News & Trends

This department of Rental Housing Journal is dedicating to keeping apartment owners, multifamily executives, real estate investors, landlords and other real estate professionals up to date with the latest trends in real estate, property management and more. Here you will find trends in rents, real estate sales, apartment development, the economy at large and property management and investing industry matters.

real estate market trends
Tue
07
Aug
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No Fire Sprinklers:13 Dead, Nearly 500 Homeless From 4 Fires In 11 Days

No Fire Sprinklers:13 Dead, Nearly 500 Homeless From 4 Fires In 11 Days

A mother and her five children, ages 2 through 10, were killed in a fire at an extended-stay hotel in Benton Harbor, Michigan, on July 27.

 Several others were taken to the hospital with injuries from the fire at the Cosmo Extended Living Hotel, which was reported about 1:45 a.m. The hotel was built as a Howard Johnson in 1962.

Tue
07
Aug
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Apartment Jobs Account For One Third Of All Real Estate Jobs

Apartment Jobs Account For One Third Of All Real Estate Jobs

A new report from the National Apartment Association says apartment jobs across the country account for one-third of all the real estate jobs in the nation.

In Portland it is even higher.

Apartment jobs in Portland represent 54 percent of all the real estate jobs in the metro area according to the report which ended with the second quarter in June.

Apartments remained a favored asset class for investors and have regularly out-performed other real estate sectors during this cycle.

Continued strong demand for apartment jobs especially property managers

Over 71 percent of apartment industry jobs fell within the property management, leasing and maintenance categories.

Property managers, in particular, were in higher demand this year although all sectors witnessed increases thanks to continued strong demand for apartments.

Wed
01
Aug
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Portland, Seattle Apartment Rents Lag As Other Metros Increase For Sixth Straight Month

Portland, Seattle Apartment Rents Lag As Other Metros Increase For Sixth Straight Month

The national apartment rents index is up 0.1 percent month-over-month in the peak of the rental season, marking the sixth straight month of increasing rents, except in Portland and Seattle where rents have declined slightly, according to Apartment List.com.

Year-over-year growth now stands at 1.2 percent, lagging the rates from the two prior years.

“While rents were increasing at a fairly fast clip over in May and June, things cooled off in July with a modest 0.1 percent month-over-month increase,” according to Chris Salviati, housing economist at Apartment List.

Tue
24
Jul
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Phoenix Multifamily Market Blooming In The Desert

Phoenix Multifamily Market Blooming In The Desert

The Phoenix multifamily market has turned into a blooming desert for investors and apartment owners as low business costs and great weather has turned into a magnet for companies relocating from nearby California, pushing healthy demographic trends and boosting housing demand in the process, according to a new report from Yard iMatrix.

Rents rose 4 percent year-over-year as of April 2018. The company says they expect Phoenix rents to grow by 5 percent in 2018.

The pace of rent growth was well ahead of the 2.4% national rate, while the rental amount trailed the $1,377 national average. 

Tue
24
Jul
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Tempe Apartment Complex Sold For $60.5 Million

Tempe Apartment Complex Sold For $60.5 Million

A 402-unit Tempe apartment complex has sold for $60.5 million, or $150,498 per unit, according to a release.

Willow Creek, built in 1984, Willow Creek is about one mile from Loop 101/Apache Boulevard light rail station and one-half mile from the intersection of the Price Freeway and Broadway Road, according to the release from Institutional Property Advisors (IPA), a division of Marcus & Millichap.

Tempe apartment complex a prime candidate for renovations

 “The property is a prime candidate for interior renovations as the large majority of unit interiors feature original finishes,” Cliff David, Marcus & Millichap senior managing director, said in the release.

Tue
24
Jul
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Mortgage Group Provides Bridge Loan For Acquisition of Phoenix Multifamily Property

A leading mortgage group has provided an $11 million first mortgage bridge loan to finance the acquisition and renovation of a Phoenix multifamily property on North 12th street, according to a release.

Regency Park Apartments is a 104-unit garden-style multifamily complex at 6333 N. 12th Street , part of the North Central Phoenix apartment submarket. The property was built in 1971 and consists of six, two-story residential apartment buildings and a single-story clubhouse building.

The property is being acquired through two Tenant-in-Common borrowers and will be owned by Palos Verde Phoenix, LLC and Regency Park Associates, LLC.

Tue
24
Jul
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Living In Cars Turning Into New Form Of Affordable Housing

Living In Cars Turning Into New Form Of Affordable Housing

Thousands of potential tenants are now living in cars instead of rental housing because rents have just become too expensive and there is no affordable housing for them in some metro locations.

This lack of affordable housing is leading some cities to consider safe parking programs. This new form of affordable housing would allow people who live in their cars a safe spot to park because many cities make the practice of living in a car illegal.

Seattle has 46 percent increase in homeless living in cars, tent camps and RVs

The Seattle Times reports that King County’s annual one-night count of homelessness found more than half of homeless people were sleeping outside versus in shelter, with a stark increase in the number of vehicle campers.

Wed
18
Jul
The Editors's picture

Company Rolls Out Smart Apartment Technology Package To 25,000 Units

Company Rolls Out Smart Apartment Technology Package To 25,000 Units

Smart apartment home technology using thermostat and lighting control, digital home access and voice-enabled control is being rolled out nationwide to 25,000 luxury apartments, according to a release.

Alliance Residential Company, Dwelo, Google and Nest have collaborated on the smart apartment rollout to deliver convenience, connectivity and conservation capabilities, as well as provide management operational efficiencies.

The Alliance SmartHome package features the Nest Learning Thermostat and Google Home Mini with Google Assistant built-in, as well as smart locks, light switches and wall outlets. Control of all devices is centralized through Dwelo, an open platform compatible with a wide range of consumer and commercial iOT devices, with convenient access for residents via the Alliance SmartHome app for smart phones.

Tue
17
Jul
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Portland Plans Pilot Program To Expunge Criminal Records For Renters

Portland Plans Pilot Program To Expunge Criminal Records For Renters

Mayor Ted Wheeler is planning to have the City of Portland launch a pilot program designed to help potential renters expunge criminal records in an effort to give them access to better housing options, according to reports.

In Oregon, violations, misdemeanors and low-level felonies can be expunged, according to the Oregon State Bar, and only after 10 years without another conviction. Prosecutors and victims may object to the expunction, according to Oregonlive.com.

Mon
16
Jul
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Topless Woman Charged For Apartment Damage With Front End Loader

Topless Woman Charged For Apartment Damage With Front End Loader

The topless woman who drove a stolen front end loader into a Montana apartment complex has been charged with four felonies and two misdemeanors after doing $1,600 in damage to the apartment complex, according to reports.

Officers detained the woman at the scene and interviewed a witness who stated the front end loader crashed into his upstairs window and the woman, who lived in the upstairs apartment next door, climbed into her own upstairs apartment from the front end loader, grabbed some clothes and was trying to leave before officers arrived, according to the Great Falls Tribune.

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