As the cost of owning a home continues to rise, more people are opting to rent. Apartment rental companies are making it easier to find a suitable living space, and many landlords are offering more amenities than a house would normally provide. In addition, renting an apartment can save money on upkeep — such as cutting the grass or snow removal.
Apartment rental companies determine the right price to charge for their properties by analyzing the market, neighborhood and other factors. They then advertise the property to find potential tenants. A good company will use modern technology, such as virtual tours and professional photos, to promote the property to the right audience.
Top Apartment Rental Companies You Should Know
A good property management company will also help owners avoid long vacancy periods by quickly finding tenants. When a tenant moves out, the company will advertise the unit, get it clean, return security deposits, do more research and draft a new lease. It’s a big investment of time and money, but a property manager will do what it takes to keep the units occupied.
One of the companies ProPublica investigated, RealPage, is at the center of a controversy. Its software uses an algorithm to analyze a trove of data, including private information on competitors’ prices.
RealPage’s clients often cluster in markets where rents have risen quickly. That has triggered accusations of rent fixing, and an angry outburst at the National Multifamily Housing Council’s annual conference. Some members of Congress want to change the law to prevent this practice.