With over 30% of all housing units in the country rented by their occupants1, it is no wonder that apartments are a staple of the rental housing industry. Indeed, approximately 19% of renters live in structures of 2-4 units, and 44% live in structures with five or more units2. With so many of people in these multifamily residences, it is easy to see how apartments for rent are a major part of the housing market.
When considering entering into the world of investment properties, an apartment building is one of the many choices available. An apartment, which has a most basic definition of ?a room or set of rooms fitted especially with housekeeping facilities and usually leased as a dwelling?3 can be as little as only two units, up to apartment complexes containing hundreds of units.
Owning and operating an apartment building takes a huge time-commitment and familiarity with a wide range of complex administrative, financial, operational and even legal tasks. From reading the market to determine fair market rents, to advertising an apartment for rent, negotiating the lease and providing the services and maintenance the building needs, running an apartment building successfully is a lot of hard work.
Often, apartment property owners will turn their full-time job into a passive income investment by hiring a property manager to handle the day to day tasks of the building. This ensures the building will be run smoothly and efficiently by a trained professional, and leave the owner with a sizable income and none of the work.
It"s common to see ?apartment for rent? signs in neighborhoods and cities across the county. As a third of the rental housing units in the nation4, they are a cost- and space-effective way to provide affordable housing for the growing population.