Housing shortages within metropolitan areas have created an affordability gap, and as real estate prices continue to rise in markets across the U.S., more consumers are turning to the rental market to meet their housing needs. While this presents an opportunity for property managers, it also comes with potential challenges.
With Millennials on the rise, property managers are increasingly challenged with applicants that have thin or limited credit histories. In fact, based on recent industry research, it’s listed as the #2 pain point. Property managers may need to consider leveraging alternative data to look beyond the credit score in order to seize the opportunity at hand.