'Gen Rent': tomorrow's real estate buyers

Real estate's hottest niche market

Apartment vacancy rates are declining and rents are rising even faster. If you want to make more money in your real estate business, it’s a great time to start representing "Gen Rent."

"Many young people, who normally would have struck out on their own from 2008-10, had been doubling up with roommates or moving back into their parents’ homes," said Laurence Yun, chief economist for the National Association of Realtors (NAR). "However, they’ve been entering the rental market as new households in stronger numbers this year."

As a result, NAR forecasts that vacancies will decline by 0.9 percentage points in the multifamily market over the next year.

If you’re considering expanding your business to meet this rapidly growing market segment that includes rentals and property management, here are three sets of tools that can help you make the transition:

1. Yardi
The granddaddy of property management software, Yardi’s products are currently used to manage more than 7 million rental units and 7 billion square feet of office space. Yardi’s systems are used at an enterprise level and are based upon the Yardi Voyager property management software platform.