TransUnion, a provider of resident screening and tenant credit reporting services, recently released the results of a survey showing that property managers have found themselves in different situations depending on the number of units they operate.
Both large and small property managers seem to be enjoying the recovering apartment rental conditions, as 57 percent of large property managers reported no problems finding tenants, with 27 percent noting that it had been more difficult a year ago. Fewer than 20 percent of small operators indicated that it was more difficult to find renters last year, and 69 percent stated that it was not difficult to find residents.
The survey of more than 1,250 property managers found that nearly two-thirds of larger managers raised rents, compared to just over one-third of small ones. On the other hand, 66 percent of small managers reported no vacancies, while only 11 percent of large managers reached that point.
"The larger guys have made it a focus to increase rents in the regions where they’re able to," said TransUnion executive Steve Roe. Roe noted that smaller renters may be satisfied just filling apartments with paying tenants, and show reluctance to push rents in comparison.
The president of one Dallas apartment market consulting firm told Multifamily Executive that smaller operators may recover more slowly due to managing older properties, but noted that rent increases at the top are likely a good sign for the rental market.