The Bureau of Economic Analysis recently released a report showing that personal income and spending had both risen for the month of July, while savings decreased slightly.
The report states that total personal income increased in July by $42.3 billion, or 0.3 percent. Spending increased by $46 billion, or 0.4 percent, and personal savings decreased from $516.2 billion in June to $506.3 billion in July.
For landlords and rental property management officials, such a shift may be very helpful. The most obvious positive change will be that if consumers are more willing to spend, they will be willing to pay higher rents.
But the potentially larger gift to landlords is increased personal income. If consumers have a higher income, tenant background checks will become much easier. Background checks are just one of the trials awaiting landlords among many others, according to the Jamestown Post-Journal. Following a stint of repairing an apartment and setting it up for a new tenant which can cost up to six months rent, a landlord who encounters a potential tenant with high personal income might be relieved to have an easier time with that part of the background check.