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Rent Control Contributes To Affordable Housing Shortage

By
John Triplett
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Rent control laws are contributing to a shortage of affordable housing, according to economists as the supply of housing declines

Rent control laws are contributing to a shortage of affordable housing, according to economists.

When rent caps are imposed, developers build fewer new rental units, the supply of available housing declines and housing costs increase. Instead of rent control, policymakers should focus on supply-side solutions: reforming their local zoning code and providing tax incentives for developers to bring new units online, economists say.

Ryan Bourne, chair for the public understanding of economics at the Cato Institute’s Center for Economic Studies, said economists overwhelmingly agree that imposing rent control tends to reduce the amount and quality of affordable housing and explained why in an interview with FOX Business.

“Capping rents at a time when you know demand for property is growing strongly creates a situation where you have a shortage of rental accommodation relative to demand, so it creates shortages,” Bourne said. “And to the extent they create shortages, that can actually kind of raise the underlying market rents because if you kept rents below market rates, a lot of landlords will decide to convert their properties to condos or sell them for owner occupation.”

“So quite often,” he added, “it makes the kind of underlying market rate of property actually more expensive, rather than less expensive.”

Despite warnings from economists, rent control is becoming more and more popular.

Oregon led the charge in 2019 when the state imposed a cap on older units, and California followed suit in 2020. Since then, municipalities in Illinois, Colorado, Massachusetts and elsewhere are considering similar moves.

The Housing Solutions Coalition provided this update on the status of rent control around the country.

RENT CONTROL UPDATES

MINNESOTA: Rent Control Continues to Chill Development in St. Paul: The ramifications of rent control are continuing to be felt in St. Paul as the planned construction of 2,000 market-rate units remains on hold. The developer stated that the pause results from an inability to find financing after St. Paul voters passed a rent control ballot measure in 2021. The project, which was planned years before the ballot measure, was slated to include a variety of housing options, including row homes, apartments, senior living and custom home lots. – MinnPost

ILLINOIS: State Lawmakers Push to Allow Rent Control in Illinois: State lawmakers kicked off a six-day legislative session over the next three weeks to consider bills recently vetoed by Governor J.B. Pritzker. Among the legislative proposals under consideration this session is HB 4104, a bill to allow local governments to enact rent control. If the bill passes, any Illinois municipality could hold a local referendum to exempt itself from the state’s existing preemption against rent control. – The State Journal Register

MAINE: Portland Voters Could Loosen the City’s Rent Control Ordinance: In Portland, Maine, voters will decide whether landlords will be allowed to set rents of their choosing between tenancies. As it stands, the city’s rent control ordinance does not allow for so-called “vacancy decontrol.” Thus, even between tenancies, landlords may not raise rents by more than a prescribed amount. But if the ballot initiative, Question A, is approved by Portland voters this November, then landlords would be allowed charge market rates to new tenants. – FOX 23

MARYLAND: Prince George’s County May Make Temporary Rent Control Permanent: This past February, Prince George’s County, Maryland, capped rent increases for one year at three percent. This policy was billed as a temporary, emergency measure. But now county officials are considering capping rent increases permanently. The uncertainty surrounding this policy has chilled housing investment in the county. Greg Reaves of Mosaic Development Partners warns that until these questions are resolved, many builders will look elsewhere to bring new units online. – Bisnow

MARYLAND: Rent Control Could be Coming Soon to Howard County: Howard County, Maryland, is struggling to keep housing costs low. To address the issue, the Howard County Executive, Calvin Ball, outlined a plan called the Housing Opportunity Meant for Everyone (HOME) plan. Regrettably, in addition to policy changes that would allow more housing construction, Ball’s plan includes a proposal to enact rent control. – The Baltimore Sun

Governor Signs Revised Oregon Rent Control Law

Portland Update: Changes to FAIR Ordinance Bring (Some) Necessary Changes

Dealing with Habitability issues and Substitute Housing

 

Planning for Funding Opportunities Through the Inflation Reduction Act and Bipartisan Infrastructure Law

By
By The Editors
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Planning for Funding Opportunities Through the Inflation Reduction Act and Bipartisan Infrastructure Law for solar and energy projects

By Ravi Malhotra

Federal agencies have been busy rolling out the funds from the Inflation Reduction Act (IRA) and Bipartisan Infrastructure Law (BIL). With proper planning, multifamily affordable housing (MFAH) property owners can “braid” these dollars into capital stacks for projects that incorporate solar and storage, heat pump HVAC and hot water, health and safety measures, electric vehicle charging, and more – all at minimal cost to them.

Recent months have seen a flurry of updates. For example, the Dept. of Housing and Urban Development began making awards under the Green and Resilient Retrofit Program, with additional application rounds through mid-2024. The IRS opened applications for the bonus Investment Tax Credit for PV solar and storage, and MFAH should apply before November 18, 2023. The Dept. of Energy (DOE) opened state energy offices’ application window for the approx. $9 billion Home Energy Rebate programs. The Environmental Protection Agency closed application windows for the three Greenhouse Gas Reduction Fund program opportunities totaling $27 billion. The DOE’s Weatherization Assistance Program funds are already in play, but there is still an opportunity for the industry to influence states to allocate those funds towards multifamily.

The time to plan for accessing all this money and funding opportunities is now, and finite. This should take several forms, including:

  • Advocacy – Pushing state and federal agencies to design programs that, as a minimum, allow multifamily housing to access the incentives, but ideally set aside funds for multifamily housing.
  • Planning for Bridge Funding – grant funds and tax credits are paid after the project is completed and certified as such. However, contractors will need funds upfront to start work. Bridge financing can enable MFAH property owners to access loans for projects that can be repaid once the IRA incentives are in hand.

To learn more, download ICAST’s free Resource Guide on pulling IRA and BIL funds into the MFAH market.

About the author:

Ravi Malhotra is the Founder and President of ICAST, a national nonprofit that creates holistic retrofit solutions for MFAH. He has 30+ years of experience designing, launching, and managing programs to benefit this segment.

Accessing Solar for Multifamily Affordable Housing

Accessing Utah’s Home Energy Rebate Programs

Property Management Companies Plan To Expand Portfolios

By
John Triplett
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Buildium says 92% of property management survey respondents intend to expand their portfolios in the next two years.

In the annual State of the Property Management Industry Report, Buildium says 92% of property management companies’ survey respondents intend to expand their portfolios in the next two years.

“So many aspects of doing business look different than they did just a few years ago. But what hasn’t changed is companies’ determination to expand, though new tactics may be required in 2024,” the report says.

“Growth remains property management companies’ #1 priority for the sixth year in a row, followed by efficiency, as property managers search for effective ways to scale their operations as they expand.

“Also, 85% of third-party property management companies have expanded their portfolios in the last two years—the most growth they’ve reported in the eight years that we’ve run our survey.

“92% of those who manage other investors’ properties – called third-party property management companies – say they  plan to expand their portfolios over the next two years, a rate that’s on par with 2022. Recruiting new, growth-oriented clients is the primary portfolio growth strategy among third-party management companies today.

“Companies that exclusively manage their own investment properties plan to grow at a slower pace in comparison with third-party property managers,” the report says.

Buildium says 92% of property management survey respondents intend to expand their portfolios in the next two years.
Charts courtesy of Buildium

5 Key takeaways from the report

  • Property management companies are searching for new ways to grow as their plans for portfolio expansion outpace those of many rental owners, who are being held back from growing at their preferred pace by high property prices and interest rates.
  • Rising costs continue to strain property management companies and their clients, from increased insurance premiums and property taxes to higher prices on materials and labor.
  • Property management companies of all sizes are facing competition from real estate agencies dabbling in property management as the sales market has slowed.
  • Companies are devoting more resources to resident retention as the rental market cools and the supply of new apartments grows. Property managers are searching for ways to improve the resident experience to hold onto their best renters, including providing high-quality services, renovating units, and limiting rent increases.
  • Technology has never occupied a more pivotal role in property management companies’ operations—or in the employee and customer experience—than it does now.
Buildium says 92% of property management survey respondents intend to expand their portfolios in the next two years.
Chart courtesy of Buildium

Read the full report from Buildium here.

  

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Why Verification Forms are Critical in Property Management

One In Three Small Portfolio Owners Say They Are Profitable

6 Takeaways From The National Multifamily Housing Conference

Understanding the “Source of Income” in Fair Housing

By
By The Editors
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Source of income is gaining traction in at state and local levels around the country so how does it apply to the Fair Housing Act

Source of income is gaining traction in at state and local levels around the country so how does it apply to the Fair Housing Act?

By The Fair Housing Institute

The landscape of fair housing is continuously evolving. One of the emerging focal points is the protection against discrimination based on “source of income.” While not federally recognized under the Fair Housing Act, this classification has steadily gained traction at state and local levels, expanding the purview of housing rights.

Defining “Source of Income”

In the realm of housing discrimination, “source of income” pertains to the origin of a resident’s lawful earnings or funds. This can include earnings from employment, pensions, or other regular payments, but notably, it frequently involves rental assistance programs or housing subsidies such as Section 8.

Although it’s not yet a federal mandate, many state and local housing laws and ordinances have recognized and added it as a protected category.

Implications for Property Managers and Landlords

For those managing federally assisted housing programs, such as 202, 811, or tax-credit properties, it’s often mandatory to consider housing subsidies as a valid source of income. This means that refusing a tenant on the grounds that they receive rental aid can have legal repercussions.

However, if a property doesn’t fall under these categories, it’s paramount to delve into local city or county regulations. A deep understanding of local ordinances is essential to ascertain whether “source of iIncome” is protected in your jurisdiction.

Resident Income Screening in the Context of “Source of Income”

When screening potential residents, many property managers and landlords have set income criteria that applicants must meet. When “source of income” is protected, this screening process requires nuanced handling. The focus should primarily be on the tenant-paid portion of the rent. Managers need to:

  • Ascertain the amount of rental assistance the applicant receives.
  • Determine the gap between the assistance and the market rent of the property. This is what the tenant will pay; are they able to do so?

Upon obtaining these numbers, they can be juxtaposed against the property’s income standards to ascertain eligibility.

The Rise of “Source of Income” as a Protected Class

Recent years have witnessed a surge in advocacy for “source of income” protection. Various legislative initiatives have been proposed to elevate its status at the federal level. This momentum is largely attributed to the pressing challenges of housing affordability and accessibility. Incorporating “source of income” as a protected category can alleviate these challenges, enabling a broader segment of the population to improve their housing conditions.

In Conclusion

The intricacies of housing laws go beyond federal mandates. For property management professionals, staying updated with state and local ordinances, along with training, is as crucial as understanding federal regulations. The categorization and acceptance of various income sources can profoundly impact resident selection and rental operations, underlining the importance of comprehensive knowledge in this domain.

About the author:

In 2005, The Fair Housing Institute was founded as a company with one goal: to provide educational and entertaining fair-housing compliance training at an affordable price at the click of a button.

  

Multifamily Rents Drop Amid Supply Surge

By
John Triplett
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Multifamily rents turned negative in September, with the average U.S. rent declining $6 from August amid the multifamily supply surge

Multifamily rents turned negative in September, with the average U.S. rent declining $6 from August and $3 during the third quarter amid a supply surge, Yardi Matrix says in its September report.

“Still, the market remains robust overall, owing to strong job growth and household formation, despite challenges that include rising energy costs and higher interest rates,” the report says.

  • Weighed down by the slowing economy and a heavy delivery pipeline in some markets, U.S. multifamily rents dipped in September. The average U.S. asking rent fell $6 to $1,722 during the month, while year-over-year growth fell to 0.8%, down 60 basis points from August.
  • Market performance remains divided, as the Top 30 rankings are dominated by metros in the Northeast and Midwest. Most of the 14 metros with negative year-over-year growth are located in the Sun Belt or West.
  • Single-family rents fell for the second straight month, down $4 nationally to $2,104. Year-over-year growth dropped 10 basis points to 0.4%. Occupancy was unchanged at 95.9%, a sign that demand continues to be robust.

Supply Surge

“Much of the negative rent growth stems from the robust delivery pipeline that is putting pressure on rents in some metros.

“Demand and absorption remain positive in almost every metro—and occupancy rates have steadied—due to ongoing strong job growth and household formation. So while rent growth will slow for a while, the market remains healthy,” the report says.

Does The Monthly Drop Signal More Bad News for Multifamily?

Yardi Matrix said the industry “faces headwinds,” including a slowing economy and other factors such as:

  • Consumers are losing some strength as the post-pandemic boom as household savings dwindles.
  • Millions of households will have less to spend as they resume paying student loans.
  • Energy prices are rising.
  • Large-scale workers’ strikes could have an impact if they continue at length.
  • Higher interest rates are working their way through the economy.
  • Companies with greater debt-service costs have less to spend on productive uses.

The Sting of High Interest Rates

The report says multifamily property values have dropped at least 20% based on capitalization rates alone.

“Mortgage rates are over 6% for the government-sponsored agencies and even higher for other types of lenders. Even though delinquency rates remain subdued, many borrowers are being forced to either pay down the loan balance or renegotiate an extension with lenders,” Yardi Matrix says.

Renewal Rent Growth Continues to Fall

Multifamily rents turned negative in September, with the average U.S. rent declining $6 from August amid the multifamily supply surge
Chart courtesy of Yardi Matrix

Renewal rent growth again decelerated in August, to 6.4% year-over-year, down 60 basis points from July. Renewal rents, the change for residents that are rolling over existing leases, have gradually declined since peaking at 11.1% in August 2022.

The national lease renewal rate averaged 60.4% in August.

Summary

“The multifamily market heads into the fourth quarter with some headwinds. Not only is it the season when rent growth typically flattens but expectations are that the economy and job market will weaken after a period of strong gains. Every market, though, should be viewed through its own supply/demand drivers,” Yardi Matrix says in the report.

Read the full report here.

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.

California Caps Security Deposits At One Month’s Rent

By
By The Editors
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A new California law scheduled to take effect next year caps security deposits at one month’s rent, according to reports.

A new California law scheduled to take effect next year caps security deposits at one month’s rent, according to reports.

Gov. Gavin Newsom has signed Assembly Bill 12 into law, which states that security deposits can’t be any larger than one month’s rent. The law is slated to take effect on July 1, 2024.

California became the 12th state to pass a bill that limits security deposit requirements.

Landlords could charge up to three months’ rent as a security deposit, plus the first month’s rent, due to an older California law.

In Los Angeles, where the average median rent is $2,895, a security deposit can cost nearly $9,000. In San Francisco, where the median rent is $3,495, deposits can cost more than $10,000.

Assembly Bill 12 was introduced by San Francisco Democratic Assemblymember Matt Haney and aimed to cap the cost of security deposits as part of a broader effort to make housing units more affordable statewide. “When renters can’t afford deposits, they often have to borrow from predatory lenders, go into debt, or just stay put,” Haney said in a statement.

“Landlords lose out on good tenants and tenants stay in apartments that are too crowded or have unsafe living conditions. Creating a rental deposit cap is a simple change that will have an enormous impact on housing affordability for families in California,” he said in the statement.

The California Apartment Association has opposed the bill and issued a statement following the bill signing.

Debra Carlton, executive vice president of state public affairs at CAA, wrote an opposition letter to Haney saying that the bill would limit “a property owner’s ability to financially cover property damage or unpaid rent is an unfair imposition for rental housing provider.”

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TransUnion To Pay $15 Million Over Tenant Screening Inaccuracies

By
John Triplett
-
TransUnion To Pay $15 Million Over Tenant Screening Inaccuracies

TransUnion has agreed to pay $15 million in a settlement over tenant screening inaccuracies because “TransUnion and subsidiary violated the FCRA (Fair Credit Reporting Act) by failing to remove inaccurate or incomplete eviction records from consumer reports, harming ability of people to obtain housing,” the Federal Trade Commission (FTC) said in a release.

The FTC and the Consumer Financial Protection Bureau (CFPB) obtained the settlement that will require credit reporting agency TransUnion LLC and a subsidiary to pay a total of $15 million to settle charges they failed to ensure the accuracy of tenant screening reports.

In a complaint filed in federal court, the FTC and CFPB say that Colorado-based TransUnion Rental Screening Solutions, Inc. (TURSS) and its parent company, Trans Union LLC, based in Chicago and commonly known as TransUnion, violated the Fair Credit Reporting Act (FCRA) by failing to ensure the accuracy of the information included in their tenant background screening reports.

Tenant screening inaccuracies

“Consumers struggling to find housing shouldn’t be shut out by tenant-screening reports that are ridden with errors and based on data from secret sources,” said Samuel Levine, director of the FTC’s Bureau of Consumer Protection. “Protecting consumers looking for housing is critical to a fair economy, and we are proud to partner with the CFPB in obtaining this record-breaking order.”

“Americans across the country were put at risk of wrongful housing denials because TransUnion failed to follow the law,” said CFPB Director Rohit Chopra. “We are ordering TransUnion to cease its yearslong illegal activity, clean up its broken business practices, redress its victims, and pay penalties.”

TURSS provides background-screening reports about consumers to thousands of clients, including rental property owners, property management companies, employers, and other background-screening companies, for tenant and employee selection.

These reports may include information about consumers’ criminal and eviction records, including the amount sought by a landlord in court, any judgment amount the court may award, and the amounts owed by consumers. Trans Union LLC manages and oversees TURSS’s compliance with the FCRA.

Inaccurate and outdated information in tenant-screening reports can significantly hamper consumers’ ability to find housing, costing them time and money by prolonging their search for housing, requiring them to pay additional application fees and spend time correcting errors in their background reports.

TURSS obtains eviction records from third-party provider LexisNexis Risk and Information Analytics Group, Inc. but has failed to take steps to ensure the accuracy of the data it was provided, according to the complaint. The FTC and CFPB say TURSS failed to follow reasonable procedures to: prevent the inclusion of multiple entries for the same eviction case; accurately report the disposition of eviction cases it included in its reports; accurately label the monetary amounts associated with those cases; and prevent the inclusion of sealed eviction records in its background reports.

Until April 2021, TURSS often reported developments in the same eviction proceeding as separate events, making it appear as if a consumer had more than one eviction, according to the complaint. The company took steps to change that practice only after learning of the FTC’s investigation. The company also failed to follow reasonable procedures to accurately report the outcome of evictions, such as reporting an eviction was filed without reporting that it was also dismissed months or years before, or reporting that a landlord was awarded a judgment in an eviction proceeding when the case was actually dismissed.

The company also included inaccurate labels in its reports that mischaracterized the nature of certain information in consumers’ eviction records, according to the complaint. The company labeled money that a landlord claimed a consumer owed as “Judgment Amount,” giving the false impression that this was the amount awarded by a court. The complaint also charges that TURSS failed to put in place reasonable procedures to prevent eviction records that had been sealed, or restricted from public view, by a court from appearing in its reports.

The FTC and CFPB also say that TURSS violated the FCRA by failing in many instances to provide consumers with the names of third-party vendors from whom it received criminal and eviction records included in its tenant screening reports, which made it harder for consumers to correct errors in their background reports.

Under the proposed order, which must be approved by a federal court before it can go into effect, TURSS and Trans Union LLC will be required to pay $11 million, which will be used to compensate consumers, and a $4 million civil penalty, which will go to the CFPB’s civil penalty fund. This is the largest amount ever recovered in an FTC tenant screening matter. In addition, the companies must also take steps to address the allegations of the complaint and help enable consumers to dispute inaccurate information in the future, including:

  • Put in place procedures to ensure the accuracy of information they provide about consumers in background screening reports, particularly information related to evictions;
  • Design procedures to prevent the inclusion of the types of problematic records detailed in the complaint including sealed records, unresolved eviction cases, multiple filings for a single eviction case, and any monetary amounts other than final judgments;
  • Disclose the sources of information in a consumer’s file, including identifying third-party vendors;
  • Implement practices and procedures that will help the companies identify future problems with criminal and eviction records and take corrective steps to fix them;
  • Provide consumers upon request and at no charge all the information in their file at the time of the request, including any information that TURSS might provide to a landlord or property manager; and
  • Make available on TURSS’s website a sample “adverse action notice letter” that landlords can use when they turn down applicants for housing, which will prompt the landlord to share the applicant’s tenant screening report and tell them why they are denying their application.

2 Background Check Providers to Pay $5.8 Million Over Inaccurate Reports

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Local Exceptions Complicate Oregon’s Post-SB 611 Rent Regulations

By
Brad Kraus
-
Rent control, rent increases and rent regulations are an ever-escalating complexity of Oregon laws so here is help in understanding them.

Rent control, rent increases and rent regulations are an ever-escalating complexity of laws in Oregon so here is some help in understanding them.

By Bradley S. Kraus
Warren Allen, LLP

With each law that passes, I receive questions from clients confused about what that law means for them or their business practices. This is no doubt due to ever-escalating complexities of the laws—which are no longer written for the general public to understand—but also because those who craft the laws fail to understand the direct and indirect effects of the laws they pass.

As a reminder, SB 611 passed earlier this year, marking a change to allowable rent increases in Oregon. Rent increases under the Oregon Residential Landlord and Tenant Act are governed by ORS 90.323. That statute discusses the requirements for a valid rent-increase notice, both as it relates to timing and form. Senate Bill 611 modified ORS 90.323, now placing a hard cap on rent increases.

Oregon’s rent cap is now 7% + CPI, but no greater than 10%. That’s not terribly difficult to understand. However, when you add in the fact that local jurisdictions are now joining the fray, creating their own rent-increase rules, penalties, and requirements, it creates a regulatory morass that is nearly impossible to understand.

That difficulty is exacerbated by the fact that local news organizations report the increase but fail to consider those local requirements. For example, one news organization recently reported in the summer, post-SB 611, that Oregon landlords could raises rent 10%. That is true…. unless you’re in Portland. Raising rent by 10% in Portland, regardless of the state cap, could trigger issues under the Portland City Code. Portland has capped rent increases at 9.9%, even despite the state rent cap, and Portland’s 9.9% cap exists unless the state cap is lower. In essence, Portland landlords must always comply with the lower amount.

Recently, the city of Eugene did the same, enacting several “renter protections,” one of which relates to a potential relocation-assistance payment if the landlord raises rent at the state law maximum. Accordingly, two sets of rules emerge, as rent increases in Portland and Eugene implicitly have a different rent-cap amount and other additional requirements.

Many landlords also struggle with the exemption to the state law cap under ORS 90.323, which exists if the first certificate of occupancy for the dwelling unit was issued less than 15 years from the date of the notice of the rent increase. If you believe this exemption applies to you, it is imperative that you seek legal counsel before invoking it. It does not mean that the tenant has lived there for less than 15 years, and there are additional requirements that must exist in the notice if the exemption is invoked.

It would be easy to simply have a uniform set of landlord/tenant laws to work off. However, the legislature has apparently ceded this important task to localities in various aspects, a troubling trend for this area of law. It adds layers of confusion and ridiculous penalties that only serve to drive housing providers out of the business.

About the author:
Rent control, rent increases and rent regulations are an ever-escalating complexity of laws so here is some help in understanding them.

Bradley S. Kraus is an attorney and partner at Warren Allen LLP. His primary practice area is landlord/tenant law, but he also assists clients with various litigation matters, probate matters, real estate disputes, and family law matters. You can reach him at kraus@warrenallen.com or at 503-255-8795.

  

Portland Update: Changes to FAIR Ordinance Bring (Some) Necessary Changes

Dealing with Habitability issues and Substitute Housing

 

Entrata Launches Fully Integrated Resident Financial Services

By
By The Editors
-
Entrata has launched a new product called Homebody that provides residents easy access to all-in-one resident finance services

Entrata has launched a new product called Homebody that provides residents easy access to all-in-one renters insurance, deposit alternatives and rent credit reporting, providing extensive financial benefits.

The fully integrated resident financial services offering called Homebody will initially consist of three core products including rent reporting, deposit alternatives and renters insurance. These products have high resident demand and product market fit and help address common barriers to entry for many residents, including the affordability of the current housing and rental markets.

They are now accessible and conveniently integrated directly into Entrata.

“Homebody is one of those rare products where everyone clearly wins — from the property managers to the residents,” said Adam Edmunds, Entrata’s CEO. “Through the offering, property managers will be able to streamline their services while elevating the resident experience, allowing them to add insurance, access deposit alternatives and get their on-time rent payments reported to the major credit bureaus to build their credit score. Together, these products deliver true value to residents to better control their financial identity, particularly in a time where affordability and financial health are top of mind for consumers.”

Homebody is focused on providing renters access to services that help them round out their financial health as a renter, from students looking for their first apartment or long-term residents who already have a more established financial identity. Property managers will maintain a single login for their residents and their teams for a seamless experience. Finally, site teams will now be able to quickly point residents to a single source, in turn streamlining the experience and application process for both renters and property managers.

Entrata recently found in its Resident Report that residents crave convenience and want the entire renting process to be simpler — decreasing both the number of steps and the time and effort to get approved. Also, over 75% of respondents said they’d be interested in purchasing additional products such as renter’s insurance, deposit alternatives, or even rent reporting during the application process — so long as it’s seamless. Homebody solves these core issues, along with one of the biggest traditional downsides of renting — the inability to build credit from rent payments. Entrata’s recent acquisition of Rent Dynamics allows residents to report on-time payments to the top three credit bureaus.

On the resident side, residents will have access to the dedicated financial Homebody mobile app where Entrata will continually enhance service offerings that are strictly relative to resident’s financial well-being. Additionally, access to these products and services will be natively integrated into workflows and ResidentPortal to drive the most seamless experience regarding any and every rental need.

To learn more about Homebody and what it can do for your organization and residents, please visit www.homebody.com.

About Entrata

Entrata is a leading operating system for multifamily communities worldwide. Setting the bar for innovation in property management software since 2003, Entrata offers solutions for every step of the leasing lifecycle and empowers owners, property managers, and renters to create stronger communities. Entrata currently serves over three million residents across more than 26 thousand multifamily communities around the globe. Learn more at www.entrata.com.

Entrata Acquisition Can Help Property Managers And Build Tenant Credit

4 Signs Your Rental Property Gutters May Need A Fall Cleaning

By
By The Editors
-
Rental Property Gutters: The Hot Maintenance Job of the Month

This week’s maintenance tip is a reminder that fall leaf season means now is a good time to check your rental property gutters to prevent overflowing gutters, so here 4 signs your gutters may need cleaning from Keepe maintenance folks.

4 Signs That Your Gutters Need Cleaning

1. Rainwater Is overflowing

 One of the major reasons to have gutters is to drain water from the roof and channel it away from the foundation. This also helps prevent your roof from holding excessive moisture that could lead to the rotting of its wooden parts.

However, when your gutter is filled with debris or wooden particles, it becomes difficult for it to control the water and even channel it away from your property.

2. Presence of algae and debris

 Algae, debris, dirt and leaves are most likely to find their way to your rental property gutters one way or the other. If you notice the presence of birds and critters, you may want to check if there is debris in your gutter. It can make a nice next for the birds which could lead to even more maintenance issues.

Failure to clean your gutter of algae and debris may lead to mold growth, which can damage the exterior area of your rental.

3. Stagnant water around the foundation

 Your foundation is the anchor that holds your rental to the ground and prevents moisture or even flood water from getting in.  But a clogged gutter can cause severe damage to your foundation if not cleaned properly and early.

If you notice a pool of standing water around your foundation, it could be caused by gutters not working property.

4. Stains on your siding

 If you notice any form of stains or streaks on your siding, it may be time to get your gutters checked and cleaned. This is because when your gutter is clogged with debris and leaves, water is not able to flow properly, causing it to seep into the siding.

While you may be able to handle minor gutter cleaning, you should consider hiring a professional company to handle bigger jobs. This will help you get the job done on time and correctly the first time.

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.

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