Survey finds property managers faring much better than last year
A new TransUnion survey found that both large and small property managers are faring better than they did one year ago and are more easily attracting residents while increasing rental prices.
Nearly half of respondents (48 percent) said rental prices on the majority of their units had increased since this same time last year. Approximately 44 percent said rental prices remained the same. Comparatively, in the 2011 TransUnion rental survey, only 39 percent of respondents stated that such an increase occurred, with 48 percent saying prices remained the same.
Despite increasing rental prices, more property managers are finding it easier to locate prospective residents. Nearly 73 percent of respondents said it is not difficult to find residents. In the same 2011 survey, only 67 percent of property managers answered this way.
The percent of respondents stating vacancy rates for their properties are between 0 percent and 5 percent increased from 81 percent in 2011 to 83 percent in 2012. Large property managers saw this number increase from 60 percent in 2011 to 64 percent in 2012. More than 70 percent of small property managers said they have zero vacancy, up from 66 percent in 2011.
SUNIL SETHI REAL ESTATE