Apartment management: analyzing the needs of high-end apartment residents

Page 2 of 4 The survey results also reveal that a very small proportion of garden apartment residents are families with children. The higher-end garden apartment, therefore, represents a housing form that appeals to relatively affluent households at early stages in their family life-cycles. Moving behavior This section examines the moving behavior of garden apartment residents. * Reasons for moving. Starting a new job/ job transfer was the most frequently cited reason for residents to move to their current apartment community (Figure 4). As might be expected, a higher proportion of residents in the 18-to-24 age bracket (46.3 percent) cited a new job or transfer as the primary reason for moving than residents aged 60 or older (20.8 percent). Interestingly, only 6.8 percent of all residents indicated that the primary reason for moving was attributable to "family reasons," versus 24.8 percent for residents aged 60 and older * Means of finding apartment community. Survey results indicated that an apartment community's visibility from well-traveled thoroughfares is important from a marketing perspective (Figure 5). When residents were asked how they found their current apartment community, an overwhelming percentage (41 percent) indicated that they had driven by the community. Although 9.2 percent of all respondents used locators or REALTORS[R] to find their apartments, it is interesting to note that 16.5 percent of respondents aged 60 years and older reported using these services. * Tenure. Garden apartment complexes experience relatively rapid rates of turnover Depending upon local market conditions, annual turnover rates typically range between 65 and 85 percent (Figure 6). In some cases, turnover rates exceeded 100 percent on an annual basis. When residents were asked how long they have lived at their current apartment community, almost 50 percent reported less than one year. Predictably, younger residents exhibit shorter stays than older residents. More than 75 percent of respondents in the 18-to-24 age bracket had lived in their apartments less than one year versus 48 percent overall. Whereas only 13 percent of all respondents indicated that they have lived at their current apartment community for more than three years, this figure exceeded 50 percent for respondents 60 years and older. As Figure 7 reveals, few residents anticipate remaining at their current address for more than two years. However, most households simply do not know what their living situation will be beyond a one-to-two-year horizon. When residents were asked for the primary reason they might move from their current address, the most frequently cited responses included the purchase of a new home and the pursuit of a new job. * Future housing choices. When residents were asked about their future housing decision, 35.6 percent anticipate purchasing a home, 12.1 percent plan to purchase a condominium, 39.1 percent expect to rent another apartment, and 13.2 percent do not know. Predictably, most respondents who plan to purchase a home or condominium fall into the higher income categories and the middle age brackets. The majority of respondents who plan to rent another apartment fall in the 18-to-24 age bracket and/or have lower household incomes. Importantly, a significant majority of the respondents who plan to rent their next home ultimately plan to purchase a home or condominium sometime in the future. In fact, 60.3 percent of respondents who plan to rent their next home ultimately plan to purchase a home or condominium. Although responses were fairly homogeneous across different income groups, respondents in the 50-years-and-older age brackets who plan to rent their next home exhibited a much lower propensity to ultimately purchase a home. * Summary. The overriding theme of this section is that garden apartment residents view their living situation as transitory. Clearly, these apartments represent a convenient, "quick fix" housing option for individuals who relocate to a community as the result of a new job or transfer. << Prev - Next >> < Prev   Next >