Surprising Facts Every Property Manager Should Know
In this article, we compiled surprising statistics for property managers that offer interesting industry insights. We've also included several infographics to make it easy for you to share these statistics with your network. We'll continue to update this list with new statistics over time. Check back to see the latest insights for property managers and owners.
Table of Contents
- One in Three Americans Considering Relocation Because of COVID-19
- 50% of Residential Home Fires Are Started In The Kitchen
- 31% of Homebuyers Desire Nicer Homes That Need Less Upgrades or Renovation, Even If Budgets Are Strained
- 1 in 3 Boomers Are Helping Their Adult Children To Buy Their Own Homes
One in Three Americans Considering Relocation Because of COVID-19
Westerners, younger Americans, and higher earners are more likely to consider relocating because of COVID-19. The reasons for moving vary, but they include workplace flexibility and increased opportunities for remote work. Below, we summarize the findings from a nationwide survey from Fast, and included an infographic to make it easier for you to share these statistics with your network.
- 35% of American workers are considering relocation to a new city or town because of COVID-19
- 40% of American workers say that they are most often considering a move to a less populated area
- 36% say there are more opportunities to work remotely than before the pandemic
- 31% are looking for a lower cost of living
50% of Residential Home Fires Are Started In The Kitchen
Home fires are devastating, and most of them are caused by cooking. Property managers should advise tenants on fire safety best practices, in order to reduce the chance of home fires from starting. The NFPA states that home fires are relatively easy to prevent. They recommend that tenants should be attentive while cooking, keep flammable items away from the oven, and have a fire extinguisher close. Below, we summarize their findings, and include an infographic you can share with your tenants.
- U.S. fire departments reported an estimated of 358,500 residential home fires every year between 2011 and 2015
- There were about 2,695 deaths, 12,000 injuries and property damage averaging of $7 billion
- Residential home fires usually start from open flames, accidents, and cooking
- Cooking is the number one cause of fires at home. 50% of all reported fire cases started in the kitchen
- Most house fires occur between 5:00 and 8:00 p.m which are the usual times when one is cooking dinner
31% of Homebuyers Desire Nicer Homes That Need Less Upgrades or Renovation, Even If Budgets Are Strained
Homebuyers are often willing to make compromises when searching for a new home, in order to save money. However, there are several home attributes that many are less willing to give. Below, we summarize the findings from a survey by ValueInsured.
- 31% of first-time and upgrade homebuyers want a nicer home that needs less upgrade or renovation
- 18% are least willing to compromise on a bigger home with more rooms or more space
- 17% of all homebuyers are least willing to give up a nicer outdoor area or more land
- 13% are least willing to give up a more prestigious or popular neighborhood
- 10% are least willing to give up a shorter commute to work
1 in 3 Boomers Are Helping Their Adult Children To Buy Their Own Homes
A survey by ValueInsured found Baby Boomers are more likely to target lower-priced homes for their next purchase than millennials. Below is a breakdown of how the different generations plan to spend their money.
| Plan to Spend | Baby Boomers | Millennials |
|---|---|---|
| under $150,000 | 48% | 22% |
| $150,000 to $249,000 | 30% | 17% |
| $250,000 to $499,999 | 15% | 21% |
| $500,000 to $999,999 | 5% | 27% |
| $1,000,000 or more | 2% | 14% |
One of the reasons why boomers are planning to spend less on homes may be because they are helping their millennial children buy homes. Over 1 in 3 (36%) of all Baby Boomers surveyed said they have or plan to help their adult children financially with buying a home.