging an unlawful rent price fixing scheme to decrease competition by landlords in apartment pricing

The U.S. Department of Justice has sued RealPage alleging an unlawful scheme to decrease competition among landlords in apartment pricing and to monopolize the market for commercial revenue management software that landlords use to price apartments, according to a release.

The Justice Department says RealPage’s pricing algorithm violates anti-trust laws.

“Renters are entitled to the benefits of vigorous competition among landlords. In prosperous times, that competition should limit rent hikes; in harder times, competition should bring down rent, making housing more affordable,” the Justice Department says in the complaint.

“RealPage has built a business out of frustrating the natural forces of competition. In its own words, “a rising tide raises all ships.” This is more than a marketing mantra. RealPage sells software to landlords that collects nonpublic information from competing landlords and uses that combined information to make pricing recommendations.,” the complaint says.

Landlords share nonpublic apartment pricing information

In the press release, the Justice Department alleges “RealPage contracts with competing landlords who agree to share with RealPage nonpublic, competitively sensitive information about their apartment rental rates and other lease terms to train and run RealPage’s algorithmic pricing software.

“This software then generates recommendations, including on apartment rental pricing and other terms, for participating landlords based on their and their rivals’ competitively sensitive information. The complaint further alleges that in a free market, these landlords would otherwise be competing independently to attract renters based on pricing, discounts, concessions, lease terms, and other dimensions of apartment leasing.

“RealPage also uses this scheme and its substantial data trove to maintain a monopoly in the market for commercial revenue management software. The complaint seeks to end RealPage’s illegal conduct and restore competition for the benefit of renters in states across the country,” the department says.

Garland says renters should not pay more over a scheme to break the law

“Americans should not have to pay more in rent because a company has found a new way to scheme with landlords to break the law,” Attorney General Merrick B. Garland said in the release about apartment pricing.

“We allege that RealPage’s pricing algorithm enables landlords to share confidential, competitively sensitive information and align their rents. Using software as the sharing mechanism does not immunize this scheme from Sherman Act liability, and the Justice Department will continue to aggressively enforce the antitrust laws and protect the American people from those who violate them.”

The lawsuit was filed in the U.S. District Court for the Middle District of North Carolina and alleges that RealPage violated Sections 1 and 2 of the Sherman Act.

RealPage has denied the allegations.

Read the full complaint here.

Read the press release here.

 

Read the full report from ProPublica here

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Renters Want Flexible Payments And Loyalty Programs

By
John Triplett
-
A new survey says renters want flexible monthly payment plans, loyalty programs and help with the stress of moving.

A new survey says renters want flexible monthly payment plans, loyalty programs and help with the stress of moving.

The RealPage survey of more than 2,000 renters showed:

  • 98% of renters want a loyalty program for paying rent.
  • 93% of renters are interested in flexible rent payments.
  • 97% of renters would choose an apartment offering an easy way to manage moving.

The 2024 National Multifamily Renter Study shows the multifamily housing industry must adapt and enhance its offerings to attract and retain residents amid the changing rental landscape and increase in supply, RealPage said in a release.

  • 97% say they would be more likely to renew their lease if working with their property manager was as easy as interacting with Amazon.
  • 97% would be more likely to choose an apartment offering a service to simplify moving, such as help setting up internet and utilities, finding a local mover and setting up payments.
  • 93% were interested in flexible rent payment schedules (biweekly, bimonthly, weekly) rather than a full, once-a-month payment.

“It’s a renter’s market, and they demand more from moving assistance, loyalty programs and payment options to enhance their living experience,” Rob Franklin, Senior Vice President and General Manager of Resident Solutions at RealPage, said in a release. “This national survey confirms the modern experience renters want today, and we are thrilled to bring it to them with LOFT™, RealPage’s fully integrated resident experience platform.”

Overall, the survey responses showed that enhanced offerings from a property manager, such as a seamless digital app and loyalty programs, factor heavily into a resident’s decision to select an apartment and renew. Research shows 97% of respondents would choose a specific unit and renew their lease if they were offered improved benefits from property management companies.

The study, conducted by Dimensional Research, was presented during RealWorld 2024, the company’s conference that brings together nearly 1,500 registered attendees from the multifamily community to highlight innovations in the rental housing industry. All 2,011 qualified study participants were currently paying rent for an apartment in a multi-unit building operated by a property management company. All were between 18 and 55 years of age living in the United States. A mix of genders, household incomes, regions and demographics were captured to enable analysis by various categories.

Great Tenant Experiences Are About Timely, Clear Communication

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4 Senses You Should Use To Inspect After Tenant Move Out

By
By The Editors
-
Four senses you should use after tenant move out such as smells, to ensure that you don’t miss something on inspection
Quite literally, if it doesn’t pass the smell test, something is likely wrong at the property.

When it comes time to perform a move-out inspection, it’s critical to engage your four senses, especially smells, to ensure that you don’t miss something that could end up costing you thousands down the line.

By David Pickron

“Oh, I had a friend bring her little dog over maybe once or twice while I lived there.” That’s a direct quote from a recently moved-out tenant. Funny thing is, I went to the property the day after she moved out and all of the windows were open … in August … in Phoenix.

As I walked in, I caught the overwhelming odor of what seemed skunky, but I just could not put my finger on it. No wonder she wanted the windows open to air out the place and somehow save her security deposit.

When I asked her if she had been smoking or vaping marijuana, she adamantly denied it. “Did you ever have any pets in the property?” I asked. Refer to the first sentence of this article to see her answer.

I shut the property up and a few days later returned to start the rehab for my next tenants. Sure enough, when I opened the property that had been sealed shut for just a few days, the smell of urine overwhelmed me.

Turns out it was a combination of the urine smell and the smells from a nearby dairy that made me think it was initially marijuana. And just this week I met the carpet guys at the property and to no one’s surprise, when the carpets were pulled up, there were urine stains over every square inch of the carpet and pad. That little dog must have had some kind of bladder for just being there once or twice.

Now before you think I am anti-pet, I’m not. I have three adult Bernedoodles — Wellington, Winston, and Aspen — that bring me pure joy. And I’m not anti-tenant either, as I have multiple short-, mid-, and long-term rental properties that produce a great income and are valued assets. My challenge here lies in the fact that tenants will go to great lengths to avoid any extra expense that comes after they vacate a property.

When it comes time to perform a move-out inspection, it’s critical to engage your senses to ensure that you don’t miss something that could end up costing you thousands down the line. Here’s what I recommend:

No. 1 – SIGHT

If you have copies of photos from the initial move-in inspection, compare those with the current  condition of the property. Things like holes in walls are obvious, but do you remember the paint color that was in the property at time of move-in? Or what appliances were there when the tenants took possession? (Was that room really pink with stars on the ceiling?)

If you own multiple properties or if a tenant has been in a home a long time, you may not remember exactly what was in place. I’ve seen tenants break my nicer appliances or fixtures and replace them with cheap ones, hoping I wouldn’t notice. Always, always take pictures of the property before a tenant takes possession so you don’t have to rely on memory.

No. 2 – SMELL

As my story above illustrates, the nose always knows. What I didn’t tell you is a week prior to the tenants moving out, I visited the property and it smelled great. The tenant asked specifically when I would be arriving and dolled the place up with air fresheners.

Quite literally, if it doesn’t pass the smell test, something is likely wrong at the property. To get the best results, turn off the HVAC system for a couple of days and seal the house up. Smells such as cigarette or marijuana smoke, mildew, or pet urine will become more pronounced once the air stops moving.

No. 3 – SOUND

When I walk into a vacated home, I listen for all types of sounds. Is there an unreported leak somewhere that I can hear, as in the toilet? When the HVAC system turns on, does it sound right? Maybe I should inspect the filter to see why the A/C is struggling. Same goes for dishwashers and washers and dryers. Run all the faucets in the home and listen for any issues that might be related to the plumbing.

No. 4 – TOUCH

During the move-out inspection, I like to feel for things like drywall repairs the homeowner may have completed. Open the cupboards and make sure they glide smoothly. A lot of homes now have stone countertops, and depending on the stone, it may visually hide gouges or cracks caused by homeowner behavior. I also feel with my feet as I walk the property, as unreported water leaks can lead to warped or loose floors that I may not see but can definitely feel.

I teach new landlords all the time about the importance of finding the right tenant to be their “business partner” in maintaining and caring for a property. But even the best tenants can and do create problems for us as housing providers when they move out of our properties. Little things are expected, but when it comes to professionally and effectively managing our portfolios, we have to use everything in our arsenals to protect our assets. Using your senses to sense scents (and other issues) just makes sense.

Speaking of making sense, require a security deposit big enough to cover carpet replacement, as that is usually the biggest replacement item that holds those offending odors.

About the author:

David Pickron is president of Rent Perfect, a private investigator, and fellow landlord who manages several short- and long-term rentals. Subscribe to his weekly Rent Perfect podcast to stay up to date on the latest industry news and for expert tips on how to manage your properties.

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Rents Continued Up In July Due To Strong Economy

By
John Triplett
-
National multifamily advertised rents rose in July on the back of the strong economy, Yardi Matrix said in the July report.
The strong economy has continued to lead to strong demand for rental housing.

Multifamily advertised rents rose in July on the back of the strong economy, Yardi Matrix said in the July report

“Job growth remained robust while inflation continued to ease, raising hope for interest rate cuts. Meanwhile, July saw a resumption in advertised rent growth in high-supply markets where it had been negative,” the report says.

Highlights of the report

  • Multifamily advertised rents rose for the sixth straight month in July as demand coming from economic growth and demographics remained consistent. The average U.S. advertised rent increased by $4 to $1,743, while year-over-year growth rose by 20 basis points to 0.8%.
  • Although year-over-year rent numbers are weak by historical standards, July produced encouraging signs, including a rebound in growth in some Sun Belt metros that have struggled over the past year due to the heavy delivery pipeline.
  • Single-family rental properties continued their strong performance in July, with advertised rents rising $5 nationally to a record-high $2,171. The year-over-year growth rate moderated again, declining 10 basis points to 1.0%. Occupancy rates fell 10 basis points to 95.3% in June.
  • The national occupancy rate in June was 94.6% for the seventh straight month, down 0.4% year over-year. Only two metros posted year-over-year increases: Las Vegas, which at 93.6% is up 0.7% year-over-year, and the Twin Cities, which at 95.0% is up 0.1% from a year ago. The biggest drops in occupancy rates have been in Indianapolis, Houston, Dallas and Kansas City (all down 0.8%).

The strong economy has continued to lead to strong demand for rental housing, the report says. The U.S. gross domestic product grew by 2.8% in the second quarter, while the economy added 1.3 million jobs in the first half of 2024.

“There are signs the economy will cool, but the worst-case scenario is likely to be a soft landing rather than a hard recession,” Yardi Matrix says in the report. “Although performance so far has been encouraging, we expect continued high levels of new deliveries for the next 15 to 18 months, so there’s a lot more to contend with ahead.”

National multifamily advertised rents rose in July on the back of the strong economy, Yardi Matrix said in the July report.
Chart courtesy of Yardi Matrix

Read the full Yardi Matrix report here.

About Yardi Matrix

Yardi Matrix researches and reports on multifamily, office and self-storage properties across the United States, serving the needs of a variety of industry professionals. Yardi Matrix Multifamily provides accurate data on 18+ million units, covering more than 90 percent of the U.S. population. Contact the company at (480) 663-1149.

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