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Bush Shares Presidential Insight with NAA Education Conference Attendees
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Bush Shares Presidential Insight with NAA Education Conference Attendees
Industry News
'Maintenance Mania®' Crowns Best Maintenance Technician in the Country 
Orlando Apartment Rents Keep Falling in Q1 2010
Pets Rule the Roost at These Minnesota Apartment Communities
Colorado Springs' Apartment Vacancy Rate Continued to Decline in Q2 2010
Laura Khouri Named President of Western National Property Management
UDR Upgraded to Outperform
Twin Cities' Apartment Sector Shows Marked Improvement in 2010
ULI Senior Fellow McIlwain Predicts an End to the 'Suburban Century'
Legislative/Legal News
New York Legislature Passes Bedbug-Notification Law
Apartment Safety Program Offered in Greeley, Colo.
Not All Grills Allowed on Apartment Decks in Colorado Springs
Asheville, N.C., Fire Officials Crack Down on Grills at Apartments
Huntsville, Ala., Bicycle Parking Law Rolls Closer to Passage
Top Story
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Bush Shares Presidential Insight with NAA Education Conference Attendees
Digested From "Bush Shares Presidential Insight with NAA Education Conference Attendees"
UNITS (06/10) by Paul R. Bergeron III
President George W. Bush delivered the keynote address at this past week's NAA Education Conference & Exposition in New Orleans to a highly receptive audience. The 43rd U.S. President offered a review of his eight years in the Oval Office and his life after the presidency, but made no specific comments about the Obama administration. For the most part, Bush focused on optimism in speaking to a ballroom packed with more than 4,000 apartment professionals. He praised the attendees as being a group of entrepreneurs, risk-takers, and job creators. He went on to state his belief that the federal government's role is not to create wealth, but to establish an environment that gives its citizens the ability to create wealth for themselves. He concluded, "The marketplace is the best means by which to determine the allocation of resources. The private sector -- not the government -- is where jobs are created."
Industry News
'Maintenance Mania®' Crowns Best Maintenance Technician in the Country
Digested From "'Maintenance Mania®' Crowns Best Maintenance Technician in the Country!"
ABC 26 (New Orleans) (06/25/10) by Chriss Knight
Approximately 3,000 maintenance technicians from all over the nation competed for 20 spots on the National Apartment Association's Maintenance Mania® competition last week in New Orleans. The contestants raced against each other in eight different timed events. This year's winner, a maintenance worker named David from Indianapolis, changed a smoke detector in nine seconds!
Orlando Apartment Rents Keep Falling in Q1 2010
Digested From "Orlando Rents Keep Falling in 1st Quarter"
Orlando Sentinel (FL) (06/27/10) by Mary Shanklin
HUD reports that Orlando had the country's biggest rent decrease for apartments between the fourth quarter of 2009 and the first three months of this year. The average asking monthly rent slipped more than 2 percent to $840, according to HUD economists who cited ALN Systems Inc. data. During the past year, Orlando's apartment vacancy rate declined from 12.9 percent to 11.1 percent. The report noted that Orlando's condominium conversions peaked five years ago, when about 19,000 rental apartments were converted to for-sale condos. However, since the housing boom went bust, many have reverted back to rental units, resulting in higher vacancy rates.
Pets Rule the Roost at These Minnesota Apartment Communities
Digested From "In These Buildings, Pets Rule the Roost"
NorthJersey.com (06/27/10) by Lynn Underwood
Minnesota's Twin Cities increasingly has become a market where the local multifamily housing stock caters to pets rather than bans them. Pet owners are finding everything from enclosed dog runs to handy pet-waste receptacles at apartment and condo communities throughout downtown Minneapolis and St. Paul. This is a definite shift from just a few years earlier, when such communities typically had a "no pet" policy or permitted residents only to have cats. Today, most newer luxury high-rises or converted warehouse buildings in urban areas proudly tout an "eight-leg pet policy," confirms Susan Lindstrom, an Edina Realty agent who specializes in Minneapolis condos. To be sure, some owners and managers still enforce weight and/or breed restrictions. But most recognize that maintaining pet-friendly communities is a major selling point in such a competitive housing market.
Colorado Springs' Apartment Vacancy Rate Continued to Decline in Q2 2010
Digested From "Local Apartment Vacancy Rate Continued to Decline in the 2nd Quarter"
Colorado Springs Gazette (06/25/10) by Rich Laden
Apartment Insights reports that the Colorado Springs metro area's apartment vacancy rate dipped to 6.2 percent during this year's April-through-June period from 7 percent in the first quarter of this year and 8.5 percent in the same three-month period a year earlier. Doug Carter, an Apartment Insights partner and a broker with the local office of Sperry Van Ness, says the second-quarter decline in the vacancy rate might have been influenced by changes in the single-family housing market. Lenders have tightened borrowing rules, making it tougher for potential homebuyers to qualify for mortgages. As a result, more people who rent have been left with no choice but to stay put. In addition, there were record numbers of foreclosure filings in Colorado Springs and surrounding El Paso County in 2008 and 2009. Carter notes that some people who lost their homes have likely moved into apartment communities. As the demand for apartments increases, rents have continued to rise. The average monthly rent was $699 during this year's second quarter, up $8 from 2009's April-through-June swing.
Laura Khouri Named President of Western National Property Management
Digested From "Apartment Appointment"
Orange County Business Journal (06/27/10) by Mark Mueller
Laura Khouri has been named president of Western National Property Management, the property management arm of California-based apartment investor Western National Group. The 15-year company veteran replaces Thomas Shelton, who stepped down from the top post earlier this year. In her role as president, Khouri will lead a team of more than 700 employees who manage approximately 22,750 apartments in California, Arizona and Utah.
UDR Upgraded to Outperform
Digested From "UDR Upgraded to Outperform"
Zacks Equity Research (06/23/10)
UDR Inc. has been moved to a recommendation of "outperform" from "neutral" by Zacks on account of it being one of the best-positioned REITs in the U.S. market. Analysts anticipate that UDR will perform well above the broader market. A majority of its apartment portfolio is located in California, Florida, and along the Atlantic Coast, an area where housing costs have soared and the "rent versus own spread" is still high. The geographic diversification increases investment opportunity and decreases the risk associated with cyclical local real estate markets and economies. UDR has continuously updated the quality of its portfolio by replacing smaller-market, older communities with newer assets in better, long-term markets. Additionally, the REIT has a healthy balance sheet and a huge unencumbered asset base.
Twin Cities' Apartment Sector Shows Marked Improvement in 2010
Digested From "Apartment Industry Insiders' Forecast: Fewer Vacancies, Slight Uptick in Rents"
Finance and Commerce (06/23/10) by Scott Carlson
GVA Marquette Advisors in Minneapolis reports that the Twin Cities' apartment market has shown a marked improvement this year from 2009, and industry insiders expect 2011 to be an even better year. Last year was marked by a record 80,000 jobs lost, apartment vacancy rates of 7.3 percent, and a 2.9 percent decline in rental rates. However, the Twin Cities added 9,100 jobs in the first four months of 2010, and the vacancy rate has fallen to 5.4 percent in the second quarter. Apartment absorption also increased by 3,200 units in the first half of 2010. Residents are looking for good prices but are also demanding more of the apartment complexes, according to Brent Wittenberg, vice president of GVA Marquette Advisors. Wittenberg said the Twin Cities multifamily housing industry is well-positioned for a recovery, adding that he believes rental rates could grow between 3 percent and 5 percent in 2011 if resident demand continues to grow.
ULI Senior Fellow McIlwain Predicts an End to the 'Suburban Century'
Digested From "Housing Expert Predicts: 'The Suburban Century Is Over'"
minnpost.com (06/21/2010) by Brad Allen
At a recent meeting of the Urban Land Institute of Minnesota, Urban Land Institute Senior Fellow John McIlwain said "a new normal" will be created in the housing market over the next 10 years, and he marked the end of "the suburban century." He noted that markets offering "a vibrant 24/7 lifestyle" will see the most robust activity, "net-zero-energy" units will become the norm, and the rental market will expand as homeownership rates fall to more historic levels. Suburban town centers will gain popularity among those wanting an urban lifestyle without living in a big city. Over the next decade, McIlwain said four demographic groups will fuel the housing market. He said older baby boomers increasingly are moving back to the central city, while younger baby boomers are finding it more difficult to relocate for jobs because they cannot sell their suburban houses. Meanwhile, millennials are more environmentally aware and will seek urban lifestyles, and immigrants who cannot afford large suburban houses to shelter multiple generations will increase demand for rentals. With 1.5 million housing units per year needed to accommodate the shift to normal levels of household formation, McIlwain said zoning, financing, and regulations need to be rethought to meet housing demand.
Legislative/Legal News
New York Legislature Passes Bedbug-Notification Law
Digested From "Legislature Passes Bedbug-Notification Law"
New York Times (06/24/10) by Cara Buckley
A bill passed by the New York State Legislature late last week will require apartment managers in New York City to inform prospective residents of their building's recent bedbug history. The bill, which will become law when Gov. David A. Paterson signs it, will require apartment managers to tell potential residents whether the apartment under consideration or another in the same building had a bedbug infestation within the previous year. Apartment managers will have to provide disclosure forms with vacancy leases, a process that will be overseen by the State Division of Housing and Community Renewal. Complaints about bedbugs have soared in New York City in recent years, and the number of confirmed infestations has risen drastically. The bill's primary sponsor, Assemblywoman Linda B. Rosenthal, also introduced a bill that would give bedbug victims a 15 percent credit on the state personal income tax, for up to $750, to compensate for replacing furniture infested by bedbugs.
Apartment Safety Program Offered in Greeley, Colo.
Digested From "Apartment Safety Program Offered in Greeley"
Greeley Tribune (CO) (06/26/10)
In Greeley, Colo., apartment owners who want to promote community safety and attract reliable residents can get help through the city's "Operation Safe Stay" initiative. By voluntarily registering their communities with the program and agreeing to adhere to higher resident screening and management practices, owners will receive special training and support from the city related to safety and crime prevention. The city also provides advertisement of participating apartment communities on its Web site and through other promotional materials. There is no charge to participate in the program, but advance registration is required.
Not All Grills Allowed on Apartment Decks in Colorado Springs
Digested From "Not All Grills Allowed on Apartment Decks "
KOAA.com (06/24/10) by Greg Boyce
With summer kicking into high gear, Colorado Springs Fire Department Deputy Fire Marshal Keith Buckmiller reminds apartment residents that the local fire code restricts usage of certain types of cooking devices on decks and balconies at apartment communities with more than two units. He notes that such open-flame cooking devices as charcoal grills, solid-fuel cooking appliances, smokers, oil fryers, and hibachis are not permitted on a balcony or deck constructed from materials that will burn. Buckmiller concludes, "In our community charcoal grills, smokers, and wood cookers have been the source of several apartment fires. The fire code defining open-flame cooking devices is intended to be a life safety tool and we want to make sure the city's apartment dwellers are reducing their fire risk by using only LP gas or electric grills."
Asheville, N.C., Fire Officials Crack Down on Grills at Apartments
Digested From "Asheville Fire Officials Crack Down on Grills at Apartments"
Asheville Citizen-Times (NC) (06/28/10) by Clarke Morrison
Fire officials in Asheville, N.C., have also begun cracking down on grills at apartment communities, stating that there have been too many code violations putting residents and property in danger. North Carolina's fire code prohibits the use or storage of grills within 10 feet of combustible multifamily housing structures or on balconies and decks. Inspectors, though, routinely find violations. Representatives of Fire Marshal Wayne Hamilton's office recently met with members of the Greater Asheville Area Apartment Association and told them that the grills had to go. Managers vowed to comply. Hamilton stated, "We're just trying to educate folks. It's not only something that the code doesn't allow; it's something that could endanger you and your neighbors." Hamilton went on to note that some Asheville-area apartment communities already prohibit grills in their lease agreements. The fire code provision requiring separation between grills and combustible construction does have exceptions for apartments with brick or concrete walls and those with sprinkler systems on balconies and decks. Hamilton concluded, "As [apartment managers] become more aware of the regulations, they've become more concerned about their liability."
Huntsville, Ala., Bicycle Parking Law Rolls Closer to Passage
Digested From "Huntsville Bicycle Parking Law Rolls Closer to Passage"
al.com (06/23/10) by Steve Doyle
Members of the Huntsville Planning Commission last week approved what would be one of Alabama's first bicycle parking ordinances. The City Council must now sign off on the proposal for it to become law. The ordinance, which was recommended by the city's bike safety task force, will require apartment communities and new businesses with 20 or more parking spaces to provide at least two dedicated bicycle parking spaces with racks. Shopping malls and other places with very large parking lots would be required to make room for up to 30 bicycles. Currently, cyclists have to chain their bikes to whatever is convenient. Secure parking for bikes makes sense because riding is a growing trend among residents.
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