Housing is a basic need. As long as people want to live with walls and a roof above their heads, there will be a need for workers, owners, and property managers in the housing industry. In recent years the rental industry specifically has experienced extensive growth, as housing costs have become unmanageable for many. With the current explosive market, now is the perfect time to enter the housing industry as a property manager.
In property management, you will work with a number of owners looking to make passive residual income while you find tenants for them and ensure that their property is well cared for. In doing this you will also see a passive and residual income that brings with it the benefits of freedom, flexibility, and a work-life balance that is hard to come by in the traditional work environment.
Current economic factors have led to a rise in rental prices, thus making an industry that is already a consistent need an even more lucrative prospect. Bloomberg and World Population Review have reported that rental prices have soared to an average of $1,659 – $1,751 a month for a one-bedroom apartment and up to $2,065 for a two-bedroom apartment. World Population Review states that “when it comes to vacant units, only two states have median asking rents below $1000 a month, while thirteen states have a median asking rent above $2000 a month.” For rental houses, current renters may be paying slightly lower amounts in the range of $1,300-$1,400 a month, however new rental listings are rising to around $1,900. Single family homes are currently averaging a rent of $2,018 a month. These numbers indicate that you can make as much money as you put effort into generating. As you gather new properties in your portfolio you will increase your income, and be able to pursue new leads that will continue to propel you forward.
All County’s Place in the Industry
All County® is dedicated to growing consistently and utilizing the essential benefits of the housing market. We have seen the impact of the growth in rental housing with a record number of doors opened within a year and large scale acquisitions that continue to propel franchisees toward success and security. Despite the conditions of COVID-19, All County® franchisees were able to operate and produce effective results even amidst lockdowns and closures. When many other industries came to a halt property management continued. Franchisee Hon Wong has worked in property management for 15 years, building a successful business through all economic conditions. He expresses that, “During economic uncertainties like the 2008 financial crisis and the covid-19 pandemic of today property management has shown to be a great opportunity. Simply put, when there’s uncertainty people tend to rent and not buy. During the 2008 and 2010 financial crises we did the best we ever had.”
No matter the economic, health, and societal concerns the country may face, the housing and property management industries will continue to be a necessity, and have demonstrated a history of continued growth, making them an ideal market for prospective business owners.