BOSTON--(BUSINESS WIRE)--Buildium, the real estate industry’s leading property and association management solution, today released the second of its annual industry research reports for property managers, the 2018 Renters’ Report. Its first report of the year, the 2018 Rental Property Owners’ Perspectives Report, was published in June. Both are part of the company’s continued commitment to empowering residential property managers to adapt to an evolving market and succeed in their businesses.
The 2018 research uncovered that providing a personalized, empathy-driven experience is key to success in 2018 and beyond.
The 2018 Renters’ Report includes data from nearly 1200 renters across the United States, and provides property managers with valuable insights such as:
- The 15 amenities that renters are willing to pay higher rent to have, and how to incorporate these features into properties of all kinds
- Which factors drive renters’ decisions to move out, and which concessions have the power to change their minds
- Why Millennials, Gen Xers, and Baby Boomers rent, and how property managers can meet each generation’s unique needs
More than anything else, however, there was one major takeaway from this year’s Renters’ Report: Offering personal, empathy-driven customer service is the key to attracting and retaining renters in the future.
The companion report was published in June, the third annual Rental Property Owners’ Perspectives Report, which includes data from over 700 rental property owners. Their responses revealed that there are three distinct lenses for understanding property owners’ core needs and motivations:
- Which kind of investor are they? The research identified three striking categories of investors: Accidental Landlords, Intentional Investors, and a new category called Unintentional Investors, all with unique needs and preferences.
- Which type of property do they own? Single-family, multi-family, and community association properties all pose unique challenges for an owner; and thus, for the property managers who serve them.
- How many units do they own? The data illustrated how portfolio size impacts owners’ needs and expectations, and can provide clues as to owners’ experience level in owning rental property.
Viewing rental owners through these three lenses enables property managers to tailor their services to match the needs and expectations of each type of client.
“Buildium conducts this research every year to help our customers stay ahead of the curve,” says Chris Litster, CEO of Buildium. “We’ve seen the data reveal a significant shift in residents’ expectations in the face of lifestyle, market and technology changes. This continues to underline the importance of emphasizing the resident experience as the path for future success in the property management industry."
To download your own copy of the latest reports, visit our guides and reports page on buildium.com.
Founded in 2004, Buildium is the only property management solution that helps real estate professionals win new business from property owners and community associations seeking services. Backed by expert advice and relentless support, Buildium enables you to outperform across all facets of your business with intuitive software that balances power, simplicity, and ease of use. Buildium services over 15,000 customers in 46 countries, totaling over one million residential units under management. In 2015, Buildium acquired All Property Management, a leading online marketing service for property managers, making Buildium the only company to give property managers a way to acquire new customers and increase revenue. For more information, visit www.buildium.com, and connect with us on Twitter, LinkedIn, and Facebook.