One of the last things a property owner or manager wants to talk or think about is tenant turnover. This is especially true when it means losing tenants to home purchases. Yet, the best thing you can do for your property is understand market patterns so that you can adequately prepare rather than react.
The following infographic was designed by SmartAsset, an online site full of highly personalized, interactive tools to help people make financial decisions easier. It shows the number of years a person should rent in certain cities before it is smarter to buy. As it would turn out, the major cities in Texas of Dallas, Austin, San Antonio, and Houston, all made the list, and all fall into the category of ‘less than 5 years.’
What this means for renters is that purchasing a home makes more sense than renting after only 3.2 years in Dallas, 3.7 years in Austin, and 4.2 years in both San Antonio and Houston.
What this means for property owners in these cities is that you have a unique opportunity to leverage this information to your advantage. Knowing that the ‘average’ tenant lifecycle in Dallas could/should be 3.2 years, you can create a business and marketing plan to reflect the same, building-in a budget and tactics with appropriate objectives in mind.
Need some help? We love this stuff. Give the professionals at Class A Management a call today to learn more about our services. Call us at 817-539-6787 or send an email to email@example.com.