A business that deals with rental housing on any level can benefit from some basic apartment market research, whether it's to start up a set of units in any residential area, or to help manage the eventualities of tenant relations with demographic info and other planning tools. Apartment analysis can help a rental business adjust to the pressures of the market and the realities of daily administration.

That's why business decision makers look for options for training staff in how to conduct, acquire or interpret apartment industry research for the good of the company. Web users can find venues for learning this forward thinking skill set for the following kinds of apartment market research education and training solutions:

1. To help figure out the economic viability of renting in a particular area and to help set rental fees appropriately with apartment market analysis.

2. To arrange for in-depth details on how to reach out to tenants and get units filled by using the correct marketing strategy.

3. For any long-term market analysis for apartments that is needed to keep a company thinking on its feet.

Action Steps
The best contacts and resources to help you get it done

Find university and college resources for apartment market research

When looking at apartment market data programs, one of the first steps is to figure out what's out there: that's where the web comes in handy. Syllabus and curriculum pages posted publicly tell a lot about what kind of programs are at schools across the country. Find schools near your area and ask about the specifics of apartment market data programs.

I recommend: For a look at what some of America's top schools are doing with regard to apartment market research, check out this curriculum document from Harvard. Or, for a look at how some community colleges train individuals to work in the apartment market research field, take a look at this syllabus from Collin County Community College.

Learn from apartment market research consultants

Another way to get a business competent in this kind of skill set is with consulting options. Consultants, when hired in a specific capacity, can help train staff in how apartment market data handling works and how to use it to the firm's advantage.

I recommend: Businesses can find a lot of apartment market research solutions from O'Connor and Associates, a leader in the field. Or, find more shops to help with apartment analysis at sites like Rebuz.

Look for more on apartment market research from web info pages

Blogs and other public resources can also be a source of apartment research info. Take advantage of the impartial opinions posted as well as credible data from those who have handled similar projects.

I recommend: Get relevant industry information from sites like the Apartment Marketing Blog. Or find regional blog guides online like this one at Philadelphia Apartments.

Whether you are considering ownership of one or more apartment properties or simply pondering a personal move, you will discover invaluable information upon performing apartment market research. An apartment analysis is an essential element of apartment research as it helps prospective owners as well as renters determine the most suitable options.

Whether you conduct your own apartment market research, or hire an outside firm, the information you find can prove priceless when making your decision about buying or renting. Apartment market research can help you to:

1. Determine the vacancy rate of an area, which will give you an idea of the apartment market trends in your area.

2. Get an economic outlook for the area, which helps determine apartment market data such as demographic, average income information and more.

3. Find rental rates, so you could see how much you can charge at your prospective property.

Action Steps
The best contacts and resources to help you get it done

Use government reports to find apartment market trends

The federal government, through the census or other studies, has hundreds of apartment research reports that can be helpful when you are doing market research for apartments. These studies can tell you the demographics of your area, the vacancy rate or even an economic outlook.

I recommend: The U.S. Census conducts a housing vacancy survey which gives rental and homeowner vacancy rates around the nation. The Bureau of Economic Analysis provides detailed information about the personal income of communities around the nation. Also, the Bureau of Labor Statistics has reports that estimate the employment rate and wage statistics of communities around the country.

Find apartment market data for your area

Several firms around the U.S. provide apartment market data research for areas around the country. These reports typically have a condensed and consolidated version of the information you would find in government reports.

I recommend: M/PF YieldStar builds apartment market reports that analyze the market for the city in which you may be interested. Red Capital Group also provides city-by city apartment industry research on the outlook for multi-family housing.

Hire a firm to create apartment research reports

If you just don't feel comfortable doing your own market research, or you want to leave the job to professionals, consider hiring a market research firm. These firms specialize in apartment market data research and will also analyze the risks of your venture.

I recommend: IBISWorld conducts apartment market studies and creates reports that present the operational risks of the apartment rental industry. DataQuick offers customized market research reports based on the data that you request.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Before starting your apartment market research, decide what kind of information you need. This will help you narrow your search and possibly prevent you from buying market reports that you don't need.
• •  Avoid paying for apartment market research that simply delivers market data that you can find for free.

Apartment market research includes surveying and analyzing the current trends and data in the apartment market. This can include cost, lease information, number of units, location, class ratings, vacancies, construction style, housing permits and other variables when looking into buying an apartment unit or renting an apartment. Before you start searching for an apartment to rent, or an apartment building to buy, you'll want to learn apartment market research key terms.

Action Steps
The best contacts and resources to help you get it done

Housing unit

A housing unit is any place occupied or intended to be occupied as separate living quarters. This means that the occupants don't share living or eating space with any other person in that structure, but they do share a direct access to the outside of the building, and possibly share a common hall.

I recommend: Answers provides a brief definition of a housing unit.

Apartment building

An apartment building is a structure that includes many individual units to be lived in by multi-family units. These units vary in size and share a common hallway and main entrance.

I recommend: All Business provides a general definition of an apartment building.

Metropolitan and micropolitan statistical areas

A metropolitan or micropolitan statistical area is an area containing a large population that has adjacent communities with a high social and monetary integration within that area.

I recommend: The U.S. Census Bureau provides a broader explanation of metropolitan and micropolitan statistical areas.

Submarket

A submarket, or submarket map, represents a division of a larger market, outlines a specific geographic area within a core competitive area and represents similar types of properties. To find a submarket map of the area you're looking for, simply choose that area, select your property type and view and download the documents you're looking for.

I recommend: CoStar Group provides submarket maps for many areas throughout the country.

Apartment market reports

When you're doing research on the apartment market, you'll want to look at many different reports regarding your target area. You'll want to look at market statistics, market research, market trends and other resources that can help you determine which apartment complexes are worth looking into.

I recommend: Real Page provides a list of key elements you'll want to look at when reading market reports.

Risk report

You'll want to know what the risks of buying an apartment building are, and for this you'll want to read apartment rental risk reports. These reports can explain risks involved in the apartment industry itself, risks from future expectations of the industry and outside risks to the industry.

I recommend: IBIS World provides a basic risk report of what to look out for in the apartment rental market.