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Tue
11
Jul
The Editors's picture

Rents Stable At Mid-Year New Report Says

Cities where rents rose the most in the first half of 2017 according to Abodo.com

Rents were relatively stable through the first six months of 2017, according to a new report.

While the national median rent fluctuated, but it ended up exactly where it began at $1,016 for a one-bedroom, according to Abodo.com.

Prices fell from January to March, bottoming out at $1,003 before creeping back up in the spring. In all, the national median rent always stayed within 1.3% of its starting value.

"Mid-year rent trends are an important metric to follow when analyzing the rental market across the U.S. And while San Francisco and New York City stand at the top of the most expensive rental market rankings, as usual, it's important to analyze the average monthly change on the coasts and in the Midwest," said Sam Radbil, senior communications manager for Abodo.com

Mon
10
Jul
The Editors's picture

Seattle Property Management Firm Integrated Into Security Properties

Seattle property management firm integrated into Security Properties

 Madrona Ridge Residential, a property management firm and affiliate of Seattle-based Security Properties, is being fully integrated into Security Properties and rebranded as Security Properties Residential, according to a release.

 As part of this integration, Security Properties is also announcing that Mike Voorhees, formerly of Holland Residential and Holland Partner Group, has recently joined Security Properties Residential as President.

Fri
07
Jul
The Editors's picture

House Speaker Promises To Finish Housing Issues In 2018

Housing issues will be back in 2018 Oregon House Speaker promises

Oregon House Speaker Tina Kotek (D-Portland) says the failure of a bill in the legislature to regulate no cause evictions and allow local rent control means trying again in 2018 “to finish unfinished business,” in housing issues,  according to a release.

“We made good progress, but we need to do more to protect renters from staggering rent spikes and no-cause evictions. In 2018, we will push to finish this session’s unfinished business on housing,” Kotek said in the release.

 “The depth and breadth of Oregon’s housing crisis has finally made this issue too big to ignore. We will keep fighting to ensure all Oregonians have a safe, decent, and affordable place  to call home.”

Fri
07
Jul
The Editors's picture

Rent Control And No Cause Evictions Bill Dies In Senate

Rent control and no cause evictions bill dies in Oregon Senate

Controversial legislation to remove the state-wide ban on rent control in Oregon and to set new rules for no-cause evictions has died in the Oregon Senate, according to reports.

The bill, HB 2004 , passed the Oregon House 31-27 in April, but lacked support in the more conservative Senate and failed after several attempts to amend it.

Thu
06
Jul
The Editors's picture

South Seattle Apartments Sell For $109 Million

South Seattle apartments sold for $109 Million

A south Seattle 576-unit multifamily property, apartments that were acquired for $58 million in 2014, has sold for $109 million, according to a release.

Rock Creek Landing, a wholly-owned 576-unit multifamily property in Kent, Washington, was sold by Kennedy Wilson, a global real estate investment company. The cash proceeds of $73 million from this transaction were used to fund the previously announced acquisition of 90 East, an office campus in greater Bellevue.

 “This sale demonstrates our ability to leverage our vertically integrated investment platform to identify undermanaged investments where we can create value through the execution of our asset management program,” Shem Streeter, Managing Director of Kennedy Wilson Multifamily Investments, said in the release.

Mon
03
Jul
John Triplett's picture

Top 3 Biggest Stressors For Property Owners And Managers in 2017

3 top stressors for property owners and managers

In a new survey of 700 rental property owners across the country, maintenance repairs and replacement continues to be the biggest stressor overall for property owners and managers, according to Buildium.com.

Overall 61% of respondents reported maintenance and repairs as stressful, compared to 62% last year, according to the survey.

“It is clear property owners are struggling with both maintenance and tenant management,” Darcy Jacobsen, content manager at Buildium.com said during the webinar about the property owners perspective survey.

“If you are an owner and you are struggling with these issues you are not alone.

“If you are a property manager these are things you might want to bring up when you are trying to win more business, or emphasize in your marketing materials, or when you are talking to owners,” Jacobson said.

Fri
30
Jun
The Editors's picture

$217 Million In 5 Multifamily Sales Closed In Arizona In Two Weeks

Multifamily sales of $217 million in Phoenix metro

Two senior level investment advisors have closed five multifamily property transactions totaling $217 million and 1,699 units between May 30 and June 15 of this year in the Phoenix metropolitan area.

Steve Gebing and Cliff David, two senior managing directors of Marcus & Millichap’s Institutional Properties Advisors( IPA)division, closed the transactions

The properties sold in this period are:

Wed
28
Jun
The Editors's picture

Pending Home Sales Drop For Third Straight Month In May

Pending home sales drop for third straight month in May

The ongoing supply shortages that are propping up home prices in many metro areas caused pending home sales in May to slump for the third consecutive month, according to a release.

None of the major regions in the country saw an increase in contract activity last month, according to the National Association of Realtors (NAR).

 

Low inventory sidetracked the housing market

"Monthly closings have recently been oscillating back and forth, but this third consecutive decline in contract activity implies a possible topping off in sales," Lawrence Yun, NAR chief economist, said in the release.

Wed
28
Jun
The Editors's picture

Real Estate Investor Acquires 266-Unit Apartment Community In Denver Suburb

Real estate investor acquires apartment community in Denver suburb

U.S. real estate investor and operator Waterton has acquired Greenwood Plaza, a 266-unit rental apartment community located in the Denver suburb of Centennial, Colorado, approximately 15 miles southeast of downtown Denver.

“Greenwood Plaza is in a prime location near major employers, public transit and within walking distance to several strong retail centers including Greenwood Retail Plaza, Heritage Place Shopping Center and Arapahoe Marketplace,” Mark Stern, senior vice president of acquisitions at Chicago-based Waterton, said in a release.

“The Centennial community offers a great deal to its residents, including the expansive Cherry Creek State Park, golf courses, a state-of-the-art recreation center and the K-12 Cherry Creek School District, one of the highest-achieving districts in Colorado,” Stern said.

Tue
27
Jun
The Editors's picture

Growing Demand And Tight Supply Are Lifting Rents And Home Prices

Growing demand and tight supply are lifting rifts and home prices new Harvard study says

The growing demand for housing and the tight supply are pushing up rents and home prices a new study says.

A decade after the onset of the Great Recession, the national housing market has, by many measures, returned to normal, according to the latest State of the Nation’s Housing report release by the Joint Center for Housing Studies of Harvard University. But housing demand, home prices, and construction volumes are all on the rise, and the number of distressed homeowners has fallen sharply.

However, along with strengthening demand, extremely tight supplies of both for-sale and for-rent homes are pushing up housing costs and adding to ongoing concerns about affordability, according to the release.

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