How often are residents thanked for the choice to live at a property?

Most choices for housing involve long term commitments, buying a house or a condo, mortgage etc. Individuals who rent can make a change in an instant, granted breaking a lease has financial consequences, but an unsatisfied resident has the ability to mmake a change right now.

Taking the time to acknowledge the length of time a resident has lived at a property, thanking them for their continued loyalty, asking if any service or assistance is needed, can reinforce that commitment.

Over the top efforts demonstrating customer service secure publicity and industry comparisons, but simple acts of appreciation, offered with sincerity hold more value than crazy promotions.

Generally speaking, the staff at a property doesn’t have much contact with a resident after the move in..lease renewal, late rent notices and requests for maintenance. Taking the time to insure every contact ends on a positive note will build a stronger relationship with a resident.

Offering the comment, “Thank you for choosing our property for your home,” can go a long way in building this relationship.

Staff at property often has anecdotal stories about demanding residents, or individuals that inflict substantial damage discovered at the time of move out. For most locations, the 80/20 rule typifies our residents, 20% of the residents use 80% of the staff resources. The remaining 80%, the individuals who pay their rent on time, renew without negotiating, take great care of their apartment home, and generally abide by the community policy and procedures; are largely ignored for their compliance.

Offering appreciation when the opportunity presents itself, or creating resident appreciation events can build a customer service atmosphere at a property.

Just as many receipts or monthly statements, include the phrase, we appreciate your business, how could this be incorporated into daily business practice?

Include this phrase:
-on rent receipts
-service request notification
-train staff to acknowledge resident tenancy during conversations, and communicaitons, such as lease renewals.

Residents often believe they are nothing more than an apartment number, or an account on a ledger. Insuring residents the staff is aware of the individual choice and ongoing commitment will have an influence on renewal decisions, or building the attitude where a resident wants to encourage friends and family to consider your property when looking for an apartment home.

Lori Hammond | Company Website | LinkedIn Connect | Lori has 30+ years’ experience in the Property Management Industry, working with both market rate and affordable housing.  Lori has been privileged to work with some tremendous industry leaders during employment tenures with Oxford Management, NHP Management, AIMCO, Alliance Residential, Boston Capital, The Sterling Group, P.K. Housing and currently Management Resources Development.

by Alexis Hammond on February 12, 2014 in Property Management Software

In December we held a contest that asked you how you would be appealing to Millennial renters in 2014. Since announcing the winners in December, we’ve had a chance to go through all of your responses, and we definitely noticed a trend. An overwhelming number of you made it clear what you thought would attract Millennial renters: “Get social, be mobile, provide more online services and targeted amenities!”

It’s no surprise that Gen-Y renters are tech-savvy individuals who are active on social media and love their mobile devices. Many of you recognized the importance of increasing your social media presence and providing services to renters online. Here were some of our favorite responses:

Get Social

“To start with, we have recently begun a campaign for boosting our social media presence, with an emphasis on education rather than sales. Helping the new generation understand what questions they should ask, and what to expect, paints us as the experts in our area. Who would you rather work with? Someone who’s forcing a property into your Twitter feed or someone who wants to help you find the property that’s best suited for your needs?”-David L, FL

Be Mobile

“Recognizing that Millennials tend to utilize smartphones for all tasks (be it research, communication, or photos) we have started the process to optimize our websites to be more mobile friendly. Making it easier to view photos, fill out an application, or schedule an appointment right from their phone.”-David L., FL

More Online Services

“Everything from looking for a place to rent, to applying, to signing the lease, to submitting maintenance requests—are ALL online!”-Palisades Property Management, OR

“I know millennial renters want to utilize the web and so do I. We want almost all resident and owner communication to be done through our software, whether it be work orders, rental payments, lease renewals, owner deposits, vendor payments, etc.”-Lisa T., OH

“Continue to use technology to grow and reach them. We now have online applications and ability to pay almost all fees online. We use all forms of electronic media to communicate, and we are continually updating our website with the freshest images and up to date availability.”-Anna G., TX

Targeted Amenities

“Work-life balance is important to the newest generation of professionals, who want to maintain a healthy balance between their working and professional lives. Amenities are a huge appeal factor for renters. Larger, open common rooms are popular. Many developers have added fitness centers and outdoor areas, including yoga and Pilates studios to appeal to renters. Outdoor spaces such as patios, decks and pools are a lure for renters who want to host friends and family. Other amenities include dog runs, garden plots and bike storage.”-Frank F., NY

“We are building new apartments with smaller floor plans, high ceilings so they feel bigger and have lots of light, and with lots of storage built in.  We are adding bike storage locks directly on to the walls and ceilings —so they can hang their bike in the apartment.  We are also including common area outdoor BBQs for socializing.”-Keegan M., CA

… And if all else fails, some of you weren’t afraid to think outside the box:

“To appeal to Millennial renters I’m going to hand out candy.”-Dan B., CT

“I will wear a banana costume and wave a sign in downtown Minneapolis … ”-Blake L., MN

We really enjoyed reading through all of your insightful, and sometimes humorous, responses. Thanks to all who participated in our contest!

Appfolio | Company Website | LinkedIn Connect | AppFolio, Inc. develops Property Management Software that helps businesses improve their workflow so they save time and make more money.  Appfolio submits articles & blogs including topics of Resident Retention, Improved Owner Communication, Time Management, and more.

Property owners in Colorado are facing unexpected fallout from the state’s recent pot legalization rules: explosions.

There have been a number of recent reports of explosions caused by residents attempting to extract hash oil from marijuana plants. This process requires the use of butane and other volatile chemicals.

The problem has become so pronounced that it prompted the Colorado Information Analysis Center to post a bulletin to first responders warning of the increasingly widespread practice of butane hash oil extraction. According to CIAC, the recent trend of explosions has resulted in fires, burns, broken windows, and damaged walls.

Signs of hash oil extraction can be subtle, and include metal, glass, or PVC piping that is capped. These materials look like pipe bombs. Explosions from hash oil production are often mistaken for meth lab explosions. CIAC warns that in states like Colorado with legalized marijuana use, these incidents appear to be increasing.

Colorado is the only state that regulates the production of hash oil but enforcement is spotty, and explosions persist, according to the CIAC.

Butane gas is the most common chemical used for extraction, but hash oil can also be created by boiling the cannabis in a solvent, which then evaporates leaving behind the oil. Other common solvents include hexane, isopropyl alcohol, ethanol, and dry ice.

The problems result from the use of these flammable solvents, typically without proper ventilation. Resulting vapors stay low to the floor, and can ignite pilot lights, outlets or any open flame.

Rental property owners can protect their properties from such practices by taking care when screening tenants, staying clear of “cash-only” applicants, those with poor credit, and tenants with criminal backgrounds. Restricting marijuana in rental properties is another avenue that can provide legal recourse for landlords. Use a lease that is tough on crime. Frequent inspections of the rental also can lower the likelihood of problems.

American Apartment Owners Association | Company Website | Rental property management can be very demanding. Our job is to make this day-to-day property management process smoother. AAOA provides a host of services ranging from tenant screening to landlord rental application forms and contractor directory to apartment financing.

If you rely on late fees to entice tenants to pay rent on time, there’s something you need to know: Many common late fee policies are not enforceable in court.

Even if you find tenants who agree with the policy, or even those who will pay the fees, there will always be the risk that an illegal policy will be exposed at a later date, and profits will be lost.

Here are a few examples of late fee policies that did not pass legal scrutiny:

1. Stacking late fees — deducting the unpaid late fee charged for a previous month from the next month’s rent payment, and then charging another late fee for the partial payment. Late fees must have some relationship to actual, out-of-pocket losses, like late payment fees on the mortgage or costs of chasing down the tenant.  By stacking fees, the amount owed in late fees will exceed the actual losses.

2. Charging an excessive daily figure.  It’s also a problem to charge a low daily fee with no cap, resulting in a fee that is higher than actual losses.

3. Only charging the fee now and then. If one tenant pays, but another doesn’t get charged the late fee, that can lead to costly legal problems.

Bottom line, the late fees you collect must be reasonable. Any policy that results in an excessive fee will likely be thrown out by a judge and can result in penalties.

Don’t allow your late-paying tenants to call your bluff. Keep your late fee policy reasonable in order to keep it effective.

American Apartment Owners Association | Company Website |  Rental property management can be very demanding. Our job is to make this day-to-day property management process smoother. AAOA provides a host of services ranging from tenant screening to landlord rental application forms and contractor directory to apartment financing.

Rental property renovations open the doors for financial rewards through potential rental or selling price increases. However, deciding which renovations to undertake that will ultimately reap the most benefits can be complex. Interestingly, there’s a lot of advice offered by real estate professionals about which renovations are most worthwhile for investors, and these experts know what improvements renters really want.

Even more interesting – they know how to get the most bang for your buck when it comes to making wise property renovations, understanding the correlation between curb appeal and rental rates, how to choose remodeling projects that preserve equity and the integrity of the property.

Still Turning and Burning your Property? Don’t Get Burned Yourself

More property investors are realizing the benefits of treating their rental homes more like “their home” as opposed to another “unit.” Even scaled down renovations and remodeling projects can help increase equity and help you maintain a top-notch resident base. Investing in major projects is just that – major – so keep in mind that even minor improvements can make a tremendous long-term difference for both renters and owners.

However, some major projects cannot be ignored, and this is when treating it as a home comes into play for investors. One major roofing failure can spell disaster, put residents out of their home, and you temporarily out of income – facing a huge repair bill. Itemize your “to do” list according to importance, putting preserving the integrity of your dwelling on top of the list. Everything else you should evaluate by cost, the improvement’s potential lifespan, and consider any applicable tax credits and return on investment.

Cleaning, Cleaning, Cleaning – The #1 Return on Investment for Rental Properties

That’s right – a clean home is a desirable home. Those appliances don’t have to be top condition or modern, just clean! Carpets and flooring don’t need to be replaced when a good shampooing or deep cleaning may make them look brand new again.

Consider that the lifespan of carpeting averages about 11 years, according Old House Web’s experts, but wood flooring and many types of tile can last a lifetime. If replacement is imminent, consider upgrading to resilient and lovely Terrazzo tile or a natural, eco-friendly wood. If there are only a few flaws, chips, scratches, or imperfections that can be resolved with spot replacements or partial refinishing, then the cost-effective solution is clear!

Interior and Exterior Painting

Curb appeal extends to the interiors in the eyes of a renter; after all, they have to see those walls every day. If you’ve rented to a smoker or the same resident for many years, you’re likely justified in going with a complete overhaul with interior paint. However, you might be able to get away with a few walls here and again, but it’s such an inexpensive renovation, it’s best to refresh everything for your new charge.

Kitchens and Bathrooms – To Renovate or Resurface?

These two improvements are known for their tremendous return on investment; however, they are also known for their high initial investment. Contractor and remodeling experts are promoting the benefits of resurfacing over replacements. Resurfacing bathtubs, showers, and cabinetry are far more cost efficient projects than replacing them, particularly if they are in decent condition. The pros at Old House Web estimate that acrylic baths have a 15-year lifespan, so estimate “how much life” your major fixtures and appliances have left before considering costly replacements.

Final Considerations in Remodeling Rental Properties

Your budget, how much time you have, and the condition of your property certainly play a role in your remodeling decisions; however, as a wise investor you have to know when to “turn and burn” and when to take your time and renovate units as though you were living there. You’ll see happier residents and may even get some recommendations through your efforts of being a responsible and caring landlord.

Appfolio | Company Website | LinkedIn Connect | AppFolio, Inc. develops Property Management Software that helps businesses improve their workflow so they save time and make more money.  Appfolio submits articles & blogs including topics of Resident Retention, Improved Owner Communication, Time Management, and more.

SAN FRANCISCO and PORTLAND, OR – February 4, 2014

Cozy, the company that makes renting easy for everyone, announced Cozy Credit Reports as a result of its collaboration with Experian, the leading global information services company. Cozy Credit Reports marks a true advancement in the the security and privacy of credit reports, as well as how credit data is purchased, controlled and used in the residential rental process by leveraging the Experian ConnectSM platform.

FOR RENTERS

SECURITY, PRIVACY & CONTROL

With Cozy Credit Reports renters never have to share their Social Security Number with a potential landlord again.

THE END OF APPLICATION FEES

Application fees are a thing of the past with Cozy Credit Reports. If a Cozy landlord ever requires a credit report as part of the application, the renter runs their own report, receives the results and can choose to share them with the potential landlord. If a landlord doesn’t require a credit report, there’s nothing to pay. All Cozy landlords are required to verify their identity to see a tenant’s credit report.

FOR LANDLORDS

One of the largest burdens for landlords is handling, storing and disposing of sensitive tenant information during and after the application process. Cozy Credit Reports alleviate that burden and save time, hassle and money.

At the click of a button, a landlord can request a prospective tenant’s credit report. The renter pays for his or her own credit report, is instantly identity verified by Experian , and maintains control of his or her sensitive information. Once the tenant shares the report with the landlord, the credit data the landlord needs for prospective tenants comes directly from Experian in real time , and is the most accurate, up-to-date data in the industry. All Cozy landlords are required to verify their identity before viewing a tenant’s credit report.

Learn more at www.cozy.co/credit-reports.

Collaborating with Experian

Regarding the collaboration, Cozy CEO Gino Zahnd said, “We’ve been working with Experian for 18 months to completely rethink how the rental application process should work. With our design leadership, they have been an incredibly supportive development partner. The Experian Connect team understands the important role credit plays in this industry and is providing a new way to empower both landlords and renters. With Cozy Credit Reports, this is a significant step forward for Cozy and for the Experian Connect platform, which is powering Cozy’s smoother and more efficient process.

Click Below to Preview Sample Reports:

Founded in March 2012 and based in Portland, Oregon, Cozy’s mission is to radically change the rental real estate experience with a focus on beautifully designed products, transparency, privacy, and total control of one’s personal information.

Media contact:  press@cozy.co

You may have heard that PayLease recently published our 2013 Market Survey about online payment usage in the property management industry. If you aren’t familiar with our survey, once a year we enlist New Heights Research to survey hundreds of HOA and multifamily firms nationwide about their usage of electronic payments. Firms participating in the survey are asked to indicate their portfolio type, the number of residential units under management, and if they offer residents online payment options.

This year’s survey revealed some interesting finds. So if you haven’t already downloaded a copy of the survey, here’s a preview of the results.

One of our favorite findings from the survey is the acceptance of online payments among all portfolio types has risen since 2012. Here’s the percentage of firms in the property management industry that offer electronic payment options:

• All property management companies: 60%
• HOA firms: 69%
• Multifamily firms: 54%

The property management industry as a whole increased its usage of online payments by 7%, going from 53% in 2012, to 60% in 2013. More HOAs accept online payments, but multifamily firms added these solutions at a much higher rate. Multifamily firms increased their usage of online payments by 8%, going from 46% in 2012 to 54% in 2013. HOAs increased online payment solutions 4%, from 65% in 2012 to 69% in 2013.

This is just a glimpse of what is covered in our market survey. We also reveal and provide analysis on:

• Acceptance of online payments by homes/units under management HOAs and multifamily
• Percentage of firms who switched online payment providers
• Percentage of companies that implemented online payments
• Percentage of companies that added new payment methods to an existing solution
• Our predictions for trends in 2014

To download a complimentary copy of the 2013 Market Survey, click here.

It seems easy. Your renter is a deadbeat, and you want them out of your property. So why does it take so long to evict a tenant?

Unlike signing a lease agreement, a legal process so informal sometimes it’s done online, an eviction is a court process. A process that can be as acrimonious as a divorce.

Tenants are afforded legal rights that, when abused, can be used to delay the eviction for months.

First, the tenant has the right to contest the grounds for the eviction. The landlord will claim that the lease was broken, or a law was violated. Either way, the judge must be convinced that there is good cause to boot the tenant. If the judge grows sympathetic to the tenant, they may continue to live in your rental unit.

To begin the eviction process, notice must be given to the tenant — even if they disappeared or are refusing to accept service of the notice. If there is the slightest defect in the notice, it’s thrown out. A new one must be served, and the clock reset.

After being notified of the pending court case, the tenant has the right to challenge the eviction. While that commonly consists of a sweeping denial of whatever they are accused of doing, the tenant also can raise defenses at this time. That means challenges to the habitability of the unit, failure to make repairs or unfair treatment. Often, this is the first time any of these complaints have come to light.

If the tenant has made a reasonable-sounding denial, the landlord must then go to court and prove each aspect of the eviction claim. Without sufficient documentation, that won’t happen.

If you’re successful, the order you receive is just that — an order for the tenant to vacate. Now come the logistics. That order must be served, and a move-out date and time scheduled with the local sheriff’s office. More time spent.

Many courts separate out the eviction order process from any claim for unpaid rent or damage to the property. The logic is to speed up the eviction, but the effect is more time and money spent returning to court to pursue a judgment against the deadbeat tenant.

And finally, if money is owed, it must be collected.

If all that has you wondering how to avoid these consequences, then you’ll understand why some landlords negotiate the return of the rental unit by offering some incentive for the bad tenant to vacate — cash for keys. Maybe that sounds like giving in to a ransom demand, but from a purely business standpoint, it may be cheaper in the long run.

An important precaution is to run a tenant check, including a prior eviction report, on each applicant.

It should be clear just how important it is to have the right landlord forms, so your lease is airtight when you need it, and your rental application contains the clues that will lead a collection specialist to the money that is owned to you.

Lastly, keeping contemporaneous records on all applicants and tenants is the only way to protect yourself if you do wind up going to court.

American Apartment Owners Association | Company Website |  Rental property management can be very demanding. Our job is to make this day-to-day property management process smoother. AAOA provides a host of services ranging from tenant screening to landlord rental application forms and contractor directory to apartment financing.

Apartment owners, multifamily executives, and property managers are busier today than ever. Unfortunately, there are still only 24 hours in any given day at last check. This leaves many multifamily executives looking for ways to streamline some of the responsibilities within their businesses in order to have the time and focus to take care of other important job functions.

Using call centers for leasing apartments is one way to do this. However, there are a few distinct pros and cons to keep in mind before deciding if you want to take your business in this direction.

Advantages of Using a Call Center for Leasing Apartments

Businesses today are continuously seeking cost-effective alternatives to the old way of doing things. And multifamily investors and executives are no different. Using a call center for leasing apartments offers the multifamily executive an alternative solution with marked benefits.

Specialization. Leasing agents wear many hats within their respective apartment communities. Many of these hats take them out of the office — and away from telephones serving people who are hot prospects looking for apartments now, or those who are already members of the apartment community. On the other hand, call center agents specialize in their roles, which can be a huge advantage. Call center agents have one responsibility, primarily. While they certainly answer prospective tenant questions, their main goal is to “soft sell” the apartment community they represent — and they become experts at doing so.

Free up valuable time. Multifamily Executive recommends hiring call center leasing agents to free up your valuable time, or that of your staff, to handle other on-site needs, such as taking care of existing tenants and prospects. In addition, someone else handles the training of call center staff members. This means you’re not dedicating valuable time bringing another team member up-to-speed and can devote your time and attention to your core competencies and pursuits that can bring in additional revenue, such as marketing and market research.

Preference of prospective tenants. People like to hear the voice of another person on the line rather than a recorded message or busy signal. Call center leasing agents are a lot more than additional staff members to pick up the slack when business picks up. They’re the warm body on the other end of the phone that prospective tenant callers respond to. They’re a live person who can answer questions, point out benefits, and add depth to your existing leasing team — even if they never set foot on the actual properties they’re helping sell.

Avoids missing prospective tenants. Call center leasing specialists also play an important, if not vital role, by ensuring that important calls and prospects aren’t missed before they roll over into voicemail. Many, if not most, people hang up when calls go into voicemail. Call centers are able to capitalize on these leads even if the lead calls after hours or calls at a time when an on-site staff member is unable to answer the phone.

Availability. The bottom line is that call center agents are simply available at times when it’s not always cost-effective to have an employee on hand waiting on the phone to ring. The world doesn’t operate on bankers’ hours anymore. If you truly want to make a lasting impression with prospective tenants, have a live person answer the call when tenants that work night shifts call in.

Cost. Investing in call center leasing agents can save apartment owners money over hiring full-time staff members and investing in infrastructure, equipment, warm bodies, and phone lines to do the job call center leasing agents do.

Disadvantages of Using a Call Center for Leasing Apartments

Call center leasing is not without its considerations. Take a look at some of the drawbacks of using a call center for leasing apartments.

Cost. The biggest of which, according to Multifamily Executive,  is the cost. For some smaller apartment communities, it’s simply too prohibitive to have on-site staff and off-site call center staff as well. However, many call centers have created packages with different price points to mitigate this so that it’s easier for even small communities and to bear the costs.

Transparency.  There may come a time when a prospective tenant asks to see the person they’ve spoken with on the phone. And some consumers may be disappointed they aren’t able to meet with the leasing agents they’ve spoken with on the phone when they visit the apartments.This lack of transparency can be a drawback, however there are ways around it. Simply train your team to inform them that the person they spoke with on the phone is an important part of your team that works off-site in a different facility.

Communication Issues. If call center agents have an accent, as might be the case if your call center for leasing apartment is outsourced out of the country, prospective tenants may have trouble understanding what is being said to them. You can circumvent this by carefully screening the company that you outsource this task to.

Lack of dedication and focus. When call center work for leasing apartments is outsourced to a third party provider who may have other client companies, outsourced call center agents may not be fully dedicated or focused on your company. In other words, their dedication and attention can be divided among a number of client companies.

Quality of calls. While not always the case, outsourcing call center for leasing apartments can lead to lower quality of calls, particularly when calls are not monitored and improvements are not made to underperforming call center agents. In the long run, poor prospective tenant satisfaction from calls responded to by call center agents can lead to reduced revenue opportunities. Be sure to hire a call center for leasing apartment that monitors calls, provides reviews to its workers, and takes pride in quality.

Do Call Center Leasing Agents Help to Generate Revenue?

In instances where staff members are missing a large volume of calls regularly, call center leasing agents absolutely do generate revenue, first and foremost, by freeing up the time of on-site leasing agents to seal the deal, reports Multi Housing News. They also help by setting more appointments simply because the call center is available after hours and at times when on-site staff members are busy seeing to other needs. Call center leasing agents allow multifamily owners to increase revenue by renting more apartments, streamline marketing endeavors (cutting expenses as a result), and increase profits with greater efficiency.

That said, there are drawbacks, like those listed above, along with the benefits. Weigh the pros and cons to decide whether investing in a call center for leasing apartments is a cost effective move for your apartment leasing needs.

Are you using a leasing call center? Do you have something to contribute to the conversation? Please feel free to leave your valuable comments in the section below.

Justin Alanis | Company Website | LinkedIn Connect | Justin Alanis is the Co-Founder and CEO of Rentlytics Inc.  Rentlytics is based in San Francisco, CA providing deep analytics for apartment property owners and managers. View and analyze property operational and financial metrics more effectively and identify issues.

Another report – this time the Securitization Weekly Overview from Bank of America-Merrill Lynch (BAC) – is forecasting a shift away from single-family home purchases to a rental market.

Granted, this is not the first time a report predicting multifamily growth has hit in the past few months, but it does reiterate a common theme – investors are betting on multifamily more often.

Just last week, HousingWire reported that more younger Americans are expected to pile into the multifamily market after spending years in their parents houses or sharing apartments with roommates.

But this younger crowd, while keen on homeownership, apparently lacks the momentum, due to job constraints and a general inability to obtain a mortgage.

It’s something Chris Flanagan, MBS/ABS Strategist with Bank of America-Merrill Lynch and MBS Strategist Justin Borst also recognized in their newly published research.

“The December housing starts report provided some confirmation of the theme we discussed last week, which was that it appears as if a structural shift away from getting a mortgage and buying a single-family home to just being a renter is underway,” the pair said.

Such a transition is expected to subdue the possibility of dramatic changes in the single-family mortgage-backed securities market.

Flanagan and Borst note that “this shift should work to keep supply of single-family MBS at what may be surprisingly low levels well into the future. We also noted that we think this shift gives the Fed ample cover to taper its MBS purchases without much impact to mortgage rates, since gross supply of MBS may be shrinking more quickly than the Fed plans to taper.”

When comparing multifamily production today to the pre-housing crisis era, it is clear a major shift is taking place. BofA-Merrill Lynch notes that pre-crisis, the multifamily share of housing production hovered at roughly 20%, or one in five home starts.

Jump years ahead to today, and the latest multifamily share of production is up 33% and accounts for one in three homes.

The same analysts concede that with this higher multifamily share trend remaining for years now, a new “equilibrium” has apparently been reached.

The trend prompted Resource Real Estate, a firm led by CEO Alan Feldman, to announce last year that it will continue to try and serve the income-bracket stretching from $30,000 to $70,000 a year by refurbishing older apartment complexes for this growing segment.

“We touch real estate two main ways, we put equity capital towards investing, and we lend across a number of asset classes,” Feldman told HousingWire last summer.

By December, his firm was still employing this strategy, noting the forgotten middle-class is trending even more towards renting.

It’s a common theme that the numbers from BofA-Merrill Lynch seem to confirm for now.

Kerri Ann Panchuk