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
16
Dec
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Metro Tucson Apartment Complex Sales: June – November 2014

Metro Tucson Apartment Complex Sales
June – November 2014

There were 40 verified sales of five + unit apartment complexes between June 1st and November 18th in metro Tucson.

STATISTICS:
Low Average Median High

Price per Square Foot: $28.89 $61.14 $53.06 $102.21

Actual Cap Rate: 6.40% 7.18% 8.00% 14.00%

Gross Rent Multiplier: 5.60 7.06 6.80 8.00

Price Per Unit: $10,400 $48,086 $37,166 $150,000

Tue
16
Dec
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Scottsdale, Tucson Among Top 14 Cities For Snowbirds And Retirees In 2014 Per Apartments.com

As winter rapidly approaches, snowbirds in the north will soon fly off in search of sunshine and relaxation. For snowbirds and retirees who are looking for cities with nice weather, rental availability, affordability, a strong economy and fellow residents who are similar in age, Apartments.com has compiled its second annual list of the Top 14 Cities for Snowbirds and Retirees in 2014.
To develop the Top 14 Cities list, Apartments.com evaluated the following factors:
• Median Age: A population indicator that offers opportunities for friendship with peers
• Average Cost and Availability of Two-Bedroom Apartments: Affordable living options with room for family visitors
• Median Income: An indicator of a thriving economy
• Weather: Only includes cities with at least a 60% average of days of sunshine annually
• Key Amenities: Flexible leasing options for short- or long-term stays, plus air conditioning

Mon
24
Nov
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Dupre & Scott Video Report: DOES AGE MATTER?

About six months ago we started talking a concept we called the “skew of the new.” That just means you have to be careful about analyzing price, rent, and expense trends more today than ever before because all of the new construction we’re seeing will inflate those numbers. So now would be a good time to see if that really matters.

Thu
13
Nov
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Dupre & Scott Video Report: DEMAND UP AGAIN!

We haven't looked at in-migration trends for a couple of months, so let's take a few minutes now to see how growth is holding up. And, more importantly, let's see what that means for apartment demand.

Thu
23
Oct
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Apartment Rental Market Trends For the Puget Sound Region

Apartment Rental Market Trends For the Puget Sound Region - A Report From Dupre & Scott

• The vacancy rate is 3.8%, up minimally from 3.6% in the spring.
• Rents rose 4.7% in the past six months and 8.2% in the past year – but beware the skew of the new
• Excluding new construction, rents are up 3.9% in the past six months and 6.3% in the past 12 months
• Developers opened 3,800 units since March, not quite meeting demand, which was for 4,200 units.
• Developers will open close to 5,000 new units in the next six months
• You have to go back 20+ years to find production anywhere near the current level.
• Only 14% of the properties we surveyed offer concessions, but that will increase
• Concessions are moving higher. They average $600 now, up from $461 last fall.

Thu
23
Oct
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Rents Up 2.5% for 3rd quarter, 8.1% for year

Seattle - The latest Apartment Insights survey shows rents up 2.5% in the third quarter and 8.1% in the past year, according to Tom Cain of Apartment Insights. The data are from his Seattle firm’s 3rd quarter statistics and trends on 50+ unit properties in the King/Snohomish market.

VACANCY: 4.30%

The vacancy rate for our nonrandom survey of conventional, stabilized 50+ unit properties in the King/Snohomish market is 4.30%. This is up slightly from last quarter's 4.17%, which was the lowest vacancy rate since we began surveying this market 9 years ago. It was 4.40% a year ago.

The overall vacancy rate which includes properties in lease-up decreased from 6.35% to 5.86%. King has a vacancy rate of 4.17% and Snohomish County is at 4.83%. Last quarter the vacancy rate in Snohomish County was slightly lower than King.

Tue
16
Sep
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Big Challenges Facing Washington State Legislature in 2015

Washington lawmakers are gearing up for a historically contentious legislative session. The policy agenda will be tremendously dense and difficult for budget writers, with gaping funding crises in education, transportation, energy, human services, capital projects, and corrections.
Undoubtedly, the primary and paramount issue for the 2015 legislature will be the funding of our schools. In 2012, the Washington State Supreme Court unanimously found in McCleary v. State of Washington, that the state was not meeting its “paramount duty” under the state constitution to fund public education. Just recently the court held our state legislature in contempt of court for failing to meet the constitutional funding requirements as interpreted by the court in the McCleary decision.

Tue
16
Sep
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Scottsdale Dominates Up-Scale - New Apartment Construction in Metro Phoenix

The Kasten Long Commercial Group specializes in multifamily brokerage and has been providing apartment market updates for metro Phoenix in quarterly newsletters since 1998. Past issues and detailed market data are available on their web site (www.KLCommercialGroup.com). Within metro Phoenix, at the end of Q2, there were28 projects under construction totaling 7,494 apartments and an additional 67 possible projects totaling 15,950 apartments in the pipeline from initial rezoning to final permitting. Scottsdale represents 24.6% (1,842 u) of the apartments under construction and 25.8% (4,116 u) of the possible additional apartments in the current pipeline. Many of the new projects in Scottsdale are up-scale, four-story, with underground parking and plenty of amenities. Advertised rents are more than $2.00/sf, and this increases with fees for water and common area.

Tue
16
Sep
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Colorado Springs Apartment Sales on Record Pace

Commonwealth, Colorado’s Oldest Apartment firm, recently released their’ Apartment Sales Report” for Colorado Springs. The report includes all sales of complexes above 30 units from January thru July 1, 2014 plus sales data from 1990 thru present.

The Colorado Springs apartment market is on a record breaking pace.

Sales Volume:
Total sales volume was $273,570,000. Sales volume in 2013 for the same period was $33,533,600. 2013 total Sales volume was $166,688,600. Sales volume for 2012 was $177,840,000. Volume for 2011 was $125,555,000. Total sales volume for 2009 was a recording setting low of $48,775,000. Sales volume of just under $167 million for 2008, $273 million for 2007, $204 million in 2006 and $150 million in 2005.

There were 3,302 total units closed compared to 248 units closed in this period in 2013.

Tue
16
Sep
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Kasten Long Commercial Group: Q2 2014 Metro Phoenix Apartment Market

The Kasten Long Commercial Group specializes in apartment brokerage in metro Phoenix and has provided detailed updates to apartment owners on the market since 1998. Their agents have brokered more than 1,000 communities with gross sales in excess of 1 billion dollars.
Vacancy Rates Up – 1st Time Since Q4 2010
Vacancy rates for the 2nd quarter for stabilized 50+ multifamily properties increased from 6.5% to 6.8%. This is the first increase in 13 quarters. Vacancy rates for the 50-99 communities decreased 0.02% - but the 100+ increased by 0.36%. Of the 32 metro Phoenix sub-districts surveyed, 20 reported increased vacancy rates. Not included in the overall vacancy rate are 16 recently completed projects (5,725u) in lease-up. Vacancy rates for each sub-district are posted on their web site www.KLCommercialGroup.com.
New Construction Remains Very Strong

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