As the final month of the year is reaching an end, it's time to regroup and strategize your company's business objectives and strategy for 2018. Before strategizing an updated business approach, it is imperative to study and understand the latest market trends in Boston real estate. By taking market trends into consideration when constructing marketing and management approaches, you will fare exceedingly better than real estate companies that did not apply researching methods to their own business approach. Here are the latest regional and national real estate trends for rental and job growth, occupancy, and more.
1. The Millennial Take Over
Millennials continue to make up the largest portion of the population, and are most likely the largest demographic of renters. Consider changing your company's technology and marketing plans to target millennials, who value efficiency and flexibility. Our previous blog post,
"6 Ways To Attract College Students To Fill Your Apartment Vacancy", holds detailed and valuable information on both attracting, satisfying, and retaining millennial renters.
2. Mobile Technology is Here to Stay
Mobile technology has powerfully revolutionized the real estate industry, allowing potential renters to quickly locate properties and schedule apartment showings instantaneously. Mobile technology has become standard in the rental industry, and continues to hold power: studies show 84% of renters use mobile phones during their apartment search process. Taking the time and resources to properly integrate mobile-friendly features on your real estate company's website has the power to attract renters, and fill vacancies swiftly.
3. U.S Job Growth Continues to Soar
As U.S job growth continues to soar, the demand for rentals continues to climb. Property managers should remain aware that the U.S economy has added more than 150,000 jobs for the second month in December, and the employment rate has dropped to 4.3%.
While numerous market trends exist, property managers should especially take these specific trends into consideration when adjusting their market strategy for 2018. As the millennial generation continues to grow and seek out rentals, tweak your strategy to specifically target the millennial generation, with specific amenities and features marketed towards them. Furthermore, carefully study the job growth and Boston's rental property supply. Retaining this knowledge and applying these marketing trends to your 2018 strategy will open up successful business opportunities for 2018.
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