Higher income households are making up an increasing percentage of apartment renters, according to Kingsley Associates' latest resident survey data. For the four quarters ending on September 30 of this year, 76.5 percent of surveyed residents nationally are earning more than $40,000 annually and 41.2 percent are earning in excess of $75,000. For the same time period in 2010, 65.2 percent of residents reported annual household income of more than $40,000, while only 26.2 percent indicated earnings over $75,000. While this trend is observed across all apartment classes, it has been most pronounced at Class B communities.
"Owners and managers have certainly been adding to NOI through rental increases," comments John Falco, Principal, Kingsley Associates. "That has led to recruitment of higher-income residents, who apparently consider renting a better housing solution than they did a few years ago."
Read more...Latest Resident Survey Shows Apartment Owners and Managers Attract Higher Income Residents - Multifamily News Headlines – Breaking News, Stories, Top Headlines :: MultifamilyBiz.com
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