Apartment industry at a crossroads
A storm is brewing in the multifamily real estate industry just as the base of renting consumers is projected to balloon. I believe people will start to think of renting as a viable way to live their entire lives, not just a transitional period. As we have heard now for a few months, several thought leaders are deeming renting the "New American Dream," a concept that is not too farfetched.
It is obvious that there has been a fundamental change in the demand for homeownership over the last few years. Fiscal policies and social pressures have encouraged American consumers to buy homes, oftentimes biting off more than they can chew, and saddling them with responsibilities for which they are ill prepared.
As we slowly approach the light at the end of the "economic downturn" tunnel, I am confident that the end of that road puts the apartment industry at a unique crossroads.
In one direction: a tempting view of green pastures and growing profits that only come with focusing solely on our wallets, quantity over quality, and putting residents second. The other direction is not so tempting: The development of true communities for residents, communities that encourage resident retention in ways unimaginable just a few years ago.
This is not to say
