PropertyZar

The self-storage market has seen significant growth over the past decade. It seems Americans continue to collect too much ‘stuff’ that doesn’t fit into their homes. That’s all great for property management companies. However, the industry is changing.

Increase Of Self-Storage Units

There has been a significant increase in self-storage construction as demand has risen.

With new construction comes the inevitable rent adjustments. Current storage unit owners are realizing that they are having to cut some rent to compete for business.

2019 is expected to see the same growth pattern, with more construction of more storage units. Even so, the occupancy rate remains very high because, let’s face it, we love our ‘stuff’.

While new construction is taking place, all estimated new units will account for less than 10% of overall market. This is considered a development phase.

With the increase in storage units, this will require property managers to maximize their use of  property management softwareto

Since I am in in the property management software business, most all my blogs are related to property managers or landlords. However, this blog will cover a new federal program for real estate investors call Opportunity Zones. While it may benefit property managers or property management companies, it’s definitely geared towards real estate investors. With that in mind, read on!

The Genesis

Sean Parker, the co-founder of Napster (not part of the gold heist with Mark Wahlberg) worked with law makers on a new program call Opportunity Zones. The states governors are responsible for identifying low income census zones in their respective states.

Today, there are approx. 8700 defined Opportunity Zones nationwide. The zones are geographical areas that have been designated as investment opportunities that will benefit the community as well as those investors who participate in the program.

The program was created by the federal government in an effort to drive private investments into the low

Let’s face it, people usually do not enter a legally binding lease with the intention of breaking it. Sometimes life deals us challenges that conflicts with our current lease. Whether its job related, family or health issues. There is a plethora of situations that can arise that will have you asking the question, ‘How can I break my lease’.

Read your lease

Some leases provide an opt-out clause. You should review your lease carefully because you may already have an option spelled out for you.

Sub-Leasing

If your lease doesn’t provide an adequate opt-out option, check with the property manager or owner about sub-leasing the property. If the owner or landlord agree, keep in mind that (in most cases) you are still responsible for the remaining of the lease terms. Having a qualified tenant can be a win win for both you and the property manager.

Be Nice

If you have been a great tenant, ask the landlord about marketing the property to find another tenant. When one is found, then you can terminate

In order to fill your vacancies, you first need to know what renters want. That list can vary widely based on the type of rental property you have. Renters moving into an apartment will have different ‘wants’ then those moving into a single-family home.

Longer Term Renters

For those who are longer term renters, they may want to be near school or work, coffee shops, restaurants, work out facilities, parks etc.

Job Renters

If your renters are relocating (even temporarily) for work, they may have different wants. For example, in addition to the long-term renters wants, they may also want to be close to an airport and transportation services.

Depending on the area of your properties, you may want to include information about some of these ‘wants’ in your advertising copy. For example, if you are close to an airport but have not thought about corporate leases, include the fact that airports are just 10 minutes away.

Furnished Properties

Furnishing your properties can be a very lucrative option