Home Blog Page 190

Multifamily Smoke-Free Policy Deadline For Public Housing

By
By The Editors
-
Group Says Multifamily Should Ban Smoking Inside and Near Buildings

Implementing a multifamily smoke-free policy is recommended by HUD so the Grace Hill training tip of the week focuses on helpful ways to do this in your property.

By Ellen Clark

All public housing agencies must have a multifamily smoke-free policy in place by July 31, 2018, according to the U.S. Department of Housing and Urban Development (HUD) rule based on a rule passed in late 2016.

HUD had allowed time for implementation of the smoke-free policy and this rule now applies to all public housing except dwelling units in mixed-finance buildings.

While the rule applies to public housing agencies, HUD strongly encourages all multifamily housing owners and agents to implement smoke-free policies in all their properties.

Recap of the HUD multifamily smoke-free policy 

Here’s a recap of the rule and helpful resources about implementing a multifamily smoke-free policy.

    • The rule says that each public housing agency must implement a smoke-free policy banning the use of prohibited tobacco products in all living units, indoor common areas, administrative office buildings, and outdoor areas within 25 feet of any building on public housing grounds.
    • Note that the rule does not prohibit residents of PHAs from smoking.
    • Public housing agencies can establish outdoor designated smoking areas beyond the required 25 feet perimeter to accommodate residents who smoke.
    • Agencies may also establish additional smoke-free locations, or they can even make their entire grounds smoke-free.

While this rule applies to public housing (except dwelling units in mixed-finance buildings), the materials that HUD has assembled to help agencies comply with this rule may be very helpful to any community that is thinking about, or in some stage of implementing, a smoke-free policy.

More rental properties adopting smoke-free policies

More and more rental properties across the country are adopting smoke-free policies with the goal of improving air quality, reducing the risk of fire, and lowering maintenance costs.

If you are one of those properties, here are some great resources HUD has put together to help public housing agencies implement multifamily smoke-free policies that may also be helpful to you:

    • Review all your resources when setting up your smoke-free policy

 

Implementing HUD’s Smoke-Free Policy in Public Housing includes strategies for communicating with residents, examples of smoke-free policies and enforcement plans, tips for training staff, helpful information for launching a smoke-free policy, and guidance on responding to requests for accommodation.

 

There is more available on the Healthy Homes section of HUD’s website. Take some time to look around – there’s lots of good stuff out there!

Resources:

Recent Grace Hill training tips you may have missed:

What Do You Do When Assistance Animals Break The Rules?

7 Ways To Stay Out Of Trouble When Checking Criminal History

5 Ways To Protect Applicants, Residents And Employees From Sexual Harassment

Do You Have A Smoke-Free Policy That Adequately Protects Residents?

How To Handle Suspicious Documentation For Assistance Animals

How A No Pet Policy Can Be Discriminatory

Property Management Cyberattack Risks Overlooked, Underestimated

Do You Know How To Respond To a Sexual Harassment Complaint?

Have You Reviewed Your Criminal Background Checks Policy Lately?

 

Multifamily Managers And Marijuana: Caught In A Pot Crossfire

Fair Housing Discrimination Against Someone You’ve Never Talked To?

4 Ways To Avoid Screening Pitfalls With Applicants

 

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.

About Grace Hill

For nearly two decades, Grace Hill has been developing best-in-class online training courseware and administration solely for the Property Management Industry, designed to help people, teams and companies improve performance and reduce risk.

 

Apartment Amenities: A Mismatch Between Tenants And Management?

By
By The Editors
-

A new survey of tenants and apartment amenities shows a mismatch between tenants who want laundry in their units and management which is offering cat friendly apartments, according to Apartmentlist.com.

The report shows most cities apartment amenities fall into three categories:

    • too many amenities
    • not enough amenities
    • the wrong amenities

This apartment amenities mismatch shows up in a new survey that shows most residents want laundry facilities in their apartment, but only 13 percent of apartments offer it. Meanwhile 39 percent of apartments are cat-friendly but many residents do not have cats and are not interested.

How well the amenities available in rental properties align with what renters want and how the supply and demand for amenities varies across the nation’s largest metros was a study done by Apartmentlist.com.

“Analyzing data for ten of the most common amenities, we find that the amenities that renters desire most aren’t the same ones that properties are most likely to offer,” the company says. “We compare the share of properties that have each amenity to the share of users that report a preference for that amenity.”

Apartment amenities most desired? In-unit laundry

In-unit laundry is the most undersupplied of the apartment amenities.

An estimated 53 percent of renters say they’re looking for in-unit laundry, but it’s also the hardest amenity to find, available in only 13 percent of properties. Air conditioning and parking are similarly lacking.

These are the two most desired amenities, with 56 percent of renters citing a preference for air conditioning, and 55 percent saying they want parking. Meanwhile, only 39 percent of properties have air conditioning and only 46 percent have parking.

“It’s also worth noting that even when parking is available, it often costs renters an additional fee. In some dense cities, such as New York and San Francisco, getting a parking spot could add hundreds of dollars to a renter’s monthly expenses,” the report says.

Being cat-friendly is not high on renters’ desires for apartment amenities

At the other end of the spectrum, it seems that there are more pet-friendly apartments than there are renters who have pets.

Cat-friendliness is the most common amenity on the property side, available in 52 percent of properties, but only 12 percent of renters are looking for a cat-friendly apartment, the smallest share of all the amenities we analyzed. Similarly, 48 percent of properties say that they are dog-friendly, but only 27 percent of users select this preference.

Apartment amenities offered often tied to up-front costs

The relative lack or overabundance of particular amenities on the property side is likely related to the upfront costs associated with each amenity.

For example, providing pet-friendliness doesn’t involve any upfront cost, only marginal incremental costs associated with faster wear and tear, which are often recouped by charging “pet rent.”

On the other hand, in-unit laundry takes up valuable additional space within a rental unit, and also requires significant upfront costs, including purchasing the machines and arranging the plumbing, the report says.

Read the full report here.

Apartment amenities vary by city

It is really hot in San Antonio in the summer, so it is no surprise air conditioning tops apartment amenities in that Texas city.

San Antonio dominates the list for highest amenity demand, with the greatest share of renters requesting five of the 10 amenities we analyzed.  San Antonio is also one of the nation’s most affordable large cities, with a median two-bedroom rent of $1,050, which may explain why the area’s renters are more willing to splurge on higher-end amenities, such as hardwoods floors and balconies.

In contrast, the New York City metro has some of the nation’s least choosy renters, with the metro accounting for half of the spots on the low demand list. New York is the nation’s second most expensive rental market — trailing only San Francisco — with a median two-bedroom rent of $2,470. It seems that renters in New York are willing to sacrifice the comfort of additional amenities in an effort to maintain some semblance of affordability.

This relationship between affordability and renter demand holds in other cities as well. In the expensive San Francisco and Boston markets, renter demand is below the national average for nine of the 10 amenities we analyzed, while renter demand exceeds the national average for nine of 10 amenities in the more affordable Tampa and Phoenix markets.

Summary

Amenities are one of the top factors that renters consider when searching for an apartment, and having access to all of one’s preferred amenities can make it a much easier decision to rent a home. That said, some amenities are easier to come by than others.

“Our analysis indicates that in-unit laundry is the holy grail of amenities. Most renters want it, but very few properties have it,” the study says.

The level of emphasis that renters place on finding amenities also varies substantially by location. Renters in more affordable markets tend to have a higher demand for amenities, while renters in the priciest markets are more willing to wash dishes by hand or haul dirty clothes to the laundromat.

“Overall, we find that many markets do a poor job of matching amenity supply and amenity demand,” the report says.

5 Tenant-Friendly Amenities That Increase Your Profits

Seattle Landlords Feel Vilified By Overly Punitive City Ordinances

By
By The Editors
-

A new Seattle rental housing study says Seattle landlords feel vilified by overly punitive city ordinances which they believe are actually inadvertently reducing rental housing access.

The study from University of Washington Center for Studies in Demography and Ecology says a large majority of “landlords who responded to the survey reported feeling left out of debates about the development of the City’s housing ordinances and only 10% supported any of the central goals the City has adopted in developing new housing policies.

“Large majorities of landlords believe that ordinances to limit move-in fees, the First-in-Time ordinance, and the ordinance to limit criminal background checks are likely to be ineffective,” the study said.

First-in-Time ordinance a real negative for Seattle landlords

“Attitudes toward the First-in-Time ordinance are especially negative, with large majorities of landlords – and especially those reporting flexible rental standards – reporting that the ordinance places an undue burden on landlords and may reduce housing access for lower-income renters. About 40% of landlords have sold, or plan to sell, property in response to City ordinances governing the housing market,” the study says.

Highlights of the Seattle landlords portion of the survey

    • “Our survey of over four thousand landlords in the Seattle area indicates that the majority of them own or manage a small number of units and/or buildings, and more than half maintain rental property as a way to supplement their main income or support their retirement.
    • “Recent rent increases tended to be more common, and larger, among landlords managing large- (20+ unit) and moderate-sized buildings than among landlords managing smaller buildings, and are also relatively large among landlords who manage multiple buildings. While landlords most often cited increasing taxes and repair costs as the primary motivations for rent increases, landlords managing larger buildings were especially likely to report that recent rent increases have been in response to recent City ordinances.
    • A majority of landlords report that they use a standard set of criteria in deciding to whom to rent their property, but more than half also report that they exercise flexibility in those criteria. Managers of larger buildings are more likely than managers of smaller buildings to employ standard rental criteria and are less likely to relax these criteria in a way that may allow for tenants with imperfect applicant characteristics.

Seattle landlords provide thoughts on city ordinances

Overall, the landlords who responded to the survey appear to see limited value in the city council’s efforts to affect the rental market. Respondents were asked to indicate which of the following goals the council should adopt in establishing housing policies:

    • Increasing the supply of affordable housing
    • Reducing risks to landlords associated with providing affordable housing units
    • Increasing the overall supply of rental units
    • Increasing affordable options for protected classes of renters
    • Making it easier for landlords to terminate leases

“Just over 9% of the respondents indicated an interest in more than one of these goals. However, no individual goal garnered support from more than about 1% of respondents, and the overwhelming majority (89%) of landlords selected none of these options as worthy policy goals for the council,” the study said.

“Landlords’ general dissatisfaction with city ordinances is amplified by the fact that very few landlords feel that the City’s ordinances reflect landlords’ interests,” the study says.

Landlords’ response to ordinances

“We also asked landlords how they have responded to, or plan to respond to, the City’s ordinances.

“About one in five landlords who raised their rent in the past year report that these increases were in response to new city ordinances,” the study said.

Summary of Seattle landlord study

“Overall, the results of the survey highlighted in this report indicate that basic rental practices – from the use of strict tenant requirements to patterns of rent increases – vary sharply by the characteristics of landlords and their properties. These findings point to opportunities to develop housing policies that engage the varied strategies and priorities of a diverse set of landlords.

“However, there appears to be a strong consensus among landlords that the development of city housing ordinance has largely ignored landlords’ perspectives, resulting in a set of ordinances perceived by landlords as highly burdensome and ineffective.

“In addition, responses to open-ended survey questions point to substantial misinformation about City ordinances, suggesting potential value in efforts to engage landlords on the content, intent, and operation of City housing ordinances,” the study says.

Get the full study report here.

Survey methodology:

The survey went live in January, 2018 with invitations via email to 18,477 individuals represented in data from the City’s Rental Registry and Inspection Ordinance (RRIO) program. Representatives from WMFHA and RHAWA also sent email messages to their members, as well as calls in their organization newsletters, requesting that they complete the survey. Between February 9, 2018, and April 2, 2018, four email reminders were sent to all individuals on the RRIO list. Below we provide a description of basic analyses of the data from over four thousand responses received as of April 10, 2018.

 

5 To-Do’s For Property Managers Before Tenant Vacations Start  

By
By The Editors
-

Tenant vacations can mean important vacation to-do’s that landlords and tenants should work together on completing before anyone leaves for their vacation. Here is this week’s maintenance checklist from Keepe.

It’s time to get ready for “vacay” – that is, vacation-related vacancies.

While not all tenants might choose tenant vacations in the summertime, it’s undeniable that the majority of the working population prefers getting away in the warmer weather. Or in the case of Arizona getting out of the hot to the cooler areas.

As numerous tenants prepare to leave for their summer vacations, it’s important to start thinking about the common risks and major issues that vacant (even if only temporarily) apartments are uniquely vulnerable to, and prepare accordingly.

If you property is independent or somewhat isolated it is even more important.

When rental units that are left vacant for considerable lengths of time it is important to take steps to prevent break-ins, maintenance emergencies, resulting damage and other unpleasant “welcome home” surprises. It is a fundamental priority that property owners and managers should make sure to plan for.

No. 1 – Tell us you are going on vacation

The first and most important step is reaching out to tenants to stress the importance of checking in and communicating about tenant vacations and plans

Property managers and owners should keep track of vacancies to then monitor and take care of the property while the tenants are away, and address any issues that would otherwise go unnoticed…..and worsen significantly over time. It’s also fundamental to explain to tenants that this is in their best interest.

No. 2 – 5 burglar-proofing things you can do

Empty apartments and rental homes are preferred by burglars, since breaking in is easier when they are undisturbed. In the summertime, break-in rates soar.

Burglars will stake out entire neighborhoods to identify and target houses that appear vacant. Here are some tips for making a property seem occupied, which keeps it from catching the eye of burglars, and avoiding the resulting loss of thousands of dollars from damage.

    1. Advise tenants to pause or stop any mail or magazine subscriptions, which would otherwise pile up and suggest vacancy. Another option would be to offer picking it up for them.
    2. If vehicles are left at the property, advise tenants to completely empty their interiors, or park inside a garage or protected lot. Vehicles remaining parked on the property and in the same spot for long periods of time can suggest vacancy.
    3. Arrange for landscaping services to be scheduled. An overgrown lawn also suggests that the property has been vacant.
    4. Install bright, motion-activated night lighting. These lighting systems are a great safety feature as they create a spotlight effect that discourages burglars from attempting break-ins.
    5.  Keep in mind that a wide variety of security system types exist. While some are more sophisticated than others, more affordable types are still a great safety tool, which can even sync with your smartphone to relay real-time updates.

No. 3 – Plumbing-related safety

Unexpected breakages are common, and a flooded home can easily become reality if adequate precautions are not taken seriously before tenant vacations.

    1. Locating and shutting off a home’s water valve makes it possible to turn off water supply to appliances and pipes. By doing so, any kind of breaks or issues resulting from faulty appliances won’t ultimately lead to leaks and floods, which can be a costly consequence.
    2. Remind tenants that there is no need to heat the house while it’s vacant: most water heaters come equipped with a “vacation mode” switch that should be activated before leaving for vacation. This energy-saving mode ensures much lower bills.
    3. Bonus tip: A property can easily turn into a off-putting hub of foul odors when the garbage disposal is not properly cleared. It’s important to remind tenants to clear their garbage disposal by turning it on for a few seconds and making sure that all leftover scraps are flushed, which makes it so they don’t remain stuck in the sink’s piping to rot and produce foul smells while everyone is away on vacation.

 

5 To-Do’s For Property Managers As Tenants Head Out For Vacations

No. 4 – Electrical-related tips for property managers

    1. Remind tenants that unplugging all electrical appliances will allow them to both save money and prevent all the major issues that could arise from short circuiting.
    2. Let tenants know that in the summertime, setting the thermostat in “vacation”/“away” mode or adjusting the indoor temperature to match outside temperatures will allow them to save energy and thus money.

No. 5 – Miscellaneous tips for property managers

    1. It’s always good to touch bases with tenants and verify that even the most obvious precautions and steps have been taken. Was the garbage taken out? The fridge emptied? Are pets going to be taken care of?
    2. Checking smoke detectors and other safety alarms to make sure they’re working is another important step.
    3. Setting up a timer for indoor lights is an optional step that can help with making a home look occupied and less likely to get burglarized.

Other recent rental property maintenance Keepe posts you may have missed:

4 Outdoor Flooring Options For Your Rental

About Keepe:

Keepe is an on-demand maintenance solution for property managers and independent landlords. The company makes hundreds of independent contractors and handymen available for maintenance projects at rental properties. Keepe is available in the Greater Seattle area, Portland, Phoenix, San Francisco Bay and San Diego areas.

 

Mortgage Group Provides Bridge Loan For Acquisition of Phoenix Multifamily Property

By
By The Editors
-
Phoenix multifamily market blooming in the desert

A leading mortgage group has provided an $11 million first mortgage bridge loan to finance the acquisition and renovation of a Phoenix multifamily property on North 12th street, according to a release.

Regency Park Apartments is a 104-unit garden-style multifamily complex at 6333 N. 12th Street , part of the North Central Phoenix apartment submarket. The property was built in 1971 and consists of six, two-story residential apartment buildings and a single-story clubhouse building.

The property is being acquired through two Tenant-in-Common borrowers and will be owned by Palos Verde Phoenix, LLC and Regency Park Associates, LLC.

The loan will include a $1.56 million future funding commitment for capital improvements towards the renovation and improvement of the property. The loan is structured as a 36-month floating rate loan with two options to extend the loan term for a period of 12 months each.

Hunt Mortgage Group provided the $11 million first mortgage bridge loan to finance the acquisition and renovation of the multifamily property and the transaction was sourced by Doug Marshall, CCIM at Marshall Commercial Funding, Inc.

“The borrowers are seasoned commercial real estate and multifamily investors, and repeat Hunt Mortgage Group clients,” Sergey Klimov, Vice President at Hunt Mortgage Group, said in the release.

Phoenix multifamily complex with high occupancy

“Regency Park had historically experienced high occupancy and is well located.  The planned upgrades will only help boost the appeal of this already well performing property.  We were pleased to play a role in the acquisition of this apartment complex,” he said.

Property amenities include a clubhouse/leasing office, pool, fitness center, common laundry room, covered parking, BBQ areas, and vehicle and pedestrian access gates. The unit mix at Regency Park includes 37, one-bedroom apartments and 67, two-bedroom apartments. The property is 90% occupied.

Interior renovations include the lowering of the kitchen wall to create an open floor plan, granite or quartz countertops, stainless steel appliances, upgraded light and plumbing fixtures, new interior doors, paint, laminate wood flooring and carpet in the bedrooms. Planned exterior improvements will include painting, asphalt repairs, entrance and front railing improvements, signage upgrades, clubhouse renovation, pool upgrades, and landscaping improvements.

With convenient access to both the freeway and transit networks, Regency Park places residents just minutes from the dynamic Midtown, Downtown, and Biltmore Corridors as well as central employment and entertainment hubs in the Phoenix area.

About Hunt Mortgage Group

Hunt Mortgage Group, part of Hunt Companies, Inc., is a leader in financing commercial real estate throughout the United States. The Company finances all types of commercial real estate: multifamily properties (including small balance), affordable housing, office, retail, manufactured housing, healthcare/senior living, industrial, and self-storage facilities. It offers Fannie Mae, Freddie Mac, FHA financing and its own Proprietary loan products. Since inception, the Company has structured more than $27 billion of loans and today maintains a servicing portfolio of more than $14 billion. Headquartered in New York City, Hunt Mortgage Group has 255 professionals in 24 locations throughout the United States. To learn more, visit www.huntmortgagegroup.com.

Phoenix Multifamily Market Blooming In The Desert

Sign Up For Our Newsletter And Get Apartment News And Helpful, Useful Content Each Week.

* indicates required

 

 

Sexual Harassment In Housing Target Of New HUD And Justice Department Campaign

By
By The Editors
-

The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Justice (DOJ) have released a new video to raise awareness of sexual harassment in housing and to reach persons who are victimized by it, according to a release.

To enhance the effectiveness of the campaign, HUD enlisted the assistance of victims to share their experiences and help convey the message that sexual harassment in housing is against the law. Watch the public service announcement (PSA).

The video features three victims of sexual harassment in housing who challenged their mistreatment in lawsuits brought by HUD under the Fair Housing Act. These women share their stories of abuse and the impact the experience they had on their lives.

Landlord trading sex to stop eviction

Stephanie is one victim featured in the video, describing her experience with a landlord who threatened to evict her if she didn’t have sex with him.

“It was something that I didn’t want to do but I had to do it. I didn’t know I had a choice at that time, but now that I do, I want other people to know that they do. I want other women to know that they don’t have to take this. This is just uncalled for. It’s unspeakable,” she said in the release.

“A person’s home is where they should feel the safest, not to live in fear of being subjected to sexual harassment,”  Anna María Farías, HUD’s Assistant Secretary for Fair Housing and Equal Opportunity, said in the release.

“This campaign will let the public know that they have help should they find themselves a victim of this type of behavior. The Justice Department and HUD are committed to working together to address the problem and protect their housing rights,” Farias said in the release.

Landlords and property managers prey on victims in sexual harassment in housing

“Unfortunately, there are still too many landlords and managers who attempt to prey on vulnerable individuals. The launch of the nationwide PSAs is an important step in proliferating the stories of brave women and men across the country in order to raise awareness and help other victims,” John Gore, Acting Assistant Attorney General of the Civil Rights Division, said in the release.

“Our goal at the Justice Department is to make more people aware that no one should have to choose between a home and the right to be free from sexual harassment,” Gore said.

The video and press release is a joint effort between HUD and DOJ to raise awareness and make it easier for victims all over the country to find resources and report harassment. HUD will distribute the video to all Public Housing Agencies across the United States. The video is intended to air in all national media markets and will be distributed by social media to followers of HUD and the Justice Department, and amplified by other government agencies, partners, and organizations.

Last April, HUD and DOJ launched a campaign to combat sexual harassment in housing including three major components: a new HUD-DOJ Task Force to combat sexual harassment in housing; an outreach toolkit to leverage DOJ’s nationwide network of U.S. Attorney’s Offices, and; a public awareness campaign. The Department and HUD are working together to distribute the PSA as part of the Task Force’s coordinated public outreach efforts.

Individuals who believe that they may have been victims of sexual harassment in housing should call the Department at (844) 380-6178, send an email to fairhousing@usdoj.gov, or contact HUD at (800) 669-9777. If you have information or questions about any other housing discrimination, you can contact the Department at (800) 896-7743.

Sexual Harassment In Housing Target Of New HUD And Justice Department Campaign

Photo credit Maroke via istockphoto.com

 

Phoenix Multifamily Market Blooming In The Desert

By
By The Editors
-
Phoenix multifamily market blooming in the desert

The Phoenix multifamily market has turned into a blooming desert for investors and apartment owners as low business costs and great weather has turned into a magnet for companies relocating from nearby California, pushing healthy demographic trends and boosting housing demand in the process, according to a new report from Yard iMatrix.

Rents rose 4 percent year-over-year as of April 2018. The company says they expect Phoenix rents to grow by 5 percent in 2018.

The pace of rent growth was well ahead of the 2.4% national rate, while the rental amount trailed the $1,377 national average.

Phoenix Multifamily market rent trends

Phoenix rents rose 4.0% year-over-year through April to an average of $1,048. While the metro’s pace of rent growth was robust and well ahead of the 2.4% national rate, the rental amount was still below the $1,377 national average. Rent growth has stayed elevated due to healthy demographic trends and above-average employment, according to the Yardi Matrix where reports can be downloaded here.

    • The Renter-by-Necessity segment led growth, up 5.5% year-over-year through April to $850. The Phoenix metro has traditionally been dominated by the single-family market, but recent development activity has skewed multifamily, as the relocation of various financial, professional services and manufacturing firms has resulted in a surge of rental households. Rents in the higher-end Lifestyle segment rose 3.0% to $1,237 over the same interval.
    • Rent growth was positive across the board, led by Central West Phoenix (10.7%) and Northwest Phoenix (7.6%). The most affordable submarket is Central West Phoenix, where, despite the significant increase, the average rent was $685 in April. The highest rents were registered in Sky Harbor ($1,447), South Scottsdale ($1,375) and North Tempe ($1,359). Least affected by the rent surge was South Paradise Valley (up 0.4%). The occupancy rate for stabilized properties was 94.9% as of March. We expect rents to grow 5.0% in 2018.

Phoenix job growth among best in the country

Even though it is slowing, employment growth in Phoenix continues to be among the strongest in the country, up 2.7% year-over-year, well ahead of the 1.6% national average.

    • Phoenix added 60,000 jobs in the 12 months ending in February, while unemployment hovered around the 4.0% mark, roughly on par with the national rate.
    • The education and health services sector led growth, with the addition of 14,700 jobs, followed by the construction sector, which gained 9,900 jobs and registered the highest year-over-year change (8.9%). The two sectors go hand in hand—aside from the robust multifamily development pipeline, Banner Health has 322 active construction projects totaling $1.9 billion, most of them throughout the state of Arizona, including the $418 million Banner-University Medical Center Phoenix, under construction since 2014 and slated for completion in 2020. Manufacturing is also on the rise, having added 6,800 jobs, a trend that is somewhat contrary to most major metros.

 

    • Demand for office space is boosted primarily by company relocations; at 19.2%, the vacancy rate reached its lowest point since 2008, per JLL. Currently, Phoenix has 2.4 million square feet of space underway, 1.7 million square feet of which is slated for completion within the next 18 months. The first quarter of 2018 had more than 150,000 square feet of net absorption, according to CBRE.

Gilbert and North Tempe lead submarket development

Some 2,350 units were delivered in 2018 through April, 0.8% of total stock, 10 basis points above the national average. The consistent number of completions through April could signal a near-cycle peak, especially since more than 7,600 units are expected to be delivered for the entire year.

    • Roughly 16,600 units were underway in Phoenix as of April, while the overall multifamily pipeline included 26,000 units in the planning and permitting stages. Robust incoming inventory doesn’t raise the problem of oversupply, as deliveries are rapidly absorbed, due to the metro’s strong demand. Occupancy in stabilized properties was 94.9% as of March, roughly in line with the nationwide trend.
    • Construction activity is high across the map, as six submarkets had more than 1,000 units underway in April. Gilbert led the way with 2,590 units, followed by North Tempe (2,345 units), Sky Harbor (1,954) and Union Hills (1,434). The largest multifamily property underway in Phoenix was the 1,069-unit Camden North End, owned by Camden Property Trust. The community delivered a first batch of 441 units in March.

 

Phoenix Multifamily Market Blooming In The Desert

This report is courtesy of  Yardi Matrix. These and other highlights are summarized in a new Yardi Matrix report, “Phoenix: The Desert Is Calling,” a microeconomic analysis of the metro’s multifamily market. Get other Yardi Matrix downloads here.

For more information contact:

Paul Fiorilla Associate Director of Research Paul.Fiorilla@Yardi.com (800) 866-1124 x5764

Jack Kern Director of Research and Publications Jack.Kern@Yardi.com (800) 866-1124 x2444

About Yardi Matrix

Yardi Matrix, formerly known as Pierce-Eislen, Inc.®, was founded in March, 2000, and acquired in July 2013 by Yardi Systems, Inc., a Santa Barbara, California software company focused on commercial real estate industry applications.

The Yardi Matrix apartment information service is a high-performance system with the sole function of supporting the commercial apartment industry’s dominant participants. The company’s services monitor the 50+ unit apartment universe from the property level to the submarket/market level in a form unique within the commercial apartment information industry.

 

Sign Up For Our Newsletter And Get Apartment News And Helpful, Useful Content Each Week.

* indicates required

Tempe Apartment Complex Sold For $60.5 Million

By
By The Editors
-

A 402-unit Tempe apartment complex has sold for $60.5 million, or $150,498 per unit, according to a release.

Willow Creek, built in 1984, Willow Creek is about one mile from Loop 101/Apache Boulevard light rail station and one-half mile from the intersection of the Price Freeway and Broadway Road, according to the release from Institutional Property Advisors (IPA), a division of Marcus & Millichap.

Tempe apartment complex a prime candidate for renovations

“The property is a prime candidate for interior renovations as the large majority of unit interiors feature original finishes,” Cliff David, Marcus & Millichap senior managing director, said in the release.

“The property’s meticulous campus setting and the asking rents for newly constructed core assets in Tempe, that are reported to be hundreds of dollars more per month than Willow Creek, combine to make a very compelling value proposition.”

David, and Steve Gebing, IPA senior managing director, represented the seller, Acacia Capital, and procured the buyer, JB Partners.

The complex is only two miles from the 1.3-million-square-foot Tempe Marketplace and Mesa Riverview, a 1.3 million-square-foot outdoor shopping center is four miles away.

Arizona State University, Arizona State University Research Park and the Discovery Business Campus are also nearby.

Willow Creek is an impeccably manicured community covering nearly 18 acres with three swimming pools and a recently refreshed clubhouse, according to the release.

David, and Steve Gebing, IPA senior managing director, represented the seller, Acacia Capital, and procured the buyer, JB Partners.

About Marcus & Millichap (NYSE: MMI)

With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed nearly 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com

 

Living In Cars Turning Into New Form Of Affordable Housing

By
By The Editors
-

Thousands of potential tenants are now living in cars instead of rental housing because rents have just become too expensive and there is no affordable housing for them in some metro locations.

This lack of affordable housing is leading some cities to consider safe parking programs. This new form of affordable housing would allow people who live in their cars a safe spot to park because many cities make the practice of living in a car illegal.

Seattle has 46 percent increase in homeless living in cars, tent camps and RVs

The Seattle Times reports that King County’s annual one-night count of homelessness found more than half of homeless people were sleeping outside versus in shelter, with a stark increase in the number of vehicle campers.

The county said there was an overall 4 percent increase in the annual snapshot count of homeless people, to 12,112.

The count, conducted in January, found a worsening problem of people living in tent camps, cars, RVs and the street compared to last year. More than 70 percent of the county’s unsheltered homeless people were in Seattle, the newspaper said.  One of the findings this year was the jump in the number of people living in cars and recreational vehicles — a 46 percent increase from 2017 — reflecting the city’s lack of a coherent, effective strategy to move people out of cars and into housing.

Living in cars is new form of affordable housing

It’s the new form of affordable housing,” says Sara Rankin, professor at Seattle University School of Law, who specializes in homeless rights advocacy, told governing.com.

“What do we do with people whose basic physiological needs are not being met? When we think about people who are living in their vehicles, are they able to sleep, eat, poop and breathe safely? We have to start asking what needs to be done,” she said.

Safe parking programs

Some cities have launched so-called safe parking programs to help this population. Meanwhile, other cities are exacerbating this population’s problems by criminalizing their current way of life.

Under Los Angeles law, it is illegal to use a car as shelter on most city streets. The ordinance was eased last year but only for 10 percent of the city’s streets.

Rankin told governing.com that Seattle doesn’t directly outlaw vehicle residency. But she found that the city does have 20 vehicle ordinances — the most in Washington state — that make a confusing, patchwork system for residents who live in their cars. Some of those ordinances have recently been tested in court.

Seattle man’s truck ruled a home by judge

Earlier this year, King County Superior Court Judge Catherine Shaffer ruled that the city’s impoundment of a homeless man’s truck where he was living violated the state’s homestead act — a frontier-era law that protects properties from forced sale. The judge said he was using it as a home. The man’s truck was slated to be sold had he not entered into a monthly payment plan with the city.

Resources:

Annual homeless count reveals more people sleeping outside than ever before

‘It’s the New Form of Affordable Housing’: More People Are Living in Their Cars

Court Declares Seattle Homeless Man’s Truck a Home in Case With Broad Implications

 

Living In Cars Turning Into New Form Of Affordable Housing

Photo credit talipcubukcu via istockphoto.com

 

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

By
By The Editors
-

Smart apartment home technology using thermostat and lighting control, digital home access and voice-enabled control is being rolled out nationwide to 25,000 luxury apartments, according to a release.

Alliance Residential Company, Dwelo, Google and Nest have collaborated on the smart apartment rollout to deliver convenience, connectivity and conservation capabilities, as well as provide management operational efficiencies.

The Alliance SmartHome package features the Nest Learning Thermostat and Google Home Mini with Google Assistant built-in, as well as smart locks, light switches and wall outlets. Control of all devices is centralized through Dwelo, an open platform compatible with a wide range of consumer and commercial iOT devices, with convenient access for residents via the Alliance SmartHome app for smart phones.

“After two years in development, we are pleased to launch Alliance SmartHome,” Jay Hiemenz, President of Alliance, said in the release.

Smart apartment technology not just for single-family homes now

“Home automation in single-family homes has been trending for years now — and our residents desire that same high-tech home system in an apartment. We created Alliance SmartHome to deliver the features our customers want while addressing the unique challenges of multifamily integration to provide a great customer experience and establish a platform for future enhancements in technology,” he said in the release.

Alliance is one of the largest multifamily developers, builders and managers in the U.S. They are leveraging their scale for the development and rollout of the platform.

“With Alliance SmartHome, we have invested in bringing a platform and product package together that offers a truly great experience for our residents,” Brad Cribbins, President of Alliance’s management division, said in the release.

“During the early exploration phases of this initiative, we realized there wasn’t an existing platform and tech package that really delivered on the customer experience we were looking for. So our technology department, led by Senior Vice President of Technology Scott Pechersky, sought out companies who shared our vision for continued advancement in multifamily technology to be part of this collaboration.

“Dwelo’s support and ability to scale were important factors in Alliance’s decision to partner with them — the company recognizes that smart device rollouts are not purely about technology but also require a human solution for implementation and ongoing support,” he said.

Smart apartment technology allows tenants to reach support help

To that end, residents will be able to reach a support team of Dwelo employees 24/7 and, thanks to Dwelo’s cloud-based platform, will always be on the latest and greatest version of the company’s technology. Cribbins also said that from a product standpoint, Google and Nest bring extensive ongoing development resources to the table, and that Alliance residents already trust in the quality of their technology and hardware.

“Dwelo is thrilled to be partnering with a group as respected and innovative as Alliance,”  Mike Rovito, Dwelo CEO, said in the release.

“We are honored by the trust that Alliance is placing in us by selecting us for this rollout. Moreover, our customers have always been our greatest source of new ideas, and at Alliance we are partnering with a group of forward-thinking people who share our vision for multifamily technology. We’ve already seen what the clarity of their vision can do: forging a collaboration between us and the folks at Nest and Google to make the world’s best smart devices available seamlessly to those who live at multifamily properties.”

About Alliance

Alliance is one of the largest private U.S. multifamily companies with offices throughout the West, Southwest, South-Central, Southeast, Mid-Atlantic and Northeast. They have invested in more than $10 billion worth of real estate and manage a $15 billion portfolio with local leadership and a comprehensive national support structure.

 

1...189190191...202Page 190 of 202
© 2026 rentalhousingjournal.com. All Rights Reserved. Website by Web Publisher PRO