Not all industries can say they had a “trillion dollar” impact on the economy—but ours is one of them.
In February, the National Apartment Association and the National Multi-Housing Council provided members of the apartment industry with an analysis of data and research by George Mason University’s Stephen S. Fuller, Ph.D. The report, “The Trillion Dollar Apartment Industry: How the apartment industry and its 35 million residents drove a trillion dollar contribution to the national economy,” is a must-read for every apartment professional.
Not only have onsite representatives made it possible for their individual communities to attract and retain renters, but as a result of attracting the renter to the location and explaining the benefits and add-value to their quality of life, the renter—as the research shows—has more disposable income in order to consume goods and, thus, have a positive influence on the national economy. The study shows that in addition to contributing over $1 trillion to the national economy, the apartment industry also supports 25.4 million jobs annually.
Clearly, there is a need for managers in our industry to see the overall economic importance of leasing and rents and begin to determine the next steps in PR and marketing of their particular apartment community, especially if this type of annual result is to be sustained.
Every apartment professional should take a moment to see what’s revealed in “The Trillion Dollar Apartment Industry” analysis. It not only provides great information about the “next wave of renters,” which is information that can easily be utilized to devise the next phase of apartment marketing, but it enables the community manager to realize the overall costs and benefits of the decisions made and how these decisions have a ripple effect at various levels of our national economy.
Therefore, when you see the impact of the business we, as managers, have with regard to the national economy, you must realize you are part of the big picture. Will you be the proactive manager who takes the time to analyze the report? Also, ask yourself, “How can I better position my community to capitalize on the data presented?” It is imperative to reflect on, as well as, answer these questions.
Finally, as property managers, we must consider Neil Borden’s marketing mix: product, place, price and promotion—especially as we extract the information provided in “The Trillion Dollar Apartment Industry”—and position the apartment community, strategically, whereby it is ready for the next wave of renters. Will you accept the challenge?
Arletha Grandison is the Property Manager for Willow Ridge Apartments in Avondale Estates, Georgia.