Get Rich Education 131: Ken McElroy | What Your Tenant Wants Today
#131: Ken McElroy is our guest today. He’s the Rich Dad Advisor for real estate. Why does your tenant move out, and what will keep them inside your rental property?
He tells us what tenants want today and how rental trends have changed over the last 5, 10, and 20 years. With over 10,000 units in multiple markets in his company’s control, he knows.
In many markets, rent increases are not coming as easily as they were a few years ago.
Ken & I discuss the best ways to increase income on your property.
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Listen to this week’s show and learn:
02:12 Polling tenants at move-out to determine why they moved.
05:05 Tenants are more mobile today. They go where jobs are.
06:40 Service level to tenants is more important today - fitness center, activities directors, shuttle vans, and even bartenders.
07:35 Living spaces of 200 - 300 square feet in urban cores and college towns.
09:44 Why can’t tenants pay more rent? Discussion on negative rent growth.
13:52 High rents can be a threat to public safety.
22:20 Why did your tenant move out?
28:03 School districts, crime.
30:19 Forecasting infrastructure improvements and how that boosts local real estate.
34:47 Websites that Ken uses for real estate market research.
37:22 Increasing your Net Operating Income - best ways, dumbest ways.
40:49 Pushing rents too high.
44:12 Ken feels real estate is still the best asset class to be invested in. But he tells us to exercise caution in a hot market.
46:22 Catch up with Ken at KenMcElroy.com Check out his great video series, KenFlix.
47:53 A lot of people are going to lose everything in the next five years.
Resources Mentioned: