Washington Landlords Win Pothole Contest And Get Apartment Parking Lot Makeover

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June 18, 2019

Washington Landlords Win Pothole Contest And Get Apartment Parking Lot Makeover Contest

Gwyn Desimone and Jim Miller have won the pothole contest for their apartment complex and get a parking lot makeover for their Dune Grass Apartment complex courtesy of NYS Enterprises Paving.

Their complex is located at 807 Anchor Ave NW in Ocean Shores, Washington.

Washington Landlords Win Pothole Contest And Get Apartment Parking Lot Makeover — The Dune Grass apartments won the pohole contest and will get a parking lot makeover courtesy of NYS Enterprises paving.

“I would like to congratulate the winners. I have visited site and looking forward to repairing their very needed pot holes!” said Steve Nys of NYS Enterprises.

Gwyn and Jim combined on the winning entry with Jim taking the photo and Gwyn entering it into the pothole contest.

She is the Area Manager for the property and recently moved into compliance at the corporate office.

“I have been with Quantum Management Services for approximately 10 years, we work with mostly low income programs. This property is a USDA/RD property we have managed since 2012. The manager Jim Miller is an asset to the property and does everything he can to maintain the property in great condition under a budget.

“He has been with the property over 20 years. I started out as a leasing agent and moved my way up through the company. I enjoy helping others and providing safe /clean affordable housing to those whom are in need for housing,” Gwyn said.

Pothole contest focuses attention on parking lot maintenance

Nys said, “Potholes start by not sealing your cracks. Filling cracks is inexpensive maintenance that should be looked once a year. Water is the number one cause of asphalt damage. Be proactive and seal your cracks. Pot holes are telling you that asphalt is in need of overdue repairs. And seal coat your lots!

“So avoid future potholes by having annual sealing and maintenance of the cracks in your parking lot,” Nys said. “If you already have potholes in need of repair give us a call. We do the highest quality work at very reasonable prices.”

Ugliest pothole photo contest

5 Perfect Bathroom Upgrades for Your Rental Property

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By The Editors

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June 17, 2019

This week, Keepe offers a look at 5 perfect bathroom upgrades for your rental property.

No. 1 – Install a shower door

Instead of a shower curtain, a shower door can immediately upgrade any bathroom. Shower doors can make your bathroom seem more modern and up-to-date. When it comes to durability, shower doors are a must. They last longer because of stain resistance, ease of cleaning, and prevention of bacteria growth.

No. 2 – Install tile around the tub

Tiling around the walls of a tub can help with water- and stain-resistance. It can also add a pop of color to any bathroom to make the room seem more cohesive and fresh. There are many different types of tile to choose from, the most popular being porcelain due to its water resistance.

No. 3 – Install a bathroom vent fan

Steam from your showers can cause stuffy bathrooms and, eventually, unwanted mold on the walls. To eliminate this, try adding a vent fan to the ceiling of the bathroom. The vent will help with the excess moisture in the room and give it a more upgraded look.

No. 4 – Add extra storage

Any bathroom can use extra storage space. Cabinets, drawers and shelves are handy for all kinds of storage and can add value to your bathroom. Depending on what materials you choose, you can add highlights of color to keep the look cohesive and current. These days, medicine cabinets with mirrored sliding doors are a good-to-go storage solution for any bathroom.

No. 5 – Improve the lighting

The quality of lighting in a bathroom can turn a good bathroom into a great one. Vanity lighting around the mirror is a great option; it helps illuminate faces for grooming. A common mistake is to put lights on the ceiling above the mirror, which can cause unwanted shadows on the face. In addition to vanity lighting, a central fixed ceiling light can be used as a substitute for natural light. When it comes to choosing bulbs, a daylight bulb is best for making the room seem more open and natural.

In addition to the 5 perfect bathroom upgrades for your rental property here are other recent rental property maintenance Keepe posts you may have missed:

How To Pick The Perfect Exterior Paint Color For Your Rental Property

4 Outdoor Flooring Options For Your Rentals

20 Easy, Affordable Maintenance Projects To Update Your Rentals

7 Tech Gadgets For A Safer And More Efficient Rental Property

5 Maintenance Tips For Long-Lasting Rental Carpet Flooring

Is The Water Heater At Your Rental Property Ready For The Big One?

7 Types Of Kitchen Countertops For Your Apartments

Which Cooktop Is Best For Your Rental Property?

A Guide To 4 Types Of Flat Roof Systems

6 Ways To Trash Your Apartment Waste Management Issues

Top 5 Apartment Maintenance Emergencies vs. Maintenance Requests

5 Tips for Preparing Your Apartments for the Summer Season

4 Air Conditioning Maintenance Best Practices For Summer

About Keepe:

Keepe is an on-demand maintenance solution for property managers and independent landlords. The company makes a network of hundreds of independent contractors and handymen available for maintenance projects at rental properties. Keepe is available in the Greater Seattle area, Greater Phoenix area, San Francisco Bay area, Portland, San Diego and is coming soon to an area near you. Learn more about Keepe at https://www.keepe.com

How A No Pet Policy Can Be Discriminatory

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By The Editors

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June 13, 2019

The Grace Hill training tip of focuses on the issue of how a no pet policy can be discriminatory when it involves potential tenants with disabilities.

By Ellen Clark

Landlord and property managers must make reasonable accommodations to meet the needs of people with disabilities.

An accommodation is a change in any rule, policy, procedure, or service if the changes are needed for a person with a disability to have equal opportunity to occupy and enjoy full use of their housing.

One of the most common accommodation requests people with disabilities make is to have an animal that would otherwise be restricted by a community’s rules.

No pet policy should specific an exception

Unless a no-pet policy specifies an exception for assistance animals, it may be considered discriminatory to residents with disabilities who might require an animal for assistance.

Consider this case: The owner of several apartment complexes and rental homes in San Jose sent a letter to residents stating that he did “not like to deal with pets of any kind” and that residents could not “introduce any new pet or replacement pet.”

In a civil complaint, The California Department of Fair Employment and Housing (DFEH) accused the property owner of discriminating against residents with disabilities. The property owner settled with DFEH for $100,000. As part of the settlement, the owner will undergo in-person training annually for three years and must develop a new reasonable accommodation policy. Interestingly, the owner must also provide semi-annual reports to DFEH about the number of requests for accommodation and the nature and outcome of those requests. Read more about the case here.

What can you do to avoid finding yourself in a similar situation?

- Ensure that any no pet policy or prohibition against pets, whether verbal or in writing, makes a specific exception for assistance animals as reasonable accommodations for residents with disabilities.

- Remember that assistance animals are not pets. Rather, they provide an important service to people with disabilities, and you must handle these accommodation requests in compliance with the law.

Summary:

According to The Case for Fair Housing: 2017 Fair Housing Trends Report by the National Fair Housing Alliance, of all reported complaints of housing discrimination in 2016, nearly 55% involved discrimination against people with disabilities. That’s a staggering statistic. Make sure your no pet policy is not an issue.

Recent training tips you may have missed:

Assistance Animals Are Not Pets, Repeat, Assistance Animals Are Not Pets

Read Ellen’s full blog post here.

About the author:

Ellen Clark is the Director of Assessment at Grace Hill. Her work has spanned the entire learner lifecycle, from elementary school through professional education. She spent over 10 years working with K12 Inc.’s network of online charter schools – measuring learning, developing learning improvement plans using evidence-based strategies, and conducting learning studies. Later, at Kaplan Inc., she worked in the vocational education and job training divisions, improving online, blended and face-to-face training programs, and working directly with business leadership and trainers to improve learner outcomes and job performance. Ellen lives and works in Maryland, where she was born and raised.

Portland has Highest Number of Apartment Job Openings in the Country

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By The Editors

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June 13, 2019

Portland has Highest Number of Apartment Job Openings in the Country

Portland apartment job openings represent 56 percent of all the real estate jobs in the metro, according to the latest jobs report from the National Apartment Association.

The city leads all United States metros with the highest number of apartment job openings at 56 percent, followed by San Antonio at 54 percent and Denver at 47 percent.

Leasing season has officially begun, and property management companies are preparing for an increase in traffic, new leases, and apartment turnovers, the report says.

In May’s edition of NAAEI’s Apartment Jobs Snapshot, the number of available positions in the apartment industry amounted to more than 11,000 job openings, with the highest concentration of job postings in Portland, San Antonio, Raleigh, Denver, and Austin.

This month’s spotlight highlights maintenance managers and supervisors.

Maintenance apartment job openings in high demand in Seattle

The demand for maintenance positions was more than three times the U.S average in Seattle, where the median market salary for maintenance manager or supervisor is $42,304.

The top specialized skills employers are looking for included plumbing, repair, HVAC, and property management skills. They also are seeking candidates with strong budgeting skills, staff management skills, and experience with property management software.

National Apartment Association jobs report background

The NAA jobs report focuses on jobs that are being advertised in the apartment industry as being available, according to Paula Munger, Director, Industry Research and Analysis, for the National Apartment Association’s Education Institute.

“Our education institute is a credentialing body for the apartment industry. They hear often that one of the biggest problems keeping our industry leaders up at night is the difficulty in finding talent, attracting talent and retaining talent,” Munger said. “Labor-market issues are happening in a lot of industries, certainly with the tight labor market we have.”

NAA partnered with Burning Glass Technologies.

“They have a labor-job posting database that is proprietary,” she said, and they can “layer on data from the Bureau of Labor Statistics (BLS). We looked at that and thought we could do something that is really going to help the industry and help benchmark job titles and trends as we go forward,” Munger said.

Last month:

Portland Apartment Job Openings Half Of All Real Estate Sector Jobs

Dwelo Investing $20 Million To Bring Smart Technology To Apartments

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By The Editors

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June 12, 2019

Dwelo Investing $20 Million To Bring Smart Technology To Apartments

A leading smart-technology company in the multifamily space is investing $20 million to bring more smart technology to apartments such as thermostats, locks, light switches, and more to apartment communities, according to a release.

Dwelo technology is now helping customers in more than 200 apartment communities and about 50,000 apartment units.

“Smart technology is generating tremendous returns for our customers as both a resident amenity and an operational tool,” said Mike Rovito, CEO of Dwelo, in a release.

Smart technology to apartments

“We’re adding thousands of units to the platform each month, and this investment will help us deliver the same quality of service to every one of those residents and managers. At the same time, we are pouring significant resources into R&D, which we expect will create more value for all those working and living at Dwelo’s apartment communities.”

Dwelo is focused on the multifamily industry. They provide their customers – owners, managers, and residents – with web and mobile applications that allow them to control smart devices across their communities, according to the release.

The platform saves time and money, reduces risk, provides users convenience, and improves security for the entire asset while offering end-to-end support. With this technology and service, residents live in the future, managers streamline their operations, and owners improve their NOI.

The company has completed an extension to its Series A round led by existing investors Wasatch Venture Holdings, with participation from Perot Jain, and several customers. Dwelo’s total investment in developing smart technology for apartments now exceeds $20 million.

“We were drawn to Dwelo because of the innovation and disruption they are driving within the multifamily industry,” said Joe Beard, Partner at Perot Jain, in the release. “Dwelo is solving real problems for owners, managers, and residents, and we believe they are the future of apartment living.”

Founded in 2014, Dwelo has experienced enormous growth and operates out of offices based in San Francisco, CA, Draper, UT, and Dallas, TX. The company works with more than 60 of the country’s leading multifamily developers, owners, and managers, including Alliance Residential, Wasatch Premier Communities, Howard Hughes, Pinnacle, and BH Management.

Dwelo’s customers have developed, own, or manage about half a million apartment units. The company is outfitting each of those units with smart devices like smart thermostats, locks, light switches, meters, voice controllers and more, while also supplying commercial smart technology solutions for common areas and perimeter access points.

This new round of funding will allow Dwelo to expand its operational footprint in order to bring industry-best implementation and support to more multifamily communities nationwide. That includes expanding its engineering and product team, driving its vision of a complete smart community platform. Investing in product and engineering will provide the tools and infrastructure necessary to ensure that the next 1,000 communities receive the same hallmark level of quality and reliability that the company’s first 200 communities have received, according to the release.

“We are thrilled to continue our partnership with Dwelo,” said Scott Stettler, CFO at Wasatch Venture Holdings, in the release. “Dwelo has proven time and again they are the right partner to bring smart technology applications to the multifamily industry. We see a growing demand from residents for smart apartments, and we are confident that Dwelo will continue to push and shape the limits of what is possible within the apartment space”.

Company Rolls Out Smart Apartment Technology Package To 25,000 Units

About Dwelo

Dwelo provides simple, seamless smart apartments to the owners and managers of multifamily communities. The company connects popular smart devices from Z-Wave, Nest, Kwikset, Yale, and others to proprietary mobile and web applications as well as voice platforms like Amazon Echo and Google Home. Dwelo’s platform enables residents to enjoy the benefits of a smart home in a rental setting while helping managers run their communities more efficiently.

About Wasatch Venture Holdings

Wasatch Venture Holdings invests in promising companies that provide technology solutions and services to the commercial real estate industry. Wasatch Venture Holdings has had great success with multifamily-specific technology investments in particular, funding several companies in the compliance, lead management software, property management software and smart technology space. Collectively, Wasatch-backed companies have grown to service more than 4M multifamily units nationwide. Wasatch Venture Holdings’ sector focus gives its portfolio companies a competitive edge with the insight they can provide from over a decade of funding multifamily-focused technology businesses.

Renter Migration Patterns Show Tech Workers See Portland As Affordable Alternative

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By The Editors

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June 12, 2019

Renter Migration Patterns Show Portland As Affordable Alternative to San Francisco, Seattle

A new report on renter migration patterns shows Portland is seen as an affordable alternative to San Francisco and Seattle according to the report from Apartment List.

The study looked at which parts of the country are retaining their renter populations and which parts renters are fleeing, as well as which metros are doing the best and worst jobs of attracting renters from other parts of the country, according to Chris Salviati, housing economist at Apartment List.

“In some cases, the patterns we observe in this data are intuitive, while in others we unearth surprising insights,” Salviati writes in the report. A new interactive mapping tool from Apartment List uses unique, proprietary data from our user searches to examine where people are looking to make their next home. This data sheds valuable new light on migration patterns that will reshape cities around the country.

West Coast tech workers look to Portland as a more affordable alternative to San Francisco and Seattle

Portland is the most popular out-of-state destination for those looking to leave the San Francisco metro.

Among all renters looking to move to Portland from elsewhere, 9.0 percent are currently living in San Francisco, making it the most popular inbound search location for Portland.

Seattle is the 2nd most common source of inbound searches to Portland, followed by Los Angeles, San Jose, and New York.

33% of Portland renters are looking to move elsewhere

According to the new report published by Apartment List, 42.5% of those looking for a place to live in Portland are searching from outside the metro. Renters looking to move to the Portland metro from elsewhere are most likely to be searching from San Francisco, CA (9.0%), Seattle, WA (8.9%), or Los Angeles, CA (4.8%) – areas that boast some of the nation’s fastest growing tech hubs. The City of Roses has a robust tech scene and growing population, as workers in San Francisco and Seattle are constantly seeking out more affordable housing.

In fact, Portland is the most popular out-of-state destination for those looking to leave the San Francisco metro. Among all renters looking to move to Portland from elsewhere, 9% are currently living in San Francisco. West Coast tech workers find Portland to be a more affordable alternative to other neighboring metropolitan areas.

Additionally, Portland is the most popular destination for Seattle renters looking to move elsewhere, with 7.9% of outbound searches being dedicated to it. Some of those looking to move to Portland may be prepared to work remotely for their current employers, as the city has the nation’s fourth-largest share of remote employees.

On the other hand, 32.9% of Portland renters looking to move elsewhere, with some of the most popular destinations being Seattle, WA (24.4%), Eugene, OR (5.1%), or Phoenix, AZ (4.9%).

Renter migration from San Francisco, but not from the Bay Area

San Francisco has the third highest share of users looking to move outside the metro.

At first this may appear to confirm a popular narrative that San Francisco is losing residents to more affordable emerging tech hubs such Denver and Austin, however, a closer look at the data contradicts this interpretation.

As New Yorkers move in, Denver residents turn to more affordable Colorado metros

While the flow of renters from San Francisco to Denver may have been lower than we expected, the tech boom in Denver is definitely a real phenomenon.

“We see the Denver metro attracting renters from other major metro areas with highly educated workforces. The New York City, Chicago, and Washington D.C. metros are the first, second, and fourth most common locations for inbound searches to Denver, respectively making up 4.7 percent, 4.6 percent, and 3.0 percent of inbound searches coming from outside the metro,” Salviati writes.

Inbound searches to Phoenix dominated by Los Angeles

Phoenix is another example of a rapidly growing metro that has thus far retained its affordability, making it an attractive destination for those looking to leave more expensive areas on the West Coast.

But while Portland is attracting renters from throughout the West Coast and beyond, inbound searches to Phoenix are dominated by one metro: Los Angeles.

Users currently living in the L.A. metro comprise 18.9 percent of inbound searches coming to Phoenix from outside the metro.

Phoenix is the most popular outbound search location for those looking to leave the L.A. metro, ranking even higher than the Riverside metro which borders L.A. In contrast to the Bay Area residents who are moving further and further from the core metro and enduring increased commute times, it seems that L.A. residents feeling the price crunch would rather relocate to Phoenix than super-commute from Riverside.

Renter migration summary

“Knowing where Americans are moving to and from is key to understanding the evolution of our nation’s cities. Publicly available migration data from Census tracks these trends, but that data source captures moves that have already occurred and is released with a fairly lengthy time lag,” Salviati writes.

“Search data from platforms such as Apartment List can help supplement our understanding of migration patterns by serving as a leading indicator that shows where renters are looking to move before those moves have actually occurred.

“It is important to note that Apartment List users are not fully representative of the American population as a whole, and that rental listing searches do not always result in completed moves. That said, the trends we observe are nonetheless informative, and we hope that this data tool will serve as a valuable resource for those looking to understand the mobility patterns of America’s renters,” Salviati writes in the report.

Methodology:

Results are based on searches of Apartment List users occurring between January 1, 2018 and May 1, 2019. The company includes data from both registered and unregistered users. While registered users are uniquely identified, unregistered users who perform multiple searches may be counted multiple times. For users who search in multiple locations, the company considers the initial search location to be the primary one. Each user’s current place of residence is defined by the IP address from which the user is searching. All results are aggregated at the metro level, using Census definitions of metropolitan statistical areas.

6 Sink and Garbage Disposal Maintenance Tips for Your Rentals

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By The Editors

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June 11, 2019

The maintenance checkup this week involves 6 sink and garbage disposal maintenance tips for your rentals- and your tenants – from Keepe because recently has been getting many repair jobs concerning sink and bathroom repairs.

In California, a job order came in about the main faucet in a kitchen sink that had been leaking. Additionally, the built-in sprayer had been pulled out to clean the sink and wouldn’t retract, so the faucet and sprayer had been deconstructed for cleaning.

In the end, our maintenance person was able to fully replace the faucet and supply line, stopping the leak. Notice the before-and-after pictures below.

6 sink and garbage disposal maintenance tips

Don’t pour grease down the drain; it will often solidify and clog the sink.
Make sure not to leave food scraps in the sink. Clean it regularly so that it doesn’t accumulate waste or start to smell.
Use lemons and limes in your garbage disposal. They are a great way to naturally clean it and leave it smelling fresh.
Using hot water can go a long way to unclog and clean sink drains.
When running the garbage disposal, use cold water to help break up the food particles instead of letting them coat the drain.
Try to limit the amount of food you put down the garbage disposal to keep it as clean as possible

Odd Job of The Week

This week, Keepe got a job request in the greater Seattle area for a garbage disposal that “seemed to have a loose gear that was causing it to make crunching/screeching sounds.”

The tenants had already tried to reach in to see if something was stuck in the disposal, but hadn’t been able to find anything rattling around in it. The maintenance person was able to find the source of the noise… a loose penny!

The penny had somehow managed to get stuck inside the garbage disposal. Once removed, the was as good as new.

Pet Owners Check Pets on Camera More Often Than Friends and Relatives

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By The Editors

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June 11, 2019

Pet Owners Check Pets on Camera More Often Than Friends and Relatives

Pet owners like to check on their pets on camera when they are away from home, and 73 percent check their pet cameras while on vacation, according to new research.

The survey, commissioned by Comcast and conducted by Wakefield Research, also found:

Pet owners love furry distractions. Nearly 3 in 4 (73%) pet owners who check their pets on camera do so while on vacation to sneak a peek at their pet(s) whenever possible. Nearly 3 in 5 (59%) have checked while at a party or social event; more than 2 in 5 (44%) have checked during a workout; during a meeting (38%); while talking on the phone (38%); and while out on a date (32%).
Pet(s) are more entertaining than family and friends. More than two-thirds (68%) of respondents reported checking in on their pet(s) more often than on social media to see what their family and friends are up to. More than 4 in 5 surveyed (84%) also reported they have shared video clips of their pet(s) on social media platforms.
Pet(s) lives are not so secret. Eighty-eight percent of respondents have checked in on their pets and caught them doing something naughty, such as sitting in a forbidden place (39%); making excessive noise (36%); eating human food that has been left out (33%); damaging furniture or accessories (30%); hiding or moving objects around the home (30%); relieving him/herself on the floor or on the furniture (26%); or getting stuck somewhere (17%).
Pet owners want ways to find videos of their pet(s) quickly. Nearly two-thirds (65%) of respondents said that because their cameras only have live feed, it is a bigger hassle to search hours of video of their pet(s) with no way to filter them, than it is to not have any clips of pets at all. They would like a filter feature to help them find clips faster.

Pets on camera give a sense of comfort and relief

Jill Rappaport, award-winning animal advocate, network journalist, best-selling author, and proud parent to six rescues (four of which are seniors), said, “My camera gives me a great sense of comfort and relief in knowing my fur angels are safe at all times. I feel the extra eye on them can be a lifesaver and it gives me needed insurance when I can check in on them from anywhere, at any time. Camera technology has really evolved and is an amazing way for pet owners to check in, especially for people with puppies who need constant monitoring or senior pets that often have health issues.” Click here for more pet care tips from Jill Rappaport.

To make it easier for Xfinity customers to keep tabs on their pets, Comcast has launched a new ‘”pet filter”’ feature on its Xfinity Camera. The filter uses artificial intelligence to quickly sort through hours of footage to identify just those with pets in them (out of the more than 100 motion-triggered video clips a typical camera can generate each day). Click here for more information on Comcast’s AI technology.

“We developed this feature to help our customers quickly filter motion-triggered events by people, vehicles, or pets because we wanted to bring them the video clips that matter most even faster,” said Dennis Mathew, Vice President and General Manager of Comcast’s Xfinity Home. “It’s an intelligent home-security solution that enables our customers to easily check in on their loved ones from anywhere, anytime.”

About the Survey

The survey was conducted by Wakefield Research among 1,000 U.S. adults, ages 18+, who are cat and/or dog owners who use a camera to monitor their pets. It took place between April 24^th and May 7^th 2019, using an email invitation and an online survey.

Apartment Elevator Maintenance Checklist

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By The Editors

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June 10, 2019

The apartment elevator maintenance checklist is this week’s maintenance tip from Keepe.

Elevators can be a complicated species of equipment, and signs of damage might be difficult to find, so here is a checklist to use.

Regular inspections are an important component of a safe, reliable elevator operation. This apartment elevator maintenance checklist includes the most important items to consider when inspecting elevators.

Inside of the Car:

Ensure the doors can open and close without any issues or obstructions
Also, look for signs of damage on the ceiling, handrails and walls
Inspect any lighting issues, including in the control panel and position-indicator lights, and replace any burned-out lights
Make sure that the door moves smoothly and does not slam or bounce
Examine the elevator going up and down and check leveling accuracy and speed so you can determine if adjustments are needed
Confirm that the emergency stop button is functioning correctly
Confirm that the emergency phone connects quickly to 911 or the fire department

Outside of the Car:

Replace any lights that have burned out
Inspect the door panels and clearances for any obstruction
Test the smoke detector and fire alarm system

Machine Room:

Make sure the room does not contain any material unrelated to the elevator
Check components for leaks, unusual vibration or wear
Inspect electrical components for overheating or failure
Check oil levels and ensure all systems are properly lubricated
Examine electrical wiring for signs of fraying or defects
Make sure there is adequate headroom for technicians
Remove anything that interferes with or obstructs access to the equipment

Top of the Car:

Ensure that the emergency exit hatch is easily accessible
Test the brakes and inspect them to ensure they are in good condition
Check cables for signs of wear or damage
Look for signs of rodents or vandalism
Clean any debris from the top of the car
Inspect any visible components such as guide rails and leveling devices

Ongoing maintenance is crucial to keep your elevator running safely and smoothly. Also, as you can see, there is a lot to check on during an apartment maintenance maintenance maintenance appointment.

So as a property manager, use this guide to stay on top of major signs of damage that may arise in your property.

Apartment Elevator Maintenance Checklist — Remember to check outside the elevator car to be sure lighting is adequate and safe.

Portland Multifamily Rent Growth Cools

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By The Editors

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June 7, 2019

Portland multifamily rent growth has cooled due to more than 5,000 units coming online in 2018 with rents increasing only 1.9% year-over-year through February, below the 3.6% national average, according to the spring report from Yardi Matrix.

However, the outlook is good.

“Backed by solid job growth and in-migration boosted by a healthy quality of living, Portland’s multifamily market continues to be strong,” the report says.

“Oregon has attracted national attention due to its enaction of statewide rent-control limits,” the report says. “The law limits rent increases to 7% plus inflation and capital expenses and applies to properties older than 15 years. Although the immediate impact might be slight, the concern is that it will lead to tighter limits down the road,” the report says.

Portland multifamily rent growth to rise 1.9 percent in 2019

Economic growth is healthy.

“The metro added 27,500 positions in 2018, a 2.4% year-over-year employment growth rate. The construction boom taking place in the metro is supported by the office sector, which has more than 2.4 million square feet of space under construction,” the Yardi Matrix report says.

“With more than 9,320 units underway and some 6,900 units expected to be delivered this year, there are major concerns about oversupply, but a strong occupancy rate is indicating that there is a rapid absorption of new deliveries and demand for housing outpaces supply. The high occupancy rate and steady rent growth are drawing investors to the metro.

“With demand high, we expect rents to rise 1.9% in 2019,” the report says.

Portland multifamily rent trend

Rents in Portland have decelerated in recent months, according to the report, which shows:

Year-over-year, rents were up 1.9% through February, though down 70 basis points from December. February’s rent growth was 170 basis points below the national average, and Portland’s $1,382 average rent was below the $1,426 U.S. average. Occupancy for stabilized properties decreased by only 10 basis points year-over-year through January, indicating that demand continues to be strong in the face of an influx of new supply.
Affordability has been a major issue in Portland, and the working-class Renter-by-Necessity segment led rent gains. RBN properties increased rents by 2.5% year-over-year, to an average of $1,226. Lifestyle units rose 1.7%, to an average of $1,540. With the bulk of deliveries in the upscale segment, the need for RBN assets is likely to remain robust.
The Pearl District ($1,960) and Downtown Portland ($1,956) had the most expensive rents in the metro, while the Hazeldale (15.1%), Stafford (10.4%), Kelly Creek (7.3%) and Madison South (6.2%) submarkets saw the largest year-over-year increases. Oregon’s recently applied statewide rent-control limits, which allow a rent growth of 7% plus the rate of inflation (exempting properties less than 15 years old), may further limit rent increases. Yardi Matrix expects Portland rents to rise 1.9% in 2019.

Portland apartment supply

Portland’s multifamily pipeline has been robust in recent years, and that is expected to continue, the report says:

More than 9,000 units are under construction, with some 6,900 units likely to be delivered this year. Although construction is expected to decrease – new permits for multifamily development are hitting the cycle low after the inclusionary housing passed in 2017 – demand for housing remains robust, especially for affordable units.
Roughly 5,100 units were completed in 2018, a major increase from the 3,887 units delivered in 2017. Despite the large new supply, occupancy for stabilized properties increased by only 10 basis points compared to last year—95.3% as of January, indicating that demand remains strong, keeping up with the consistent incoming inventory.
Most projects are geared toward the northern area of Portland. The Kerns/Buckman and Piedmont submarkets are the busiest, with more than 2,500 units currently under construction. Killian Pacific’s Goat Blocks, a 347-unit community in the Kerns/Buckman submarket, was the largest project in the metro.

Portland Multifamily Rent Growth Cools — More than 9,000 units are under construction, with some 6,900 units likely to be delivered this year.

Yardi Matrix is a business development and asset management tool for investment professionals, equity investors, lenders, and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, industrial, office and self storage property types. Email matrix@yardi.com, call 480-663-1149 or visit yardimatrix.com to learn more.

About Yardi

Yardi develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi is based in Santa Barbara, Calif., and serves clients worldwide. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.

Pothole contest focuses attention on parking lot maintenance

No. 1 – Install a shower door

No. 2 – Install tile around the tub

No. 3 – Install a bathroom vent fan

No. 4 – Add extra storage

No. 5 – Improve the lighting

In addition to the 5 perfect bathroom upgrades for your rental property here are other recent rental property maintenance Keepe posts you may have missed:

No pet policy should specific an exception

Summary:

Maintenance apartment job openings in high demand in Seattle

National Apartment Association jobs report background

Smart technology to apartments

West Coast tech workers look to Portland as a more affordable alternative to San Francisco and Seattle

33% of Portland renters are looking to move elsewhere

Renter migration from San Francisco, but not from the Bay Area

As New Yorkers move in, Denver residents turn to more affordable Colorado metros

Inbound searches to Phoenix dominated by Los Angeles

Renter migration summary

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Portland multifamily rent growth to rise 1.9 percent in 2019

Portland multifamily rent trend

Portland apartment supply