HUD is proposing changes to the rules governing Fair Housing Act discriminatory effects and asking for a return to 2013 rules, dropping changes put in during the Trump administration, according to a release.
The rules being proposed advocate going back under the 2013 rule, where HUD says “the discriminatory-effects framework was straightforward: A policy that had a discriminatory effect on a protected class was unlawful if it did not serve a substantial, legitimate, nondiscriminatory interest or if a less discriminatory alternative could also serve that interest.”
Then the rule change in 2020 under the Trump administration “complicated that analysis by adding new pleading requirements, new proof requirements, and new defenses, all of which made it harder to establish that a policy violates the Fair Housing Act. HUD now proposes to return to the 2013 rule’s straightforward analysis,” according to the release.
U.S. Department of Housing and Urban Development (HUD) Secretary Marcia L. Fudge said the proposed rule is entitled “Restoring HUD’s Discriminatory Effects Standard.” The publication proposes to rescind the department’s 2020 disparate-impact rule and restore the 2013 discriminatory-effects rule. HUD states that it believes the 2013 rule is “more consistent with decades of case law and better effectuates the act’s broad remedial purpose of eradicating unnecessary discriminatory practices from the housing market.”
Secretary Emphasizes Lifting Barriers to Diverse Communities
“We must acknowledge that discrimination in housing continues today and that individuals, including people of color and those with disabilities, continue to be denied equal access to rental housing and homeownership,” Fudge said in the release. “It is a new day at HUD-and our department is working to lift barriers to housing and promote diverse, inclusive communities across the country.”
She said the proposed rule change involving the discriminatory-effects rule “is the latest step HUD is taking to fulfill its duty to ensure more fair and equitable housing.”
The Fair Housing Act prohibits discrimination in housing and housing-related services because of race, color, religion, national origin, sex, familial status, and disability.
The discriminatory effects doctrine is a tool for addressing policies that cause systemic inequality in housing. It has long been used to challenge policies that unnecessarily exclude people from housing opportunities, including zoning requirements, lending and property insurance policies, and criminal records policies.
“Accordingly, having a workable discriminatory-effects standard is vital for the accomplishment of the Biden-Harris Administration’s policy goal of a housing market that is free from both intentional discrimination and policies and practices that have unjustified discriminatory effects,” HUD said in the release.
HUD’s 2013 discriminatory-effects rule codified long-standing case law for adjudication of Fair Housing Act cases under the discriminator- effects doctrine, for cases filed administratively with HUD and for federal court actions brought by private plaintiffs.
The public will have 60 days to file comments on the rule change.
From small private entities to large, publicly traded institutions, it seems as if everyone is getting into the single-family rentals (SFR) investment business.
As the competition for acquiring quality rental housing increases and inventory continues to dwindle, SFR investing remains challenging unless a company finds the right investment partner or partners. Finding the right partner can be done by creating a joint venture (JV), a business arrangement in which two or more parties agree to pool their resources to accomplish a specific task. In virtually any type of economy, a great way to invest in SFR housing at scale is to create a joint venture.
Forming a JV, or a fund to invest in single-family rentals, can bring many benefits to all parties involved, not to mention the residents of the properties. Combining the resources of two or more companies in a JV partnership, typically results in faster growth for all of the entities. While one company may be responsible for putting forth more debt and/or equity capital than the other or others, that investment will likely pay off in multiples. That growth can manifest itself in a variety of ways, including the ability to target new markets for acquisitions, the ability to increase the number of properties on a company’s radar screen, and much more.
Faster growth has enabled property owners and operators to focus more on the resident experience, and to make it one of their top priorities. As a result, resident benefits have become increasingly prevalent. Rapid expansion may also provide the partner with greater leverage to renovate properties with environmentally-friendly features and amenities, for instance, or to develop cutting-edge, tech-enabled properties for residents who work from home every day.
Atlas Real Estate recently executed a $1 billion JV with DivcoWest to acquire and renovate SFR nationwide. This JV enables us to achieve scale at a much faster rate than we would have been able to without a JV partner. Before we achieve our desired scale, we need to ensure that our processes are locked in, otherwise, the inefficiencies will be exacerbated. Our mission statement at Atlas is to “uplift humanity through real estate,” and we believe that we will have a positive influence on the communities and residents we serve throughout the United States. .
Not All of a JV’s Benefits Are Monetary-Related
In addition to being able to grow faster with an infusion of both equity and debt capital, there are other advantages to forming a JV. As an example, throughout Atlas’ history, our JV partners have many connections in the real estate industry, and creating a fund allows us to tap into those resources. In addition, the risks and costs involved in a JV structure are allocated among all parties. Therefore, the liability does not fall solely on one company; it’s diversified. Savvy companies structure JV agreements so that only a portion of a company’s business is associated with the risk.
While a JV does not bind two or more companies together for perpetuity, the relationship can turn into a long-term one, filled with even more investment opportunities in the future. If the JV achieves its goal, the entities can add additional phases and monetary funds to invest in, renovate or develop additional properties, for example. The right JV partnership can open many doors and even result in massive expansion for a company.
JV Investment Partnerships Have Grown Exponentially
For many reasons, joint-venture structures are increasing in popularity, even among companies that aren’t traditional single-family rentals players. In today’s tight market, companies seeking to accumulate a large portfolio of properties need to have capital at the ready. Most companies, however, cannot fund a portfolio acquisition alone, thus they require a partner to make it work. Increasingly, entities outside of the SFR industry are deploying capital into JVs because of the significant upside this type of investment opportunity brings.
Across the country, SFR homes are filling a void that starter homes held for previous generations. As a result, professional operators in the residential and commercial sector are eager to place their money in such a promising sector. A recent Trepp report states that 2020 was the most active year for SFR securitizations on record, with new issuance topping $8.3 billion — a whopping growth of 99% from 2019. Through April 2021, there were more than $3.1 billion of newly securitized SFR CMBS, keeping 2021 on pace to break a new record. According to The Altus Group, institutional SFR operators acquired between 55,000 and 65,000 single-family homes last year, with 2021 expected to net upwards of 70,000.
Find the Right Partner
Finding the right partner should be a methodical, well-thought-out process since it’s the most important step in creating a successful JV. Not putting enough effort in this step could make or break the entire process. There are many potential partners out there, but it may be difficult to find one on the same page, or to find one with shared values. Begin by interviewing different partners to see who aligns the closest. Two of the most critical questions to ask during the diligence process are: 1) Does this potential partner have reputable leaders on their team? 2) Is this potential partner a cultural fit? Make sure to understand—and clearly establish—non-negotiable items when commencing these conversations.
Examine each partner’s business goals and values to ensure that they are complementary. Reach out to other companies, investors, and employees that this potential partner has worked with in the past to provide better insight into how they run their business. Get to know the leaders personally, and find out what makes them tick. What are their hobbies, dreams and passions? Uncover their professional and personal value systems, as well. Then, run through scenarios to determine how they would react to stress, if they would remain calm under pressure, how communicative they are, their level of loyalty and reliability, etc. A partner that responds favorably to these scenarios is a good partner to trust in a JV relationship.
Some Considerations to Ponder Before Executing a JV
While the terms of each real estate JV are structured differently, here are some general considerations to make before entering into a partnership:
Identify all of the parties involved. (A JV can consist of more than two partners).
Clearly set forth the goal of the JV and how it will achieve those goals operationally. For instance, if the goal of the JV is to purchase and renovate single-family homes, what is the geography/location of these rentals, what technology will be used to achieve the goal, etc.
Determine the amount of capital and/or resources each party will contribute to the JV.
Establish the terms, such as the amount of debt or equity capital each partner will front
Determine the upfront contributions each entity will make and understand the ownership split
How the JV will be managed, controlled and operated and by whom.
What will happen once the deal is complete/exit options.
As with any relationship or partnership, there are risks associated with forming a JV. Both companies should be on the same page, and possess the same vision and goals at all times. Trouble begins when the objectives are unclear, the lines of communication are poor, or differing sets of expectations exist. If a JV doesn’t work, that can put strain on other parts of a firm’s business. The clashing of cultures and imbalance of workloads can lead to disagreements and rifts within the partnership. A JV requires significant work and time to develop, and in many cases, it can take years to agree upon the terms of a deal.
With home prices at peak levels and inventory at a minimum, forming a joint venture is a great way to invest in properties. When making a pitch to a prospective partner, be persistent, memorable, and personalized. In the real estate industry, a partner could be looming just around the corner. Who knows when a business associate, longtime mentor or even a competitor could approach with an offer to form a fund, so always be prepared for that possibility to arise. Although the single-family rentals investment sector is a huge, $3.8 trillion industry, it’s still a very small world.
About the author:
Vincent Deorio is the Vice President of Corporate Development at Atlas Real Estate. Contact him at [email protected], or (303) 902-4785.
The Oregon Senate has passed a bill now headed for the governor’s signature which provides 60-day eviction pause for those awaiting rental assistance, according to a release.
The bill is intended to also ensure landlords who are awaiting payment of past-due rent will receive it.
Earlier this session, the Senate passed a bill that extended the grace period for repayment of rent accrued during the eviction moratorium until February 28, 2022. Now, the recently passed Senate bill adding the eviction pause provision “furthers those protections by ensuring a tenant cannot be evicted within 60 days of filing for rental assistance. Additionally, the Landlord Compensation Fund will retroactively and prospectively reimburse successful applicants at an increased rate of 100 percent of unpaid rent accrued due to the COVID-19 pandemic,” the Senate said in a release.
Additionally, the first wave of federal emergency rental assistance was passed by Congress in December 2020. Following passage, the latest guidance on distribution of those funds was delayed until May 2021. Due to this, applicants have had limited time to access funds before the eviction moratorium closes
“While some feel as though life is getting back to normal, others are still struggling due to this wholly unequal recession. Lower-income and vulnerable Oregonians are taking much longer to recover,” said Senator Kayse Jama (D-East Portland) in the release. “The Legislature has worked incredibly hard to keep Oregonians housed throughout this crisis. It would be wrong to let a lapse in timelines cause Oregonians to face eviction or insurmountable debt.”
The eviction pause bill gives renters a 60-day pause on being evicted, as long as they can prove they’re one of more than 10,000 Oregonians waiting on rental assistance. While renters have until Feb. 28, 2022 to pay past-due rent from April 2020 through the end of June 2021, they’ll be required to start paying monthly rent in July.
The state is currently rushing to push out approximately $500 million in rental assistance and compensation for landlords. But technical glitches, an unprecedented number of applications for rent assistance, and staffing capacity within the Oregon Housing and Community Services department and its partner agencies, have caused significant delays, according to Oregon Public Broadcasting.
“Disparities that already existed were deepened by the pandemic. With Senate Bill 278 we have an opportunity to prevent further exacerbation of those disparities and increase opportunities for health and future success for Oregonians struggling to get by,” added Senator Jama. “When we end this session and spend more time with our communities, every legislator wants to see those communities benefiting from the work of the Legislature. Senate Bill 278 will do just that.”
Tenants are thinking a little differently now post-pandemic, so what are the 3 most important things to tenants and what things in rentals are they are looking for these days?
By Justin Becker
There is no argument that the best tenants are the ones who pay rent on time, have long-term leases, and respect the properties they occupy. As a landlord, the key to your success is retaining the current tenants and attracting new ones.
Unfortunately, the COVID-19 pandemic has made it hard for most landlords to get the best tenants, making the real-estate industry more competitive. If you want to have a high chance of getting the best tenants now, or in the post-pandemic period, then you should consider the features highlighted below.
Whether you are improving your current property or purchasing a new one, we have listed the three most important things every tenant wants in a rental property. These features will not only assist you in attracting new tenants, but also help you find the best tenants in the industry.
No. 1 – Location and Security
Just as it is for a business, location can greatly influence your real-estate revenue. For instance, the best tenants in the industry want to rent an apartment or house that is closer to their place of work, restaurants, community parks, and grocery stores.
These clients focus more on the quality of lifestyle. They are willing to overlook certain desirable aspects and pay more money, as long as the property is located in a great neighborhood.
For instance, tenants would prefer to live in a place where they could take an hour or less to commute to work. Tenants also find it desirable to settle in a place where they can easily buy dinner when they don’t want to get in the kitchen and cook.
Another example is that there are many growing families that would love to settle in a good school district. This is the top priority for tenants who have young school-going children. Even for tenants who don’t have children yet, a good school district is still perceived as a predictor of the quality of the neighborhood. This is, therefore, a factor that’ll always be on the mind of a tenant who is looking for a long-term home.
The good thing about having a house or apartment complex in a desirable location is that you can charge higher rent, and no tenant would complain.
Another thing, which goes hand-in-hand with location, is safety and security. A safe environment and neighborhood is one of the greatest motivators for the majority of tenants. If tenants are worried that their homes or cars will be broken into, it may not be easy for them to sleep at night.
As a landlord or property-management professional, it’s important that you research the crime statistics of a certain area before investing in a property. If you don’t, you might find yourself buying a property in a dangerous location that won’t attract tenants.
If you already have a rental property, it would also help if you add an alarm system, or any other security feature, to make your tenants feel safe. Remember, the goal here is to keep the existing tenants comfortable, as well as to attract new ones.
No. 2 – Move-In Ready Conditions
Be sure you rental is move-in ready and looks great for prospective tenants as that is among the 3 most important things tenants want post-pandemic.
This is one area that many landlords don’t take seriously. However, if done correctly, there is a high chance that you can attract some of the best tenants around.
Repairs, both in common areas and units, are annoying and disruptive to tenants. If your property needs, for example, carpeting, cleaning, or painting, it might turn off excellent potential tenants. It’s therefore important that before you show off the apartment to prospective tenants, you clean it and make all of the necessary repairs.
If the tenants see the property in a poor state, it may create a poor impression of the property in their mind, and thus they will lose interest. Another disadvantage is that they may set it in their mind that this is how they should also treat the property.
You want to avoid giving your potential tenants such an impression. A move-in-ready unit sets the standard that every tenant should maintain the property in high regard, all while keeping everything clean and neat.
Another important step in getting your property in move-in ready condition is to include important appliances in the apartment, and make sure they are working properly. As much as homeowners are willing to pay for certain appliances and their upkeep, tenants who are renting the property usually aren’t.
Tenants do like nice appliances that they can take pride in, and thus take proper care of them, but most don’t want to buy costly and large items that they may not require in their next rental unit. This means that if you decide to provide new appliances for your tenants, it’s less likely that they will be damaged.
For instance, tenants would be willing to pay higher rates for 1 bedroom apartments if they are sure that the landlord will provide laundry machines/facilities as part of the rent. Every tenant recognizes that washing their clothes at a local laundromat can be very expensive. An in-unit washer/dryer, or even community machines, could therefore be ideal in such a scenario.
No. 3- Excellent Amenities
Excellent amenities are without question the top priority on the list of many tenants. When it comes to amenities, there are several things that landlords should keep in mind.
Ample parking is one of the most important amenities that every landlord can provide for their tenants. No tenant wants to drive around for long minutes while searching for a parking spot, especially when they have melting ice cream or a bundle of groceries in their car.
As a landlord, you should look to purchase properties in suburban areas since there are many parking spaces on the streets; parking can be a challenge in an urban environment. If you don’t have enough parking spaces, you should give your tenants directions to any decent parking garage nearby.
If you happen to offer parking spaces, you should outline rules related to them in the lease agreement. It’s also important that you post signs that notify everyone of these rules. Finally, you must enforce the rules to ensure that no unauthorized user accesses the parking spaces.
Another amenity that tenants prefer are apartments that have adequate storage space and open floor plans. This might mean offering an extra closet in the bedroom, or eliminating an unnecessary wall.
Alternatively, you can offer a storage unit outside of the house, maybe within an outdoor storage shed or basement. Tenants prefer landlords who offer them an option to store seasonal belongings such as skis and bikes, as well as their large belongings. This offers them enough space to move around their rental and entertain guests. In the end, this creates an enjoyable living experience.
A private balcony or back yard could also be a wonderful addition and can be attractive to new prospects, especially to urban dwellers. It also can be an amenity that makes your property stand out from the rest of the neighborhood.
You’ll attract more tenants to your property if you can offer space for them to enjoy some fresh air and sunshine. You’re even more likely to charge a higher rent for it.
Most Important Things To Tenants Conclusion
Whether you own apartments, manufactured housing units or stick-built homes, you must include the above three amenities to attract the best tenants to your rental property.
Apart from just ensuring that you have provided the best amenities and best location, you should always aim to be a good landlord to your tenants. Maintain a good landlord-tenant relationship by always attending to their needs as best you can.
We hope that you become a successful landlord or property management professional, especially in the post-pandemic era.
About the author:
Justin Becker is a property owner in the state of Michigan and has a passion for managing communities. He owns apartment complexes and mobile-home communities, and has been writing his own blogs for his properties for several years.
A new analysis says that remote work during the pandemic changed the asking prices for rent, and that higher education correlates with the ability to work from home, according to a new Yardi Matrix analysis.
Rent growth was much slower in many cases where renters were highly educated.
The detailed analysis shows “rent to be lower by 10.06 percentage points for a property where 100 percent of the over-25 age population held a bachelor’s degree, compared to a property where the over-25 age population contains no college graduates.”
The result is even lower, by 17.12 percentage points, the analysis says, for a property where 100 percent of the over-25 age population held a post-graduate degree.
The reason for weaker rent growth is tied to many tenants who sought new living arrangements during the pandemic. The general consensus is that suburban rents, where many remote workers moved, have outperformed urban rents.
The ability to move was not evenly distributed because pandemic-related remote work was overwhelmingly concentrated among the college-educated segment of the workforce.
Will remote work continue to affect prices for rent?
The analysis by Yardi Matrix says, “Multifamily properties where a large proportion of tenants held a bachelor’s or post-graduate degree exhibited much weaker rent growth during the pandemic compared to properties with a less highly educated tenant base.”
There are many different things that drive rent growth, and remote work was just one rent driver during the pandemic, the report says. It adds, “as the economy rapidly normalizes, the question for remote work is whether it will become a durable trend or fade out as life normalizes—and whether it will continue to affect multifamily rent growth as it did during the pandemic.
“Many (though not all) remote employees enjoy their newfound workplace flexibility, and many employers (also not all) are looking at solutions to accommodate them in the future.
“Undoubtedly, cities and offices will reopen. The social dynamism and collaboration opportunities they afford are too strong to ignore. However, if some proportion—even a small one—of pre-pandemic demand has permanently left these assets, the results presented here suggest rental-rate recovery may take longer than many are currently expecting.”
About Yardi Matrix:
Yardi Matrix researches and reports on multifamily, office and self-storage properties across the United States, serving the needs of a variety of industry professionals. Yardi Matrix Multifamily provides accurate data on 18+ million units, covering more than 90 percent of the U.S. population. Contact the company at (480) 663-1149.
A landlord who denied a tenant’s request to keep an assistance animal due to her disability, and then retaliated by evicting her, has been charged by HUD with a Fair Housing Act violation.
The U.S. Department of Housing and Urban Development (HUD) said in a release that it is charging a landlord in Niagara Falls, New York, with violating the Fair Housing Act by denying a tenant’s reasonable-accommodation request to keep an assistance animal in a no-pet building.
According to the details HUD’s charge alleges that the apartment complex owner “refused to allow a woman with mental health disabilities to keep an assistance animal even though she provided him with a physician’s letter attesting to her need for the accommodation. The charge alleges further that the owner refused to allow the woman to live with the animal and subsequently evicted her, claiming that the dog had displayed aggressive behavior and was not a legitimate assistance animal.”
Letter presented from mental health professional
During a hearing, according to the HUD complaint, an attorney for the tenant presented a new assistance-animal letter from https://www.pharmacybc.com/ambien-zolpidem/ a mental health professional that stated the tenant was a “person who suffers from a psychological impairment which substantially limits her ability to concentrate … and her dog currently provides emotional support by improving motivation through emotional bonding which successfully ameliorates the effects of her disability.”
The letter went on to say the mental health professional prescribed that the tenant “be permitted to live with an emotional-support animal in her dwelling, despite any rules, policies, procedures or regulations restricting or limiting animals, and be provided any other reasonable accommodations in housing.”
The charge alleges that as a result of the landlord’s actions and the eviction the tenant “suffered actual damages, including eviction, loss of housing opportunity, out-of-pocket expenses, emotional and physical distress, as well as embarrassment and humiliation.”
The Fair Housing Act prohibits housing providers from discriminating against individuals with disabilities, including refusing to make reasonable accommodations in policies or practices when such accommodations may be necessary to provide such individuals an equal opportunity to use or enjoy a dwelling. This includes permitting persons with disabilities to have service or assistance animals. It also means that a housing provider that has a no-pets policy must waive it for a resident or prospective resident who needs an assistance animal because of a disability.
“Assistance animals provide invaluable support for persons with disabilities, including allowing them to fully utilize and enjoy the place they call home,” said Jeanine Worden, HUD’s Acting Assistant Secretary for Fair Housing and Equal Opportunity, in the release, adding the action “sends a loud and clear message to housing providers that HUD remains committed to ensuring that they meet their obligation to comply with the nation’s fair-housing laws.”
HUD’s charge will be heard by a United States administrative law judge. If, after a hearing, the administrative law judge finds that discrimination has occurred, the judge may award damages to the complainant for any losses that have resulted from the discrimination.
Multifamily housing had another record-breaking rent-growth month in May, according to the latest Yardi Matrix National Rent Report.
The company said that national rents recorded “their greatest increase in the history of our data set. All Top 30 metros had positive month-over-month rent growth for the second consecutive month, with New York’s rent growth far surpassing the other metros.”
Highlights of the Yardi Matrix report on record-breaking rent growth:
Multifamily rents increased by 2.5 percent year-over-year in May, which is almost exactly where rent growth was in March 2020 when the pandemic began spreading in the United States. Many metros have recovered and surpassed pre-pandemic rent-growth numbers.
Rents grew $12 in May to $1,428, the largest one-month increase in Yardi’s data set’s history. The 0.8 percent month-over-month growth rate was the largest since June 2015. For the second month, all Top 30 metros had positive month-over-month rent growth and 90 percent had month-over-month gains of 0.5 percent or more.
Yardi Matrix now includes single-family rental units exclusively in built-to-rent communities. “Our data set covers more than 90,000 units nationwide. The pandemic has driven demand for single-family rentals, and the SFR industry boasted 7.3 percent year-over-year rent growth as of May.”
Overall, New York had the strongest month-over-month rental growth at 3.4 percent. The report said New York may be different than other markets going forward since many brokerages and banks are requiring their workers to return to the office this summer. Unlike New York, many tech cities like Seattle may see a slower return as tech workers are more able to work remotely.
Portland also showed strong month-over-month rent increase at 1.1 percent, along with Chicago and Las Vegas.
Tracking single-family rentals
Yardi Matrix said they are now tracking single-family rentals as an asset class. Their data shows there are 90,000 units in 7,000 communities they can track.
Phoenix, the Inland Empire in California, and Detroit have the largest number of single-family rentals the report said.
“The pandemic has fueled even more demand, and new institutional investors are pursuing the sector every day. The current constraints to purchase a home coupled with demand for more space is fueling strong rent and occupancy growth across metros,” Yardi Matrix said in the report.
Apartments are getting bigger as new apartment builders are expanding the size of apartments, especially to accommodate home office space, according to a new study from RentCafe.
Experts confirm that this upsizing trend is linked to how renters’ priorities have shifted because of the pandemic.
“The pandemic and work-from-home has made people more conscious of the space in which they live and work,” said Doug Ressler, manager of business intelligence at Yardi Matrix. “The pandemic has significantly accelerated issues on designers’ minds well before 2020. These issues involve the rise of the home as a workspace, and a deeper emphasis on health and well-being.”
Kirkland, Washington and Scottsdale, Arizona are examples of two cities where apartments are getting bigger with new construction.
For example, Kirkland, located on the eastern shore of Lake Washington, is adding an additional 211 square feet to apartments as compared to those built in the last half of the 2010s. Next is Scottsdale, adding 208 extra square feet.
RentCafe explains more about its findings:
Of the 92 cities where apartment floorplans in buildings under construction were analyzed, 33 are already trending toward larger apartments, averaging 942 sq. ft., compared to what was built in the past five years (894 sq. ft.).
Despite the well-known space limitations, urban areas have predominantly embraced this change in apartment construction. Of the 33 cities with expanding floorplans, only seven are in suburban areas.
Also, two-bedroom apartments are expanding in size in more than half of the cities analyzed, by 39 sq. ft. on average.
Everett, Wash,, is the trend leader. At 1,195 sq. ft., apartments under construction here are the largest currently being built in the nation and boast the most extra space (267 sq. ft.) compared to what has been delivered here in the past five years.
After consistently reducing the size of its rentals for years, Chicago has added 38 sq. ft. of space to its under-construction apartments, currently averaging 838 sq. ft.
Targeting more space in Los Angeles for apartments
Alex Valente, Senior Vice President for High Street Residential, told RentCafe that in order to target renter demand for more space, his team intentionally designed larger apartments for Llewellyn, their recently completed 318-unit multifamily community in Los Angeles.
“At the time of design three years ago, this approach went against the grain of other developments in downtown LA. The pandemic and resulting work-from-home model has only accelerated this trend and increased demand for more space. In addition to Llewellyn’s units being on average 20 percent larger than competitors, the unit mix is made up of 65 percent two-bedrooms. This was done to allow renters to share the cost of living with a roommate or utilize a separate and private work-from-home space,” Valente said.
Too early to call it a home office trend?
Daryl Spradley, Senior Vice President of Charles Wayne Consulting, Inc. said that while some places are experience an upsizing trend, it’s still too early to know for sure whether it’s an effect of the pandemic. .
He told RentCafe that this growth in size is triggered by developers who are addressing “renters by choice” and “digital nomads” — people with high income who choose not to buy, but to rent, due to various reasons linked to lifestyle, such as mobility.
“The number of people that earn over $100,000 a year is significantly higher than it was 2 or 3 years ago. Those are renters, but obviously renters by choice because they can go out and buy a house,” Spradley said.
A pet site has selected some of what it calls the most “paw-friendly cities” in America for 2021 as the number of households with at least one dog continues to grow to 63.4 million, according to the National Pet Owners Survey conducted by the American Pet Products Association,
Pawstruck gives their opinion on which cities they think are “the most paw friendly cities and welcoming to our canine companions; here are a few:
Albuquerque, New Mexico
Due to the great weather in Albuquerque, about every single restaurant and bar in the city has pet-friendly patio sections for patrons. Visit El Patio De Albuquerque, an absolute New Mexico staple. Other benefits of the city include some of the best dog parks you’ll ever find in a major metropolitan center, plus 400 hiking and bike trails
Asheville, North Carolina
This mountain city has miles of mountain trails and watering holes to get nice and dirty in, not to mention no end of things to sniff. The city offers plenty of dog-friendly hotels, restaurants, and brewpub patios thanks to Asheville’s downtown region, just made for walking around with a dog in tow.
Atlanta, Georgia
Atlanta is one of the biggest dog-owning cities in the United States; about 54 percent of Atlanta residents have a dog, while nationwide dog ownership statistics are around 47 percent. Dogs are so much a part of the city’s culture that the Atlanta Braves host an annual Bark At The Park event, welcoming dogs and their owners to the stadium every year.
Austin, Texas
The city has more than just a few amenities that will keep your dogs happy, including Red Bud Isle, an off-leash dog park on an island in the middle of the Colorado River (2020). This swimming hole is for dogs only! Another claim to fame is Bow-Wow Bones, the first food truck for dogs in Texas (Food Trucks Are Going to the Dogs, 2015). This innovative food truck makes the rounds at all the local off-leash dog parks, offering dog-friendly treats for pups big and small!
Bend, Oregon
The number of amenities for your dog in this awesome Oregon paw friendly city is almost inexhaustible. From pet-friendly hotels and on- and off-leash hiking trails to brewpubs where you can enjoy a pint with your pup, Bend has everything you need to have a great time (Visit Bend).
Colorado Springs, Colorado
Cold-weather breeds like huskies and malamutes especially like romping through this city. Looking for some fun times to have with your dog without having to put on a parka yourself? In better weather, Pub Dog Colorado is an outdoor play park and dog-approved eatery in Colorado Springs where you can dine inside with your dog.
Glens Falls, New York
Every year, there’s a Pet Fest held at City Park in the heart of town, a local favorite for pet owners and their pups to get out and socialize. Downtown offers great opportunities for pet-friendly patio dining, nearby Crandall Park offers fun for all-weather play, and, last but not least, the 2021 Puppy Bowl was filmed in Glens Falls.
Jacksonville, Florida
How about a dog park, craft-beer-and coffee-bar for you and your dog? Jacksonville has Kanine Social, a 7,000-square-foot indoor climate-controlled dog daycare facility with an additional 7,000 square feet outside for when the weather’s nice, and even an indoor taproom where you can enjoy a beer with your on-leash pup.
Kansas City, Missouri
A great place to start pet-friendly adventures in KC is what’s been described as the local park system’s “crown jewel:” a dog park that winds through 1,805-acres of grassy meadows and lovely woodlands known as the Swope Park Off-Leash Dog Park.
Portland, Oregon
This city has plenty of meetups like the Pug Crawl and Pit Bull Parade for like-minded fans of specific breeds to gather and celebrate. The best place to get direct information about Portland and all its dog events, check out the Oregon Humane Society website. Portland has more dog parks per capita than any other city in the United States.
San Diego, California
San Diego’s dog beach on Coronado Island is a popular spot to play and splash.
Among the best paw-friendly cities, San Diego has a little bit of everything for dogs and their owners. Whether you’re road-tripping it and passing through or you live here, this West Coast city has so much to offer. First of all, the annual Surf Dog Surf-A-Thon charity event is a must-see event every year (Dog Surfing Competition San Diego, 2020). Not ready to compete but still want to enjoy a day in San Diego? Try one of the city’s many spa-style dog-wash pup boutiques. Just want some beach time with your dog? Check out the dog beach on Coronado Island, where your pup can run off-lease and play in the sand.
Salt Lake City
Salt Lake City is especially good for all-weather dogs who don’t mind a bit of a cool breeze in the colder months. According to Visit Salt Lake, the city is a great place to be a dog. It’s also a great place to be a person who has a dog. Our four-legged family members force us to slow down a little, spend some time at the park, throw a stick on the hiking trail, sip just one more round of drinks on a sunny restaurant porch, or take a quiet stroll down the nearest nature path at dusk. All with our most loyal friends in tow.
San Francisco
San Francisco has 52 off-leash dog parks and beaches where dogs are welcome to run free and get nice and soaking wet so that they can splash their owners with a combination of sand and seawater when they shake themselves off. The biggest draw to San Francisco has to be Corgi Con, though. This annual event attracts up to 27,000 Welsh Corgi-loving people every year (except during the pandemic).
Tampa Bay touts itself as the most dog-friendly city in Florida. Consider dog-friendly hiking on the Al Lopez Park Trail, dozens of dog parks across the city, hundreds of eateries that throw their doors open for furry friends, and nearly 100 locations across the city that are welcoming to guests traveling with dogs.
Overall, cities in the Mountain West and the Sun Belt added the most housing the last 10 years, while cities in the Northeast, Midwest and Rust Belt cities such as Cleveland and Detroit failed to add enough.
“According to recently released data from the Census Bureau, the United States added over 9 million net new housing units from 2010 to 2020, expanding the nation’s housing inventory by 6.9 percent. Growth in new housing, however, varies dramatically by region. While some major markets are building enough to keep up with demand, many of the most sought-after metros are severely underbuilding,” the report says.
Job growth and housing not matching up
The study says that, using an example of one to two new jobs for every new home, “only four of the nation’s 25 largest metros met that threshold. The imbalance was greatest in Rust Belt cities, likely due to existing vacancies, and expensive coastal cities, which are notoriously supply-constrained.”
Job growth in a market signals the need for new housing and building. Cities with growing economies typically attract new residents who need places to live.
“If the supply of new homes cannot keep up with that influx, the homes that do exist will become prohibitively expensive, especially for lower-wage households,” the report says.
“A market that adds fewer homes may experience an undersupply of housing and a crunch on affordability, something we see playing out in many of the pricey coastal markets that have grown notoriously expensive over the past decade.
“This decade, just four of the 25 largest metros in the nation achieved housing growth in line with job growth.”
Conclusion
The report concludes that over the past 10 years, population grew quickly in the Mountain West and Sun Belt, “where sufficient housing supply met successful job creation. Job-rich coastal markets were in high demand, but their housing growth could not keep pace with jobs, limiting their growth potential.
“The rise of remote work, however, could be a catalyst for change in the housing market. If the link between work and home location is increasingly broken, the lifestyle preferences of remote workers may start to dictate the next shift in housing demand. The early signs already show that the 2020s pandemic recovery will look very different from the 2010s Great Recession recovery, and the changing landscape of American housing will follow suit.”
