U.S. consumer debt fell another $10 billion last month. Current predictions are the average savings rate for the coming decade will exceed 9%. Retailers believe spending has shifted long term to necessities and away from luxuries.
So, the question becomes how can we as owners squeeze more into less. I see a few areas we intend to act upon including:
- Bunking options with safes for valuables in properties with space for more tenants,
- Storage options for folks downsizing from homes,
- Fixed income rent plans with utilities built in (reimbursed by the tenant is our plan), and
- By the bedroom leases and roommate management.
Managing in this environment is challenging, but with some imagination, these type changes may offer higher occupancy and higher margins even as pressure on price is increasing.
For folks looking at new units, I believe smaller floor plans are likely to regain a great deal of luster as total cost of living including rent and utilities become more important.
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