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Dallas-Fort Worth Apartments Seeing Boom in Leasing
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Dallas-Fort Worth Apartments Seeing Boom in Leasing
Industry News
Home Sales and Building Slowed in May
Competition for Apartments Heating Up in South Florida
Renting Is Cheaper Than Owning in Orange County, Calif.
Rental Fraud is on the Rise in San Diego
Apartment Developers Help to Facilitate Adoption of Electric Vehicles
Study: Most Residents Haven't Visited Community's Social Networking Site
Syracuse to Buy Nine Apartment Communities for Just $9 
UDR Releases Apartment Search Application for iPad
Manhattan Apartment Market Healing
Cities Grow as Housing Bust Slows Movement to Suburbs
It Might Be Time to Dismiss Urban Development Icon Jane Jacobs
Ann Arbor Apartments Switch to Single-Stream Recycling
Legislative/Legal News
Apartment Communities in Oregon Increasingly Ban Smoking
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Dallas-Fort Worth Apartments Seeing Boom in Leasing
Digested From "Dallas-Fort Worth Apartments Seeing Boom in Leasing"
Dallas Morning News (TX) (06/30/10) by Steve Brown
A rebounding local economy is causing a boom in North Texas apartment renting, analysts at MPF Research report. Net apartment leasing in Dallas-Fort Worth apartments topped 9,400 units in this year's April-through-June period. Since the first of the year, MPF researchers add, apartment occupancy in the D-FW area has increased by more than 15,000 units -- the best performance in five years. Greg Willett, MPF Research vice president, remarks, "New households are being created at a pretty rapid pace, so apartment demand is gaining considerable momentum. Some of the people who had taken roommates are moving out on their own, and some people who had been renting single-family homes and condos are coming back to apartments." In addition, young renters who had moved in with their parents when the economy tanked may now be venturing out on their own again. A year earlier, there were concerns about a considerable oversupply of North Texas apartments. D-FW continues to lead the nation in apartment construction, with nearly 7,000 new rental units in the pipeline. Fortunately, a surge in demand has made for a more upbeat outlook. There is even talk of an apartment shortage in some areas of the metro area possibly within a couple of years.
Industry News
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Home Sales and Building Slowed in May
Digested From "Home Sales and Building Slowed in May"
New York Times (07/02/10) P. B2; by Christine Hauser
The National Association of Realtors (NAR) reports a 30 percent dive in pending home sales in May, after a federal tax credit for home buyers lapsed. The May figure, following three months of gains, was the lowest since NAR began tracking such activity in 2001. Construction spending also fell in May, dipping 0.2 percent after climbing 2.3 percent the month before, according to the Commerce Department.
Competition for Apartments Heating Up in South Florida
Digested From "Competition for Apartments Heating Up in South Florida"
SunSentinel.com (06/29/10) by Paul Owers
Apartment vacancy rates in South Florida have dropped to their lowest levels since 2006, making finding a rental unit increasingly challenging. Broward County's vacancy rate dropped to 5.3 percent in May from 6.8 percent in May 2009, while Palm Beach County's rate fell to 6.3 percent from 7.9 percent. Rents are on the rise, increasing 1.5 percent in Broward and 0.8 percent in Palm Beach between February and May. Rising rental rates and a decrease in vacancies can be attributed to a lack of new development, as well as an increase in the number of foreclosed homeowners seeking rental housing. L. Keith White, president of Reinhold P. Wolff, expects demand to exceed supply for the next three years.
Renting Is Cheaper Than Owning in Orange County, Calif.
Digested From "Renting's Financial Edge Grows vs. Buying"
Orange County Register (CA) (06/30/10) by Jon Lansner
Local rents in Orange County, Calif., are 38.6 percent cheaper than monthly house payments, according to calculations that compared the county's "adjusted rent" with the median estimated mortgage payment of recent buyers. This gap highlights the theoretical financial advantage that renters in Orange County enjoy. The rental advantage is down from years past, when the advantage has gone as high as 60 percent. The adjusted rent in Orange County is $1,400 per month on average, while the typical mortgage payment of an Orange County homeowner was $2,281 a month.
Rental Fraud is on the Rise in San Diego
Digested From "Rental Fraud is on the Rise"
San Diego 6 (07/01/10) by Lynn Stuart
In San Diego, local apartment experts caution those using the Internet in their search for quality rental housing. Among them is Robert Pinnegar of the San Diego County Apartment Association, who warns, "Craigslist and some of the other free listing services are truly the Wild West." Indeed, he reports, some of the free ads are not designed to find residents, but to steal money or even identities. Industry insiders say the ads that promise low rents in upscale areas that are known to be expensive should definitely raise red flags. The ads often encourage the user to act fast since the unit will not last long on the market. To seal the deal, the ad will request a deposit up front or ask for a copy of the applicant's credit report that you print out. Then, once the money is sent, the source is never heard from again. To keep from being victimized, Pinnegar and others recommend looking on the County Assessor's web page to see if the name of the owner's of the property matches with the person you would be renting it from.
Apartment Developers Help to Facilitate Adoption of Electric Vehicles
Digested From "Car Charging Group Continues to Partner With Real Estate Developers to Facilitate Widespread Adoption of Electric Vehicles by Meeting Needs of Sizable"
Globe Newswire (07/01/10)
As automakers prepare to introduce the first mass-market electric cars this year, some multifamily housing developers are getting ahead of the trend by installing car-charging stations from Car Charging Group Inc. in their apartment communities. Under such agreements, the developers can share a percentage of the revenue derived from the charging stations. Car Charging Group Chief Executive Michael Farkas comments, "If we want electric vehicles to be successful on a large scale, we can't rely on the government to do it all. We need big-box retailers, office buildings, malls, stadiums and fast-food franchises to participate in this movement -- not only because it's good for the environment, but also because it makes good business sense."
Study: Most Residents Haven't Visited Community's Social Networking Site
Digested From "New National Survey Data Indicates 93 Percent of Residents Have Never Visited an Apartment Community's Social Networking Page"
Business Wire (06/29/10)
A new J Turner Research (JTR) survey shows that 93 percent of apartment residents have never visited an apartment community's page on a social networking Web site. In addition, 24 percent of all respondents said they do not visit any social networking Web sites. The findings are based on responses from 15,964 apartment residents collected between Jan. 1 and June 13 of this year and were first released June 24 at the 2010 NAA Education Conference & Exposition in New Orleans. Researchers note that the overall percentage of residents who have visited any apartment community's page more than doubles -- from 6 percent to 13 percent -- for properties that have established a social networking page on Facebook, Twitter, or other similar site). Those who did visit a page said they visited to "see what other people were saying about the community" (62 percent) or conduct preliminary research about the apartments, floor plans, or unit availability" or "find discounts or deals related to signing a lease" (37 percent). Joseph Batdorf, principal of J Turner Research, states, "Social networking has infiltrated the majority of consumer, retail and business sectors but the findings gathered in our survey during the last six months indicate apartment residents aren't engaging their community's social media efforts as might be the case in other categories. We continue to survey residents and collect data in order to identify any trends which owner/operators can utilize to better determine the time and resources they allocate to this emerging channel."
Syracuse to Buy Nine Apartment Communities for Just $9
Digested From "Syracuse to Buy Nine Apartment Buildings for Just $9"
YNN Rochester (07/02/10) by Katie Gibas
Syracuse officials have agreed to purchase nine apartment communities from HUD for just $9. The communities were foreclosed on by HUD two years ago. After trying to sell them since, HUD offered them to the city for $1 each. Because the actual buildings need $17 million in repairs, city officials didn't want to proceed unless they had developers with plans for the properties.
UDR Releases Apartment Search Application for iPad
Digested From "UDR Releases Apartment Search Application for iPad"
Business Wire (06/30/10)
UDR Inc. this past week announced the availability of its apartment search application for the Apple iPad, which allows users to take advantage of a variety of different functions designed to make finding a UDR apartment easier and more convenient. Available as a free download from the Apple App Store, the new application provides users with the ability to check real time apartment pricing and availability and view a broad variety of apartment photos, amenities, and floor plans. Users can also use the technology to reserve and place on hold an apartment anytime and anyplace. The application also allows users to view GPS mapping and driving directions to any UDR apartment community. UDR is a Denver-based multifamily housing REIT with ownership stakes in 51,320 apartments.
Manhattan Apartment Market Healing
Digested From "Manhattan Apartment Market Healing"
Wall Street Journal (07/01/10) by Josh Barbanel
Prudential Douglas Elliman reports that the Manhattan apartment market showed signficant signs of recovery during a busy April-through-June period, with a modest rise in prices and a large jump in sales. The number of days that apartment listings lingered on the market also declined as sales recovered. The Prudential Douglas Elliman report showed that Manhattan apartment sales climbed 79.9 percent from the second quarter of 2009. The median price, meanwhile, rose 7.6 percent to $899,000 year over year. Average prices have been increasing over the last few quarters. The gains were attributed to a change in the mix of apartments that sold, especially to a surge in the sales of the larger, more expensive apartments hardest hit during the recession. For the latest quarter, the Elliman report found that prices rose among most types of apartments. Median studio prices increased the most, by 9.3 percent over the first three months of the year. Jonathan Miller, an appraiser at Miller Samuel who prepared the Elliman report, describes the results as "great news compared to where we were." However, he stopped short of calling it "a recovery."
Cities Grow as Housing Bust Slows Movement to Suburbs
Digested From "Cities Grow as Housing Bust Slows Movement to Suburbs"
Wall Street Journal (06/23/10) P. A5; by Conor Dougherty
Census data shows that several cities saw their populations expand at a rapid clip in 2009, with Chicago among those reporting their fastest annual growth rates of the decade. Brookings Institution demographer William Frey says 19 of 34 cities with populations of more than 500,000 residents posted growth rates larger than the prior year. Experts attribute the gains to the recession and house-price declines that have made it difficult for people to relocate. Several cities that posted gains in recent years due to overheated housing markets are experiencing population declines, including Phoenix and Las Vegas.
It Might Be Time to Dismiss Urban Development Icon Jane Jacobs
Digested From "Enough With Jane Jacobs Already"
Wall Street Journal (06/29/10) by Andrew Manshel
In the nearly five decades since Jane Jacobs' "The Death and Life of Great American Cities" was published, the book has been cited to support almost every position in debates about city planning and urban policy. At a recent meeting of the Urban Land Institute, for instance, her words were quoted by nearly every speaker when talking about the future and how to tackle progressive development. The article's author, though, writes: "More attention ought to be paid to the finely grained thinking of William H. Whyte and less to Jacobs' overblown pronouncements and unprovable theories. Whyte was a close observer of people's behavior in public spaces and emphasized the importance of the many subtle design features that make people comfortable in parks, plazas and public buildings." By following Whyte, he adds, everyone from designers to planners to community members must pay more attention to proven, good ideas; to established data; and, finally, to the fine points of landscapes and buildings. Indeed, this American urbanist's ideas have inspired successful projects in such diverse markets as Detroit, Houston, and New York City.
Ann Arbor Apartments Switch to Single-Stream Recycling
Digested From "Ann Arbor Switches to Single-Stream Recycling"
Ann Arbor Journal (07/01/10) by Lisa Allmendinger
Starting July 5, Ann Arbor apartment residents will be allowed to "co-mingle" or recycle more things more conveniently through single-stream recycling. There no longer will be a need to separate plastic bottles from frozen food boxes or aluminum cans from newspapers. They can all go in the same container. According to the city, free-rolling recycling carts will be delivered to all residences and apartment communities over a six- to eight-week period in July and August. The existing recycling stacking bins can be used until residents receive their new carts.
Legislative/Legal News
Apartment Communities in Oregon Increasingly Ban Smoking
Digested From "Apartment Complexes Increasingly Ban Smoking"
KEZI-TV (Eugene, Ore.) (06/30/10) by Jeff Skrzypek
Smoking bans are on the rise throughout Oregon in restaurants, bars, and inside public workspaces. Apartment communities appear to be next. Statewide, more and more apartment owners are banning lighting up in private. According to statewide surveys, banning smoking inside apartments and condos is not enough. More managers don't allow it in public spaces either, such as parking lots and exterior courtyards. While smokers are irked by such policies, non-smoking residents are applauding community owners for instituting a ban citing the hazards of secondhand smoke. Says non-smoker Karen Clausel, "I'd rather not be in the proximity of cigarette smoke. I don't want my health affected by someone else's choices."
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