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Mon
01
May
The Editors's picture

Multifamily Fund Acquires 1,094 Apartments In The West

SARES•REGIS Multifamily Fund acquired more than 1,000 apartments in the West in the fourth quarter of 2016

A multifamily value-add fund acquired four rental communities totaling 1,094 apartments in Washington, Colorado and Arizona in the fourth quarter of 2016, according to a release.

The fund, which has $304.2 million in equity commitments, has acquired a total of nine communities since 2015.

"With 2,351 apartments under management in Fund II and approximately two thirds of the fund's equity invested, we're in a great position to selectively fill out the balance of the portfolio in 2017,"  Bill Montgomery, chief investment officer of the SARES•REGIS Multifamily Fund, said in the release.

 "The fund's equity commitments can be leveraged to acquire approximately $850 million in assets," he said.

Mon
01
May
The Editors's picture

Renters Can Buy Without Increasing Their Monthly Housing Costs

How much house renters can afford

Median rent is more expensive than the mortgage payment on a median valued home in the U.S., but many renters are struggling to come up with a down payment, according to a release.

Rent is so high that a typical renter in the U.S. can purchase a home nearly 50 percent more expensive than the median valued home and keep the same monthly housing budget, according to a new Zillow® analysis.

The median rent in the U.S. is $1,416 per month, which is enough to cover the monthly expenses associated with owning a $289,505 home. The median U.S. home value is $196,500.

Wed
26
Apr
The Editors's picture

Knopp Tackles Oregon Housing Crisis, Economic Growth

 Public hearings have begun on Oregon Senate Republican Deputy Leader Tim Knopp's package of bills to tackle the state's housing crisis which he said is driven by a lack of supply and high demand.

 Senate Bill 608 allows local governments to expand the Urban Growth Boundary when the number of new households in a jurisdiction exceed the number of new housing units and vacancy rates drop below six percent.

"Oregon's soaring rent prices and housing shortages are caused by an outdated government that restricts building new places to live," Knopp, of Bend, said in a release.

 "Rents are rising faster than incomes, and we have to do something about it that restores the balance of supply and demand. When we do that, we will change lives in Oregon," Knopp said.

Tue
25
Apr
John Triplett's picture

Can I Say "No Pot In My Apartments" When It’s Legal In My State?

Can I say no pot in my apartments when it is legal in my state?

Oregon Governor Kate Brown this month signed a bill that prohibits marijuana retailers from keeping or sharing customer's personal information. According to reports, she said she was concerned about the Trump administration's future actions when it comes to the legalized pot industry which employs 13,000 people in Oregon. So when pot is legal in a state, what issues does this present to property managers and landlords of rental properties?

By John Triplett

Rental Housing Journal

Property managers are often confused and seeking to better understand how to handle the issues of legal marijuana and medical marijuana when it comes to tenants and rental housing in their states.

Laws are changing all the time in many states as voters approve different levels of permission when it comes to marijuana. This leaves property managers trying to figure out what should be in their leases around the issue.

Tue
25
Apr
The Editors's picture

Should Your Company Have A Policy On Workplace Political Discussion?

Should your company have a policy on workplace political discussion?

Employees in the U.S. find it increasingly difficult to ignore political discussion in their workplace, and 31% believe political conversations among coworkers decrease their company's productivity, according to a release.

New findings in a survey by Clutch, a leading B2B ratings and reviews site, indicates many employees are distracted and negatively impacted by political discussions at work.

"I think we need to create some kind of policy which talks about behavior and how we communicate,"  Steve Albretch, Ph.D, human resources consultant and author, said in the release.

Tue
25
Apr
The Editors's picture

Internet More Important Apartment Amenity Than Laundry?

Internet a more important amenity than laundry

High-speed internet and Wi-Fi are among the most important amenity factors to apartment dwellers when making a rental decision, even more than in-room laundry facilities, according to a new survey.

Technology drives the multifamily industry, according to a release from Comcast’s multifamily development services division.

 The company’s new report, “Networking with Residents: Technology Drives the Multifamily Industry,” examines the state of technology in the multifamily industry by including input from property managers and developers across the country. The report can be downloaded here.

Mon
24
Apr
The Editors's picture

3 Bubble Signs That Could Be Brewing In The Real Estate Market

Are there signs of a real estate bubble out there?

Are there signs that bubbles are brewing in the home flipping industry, writes one real estate consultant, or in real estate careers or in mortgages that are getting more creative?

One sign may be that television reality shows about home flipping continue to expand. Also, when consultants hear flight attendants talk about getting their real estate licenses, it could be another sign.

Real estate consultant John Burns writes in his latest email newsletter that reality television shows have been fueling the home flipping industry. “These television shows captive audiences and have led to a potential bubble in the home flipping industry that is being financed by hard-money loans financed by non-banks,” he writes.

Mon
24
Apr
The Editors's picture

New Construction In Multifamily Rebounds In March

New construction rebounds in March

Total new construction starts in March increased 5% to a seasonally adjusted annual rate of $743.7 billion, marking the third straight monthly gain, according to a release from Dodge Data & Analytics.  

Meanwhile, residential building in March registered moderate growth, helped by a rebound for multifamily housing after a subdued February.

Residential building, at $310.8 billion (annual rate), grew 4% in March. 

 "The pattern for construction starts in early 2017, with three straight monthly gains, is the reverse of the three straight monthly declines that closed out 2016,"  Robert A. Murray, chief economist for Dodge Data & Analytics, said in the release.

Tue
18
Apr
The Editors's picture

Washington State AG Orders Portland Management Company To Pay Over Lease Addendums

Washington State AG orders Portland property management company to pay over lease addendums

A Portland, Oregon property management company will have to pay $16,000 for requiring service members to sign illegal lease addendums requiring them to forfeit rent concessions if they had to terminate their leases early as a result of change of station or deployment, according to Washington State Attorney General Bob Ferguson.

CTL Management included the addendum on more than 220 leases at Chambers Creek Estates, a large apartment complex in University Place, near Joint Base Lewis-McChord, which houses many military families, according to a release from Ferguson’s office.

Mon
17
Apr
The Editors's picture

Most Renters Like Where They Live And Do Not Plan To Move

Most renters like where they live

Most renters say they like where they live and don’t plan to move even if their rents rose, according to new research.

In the good news for landlords and property managers, 55 percent of all respondents, and 60 percent of 35- to 49-year olds, say they like where they live and don't plan to move if their rents rose, according to the research from Freddie Mac done by the Harris Poll. Also fewer renters say they are working toward homeownership and plan to continue renting.

Also seven in ten renters say they are willing to downsize in order to live in an urban area.

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