If you live in an urban area and do a search for “furnished apartments near me“, it gives you an idea of the average costs for one and two bedroom apartments and even single family homes. And according to many experts, you are probably going to be surprised at the prices for those rental apartments and homes.
Statistics about housing in all parts of the U.S. are quite surprising and unnerving. A single article about the issue Unstable housing noted that “with rents rising faster than wages, the burden of affording rent is looming larger and larger for many Americans and, in, some cases becoming insurmountable…[with] Americans spending on average a median of 29.1 percent of their income on rent, including many who spend a higher percentage but have lower incomes.”
This issue is significantly worse in urban areas and is a reason that middle class earners are slowly, but steadily, being squeezed out of such markets. Certain cities are even already priced outside of the capabilities of a minimum wage earner! These factors are a leading cause for a surge in the demand for more affordable homes and rental apartments.
Learn from “Furnished Apartments Near Me” Pricing
What this means for those who already own rental properties is simple – If you are willing to be more competitive in your pricing, you may be able to fill the needs of those struggling with housing issues. As we suggested at the beginning of this article, do a search for “furnished apartments near me” to see what others are charging. Furnished and unfurnished are going to be entirely different categories, naturally, but it is a good idea to develop a clear outline of prices based on location and amenities.
Then, look at what your margins are for profitability and determine how much flexibility you can build into the prices of your rental apartments or other properties. Even if you are striving to simply fill in the gaps between busier times of year or end a lull in renting out a property, it is going to pay off to do a slight decrease in pricing if your area is one impacted by increasing rental rates, stagnant wages and consumer struggles.
Though you may simply want to know what the costs for “furnished apartments” currently are, or you are looking for a way to overcome an unwelcome vacancy in one of your properties, you should use the data on the difficult housing markets to calculate pricing. Rental apartments and housing prices are worsening, so property owners will have to shift their approach if they wish properties to remain booked or leased.