No Longer a Renting Stigma
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One thing that is important for a multifamily developer and owner to understand is the submarket and target group you are after, say panelists at the recent RealShare Apartments conference.
LOS ANGELES—“There is no longer that stigma of renting.” That is according to Erica Linn, manager of research and publications at Yardi.
Linn, who recently spoke on a “Boomer Wars” panel at RealShare Apartments 2015 here in Los Angeles, said that housing is no longer looked at as a fantastic investment. “There is a changing attitude existing today as well as a huge gap between class A and class B rents.”
And the profile you are going to get through lease up isn’t your ultimate profile,” explained Greg Willett, VP of MPF Research. “It changes by year two.”
Brad Cribbins, COO of Alliance Residential, who took a sample set of its product types over the nation, said that in the downtown product, the average age was 32. “This is a group of people willing to pay the largest percentage of their salary.”…
