Niche Identification for Apartment & Multifamily Properties

Lack of Down Payment or Credit Score to Buy

There are a great many renters in this situation. Some have been through a foreclosure, while others never made it to the first purchase of a home. The mortgage and home price problems of 2007 through 2010 have taken their toll on credit scores and cash savings.

Part of niche identification is knowing roughly in which of these large groupings the local renters fall, and it could be a bit of both. Then, a narrowing of the things these renters want, their "hot buttons," can do the rest.

Displaced by foreclosure, renters desirous of apartments sized for their families to lessen the impact of the forced move.

Young professionals desirous of modern "party-friendly" properties and units.

Same young professionals wanting to be close to a large employer.

More transient renters wanting short leases or month-to-month.

Luxury or "executive" apartment renters, some on temporary assignment.

College students

Low rent tenants, maybe wanting some utilities paid.

Whatever it is, location, amenities, size or other, there is some niche into which an apartment & multifamily property falls; perhaps more than one.

Niche Identification for Apartment & Multifamily Properties

By: Karen Hanover

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