If you rent, you do so because you can’t afford a home. Or, you are just too young, and have no
desire to own a home at this point in your life. It is a misconception to think that these are
the only – or even the most common – reasons for renting.
In a recent article picked up by the “Capital Business”
section of The Washington Post, Tom
Bozzuto, CEO of The Bozzuto Group, explains how the profile of today’s renter
has changed along with the times.
“This is no longer the fifties,” Bozzuto says. “Many people rent in America as a matter of choice, not necessity. Many of these people love the flexibility renting provides. Many like that renting allows them to live in places where they couldn’t afford to buy. These people, these renters, are contributing members of the community who hold full-time jobs, spend money, volunteer in their community and vote.”
Bozzuto also points out how the apartment dweller is
marginalized in the political realm.
With the left focused only on subsidized housing and the right
concentrating solely on the single-family home, little or no attention is given
to the apartment renter. This political
mindset inevitably bleeds over into the private sector and affects the
assumptions of the general public, as well.
While renters receive little attention from politicians,
they are no small segment of the population.
Bozzuto estimates that between 30 and 40 percent of Americans rent.
For those in the industry of building, selling and managing
apartments or multifamily housing developments, the “too young, too poor”
assumption can be hugely detrimental to your marketing initiatives and can
mislead your approach to interacting with potential and current clients. Renters want to be treated with the same
respect that potential homeowners receive.
And, what they really want is flexibility.
The need for flexibility of today’s renter tends to go
beyond just their choice of housing. It
is a basic desire for choices, options and possibilities. They want alternatives. They have preferences.
No doubt, this recent craving for choice has been largely
fueled by the rapid advancements in personalized and mobile technology. And, for developers of multifamily housing
units, no area offers greater opportunities or greater challenges.
It is essential that your development is capable of
accommodating the various technological preferences of your renters. Can they choose their preferred service
provider? Are your apartment amenities both Mac and PC compatible?
On the flip side, today’s technological capabilities provide
an enormous range of ways to wow your potential clients. Between jumbotrons in the pool area, state of
the art entertainment rooms and hallways equipped with scent technology and
mood lighting, there is no shortage of chances to impress your tenants.
The renters of today are smart. And, they want to live in a Smart ApartmentTM.
