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Single-Family Rentals, Build-to-Rent Communities and Detached Homes: What is the Difference?

By
By The Editors
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Emerging single-family rentals (SFR) communities are growing in popularity, filling the void between multifamily rentals and owning a home.

The emerging single-family rentals (SFR) communities have rapidly grown in popularity, filling the void between traditional multifamily rentals and owning a home.

By Brian Rodriguez
Associate Managing Director of Multifamily Investments

A common misconception within the real estate industry is that single-family rentals (SFR), build-to-rent (BTR) communities and detached homes for rent are synonymous with one another.

Although these three types of housing may seem similar at first glance, subtle yet distinct characteristics set them apart from one another. Let us break it down.

Emerging single-family rentals (SFR) communities are growing in popularity, filling the void between multifamily rentals and owning a home.
Photos provided by Mark-Taylor. Copyright photo credit Cole Wilder Horchler at https://colehorchler.photos/

Multifamily vs. single-family asset class

The rental property market is comprised of two main types of asset classes: Single-family rentals and multifamily properties.

Multifamily properties are residential buildings that can house multiple families or households, ranging from small apartment buildings to large complexes made up of hundreds of units. In comparison, SFRs are designed to accommodate a single-family household and offer more space than multifamily properties.

SFRs are an excellent option for renters who prefer the experience of living in a standalone home without the commitment and responsibility that comes with homeownership. A wide range of options exists – from small one-bedroom homes to large luxury estates. SFRs provide an ideal solution for many residents as the rental itself feels similar to owning an entry-level starter home.

The emerging single-family rental market

Recently, SFR communities have rapidly grown in popularity, filling the void between traditional multifamily rentals and owning a home.

As home prices and interest rates remain at an all-time high, securing a home loan can be seen as a daunting task for many. Consequently, it has led to a shift in the housing landscape; significant growth is being observed in the SFR asset class with a particular emphasis on the rise of BTR communities.

Emerging single-family rentals (SFR) communities are growing in popularity, filling the void between multifamily rentals and owning a home.
Photos provided by Mark-Taylor. Copyright photo credit Cole Wilder Horchler at https://colehorchler.photos/

What are build-to-rent communities?

BTR communities are a subset of the SFR asset class and are gated communities consisting of single-family homes for rent.

These communities are primarily developed in suburban areas, where land utilization can be maximized. They are highly sought-after, offering family- and pet-friendly accommodations with private-fenced backyards, controlled access entry, and various amenities – inclusive of pools, fitness centers, and community clubhouses. In partnership with ownership groups, property management companies handle the day-to-day admin and maintenance operations of BTR communities.

Emerging single-family rentals (SFR) communities are growing in popularity, filling the void between multifamily rentals and owning a home.
Photos provided by Mark-Taylor. Copyright photo credit Cole Wilder Horchler at https://colehorchler.photos/

Investors are drawn to BTR due to high demand from renters and the financial viability of the asset class. Additionally, developers prefer BTR as they require less land compared to detached homes.

Are detached homes included in the SFR asset class?

Detached homes, which are standalone properties owned by landlords or property management companies and rented out to tenants, are also part of the SFR asset class. These homes provide residents with more privacy and autonomy over their living spaces than multi-unit buildings such as apartments or townhouses.

The key identifiers to determine if a community contains detached homes are:

  • Detached homes require more land and separation, opposed to homes within a BTR community
  • Detached homes do not have to be within a gated community
  • Detached homes do not come with a standard set of amenities that is traditionally expected at a multifamily community; instead, they are part of an HOA.

Advantages of the SFR asset class

Arguably the greatest advantage of single-family rentals is that they offer more control over the asset. Investors can choose the location, size and condition of the property, and can make changes and upgrades as they see fit.

Today’s housing solutions are centered around providing residents with an exceptional living experience tailored to their needs. Build-to-rent communities, detached homes or any other type of single-family rental allow residents access to the convenience of apartment living without having to sacrifice the added perks of owning a home, including the luxury of space and privacy.

Renters can now confidentially choose a space that feels like home.

ABOUT AUTHOR

The emerging single-family rentals (SFR) community are growing in popularity, filling the void between multifamily rentals and owning a home.
Brian Rodriguez, Associate Managing Director of Multifamily Investments.

Brian Rodriguez, Associate Managing Director of Multifamily Investments, provides oversight to several community teams. His strategic direction guides and supports his teams to achieve a high level of operational excellence, signature to Mark-Taylor.

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Why are Build-to-Rent Homes a Top Choice in Phoenix?

Investments Growing In Build-To-Rent Single-Family Homes

What Are Tenant Preferences In Single-Family Build-For-Rent?

Rents Increase In April But Rent Growth Is Slowing

By
John Triplett
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Nationwide rents increased another 0.5 percent in April, but even as the busy season picks up, rent growth is slowing now

Nationwide rents increased another 0.5 percent in April, but even as the busy season picks up, rent growth is coming in slower than in previous years, Apartment List says in their May report.

“When prices skyrocketed during the pandemic, April rent growth clocked in at 1.1 percent in 2022 and 1.7 percent in 2021. And even before the pandemic, April rent growth was higher than it is today. Of course, regional variation exists, but the national numbers speak to a continued, broad cooldown of the rental market.,” the report says.

While April was the third straight month showing some rent increases, a combination of sluggish demand and increasing supply is keeping rent growth in check.

Nationwide rents increased another 0.5 percent in April, but even as the busy season picks up, rent growth is slowing now

Year-Over-Year Rent Growth

Year-over-year rent growth is continuing to decelerate, and now stands at 1.7 percent, its lowest level since March 2021.

Year-over-year growth is now below the average rate from 2018 to 2019 (2.8 percent), and it is likely to decline even further in the months ahead.

Nationwide rents increased another 0.5 percent in April, but even as the busy season picks up, rent growth is slowing now

What Is Happening On The Supply Side?

On the supply side, “our vacancy index currently stands at 6.8 percent, surpassing the average pre-pandemic rate and continuing to trend upward.

Nationwide rents increased another 0.5 percent in April, but even as the busy season picks up, rent growth is slowing now

“With a record number of multi-family apartment units currently under construction, some property owners may start struggling to fill vacancies for the first time since the early stages of the pandemic,” Apartment List economists write in the report.

What Is Happening In The Largest Cities?

Rents increased in April in 69 of the nation’s 100 largest cities, down from 83 cities that saw prices rise last month.

At the same time, 40 of the top 100 cities are currently logging negative year-over-year growth up sharply from 28 cities last month. New York City saw the nation’s sharpest month-over-month increase, with prices there up by 1.9 percent in April.

Midwestern markets have seen the fastest rent growth over the past year

At the metro level, the fastest rent growth over the past 12 months has been occurring in the Midwest.

The following table shows the ten metropolitan areas that have experienced the fastest rent growth over the past six months, over the past year, and over the past three years.

Nationwide rents increased another 0.5 percent in April, but even as the busy season picks up, rent growth is slowing now

Conclusion

April’s 0.5 percent increase “represents a slightly slower rate of growth than we saw last month, indicating that the market remains sluggish even as rents continue on an upward trajectory. Year-over-year growth fell again to 1.7 percent – putting it solidly below the pre-pandemic average from 2018 to 2019 – and will likely decelerate even further in the months ahead. And even if demand rebounds over the summer, a strong construction pipeline should temper rent growth for the remainder of the year. Prices may not fall further, but they are also unlikely to increase significantly.”

Seattle City Council Caps Late Rent Fee Payment At $10

By
John Triplett
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Seattle Caps Late Rent Fee Payment At $10

The Seattle City Council has passed an ordinance to cap late rent fees at $10, according to reports, frustrating many small landlords who opposed it.

The city council put in place the $10 cap on late fees for rental payments after the council passed the decision on a 7-2 vote. Councilmembers Alex Pedersen and Sara Nelson voted against it. It now goes to the mayor for signature.

“Unfortunately, the Seattle City Council once again has decided to make providing rental housing a more risky and economically unsound endeavor,” said Ryan Makinster, Director of Governmental Affairs for the Washington Multi-Family Housing Association.

“While the housing crisis has been created by years of bad policy decisions at the local and state level, elected officials are still blaming and passing law directed at the industry that they should instead be encouraging, housing providers. It is short sighted policies like this that will only exacerbate the housing crisis, not help it,” Makinster said.

The frustration was clear from one small landlord, Alley, who told Jason Rantz on KTTH 770 AM, ““This comes on the back of about two dozen other laws that have changed in really substantial ways, as well as the pandemic eviction moratorium that had a lot of impacts for small landlords. And that context is really never discussed by the city council, which is kind of astounding.”

Alley argued that a $10 fee is not enough to incentivize tenants to pay on time, creating more hassle for local landlords.

Rental Housing Journal Seattle On-Site for April 2023 helpful, useful content for rental property owners, property managers, landlords and maintenance personnel.
See the print edition of Seattle On-Site Rental Housing Journal please click on the image above to read it.

The $10 late rent fee cap mirrors existing laws in Burien and Auburn. Councilmember Kshama Sawant told the Seattle Times the bill would make sure renters do not face compounding or exorbitant late fees, which can result in evictions.

“Late fees can suck renters into a debt vortex,” Sawant told the Seattle Times. Leases often include a per day late fee that accumulates until the rent is paid. Some tenants may face hundreds of dollars in late fees in a month.

“Most people really do try to pay their rent on time. Most people do have a decent relationship with their landlords,” Alley said. “There are good landlords, bad landlords, good tenants, bad tenants, we’re all just people. And there were systems in place for regulating that.”

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Landlords: Maintenance, Tenant Screening Are Biggest Struggles

By
John Triplett
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Maintenance and tenant screening are the biggest struggles than landlords and property managers face on a day-to-day basis

Maintenance and tenant screening are the biggest struggles than landlords and property managers face on a day-to-day basis, according to a Zillow survey of more than 1,000 rental property owners.

Zillow surveyed first-time and repeat landlords to learn what the most burdensome parts of the process are for them. The typical (median) landlord who completed the survey reported having two rental properties.

Top 5 challenges landlords say they face

  1. Repairs / maintenance
  2. Screening tenants (reading applications, doing background checks, credit checks)
  3. Scheduling or managing tours with potential tenants
  4. Renovations
  5. Collecting payments

According to Zillow’s survey data, almost all landlords (92 percent) said repairs or maintenance were among the top three most demanding responsibilities of managing a rental property, and 40 percent considered it the No. 1 most burdensome. Screening tenants (reading applications, completing background checks and credit checks) was a close second, with 71 percent of landlords reporting it among their top three most burdensome activities.

More than one-third of landlords (36 percent) said they wished they would have known how hard it would be to find reliable renters, and managing the rental (communicating with tenants, accounting, etc.) was more time-consuming than they had anticipated. Thirty-four percent also noted that they wished they would have known the leasing process (processing applications, scheduling tours, writing a lease, etc.) would take more effort than expected.

“Investing in a rental property can provide reliable income and housing for a renter who needs it, but it’s crucial for landlords to understand the responsibilities,” Manny Garcia, a population scientist at Zillow, said in the release. “Many landlords wish they had known more about the effort required to find tenants and keep the property in good condition.”

Zillow Group Population Science conducted a nationally representative survey of more than 1,000 people who own at least one property that they rent out. The study was fielded in February 2023.

The Zillow release said Zillow Rental Manager “provides landlords with the right tools to support them throughout the process, for free. In addition to offering housing providers an easy way to create their listing and get free access to the most visited rental network, Zillow Rental Manager has a ton of resources available now (and coming soon) to help them manage their portfolio and optimize their investment.”

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Cheap isn’t Always Cheerful: When it’s time to Retrofit Your Building with Seamless Wi-Fi, Choose the Right MSP Partner

By
By The Editors
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Delivering reliable and seamless Wi-Fi to residents isn’t easy as property owners contend with complex networks, multiple users and more

Delivering reliable and seamless Wi-Fi to residents isn’t at all easy. Property owners need to contend with complex networks, multiple users, no inhouse IT staff, no time to test – and no room for mistakes. Many are partnering up with managed service providers (MSP) who focus on delivering the capacity and coverage that thrills multi-dwelling unit (MDU) tenants and staff.

This is no time for speed dating or trial and error. The best way to get it right is to start by asking for the perfect MSP partner for your properties.

Specific domain experience in MDUs

Of course, you will check references, but better questions yield better understanding. Ask how many MDU properties they have connected. You will want to understand how the MSP’s services have changed the business of their other MDU property owners. They should be able to provide specific metrics that stand out on resident satisfaction, trouble call rates and costs. They should also be able to detail what property owners can do now that they could not do before (implement smart building digital transformation and IoT initiatives).

Technical expertise and experiences

The network is complex, and no one size fits all use cases. Time to sort out the “one trick ponies.” Are they specifically experienced in ALL the following technologies?

  • Broadband infrastructure
  • Cloud services
  • Network optimization
  • Security
  • Systems and APIs
  • Wi-Fi and switching

Also, ask what criteria and procedures they use to select the technologies to deploy. For extra points, learn about their proven interoperability by asking for a list of certified technology partners.

Trust

Do they meet your day-to-day needs? Review a sample of their monthly reports and look for trends in the specific parameters. Everyone says they are responsive but review the actual response times when problems occur, and escalation is required. Understand their backup and recovery processes and how they are executed.

Enduring Engagement

Sort out the ones who truly want to be your partner from the transactional types who only want you to sign a contract. Look for an understanding of different types of MDUs and the long-term needs of residents. See that they understand your goals and priorities as a property owner. Review how they regard trends and anticipate changes in the industry. Look for ongoing and regular collaboration sessions to discuss and select a solution from possible alternatives.

 Choose the Best Option for MDU Solutions

Cambium Networks works with several leading MSPs that help property owners get access to reliable, fast internet. For more information on the various architectures and the views of property owners and MSPs, read the solution paper, “Take Control of Your MDU Network.” You can download the paper here. Contact us to connect you with qualified MSP’s that fit your needs.

About Cambium Networks
Cambium Networks enables service providers, enterprises, industrial organizations, and governments to deliver exceptional digital experiences, and device connectivity, with compelling economics.  Our ONE Network platform simplifies management of Cambium Networks’ wired and wireless broadband and network edge technologies.  Our customers can focus more resources on managing their business rather than the network.  We deliver connectivity that just works.

Delivering reliable and seamless Wi-Fi to residents isn’t easy as property owners contend with complex networks, multiple users and more

Improve MDU Profitability AND Resident Satisfaction

7 Rental Market Trends To Watch In 2023

By
By The Editors
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the 7 rental market trends for 2023 include more investment-minded owners in the rental real estate market and more mixed-use properties

Buildium writes about the 7 rental market trends for 2023 the company is seeing in its annual property management and industry report and analyses from leading real estate sources in the industry.

The company  reports that over the last two years, many property managers’ business plans “were reactionary, keeping their businesses afloat amid lockdowns, record inflation, panicked residents, and a supply shortage on practically everything.

“As we get ready for 2023, we are waiting to see if the Federal Reserve will continue to raise interest rates to rein in inflation. That leaves rental-market predictions a bit tough to make, but there are some clear trends coming to the fore,” Buildium says.

7 biggest rental market trends for 2023

the 7 rental market trends for 2023 include more investment-minded owners in the rental real estate market and more mixed-use properties
Charts courtesy of Buildium.

 1. More Investment-Minded Owners in the Rental Real Estate Market

According to the 2023 Property Management Industry Report published by Buildium, Propertyware, and NARPM, 52 percent  of rental owners surveyed consider themselves intentional investors, while just 24 percent think of themselves as accidental landlords—those who own or inherited a property they couldn’t sell and so had to rent out—or unintentional investors, who became landlords by accident, but now consider themselves investors. That marks a significant increase in the share of investors that are a part of property managers’ client base over the last five years.

With more investment-minded owners in their client base, property managers have had to pivot their own service offerings. The prior typical landlord just needed a professional to handle maintenance, rent collection, and tenant turnover; today, more owners want a partner in their investment strategy.

Many property managers now advise their clients on property upgrades and services that will help increase value and portfolio expansion. Being experts in their local market, some investors rely on their property manager to find properties in which to invest.

Think about the services you currently offer. How could you capitalize on your team’s expertise to meet the demands of more investment-minded rental owners? Could you partner with a local contractor to offer property upgrades, or build your own team in-house, for example? Then, rethink your marketing strategy to ensure your new service offerings are included.

2. Mixed-Use Properties Are Back

While mixed-use properties—those that include a blend of residential, retail/entertainment, and business properties—lost some ground during the pandemic, the trend is making a comeback as construction gets under way once more.

According to Price Waterhouse Cooper’s (PwC) Emerging Trends in Real Estate 2023, of the 1,300 malls in the United States, 500 are undergoing renovation into mixed-use spaces. The properties offer plenty of attractive features for residents, including easy access to restaurants, shops, and entertainment, as well as such essentials as grocery stores and medical centers.

Mixed-use properties may be worth a look for investment-minded property managers, particularly those who have the staff and resources to add commercial spaces to their portfolios.

Even if mixed-use is not on your radar, in terms of your clientele, it’s still worth knowing how those properties could affect your current portfolio. For example, properties near a mixed-use complex will benefit from the convenience of being near so many shops, restaurants, and other resources.

3. The Suburbs and Single-Family Rentals Are Still Attractive

Both PwC and Buildium’s reports point to the continued popularity of single-family rentals. According to the latter, 68 percent of respondents lived in suburban or rural areas, a number that has steadily increased over the last five years. These tenants are looking for:

  • A safe, quiet, family-friendly neighborhood
  • The indoor and outdoor space that allows them to grow their families, whether that means welcoming children, pets, or other family members
  • A child-friendly home that provides air conditioning, a washer and dryer, and a dishwasher

Property managers with single-family properties in their portfolios can attract residents by providing these amenities.

One thing property managers should keep in mind, however, is the amount of debt and lack of savings single-family renters tend to have. In our Single-Family Renter’s Survey, we found that single-family renters had larger families to support, less savings and more debt. As the economy continues to slide as we move toward 2023, it’s important to keep in constant communication with residents and to work with those who may be affected by the current economic climate.

4. Record Inflation Will Most Likely Continue in 2023

From food to gas to home heating fuel, everything costs more now. In fact, according to the Federal Reserve Bank of Dallas, inflation is now at a 40-year high. Despite the passing of the Inflation Reduction Act, the cost of living is still rising as we move into 2023.

According to the 2023 Property Management Industry Report, 26 percent of renter respondents paid most bills on time and in full and 11 percent reported that they’re struggling to keep up with their household expenses.

During the height of the pandemic, property managers found that open lines of communication between themselves and their residents helped ease the burden of missed rent payments. Those lines will continue to play a vital role in your property-management strategy. Property managers can continue to help residents find government assistance programs, for example.

At the same time, rising costs will affect how property managers keep their businesses profitable, as well. Look at your vendor costs and overhead, for example, to see where you can renegotiate contracts or find more economic solutions.

5. Mortgage Interest Rates May Continue to Rise

In early November, the Fed raised interest rates for the fourth time in 2022 to just over 7 percent. The Nasdaq is predicting that they could reach as high as 9 percent in 2023. The dramatic increase has forced Americans who were looking to become homeowners to reconsider, and continue to rent.

Property managers should keep an eye on the Fed to see how mortgage rates net out in the coming months and adjust their marketing and resident onboarding strategies to keep vacancy rates at a minimum.

6. Renters Are Now Coming from Multiple Age Groups

Baby boomers, who are becoming tired of the hassle of keeping up a house, now make up a significant portion of renters in the United States. At the same time, more millennials, the largest generation in the country, enter the housing market every year, usually as renters first.

For property managers, this means a shift in the types of housing and services they provide their residents. Older residents, for example, will look for accessibility and convenience to help them age at home. Elevators, ramps, safety rails in bathrooms, and other ADA-compliant equipment are sought-after features in rental properties.

Communications, marketing, and amenities will also shift. Residents—even baby boomers—will be looking for more convenience, more digital options for communication and rent payment, as well as services that cater to multiple generations within a household.

7. Renters Are Looking for Diversified Space

The shift to work-from-home and the increased number of families-as-renters will continue to have an effect on the types of spaces renters are looking for. According to PwC and our Industry Report, rental market trends show more residents want:

  • Homes with an extra room or flex space: Owners are borrowing space from larger open rooms to create smaller private spaces, or adding an office in dead space off a hallway.
  • Units with outdoor space: That doesn’t necessarily mean a large yard. Outdoor spaces could be a simple patio or a small garden.
  • A mix of public and private spaces: For example, a home may have a larger kitchen and living room with adjacent food prep spaces or book nooks.

“As 2023 draws closer, the buzz around rental-market predictions becomes louder, and the opportunities for property managers and owners to invest in, improve, and expand their properties become more apparent.

“For more detailed information on coming rental real estate trends for 2023, check out our full 2023 Property Management Industry Report.”

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Can You Detect Smoking in Furnace Filter?

By
Hank Rossi
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Can you test a furnace filter to detect smoking and nicotine in your rental property is the question this week for Ask Landlord Hank

Can you test a furnace filter to detect smoking and nicotine in your rental property is the question this week for Ask Landlord Hank. Remember Hank is not an attorney and is not offering legal advice. If you have a question for him please fill out his form below.

Dear Landlord Hank,

Can nicotine be detected in a furnace filter that hasn’t been changed in three years? (It is now a no-longer-smokers furnace in the rental.) How reliable is it to test a furnace filter for nicotine?

–Carol

Hi, Carol,

If you’ve had a smoking tenant in your property for quite some time, just changing the filter is not going to be sufficient to get rid of the smoke smell in your system to detect smoking.

It is more than likely that cigarette smoke has left a film on the system’s ducting and condenser coils, which will continue to produce that stale-smoke odor until it is removed by a special cleaning process.

It is a good idea to have your system cleaned once or twice per year to get rid of any buildup of dirt, dust, smoke particles, etc., as these things create an insulating layer on the coils and reduce the coolness from leaving the coils.

You can also have an in-duct air-purification system installed to prevent any outdoor smoke from getting into your home.

Sincerely,

Hank Rossi

Each week I answer questions from landlords and property managers across the country in my “Dear Landlord Hank” blog in the digital magazine Rental Housing Journal.    https://rentalhousingjournal.com/asklandlordhank/

 

Can you test a furnace filter to detect smoking and nicotine is the question this week for Ask Landlord Hank
Landlord Hank says, “If you’ve had a smoking tenant in your property for quite some time, just changing the filter is not going to be sufficient to get rid of the smoke smell in your system.”

Ask Landlord Hank Your Question

Ask veteran landlord and property manager Hank Rossi your questions from tenant screening to leases to pets and more! He provides answers each week to landlords.

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A Tenant Poured Grease Down Drain Who Is Responsible?

 

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As Apartment Size Shrinks, Storage-Unit Demand Grows

By
John Triplett
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As apartment size shrinks in newly built apartment communities, renters are seeing a higher demand now for storage-unit space

As apartment size shrinks in newly built apartment communities, renters are seeing a higher demand now for storage-unit space, according to a survey by StorageCafe.

“As new apartment units are mostly built in large-scale communities, living space is dwindling, making many people seek storage solutions away from home. In fact, our survey shows that self-storage is now particularly popular among renters,” the survey says.

“We asked approximately 18,000 people why they use self-storage, what they keep there, what types of unit they use, and more.”

As apartment size shrinks in newly built apartment communities, renters are seeing a higher demand now for storage-unit space

Key takeaways from storage unit study:

  • More than a fifth (21 percent) of Americans currently use self-storage, with another 15 percent saying they intend to do so in the future.
  • Furniture is the item most commonly put in a self-storage unit.
  • Not having enough space at home is now the main reason for using self-storage, reported by 40 percent of current storage users. That overtook moving, reported by 34 percent.
  • Larger households have more need for self-storage — 27 percent of those with five or more members currently turn to storage away from home.
  • People between ages 40 and 55 — mostly the Gen Xers — are in the age group most likely to be renting self-storage right now.
  • New York, Chicago, and Houston were the U.S. cities that showed the greatest interest in self-storage in 2022.
  • Las Vegas, Nev., is the city that gets the most searches for all types of vehicle-storage units.

Conclusion

The report says, “the keenest self-storage renters are Gen Xers living in averaged-sized residences, perhaps with large households, and more commonly renting than owning their homes — they appear to be rather keen on putting sports gear in storage, too.

“These days, in a shift from previous patterns, people are more likely to rent storage to take the strain off their living space than because they are moving home. Self-storage is searched for more than ever across the nation’s largest cities — particularly in the Southwest — and its costs are always much more reasonable than residential space, enabling residents in all types of accommodation to maximize their lifestyles,” the Storage Café report says.

As apartment size shrinks in newly built apartment communities, renters are seeing a higher demand now for storage-unit space

Read the full report here.

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Some Multifamily Rent Gains Despite Economic Uncertainties

Rent Growth in 2023 Likely On Low Side of Normal

36 Percent Of Remote Workers Planning To Move in 2023

How a “Renters Bill of Rights” Could Affect Housing Providers

By
By The Editors
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ere are five principles in the proposed renters bill of rights which carry no mandate, but landlords still need to be aware of

Here are five principles in the proposed renters bill of rights and while it does not carry any mandate, landlords still need to be aware of what it contains.

By Scot Aubrey

Depending on where you live in the country, as a landlord you operate under a varying set of rules and regulations.  Those who occupy your properties also are entitled to their own set of rules and regulations, and to quote Kipling, “never the twain shall meet.”

Regardless of your location, there will always be a perceived or actual inequality when it comes to who the rules favor, an inequality which the Federal Government appears poised to throw their efforts at to resolve.

Enter “The White House Blueprint for a Renters Bill of Rights,” a white paper which does not create an official policy and carries no mandate for policymakers or individuals.  This Bill of Rights identifies five basic principles and associated best practices that the Biden administration believes, if implemented, would decrease tenant exploitation, create a more equitable rental market, and help ensure fair housing practices are more closely adhered to by landlords.

Since rules put in place to protect renters become the responsibility of the landlord, it is critical to understand what could be proposed in the near future.  The Blueprint for a Renters Bill of Rights is comprised of the five following principles and their application as follows:

  1. Access to Safe, Quality, Accessible and Affordable Housing: At the heart of this principle is the suggestion that a renter should pay no more than 30 percent of their household income on housing costs.  This puts the onus on owners to provide habitable properties, with functioning appliances, and to utilize fairly priced on-boarding practices and fair rental rates.
  2. Clear and Fair Leases: The majority of landlords already subscribe to the model of having clear and fair leases; that’s why they find success and longevity as an investor.  In this principle the government is looking to somehow normalize the actions that you and I already do as part of managing our portfolio: a) use clear and simple language, b) use transparent policies related to security deposits, and c) provide reasonable notice of actions relating to the property.
  3. Education, Enforcement, and Enhancement of Rights: Emphasizes that all governments should ensure that renters know their rights so they can be protected against discrimination.  In addition to the standard protected classes covered under the Fair Housing Act, their proposal is that “source of income” should be added to the list of protected areas.  Again, most landlords have adhered to these principles and practices as part of their successful management style.
  4. The Right to Organize: Renters would have the “freedom to organize without obstruction or harassment from their housing provider” without jeopardizing their housing.  Per the research behind this paper, organizing by tenants “has been met with retaliation” like prohibition of use of public spaces and the threat of eviction, resulting in tenant fear to approach their landlord.
  5. Eviction Prevention, Diversion and Relief: A renter’s access to resources to avoid eviction, a fair and legal eviction process, and a proposal to immediately seal eviction cases so they can’t be used by potentially future landlords are all part of the final principle.  Efforts proposed in this blueprint would have immediate and far-reaching effects into your business as a landlord, even if only partially adopted.

As stated before, this is only a white paper published by the White House Domestic Policy Council and National Economic Council, and while it is not in place now, it can and will have an impact on the development of policies in our state and local governments.  As a landlord you should dedicate the time to read it in its entirety to see what could be coming your way in a future legislative session near you.  You can also listen to a thorough analysis of each principle on the Rent Perfect channel on YouTube.

About the author:

Scot Aubrey is Vice-President of Rent Perfect, a private investigator, and fellow landlord who manages short-term rentals.  Subscribe to their weekly Rent Perfect Podcast (available on YouTube, Spotify, and Apple Podcasts) to stay up to date on the latest industry news and for expert tips on how to manage your properties.

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Why I Like My Rental Properties’ Nosy Neighbors

Three Steps to Becoming a Successful, Lazy Landlord

Living in harmony with nature: Keturah Reserve is the first Bio Living project in Dubai

By
By The Editors
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The Dubai’s Keturah Reserve residential project is the first Middle Eastern development project applying Bio Living concept

By AX CAPITAL

New residential projects in Dubai are often concrete skyscrapers with fine dining restaurants, rooftop pools, and sky-high observation decks. However, the United Arab Emirates is more than just high-rise towers; the country is committed to clean air, sustainable private communities, exotic gardens, and vast green spaces. Dubai’s Keturah Reserve residential project takes sustainable living to the next level, as it is the first Middle Eastern development project applying the Bio Living concept. It’s a place where nature is juxtaposed with living spaces, creating an ideal destination for those seeking to harmonise themselves with the environment.

A residential project in Dubai where humanity and nature become one

The residential project of Keturah Reserve in the UAE offers a collection of exclusive one- to four-bedroom apartments and townhouses in Meydan, one of the most prestigious neighborhoods in Dubai. The project’s developer is the multinational MAG Group Holding, which has masterfully created a unique community where residents can enjoy luxury-class features and premium hotel service. Keturah Reserve’s ultra-modern townhouses and the surrounding ecology blend together seamlessly, resulting in a one-of-a-kind marriage of nature and architecture.

The interior and exterior of the houses will be made of the same materials, evoking a sensation of complete serenity. Minimalistic shapes, an abundance of daylight, and huge windows are but a few hallmarks of the project. The design melds stone, wood, bronze, linen fabrics, and plants to complement the nature-inspired interior. Pools and bodies of water abound on the grounds and are flush with the floor and walking paths. In the heart of the community will be a large park lined with majestic olive trees sourced from all over the world.

Hisham El Assaad, Head of Off-plan at AX CAPITAL agency.

“Keturah Reserve will be an extension of the Downtown and Business Bay area as road work improvements are underway. It is a haven of tranquility living in an unparalleled location within the master-planned Meydan City, a mega master-planned 3.67-million-square-metre development that is surrounded by greenery and entertainment. The epicenter for bio-living, Keturah Reserve is the only location that protrudes exclusivity, elegance, and sustainability and promotes holistic wellness. It’s a sanctuary surrounded by natural lush greenery, diverse hundred-year-old olive trees, plans, and invigorating public spaces to rejuvenate the soul,” said Hisham El Assaad, Head of Off-plan at AX CAPITAL agency.

Keturah Reserve: Wellness in all aspects of life

In addition to the unique modern design, the new project under development in Dubai brings you closer to nature, making it a perfect place to wind down after a busy day. Residents of the project by MAG Group will have access to gyms with top-notch equipment and various pools, including a pool with water exercise bikes.

Residents will also be able to practice yoga and meditation, gymnastics, martial arts, shooting, and fencing, have access to a dance studio, and play basketball, volleyball, football, and tennis. What’s more, the project will have a cross-fit club and spa and hair salons for women and men.

All residents—regardless of age—will be able to attend an art school on the premises. Entrepreneurs will be able to stay close to home and their families if work calls by being a short walk from co-working spaces and a business centre, which will have a large live tree inside and noise-cancelling equipment. Kids, meanwhile, will have the opportunity to let their curiosities run free in areas with designer textile sculptures, a children’s pool, a park, and a garden.

Property prices in Keturah Reserve

Today, while the project is under development, you can buy a property in the wellness-focused project in Dubai at a bargain price that is lower than the market price. For instance, you can buy a one-bedroom apartment for AED 2.73 million (USD 743,500), while a two-bedroom apartment in the new residential project in Dubai costs AED 3.82 million (USD 1.04 million). A three-bedroom unit starts at AED 7.28 million (USD 1.98 million) and a four-bedroom residence from AED 10.53 million (USD 2.87 million).

You can purchase a new villa in Dubai at Keturah Reserve for a price starting from AED 11.94 million (USD 3.25 million).

When buying any unit in this upscale project, investors are entitled to apply for a residence visa.

Project under development in Dubai: The best investment solution

Investing in luxury real estate in Dubai today is one of the safest and most profitable strategies. Expensive housing in prestigious communities of the Emirate is in high demand today and has been trending upward. Over the past year, the number of transactions for elite properties has almost doubled. Analysts predict that the growth rate of property prices this year in some neighborhoods can reach 46%, with an average of +15%. In addition, during the construction phase, the property’s value will increase by 20%–30%. Therefore, buying real estate at the first stage of construction to sell it once you’ve fully possessed it will allow you to make a significant profit.

“Prices in Keturah Reserve have experienced an increase slightly above the five percentile since launch. The value remains underpriced in relation to the luxury segment that hovers around the AED 2,900s/sq. ft upwards with a reserved outlook of a 20% increase by handover.

Fundamentals are numerous to the accelerated growth and momentum in Dubai’s real estate market. The support by the government through the ongoing introduction of policies and regulations aimed at promoting transparency in real estate dealings continue to attract foreign investment.

In addition, a growing population projected for the coming years and a favorable regulatory environment for investors and businesses are pillars to the appreciation in property value that buyers can benefit from,” said El Assaad.

Real estate in Keturah Reserve is not only a smart investment but also a unique opportunity to live in a futuristic neighborhood in a tranquil nature setting.

Real estate agency experts at AX CAPITAL https://www.axcapital.ae/ are ready to guide you through the top property offers regardless of whether you are a first-time buyer or an experienced investor. We will help you choose an option with a high return on investment and arrange all the paperwork.

About the author:

AX CAPITAL is a real estate agency helping customers to buy or rent real estate in Dubai, United Arab Emirates. The company has closed over 6,000 deals. Over 70 leading developers, such as Emaar Properties, Sobha Group, Damac Properties, etc., are the agency’s long-term partners, which enables it to select a suitable option for everyone from over 5,000 listings in its database. Contact the company at axcapital.ae.”

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