NAAEI Hosts Bed Buginar on November 4 at 2 p.m. ET
In partnership with Orkin, NAAEI hosts “Bed Bug-inars” on how to prevent and identify bed bug infestations, as well as what to do if bed bugs are found in an apartment.
Who Should Attend: Onsite Property Managers, Leasing Consultants, Maintenance Professionals, Regional Managers, Corporate Executives and Legal Professionals
When: November 4, 2010 at 2 p.m. ET. Register Online
Each Webinar is expected to last one hour, plus time for Q&A.
Cost: $69 members and $89 for nonmembers
Speaker: Orkin's Director of Technical Services Dr. Ron Harrison
Topics will include:
• Introduction to Bed Bugs
• Resident Responsibilities
• Prevention
• What to do in the event of a Bed Bug sighting
• How to work with residents
• How to avoid litigation
Downloadable resources will be made available to attendees. NAAEI Designates and Certificate Holders will earn one CEC/PDA for attending this Webinar.
Headlines
Top Story
Fannie Mae Survey Finds the American Dream is Up for Rent
Industry News
Recovery in Building Is Forecast for 2011, Including Apartments
Colorado Springs Vacancy Rate Edges Up in Q3, But Is Down From Year Ago
Boston Sees Surge In Apartment Building Starts
Most Are Worried About Housing Payments, Post Survey Shows
Home Properties Announces Quarterly Dividend
Colonial Properties Q3 2010 Funds From Operations Slips
Commercial Property Prices Slide in August, But Apartments Fare Well
BRE Properties Names Deborah Jones as Executive VP, Associate Relations and Development
When Politics Roil the Workplace
AOBA Alliance Offering Electricity Procurement Services to Philly Owners
Legislative/Legal News
End of Homebuyer Tax Credit Drives Up Apartment Occupancy, Vegas Firm Reports
Charleston to Hold Apartment Owners Responsible for Residents' Mess
Indiana City Backs Off on Rental Registry Idea
More and More Florida Apartments Bar Residents from Lighting Up
Top Story
Time Warner Cable Community Solutions has proven success partnering with MDU owners, providing quality voice/video/data products to their residents.
Fannie Mae Survey Finds the American Dream is Up for Rent
Digested From "Survey Finds the American Dream is Up for Rent"
Chicago Tribune (10/29/10) by Mary Umberger
A new report from Fannie Mae provides more evidence that American consumers are feeling increasingly cautious about homebuying. Also within the report is evidence that attitudes are warming toward renting. The number of Americans who said their next home would likely be a rental grew to 33 percent from 30 percent in April, and 60 percent of those currently renting said they would continue to do so -- up 6 points from April. Rents are rising as a result, though they are still a far cry from when the rental market was booming. Increased rents are often attributed to recent college graduates, who boast a much lower unemployment rate than the rest of the country and are in the market to lease their first apartment.
Industry News
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Recovery in Building Is Forecast for 2011, Including Apartments
Digested From "Recovery in Building Is Forecast for 2011"
Wall Street Journal (10/29/10) P. A2; by A.D. Pruitt
McGraw-Hill estimates that the value of new projects that break ground will climb to $445.5 billion in 2011 -- an 8 percent jump from this year. While new development of single-family homes, apartment communities, and commercial buildings is slated to increase, forecasters believe construction of highways, bridges, and other public infrastructure will decline. Even with 2011's expected rise in federal stimulus funds, building activity will fall far short of the 2006 peak of $689.3 billion in construction starts.
Colorado Springs Vacancy Rate Edges Up in Q3, But Is Down From Year Ago
Digested From "Apartment Vacancy Rate Edges Up in Quarter, But Still Down From Last Year"
Colorado Springs Gazette (10/28/10) by Rich Laden
A new Apartment Insights study shows that the vacancy rate for Colorado Springs-area apartments stood at 6.6 percent in the third quarter -- a slight increase from 6.2 percent at midyear, but down sharply from 7.8 percent in the third quarter of 2009. Additional troops who have come to Fort Carson coupled with increased demand by homeowners who have lost their houses to foreclosure have translated into a steady demand for apartments locally. Tighter borrowing requirements that have thwarted some potential homebuyers have also played a role. Demand was strongest for rental units in apartment communities erected after 1980, reports Doug Carter, an Apartment Insights partner. However, the report also shows the vacancy rate for older apartments declined to 7.6 percent from 10 percent in late 2008. Analysts say this is an indication that the weak economy is prompting many apartment residents to seek cheaper rental digs. Apartment Insights reports that monthly rents averaged $707 locally in the July-through-September period, an increase from $695 in the third quarter of 2009.
Boston Sees Surge In Apartment Building Starts
Digested From "Boston Sees Surge In Apartment Building Starts"
REJournals.com (10/27/2010)
Boston is the latest U.S. market to join the apartment construction bandwagon. Citywide, developers are having a hard time gaining financing for new office towers and high-rise condominiums with the economy still in such fragile condition. This, in turn, has prompted a dramatic increase in proposals for apartment communities. There are currently more than a dozen such pending projects amounting to $1 billion. Though still in need of financing, these apartment will provide additional rental housing that the whole city is clamoring for. There has been a shortage in Boston apartments for years that has resulted in high rents. The need for more multifamily housing further proves that the apartment building industry is in much better shape than the rest of the economy. Several of the proposed communities are actually former luxury condominium developments that have been stalled when the market crashed two years earlier. The majority of the planned apartments are in downtown Boston, which has a lower than national average vacancy rate at 5 percent. In this year's third quarter, Greater Boston marked the lowest vacancy level in 21 months with a measure of 5.4 percent.
Most Are Worried About Housing Payments, Post Survey Shows
Digested From "Most Are Worried About Housing Payments"
Inman News (10/29/10)
A Washington Post survey reveals that 53 percent of respondents are worried about not having enough money to pay their mortgage or rent, up from 46 percent in February 2009 and 37 percent in December 2008. Still, 61 percent of the more than 1,000 respondents believe now is a good time to purchase a home, compared to 29 percent who sat it is a bad time to buy.
Home Properties Announces Quarterly Dividend
Digested From "HME Announces Quarterly Dividend"
Rochester Business Journal (10/28/10) by Mary Stone
Home Properties Inc. has declared a third-quarter dividend of 58 cents a share, which will be payable Nov. 23 to shareholders of record as of Nov. 12. According to the company, Home Properties' common stock will begin trading ex-dividend on Nov. 9. Home Properties is a Rochester, N.Y.-based multifamily REIT with a portfolio of 115 apartment communities located mostly along the East Coast.
Colonial Properties Q3 2010 Funds From Operations Slips
Digested From "Colonial Properties 3Q Funds From Operations Slips"
Business Week (10/28/10)
Colonial Properties Trust confirms that its funds from operations declined in Q3 2010 as the apartment REIT booked charges on costs related to the redemption of preferred shares. The Alabama-based company recorded funds from operations of $16.3 million for the three-month period ended Sept. 30 versus FFO of $28.7 million during the same period a year earlier. Quarterly revenue, meanwhile, rose to $91.1 million from $84.7 million a year ago. According to the REIT, its apartment communities open at least one year had an average occupancy rate of 96.5 percent. Colonial Properties Trust currently owns or manages nearly 34,000 rental apartments and 17.8 million square feet of commercial space. It expects to report funds from operations of 97 cents to $1 per share for the full year.
Commercial Property Prices Slide in August, But Apartments Fare Well
Digested From "Commercial Property Sees Prices Slide"
Wall Street Journal (10/27/10) P. C9
The Moody's/REAL Commercial Property Price Index tallied 105.37 in August, a 3.3 percent decline from the previous month and the lowest reading since early 2002. Not all property sectors posted declines, though. According to Moody's, prices were down for industrial and retail properties but up for apartment communities and office buildings.
BRE Properties Names Deborah Jones as Executive VP, Associate Relations and Development
Digested From "BRE Properties Appoints Deborah J. Jones as Executive Vice President, Associate Relations and Development"
MarketWatch (10/28/10)
BRE Properties Inc. has promoted Deborah J. Jones from senior vice president to executive vice president, associate relations and development, effective immediately. The 60-year-old joined the apartment REIT five years ago as vice president of associate relations and development and was promoted to senior vice president in 2007. In that role, she was in charge of human resources functions, benefits administration, training, HR information systems, and performance evaluation and career planning programs. In her new capacity, Jones will work closely with the executive team and board of directors on management development. BRE President and CEO Constance B. Moore remarks, "She came on board to realize our goal of integrating traditional HR services with a comprehensive associate training program to attract, train and retain the best professionals in the multifamily business. Deborah partnered with executive management to realize that vision, improving accountability and execution, and raising the bar for professionalism in all levels of the company."
When Politics Roil the Workplace
Digested From "Pre-Election Office Politics"
Wall Street Journal (10/27/10) by Sue Shellenbarger
Deborah Weinstein, an adjunct professor of employment law at the University of Pennsylvania's Wharton School, says she has been contacted recently by more than a dozen employers seeking advice on managing political talk at work. She and other workplace specialists agree that setting clearly definedrules of engagement is sometimes necessary in order to keep the peace in the workplace. Bosses are being advised to simply remind people to focus on their jobs and stress the need to respect others' views. Still, managers must be vigilant in order to intervene in conflicts between employees, if necessary, before they become out of hand. Weinstein observes that political campaigns have "become so negative and adversarial that it gets people all riled up. People will tell a manager or supervisor, 'I am being harassed by so-and-so because I'm part of the tea party.'" For some employers, though, political debates are used as a way of stimulating ideas and honing communication and teamwork. At Wisconsin-based GMR Marketing, for instance, executive vice president Greg Busch notes that political differences are treated "like college football rivalries. Just as you would trash talk the other guy's school on a big-game weekend, you make your point in a fun, spirited way."
AOBA Alliance Offering Electricity Procurement Services to Philly Owners
Digested From "AOBA Alliance Now Offering Electricity Procurement Services to Building Owners and Property Managers in the Philadelphia Area"
Business Wire (10/28/10)
In the Philadelphia metro area, the AOBA Alliance Inc. is now offering electricity procurement services to apartment communities, office buildings, and all commercial PECO customers. Rate caps expire in the utility's service territory starting Jan. 1, 2011. Frann Francis, senior vice president and general counsel for the Apartment and Office Building Association of Metropolitan Washington (AOBA), states, "Building owners and managers new to competitive electricity markets need the ability to benefit from group purchases and an experienced energy advisor with an understanding of their specific business requirements. AOBA Alliance is that partner for the PECO area." The AOBA Alliance has saved participants more than $500 million in electric and natural gas costs since it was formed a decade ago. The Pennsylvania Public Utilities Commission approved the AOBA Alliance as a broker and marketer of electricity supplier services on Oct. 14. PECO is an electric and natural gas utility subsidiary of Exelon Corp.
Legislative/Legal News
End of Homebuyer Tax Credit Drives Up Apartment Occupancy, Vegas Firm Reports
Digested From "End of Homebuyer Tax Credit Drives Up Apartment Occupancy"
Las Vegas Sun (10/27/10) by Buck Wargo
The cessation of the federal tax credit to purchase a home has stimulated the apartment market, says a Las Vegas research firm. Applied Analysis reported that the apartment occupancy rate rose 1.2 percentage points to 91.9 between June and September 2010. The occupancy rate was 91.1 percent at the end of last year's third quarter. Jake Joyce, project manager for Applied Analysis, said the occupancy volume may increase even more because first-time homebuyers have been precluded from purchasing homes because the federal government has ended its $8,000 tax credit. The average rate charged by rental units in the third quarter was $760 per month, down from $766 in the second quarter and $841 in the third quarter of 2009.
Charleston to Hold Apartment Owners Responsible for Residents' Mess
Digested From "Charleston to Hold Landlords Responsible for Tenants' Mess"
Post and Courier (SC) (10/27/2010) by David Slade
Charleston, S.C., has adopted new regulations aimed at holding apartment owners and managers responsible if their residents create a mess, though the rules of the regulation are much less strict than when they were first proposed. It is aimed specifically at absentee owners who rent downtown apartments to college students. Downtown neighborhood associations have applauded the efforts as a tool to help combat noise, litter, and piles of streetside trash the size of sand dunes that appear on every "move-out day." After multiple sessions during which the regulations were debated and altered, the city decided upon an ordinance that says an owner who does not live at the property and who does not employ a licensed manager or management company can be cited for violating the city code if he allows a nuisance to continue after receiving notice of a problem.
Indiana City Backs Off on Rental Registry Idea
Digested From "City Backs Off on Rental Registry Idea"
iStockAnalyst (10/27/10) by Joyce Russell
Portage, Ind., is backing away from the idea of requiring residential rental property owners to register with the city and is instead moving toward a partnership with private industry groups in hopes of working with such owners when problems arise. Specifically, Code Enforcement Officer John Siroky will be working with representatives of the Indiana Apartment Association and the Greater Northwest Indiana Association of Realtors to formulate a program. The groups will then help facilitate information from property owners. Details have not been worked out yet, but the city made the decision to tackle the issue after they encountered difficulty in finding owners of some apartment communities when there were violations of the city's property maintenance ordinance.
More and More Florida Apartments Bar Residents from Lighting Up
Digested From "Some Apartments Bar Residents from Lighting Up "
Daytona Beach News-Journal (FL) (10/27/10)
In Florida, a growing number of apartment communities and condo complexes are barring residents from smoking, even in their own homes as residents and managers alike are beginning to seek protection from the secondhand smoke they say is seeping into their units. Chip Tatum of the Florida Apartment Association states, "It's something that will start slow and then explode when there are positive results. But right now, there is so much uncertainty that [communities] are afraid to take the leap and possibly alienate any residents. Each one is critical right now." According to Matt Blocher, senior vice president of marketing for the JBG Companies, the decision has driven more residents to smoke-free apartments than it has detracted. HUD issued a notice in 2009 encouraging public-housing authorities to consider smoke-free policies, and many have. Still, some apartment owners and managers believe it is not their right or responsibility to dictate how people live their lives in their own apartments.
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