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Tue
13
Jun
The Editors's picture

Mortgage Payments Unaffordable In Half of America's Largest Markets

Mortgage payments too expensive in half of u.s. major cities

Mortgage payments are unaffordable in many of the nation’s largest markets as low home inventory pushes prices higher leading more to continue renting, according to a new study.

"Homes have gotten so expensive in many major cities that even with low mortgage rates, monthly costs for homes that are currently for sale are starting to be unaffordable," Zillow Chief Economist Dr. Svenja Gudell, said in a release.

 "Down payments are a top concern for today's homebuyers, but the reality is that monthly costs are becoming unaffordable as well. Low inventory is pushing sticker prices higher, and when mortgage rates start to rise, monthly payments will be driven further into unaffordable territory,” Gudell said.

Mon
12
Jun
The Editors's picture

Man Who Shot Portland Property Managers Sentenced to 13 Years

Man who shot Portland property managers sentenced to 13 years in prison

A man who shot two employees working as property managers at the Cascadian Terrace Apartments in Portland during an eviction last December has been sentenced to 13 and a half years in prison, according to reports.

Reynaldo Diaz Cabrera who pleaded no contest in April to two counts of attempted murder was formally sentenced in May.

The two managers for Guardian Real Estate Services, working at Portland's Cascadian Terrace Apartments developed by Community Development Partners, were shot and wounded by Cabrera during an eviction.

Mon
12
Jun
The Editors's picture

U.S. Needs 4.6 Million New Apartments By 2030 To Keep Up With Demand

The U.S, needs 4.6 million new apartments by 2030 to keep up with demand new study says

The U.S. will need 325,000 new apartments, especially in the West,  every year between now and 2030 to meet the growing demand as more people move away from buying houses and choose apartments, according to a release of a new study from Hoyt Advisory Services

The new study commissioned by the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA) says the growing demand for new apartments is due to the delayed marriages, the aging population and international immigration.

Fri
09
Jun
The Editors's picture

Current Economic Data Supports Multifamily Investments

The macro data suggests that multifamily investments and properties continue to be a strong performing asset class, says the CEO of a specialty investment bank focused on real estate, according to a release.

Multifamily is still supported by strong economic fundamentals, generally outperforming most other property sectors, David Blatt, CEO of Capstack Partners says in the release. Lenders have recently begun to express caution about financing new multifamily investments because of concerns that there is too much inventory. Many banks share the belief that the added supply will cause vacancies to increase and rents to drop, especially those lending into primary and high growth markets, which have been seeing the most investment activity over this last market cycle.

Thu
08
Jun
The Editors's picture

Apartment Management Company Steps Up Airbnb Lawsuit

Landlord and property management company steps up Airbnb lawsuit

A large landlord and property management company has amended its Airbnb lawsuit to seek class action status on behalf of all property owners harmed by Airbnb, according to a release.

Apartment Investment and Management Company (Aimco), headquartered in Denver, Colorado,   has filed an amended complaint against Airbnb in the Superior Court of California seeking injunctive relief and restitution under that state's Unfair Competition Law and broadening its claims to include all apartment owners whose properties have been rented without Airbnb's first obtaining their permission. Aimco also filed an amended complaint in its second lawsuit against Airbnb in Miami-Dade County, Florida, Circuit Court.

Tue
06
Jun
The Editors's picture

Now Seattle Wants To Require Landlords Give Tenants Voter Information

Seattle wants to require landlords to give tenants voter registration information

The Seattle City Council is proposing another ordinance putting yet another requirement on landlords in the city this time to provide information to tenants about how to register to vote and how to update voter registration information.

Under a new ordinance proposed this week, landlords would have to provide new tenants with voter-registration information. Landlords are already are required to give tenants a packet of information on housing laws that’s prepared by the city’s Department of Construction and Inspections, according to reports.

Tue
06
Jun
The Editors's picture

Seattle Company Buys Echo Lake Apartments in Shoreline

Seattle company buys Echo Lake Apartments in Shoreline, Washington

A Seattle company has bought the Echo Lake Apartments, a 289-unit apartment complex in Shoreline, Washington, according to a release.

Security Properties and Intercontinental Real Estate Corporation ("Intercontinental") announced the purchase of the property, which also has almost 9,000 square feet of retail built in 2009.

This brings Security Properties holding to 18 assets in the Puget Sound region.  The asset was purchased in the fourth joint venture between Security Properties and Intercontinental.

"Echo Lake Apartments falls right in line with our strategy of buying in the best micro-location in a submarket,” Davis Vaughn, Director at Security Properties, said in the release.

Tue
06
Jun
John Triplett's picture

3 Things Proactive Property Managers Want To Know About Roofs

3 things proactive property managers need to know about roofs

Multifamily property managers have two interests at heart - they don’t like their roofs to leak and they don’t want to spend any more money on them than they have to, according to a multifamily roofing expert

By John Triplett

Rental Housing Journal

“Regular maintenance and a good roofing contractor can help. If, for example, property managers have their roofs walked at least annually, and preferably semi-annually, the roofer can verify all roofing penetration areas are water-tight and sealed as needed,” Eric Skoog, owner of Sunvek Roofing in Phoenix, said in an interview with Rental Housing Journal. “Also, on pitched roofs, valleys need to be cleaned out so water or snow can move quickly off the roof, resulting in less chance of damage and water entry.

Thu
01
Jun
The Editors's picture

Philadelphia Apartment Rent Hikes Lead The Nation In June

Apartment rents in June top 10

Although nationwide one-bedroom apartment rent has nearly returned to the January 2017 mark of $1,016 — after a March low point of $1,003 — in certain cities, rent prices have been more volatile, according to a new release from Abodo.com.

For the first time this year,New Orleans has fallen out of the nation’s top 10 for greatest rent rises. In its stead, Philadelphia, PA, leads the pack with an 11.7% increase — one of the largest rent hikes this year, second only to an 11.8% increase in NOLA for April 2017.

The substantial rise in Philly rents is surprising, since for much of the year, the City of Brotherly Love has seen only decreases in rent prices.

See all the apartment rent charts from Abodo.com here.

Tue
30
May
The Editors's picture

Landlords Sue Seattle Over Tenant Move-In Fees Ordinance

Landlords sue City of Seattle over ordinance for second time in past few months

For the second time in recent months, Seattle landlords have filed suit against the City of Seattle this time over an ordinance that requires them to allow tenants to pay security deposits and other move-in fees in installment payments over time.

The Rental Housing Association of Washington (RHAWA), with more than 5,000 members, has filed suit in King County Superior Court to overturn Seattle’s ordinance regulating tenant move-in fees and requiring landlords to extend payment plans to tenants, according to a release.

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