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
Mon
30
Jan
The Editors's picture

Portland Proposes Landlords Pay To Move Evicted Tenants

Portland proposes new ordinance to have landlords pay moving costs for evicted tenants

A new housing proposal from the City of Portland would require landlords who raise rent more than 10 percent, to pay tenant moving costs, including costs for evicted tenants, according to several reports.

The proposed ordinance would require landlords to pay renters moving costs within 14 days of sending them an eviction notice. Landlords would also have to provide relocation assistance to tenants if they raise their rent by 10 percent or more in one year, according to Oregonlive.com.

The relocation assistance requirement is part of the new  Portland City Council’ss first two housing proposals, submitted by Commissioner Chloe Eudaly and Mayor Ted Wheeler.

Landlords would have to pay renters between $2,900 and $4,500, depending on the number of bedrooms.

Mon
30
Jan
The Editors's picture

Investor Plans $16 Million Joint Venture To Promote Affordable Multifamily Housing In California

Brian Dowling announces multifamily housing investment of $16 million in California

The Community Development Trust (CDT) and Southport Financial Services Inc. have announced a joint venture to purchase and improve three California apartment complexes for $16 million that total  300 affordable multifamily housing units serving low-income families and senior citizens, according to a release.

The multifamily housing acquired in the CDT-Southport partnership, all of which are affordable to families below 50 percent of the local area median income, include:

Mon
23
Jan
The Editors's picture

A Surge In Multifamily Housing Led the 11.3 Percent December Jump In Housing Starts

Multifamily housing starts led December jump in housing production

A surge in multifamily housing production resulted in overall nationwide housing starts rising 11.3 percent to a seasonally adjusted annual rate of 1.23 million units, according to a release.

The newly released data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau also showed single-family starts dropped 4 percent to a seasonally adjusted annual rate of 795,000 units.

Multifamily production jumped 57 percent to 431,000 units in December. However, the monthly data for apartment production has exhibited strong volatility since August, according to the release.

Tue
17
Jan
The Editors's picture

Property Management Software Company Acquires Rental Finder RadPad

Property management software company acquires rental finder RadPad

Landlordstation.com, a property management and tenant screening company has acquired RadPad, and mobile-first rental market place that connects renters and landlords, according to a release.

The combined companies will provide a single transactional platform serving both landlords and renters, according to a release.

 “LandlordStation and RadPad work as two sides of the same coin. By combining LandlordStation’s landlord and property manager customer base with RadPad’s technology and tenant traffic, we feel that we have the opportunity to build the rental platform of the future,”  LandlordStation CEO Copley Broer, said in the release.

Mon
16
Jan
The Editors's picture

Company Buys California Apartment Community For $5.2 Million

Laurel Tree apartment community in Fontana, California purchased for $5.2 million

A private equity group has purchased Laurel Tree, a 36-unit apartment community in Fontana, California, for $5.2 million, according to a release.

The Bascom Group purchased the apartment community in California’s Inland Empire at 17923 Arrow Boulevard in Fontana, California.  The sale represents a price of $145,833 per unit or $160.71 per square foot.  Marcus & Millichap represented both the buyer and seller in the transaction. Manufacturer's Bank provided the new loan.  James D'Argenio sourced and managed the transaction for Bascom.

Laurel is set to take advantage of accelerated population growth in the Inland Empire as rising prices and rents in Los Angeles and Orange County force residents to look elsewhere for more affordable housing.

Thu
12
Jan
The Editors's picture

San Diego Company Buys Scottsdale Apartments For $51 Million

Scottsdale apartments sold for $51 million

A San Diego-based real estate investor and operator has acquired Scottsdale apartments, called the Scottsdale Horizon Apartments,a 330-unit complex, in Scottsdale, Arizona, for $51 million, according to a release.

 "Our ownership of similar properties in the Phoenix market provided us with operating efficiencies and strong market knowledge,”  Paul Kaseburg, Chief Investment Officer at MG Properties Group which acquired the property, said in the release.

Thu
12
Jan
The Editors's picture

Company Acquires Collegiate Housing Community At Oregon State

EdR acquires collegiate housing community at Oregon State

A company specializing in collegiate housing has acquired The Retreat at Corvallis, serving Oregon State University in Corvallis, Oregon, according to a release.                  

"With 95 percent occupancy this year and a location pedestrian to campus, this community is a great complement to our top of class student housing portfolio," Tom Trubiana, president of EdR, said in a release. "When paired with our development at Boise State, this community significantly increases our footprint in the Northwest."

Wed
11
Jan
The Editors's picture

HomeUnion Names the Highest-Growth Rental Markets

HomeUnion Names the Highest-Growth Rental Markets

HomeUnion Names the Highest-Growth Rental Markets

Seattle rent growth led the nation, while El Paso, Texas rent growth was the lowest.

HomeUnion, an online real estate investment management firm, has released a list of the single-family rental (SFR) rental markets in the U.S. featuring the highest growth. Seattle tops the list, with same-house rent growth of 6.7 percent, while El Paso rounded out the bottom of the list with a 7.1 percent decline in year-over-year rents.

"Many of the metros at the top of our list have these two common characteristics: strong job growth, and residents who prefer renting over homeownership as median home prices remain relatively high and the cost of mortgage debt continues to increase," explains Steve Hovland, director of research at HomeUnion.

Wed
11
Jan
The Editors's picture

Turning Point or Seasonal Doldrums?

Turning Point or Seasonal Doldrums?

Turning Point or Seasonal Doldrums?

Seattle - The latest Apartment Insights survey shows a significant deterioration in a rental market that has been booming for the past five years.

Fourth quarters are typically slow, but this one is markedly so according to Tom Cain of Apartment Insights.  The data are from his Seattle firm’s 4th quarter statistics and trends on 50+ unit properties in the King/Snohomish market.

Vacancy:  4.67% 

The vacancy rate for our nonrandom survey of conventional, stabilized 50+ unit properties in the King/Snohomish market is 4.67%. It shot up from 3.99% last quarter. A year ago it was 4.32%.

Last quarter King and Snohomish were both at 4% vacancy. King took the biggest hit with its vacancy rate increasing to 4.73%. The rate in Snohomish went to 4.41% this quarter. The overall vacancy rate for both counties which includes properties in lease-up is 6.12%.

Wed
11
Jan
The Editors's picture

Home Sales Expected to Expand Modestly in 2017 as Affordability Pressures Temper Buyer Enthusiasm

Home Sales Expected to Expand Modestly in 2017 as Affordability Pressures Temper Buyer Enthusiasm

Home Sales Expected to Expand Modestly in 2017 as Affordability Pressures Temper Buyer Enthusiasm

Existing-home sales are forecast to muster only a small gain in 2017 because of increasing mortgage rates and shrinking consumer confidence that now is a good time to buy a home, according to new consumer survey findings and a 2017 housing forecast update from the National Association of Realtors®.

In NAR's fourth quarter Housing Opportunities and Market Experience (HOME) survey1, respondents were asked about their confidence in the U.S. economy and their housing expectations in 2017.

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