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
03
Oct
The Editors's picture

​Accessory Dwelling Units Proposal Sparks Flap At Salt Lake City Council

Accessory Dwelling Units Proposal Sparks Flap At Salt Lake City Council

The Salt Lake City Council has proposed an ordinance that would allow small apartments, called accessory dwelling units, to share a lot with single-family homes.

The proposal would change the areas of the city where new units, also called mother-in-law apartments,  would be allowed. Including one option for city-wide. That is what stirred up the council recently, according to reports.

Councilman Derek Kitchen pitched a straw poll to remove geographic boundaries from the pilot program, which would be limited to 25 ADU permits per year, according to the Salt Lake Tribune.

Tue
03
Oct
The Editors's picture

Company Closes $70 Million, 812-Unit Apartment Portfolio In Southern Arizona

Company Closes $70 Million, 812-Unit Apartment Portfolio In Southern Arizona

Bascom Arizona Ventures has acquired three apartment communities located in Tucson and Sierra Vista, Arizona for $70,225,000, or $86,484 per unit, according to a release.

All three properties offer a resort-style swimming pool, relaxing spa, 24-hour fitness center, business center, and private garages:

  • Summit Vista (288 units), built in 2008
  • Crescent Ridge (272 units), built in two phases (2001 & 2008). Both Summit Vista and Crescent Ridge have easy access to Interstate 10 and are close to some of the area's largest employers.
  • Port Royale (252 units), is proximate to Ft. Huachuca, the largest military installation in the state. It was also built in two phases (2004 & 2008).

Bascom Arizona Ventures assumed the existing HUD loans for all three properties.

Wed
27
Sep
The Editors's picture

RealPage To Acquire Online Leasing Platform On-Site

RealPage To Acquire Online Leasing Platform On-Site

Property management software company RealPage is acquiring the assets of On-Site Manager, a leasing platform for property managers and renters, for $250 million in cash, according to a release.

The On-Site platform  assimilates leads from any source and converts them into signed leases for both the multifamily and single-family housing industries. On-Site platform offers solutions similar to RealPage’s screening and document management business, and also includes prospect and resident portals, online and on premise leasing, payment processing, and eSignature lease execution solutions, according to the release.

Tue
26
Sep
The Editors's picture

Company To Acquire Student Complexes In Oregon, Seattle And Arizona For $590 Million

Company To Acquire Student Complexes In Oregon, Seattle And Arizona For $590 Million

A student housing owner, manager and developer has entered into an agreement to recapitalize and ultimately acquire seven select student complexes including those in Oregon, Seattle and Arizona according to a release.

The portfolio investment focuses on strategic growth in seven key Power-5 conference and state flagship university markets, and includes 3,776 beds.

The $590 million transaction by American Campus Communities, Inc, from affiliates of Core Spaces and DRW Real Estate Investments, includes the acquisition of two existing student complexes, two communities opening in fall 2017, and three projects under-construction scheduled for completion in fall 2018, with closing and funding events scheduled to occur in a staged manner over approximately two years, allowing for optimal integration and funding.

Mon
25
Sep
The Editors's picture

Tight Apartment Supply Keeps Tucson Apartment Market Hot

Tight market keeps Tucson apartment market hot for investors

Higher paying jobs and an influx of multifamily capital from Portland, Denver, Los Angeles, Phoenix and Canada is driving up prices in the Tucson apartment market in Arizona, according to Picor.

Investors, syndication groups, private equity groups and others  are selling their real estate in their respective cities and moving capital to the Tucson apartment market. These groups are attracted to the favorable cap rates and still favorable interest rates.

 About 90% of all apartment investors considering apartment investments in Tucson are from outside of Arizona.

Thu
21
Sep
The Editors's picture

7 Trends Driving Job Growth, A Key To Rental Housing Needs

7 Trends Driving Job Growth, A Key To Rental Housing Needs

A new study highlights seven major trends that have influenced job growth over the years since 2010 after the recession, according to a release.

Investors, landlords and property managers all know job growth is a key to growth in rental housing and where the needs will be for rental housing. People holding these jobs will likely be your new tenants at some point now or in the future.

"At the heart of different factors shaping labor market dynamics today is this idea of constant connectivity," Matt Ferguson, CEO of CareerBuilder and co-author of The Talent Equation, said in a release.

Tue
19
Sep
The Editors's picture

Arizona Management Company Selected For Upscale Phoenix Metro Apartments

Arizona management company selected to handle three upscale Phoenix metro apartments

Mark-Taylor Residential was recently selected to manage three upscale multifamily properties in some of the most lucrative areas in metropolitan Phoenix, according to a release.

 The three communities, The Hyve in Tempe, Slate Scottsdale in North Scottsdale and The Met at Fashion Center, build on the company's growing portfolio of upscale properties.

The company manages properties in Arizona and Nevada.

The three metro-Phoenix area luxury properties include The Met above, which is next to the upscale Chandler Fashion Center.

Tue
19
Sep
The Editors's picture

Apartment Residents Say Living In A Green Home Is Important To Them

apartment residents say living in a green apartment home is important to them

A new survey shows 84 percent of apartment residents say living in a green apartment home is important to them and 64 percent say they would pay more to live in a green home.

The survey also shows 85 percent of the apartment residents believe living in a green apartment home benefits their health, according to the AMLI sustainable living index.

The survey of more than 2,800 U.S. apartment residents is the first AMLI Sustainable Living Index survey of apartment residents on their views regarding sustainability and green living.

“This survey highlights that residents care about the environment and their health. They want homes that enable them to live a greener, healthier lifestyle,” Phil Tague, President of AMLI Residential, said in a release.

Fri
15
Sep
The Editors's picture

How Do Multifamily Renters And Single-Family Renters Differ?

how do multifamily renters and single-family renters differ?

Multifamily renters make less money, have fewer kids and are less likely to be married, according to new research from a real estate consulting firm.

The research into the single-family renter shows the key differences between those who rent apartments and those who rent single-family homes, according to Mikaela Sharp, Research Analyst, and Chris Porter, Chief Demographer, for John Burns Real Estate Consulting.

There are 28 million multifamily rental households in the U.S. and 16 million single-family renter households. Here is how they differ:

Tue
12
Sep
The Editors's picture

Rent For Houses Is Rising Faster Than Apartment Rent

House rent rising faster than apartment rent

Monthly rent for houses is rising  faster than apartment rent due to the short supply of rental homes and Portland home rental rates lead U.S. metros areas, according to a new study.

Rental houses have been in high demand since the housing market crashed, but a lack of supply has made renting those homes more expensive, according to a new Zillow analysis, as the median monthly rent for single-family homes is rising faster than the median monthly rent for apartments.

While rents for both houses and apartments have slowed significantly over the past year, median rent for houses rose 1.3 percent annually to a monthly rent payment of $1,404, but median rent for apartments rose 0.5 percent, to a monthly rent payment of $1,551.

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