Residential real estate
Delivering expert insights on resident engagement strategies, resident perks, and the how-tos on how to help residents save.
Guides for residential real estate leaders
Residential real estate refers to properties that are used for living purposes, as opposed to commercial or industrial real estate which is used for business and industrial activities. Our content includes how-tos, guides, industry trends, and news about resident perks, rewards, and engagement.
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Resident Appreciation Week: A 5-day Plan, 25 Ideas And A Budget For Renewals
Resident appreciation week is a set of events, gifts and perks that apartment operators use to thank residents and lift renewals. This guide gives a five-day schedule, 25 ideas sorted by budget, how to choose gift card amounts, a budget model for a 10,000-unit portfolio, and the rules to follow when you ask for reviews. It also shows how to time appreciation so it reaches residents with leases ending soon, when a thank-you has the most effect on renewal decisions.
Can A Landlord Require Renters Insurance? Rules, Coverage And A Lease Clause
Yes, in most states a landlord can require renters insurance as a condition of the lease, as long as the requirement is in writing and applied to every resident the same way. This guide covers where the rules differ, what coverage to ask for, a sample lease clause, and how large operators get proof of coverage on file between move-in and move-out, with a simple reward that improves compliance without touching the rent.
Rent increase Letter: Format, Templates And Examples
A rent increase letter tells a resident how much the rent will rise, when it takes effect and what to do next. This guide covers the format every letter should follow, three copy-ready templates (standard, friendly, and an increase after a concession ends), the notice rules to check by state, and how to deliver the news in a way that keeps residents renewing, including a gift card for early renewal that leaves the new rent unchanged.
Lease Renewal Letter: 4 Templates, Examples And Timing
A lease renewal letter is the most important retention message a property manager sends all year. This guide gives four copy-ready templates (standard renewal, renewal with a rent increase, renewal with an early-signing reward, and a final reminder), a 90-day renewal timeline, what every letter must include, and current RealPage and MAA data on renewals. It also shows how a gift card for early renewal improves response without touching the rent.
Types of residential real estate categories include:
- Single-family homes: Stand-alone houses meant for one family or group of people.
- Apartments: Housing units in a larger building, typically owned by a single entity and rented out to individuals or families.
- Condominiums: Similar to apartments, but the units are owned individually rather than rented from a single landlord.
- Townhouses: Multi-floor homes that share one or two walls with adjacent properties but have their own entrances.
- Duplexes, Triplexes, and Quadruplexes: Buildings divided into two, three, or four units, respectively, with each unit typically having its own entrance.
- Multifamily homes: Larger buildings that house multiple families, often more than four.
- Vacation homes: Properties used for leisure and vacation purposes.
The main focus in residential real estate is providing living spaces, whether through ownership or rental. It's a significant sector in the real estate market and has a direct impact on the economy and consumers due to its essential role in providing housing.
According to the National Association of Homebuilders using US Bureau of Economic Analysis data, RRE's combined contribution to the economy usually makes up 15-18% of US GDP annually, and occurs in two basic ways:
- Residential investment (around 3-5% of GDP), means construction of new single-family and multifamily buildings, residential remodeling, manufactured home fabrication, and real estate brokers’ fees.
- Consumption spending on housing services (around 12-13% of GDP), includes gross rents and utilities paid by renters, as well as owners’ imputed rents and utility payments.
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