unemployment rate

It will be really interesting to see how unemployment rates affect the multifamily industry in the near term. With 533k more jobs gone with today’s announcement, unemployment has crept up to 6.7%. And, if my math serves me correct then 5,330 apartments were given to vacancy today.

The fundamentals for household formation turn for the worse with each and every American that is laid off. And, don’t look to the supply side for much hope. Even though it has come to a near halt, single family home foreclosures and condo reversions are stepping in to prop up inventory. The hard part about that market is that there are no formal tracking mechanisms. We are left to speculate what the impact will be on the rental market.

Be the difference that makes a difference is what I will leave you with.  Whether you choose to be the value play and or the crazy and over the top all out frills apartment community, you must differentiate yourself. You must stand out in the crowd. It is no longer and option to be mediocre, run of the mill or plain white vanilla.

What are you doing to stand apart? Check out some of the prior entries on this blog to get some ideas. A few of my fellow apartment maniacs have been generous enough to share some amazing treasures that you can apply today.

Feel free to share some of your ideas as well in our comment section below.

Apartment market, multifamily market, unemployment rate