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Social Media and Apartments Now Go Hand in Hand
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Social Media and Apartments Now Go Hand in Hand
Industry News
DePaul Study Shows Rents In Chicago Dropping This Year
Book Offers Clues On How Retailers Appeal to Female Consumers
Essex Property Trust Acquires Two West Coast Communities
Apartment Experts Divided Over Light Rail in Colorado
U.S. Agencies Try to Restore Faith in Energy Star Appliance Testing
Tokyu Land to Acquire $450 Million Worth of Apartments for REIT
Legislative/Legal News
Evansville (Ind.) Apartment Owners Team up Against Enforcement of Property Codes
More Waco Apartments Putting Out Welcome Mat for Pets
Tucson Apartment Communities Takes Pool Safety Class Lead
Financial Overhaul Bill to Give Credit Scores to Those Who Rent
Solar Power for Apartment Residents in San Diego
Some Chattanooga-Area Apartments Make Comcast Cable Mandatory
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Social Media and Apartments Now Go Hand in Hand
Digested From "Are Your Apartments on Facebook?"
NorthJersey.com (07/18/10) by Donna Rolando
The apartment industry is closely monitoring residents to see how they use such social media outlets as Facebook in connection with rentals. A new J Turner Research study, dubbed "Social Media Usage by Apartment Residents," may have some apartment owners and managers wondering why they should invest in social media at all. The research found that 93 percent of people who rent have never visited an apartment community's page on a social networking site. Joseph Batdorf, founder of J Turner Research, remarks, "There's been a lot of buzz and a lot of hype about getting into social media. We wanted to find out how renters felt." The study's results were released during the National Apartment Association's recent convention in New Orleans. Though the research found few apartment residents are paying attention to apartment social networking sites, Batdorf and his staff did not suggest pulling the plug on these efforts. After all, the study did inspire hope with findings that those in student housing are more active in social networking sites -- 65 percent versus 45 percent in conventional rentals. In addition, these students showed interest in apartment social networking pages -- 40 percent compared to 7 percent. Christina Aragon, marketing director at Rent.com, comments, "What these results say to me is that social networking has potential in the apartment industry. As students graduate . . . to conventional housing, they'll be taking their social-networking habits with them." Jamie Gorski, a marketing expert for The Bozzuto Group and a panelist at the recent NAA convention, pointed to the survey's finding that 44 percent of renters are using social media in general as reason enough for our "need to be there."
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DePaul Study Shows Rents In Chicago Dropping This Year
Digested From "Study: Rents In Chicago Dropping This Year"
CBS 2 Chicago (07/15/10)
According to a study by the Institute for Housing Studies at DePaul University, monthly rents in Chicago are dropping this year and are down about $20 from the fourth quarter in 2009. Rents in suburban Cook County are also down. In the last five quarters, rents have been down an average of 4 percent in Chicago and 7 percent in Cook. Certain potions of the Windy City, however, are experiencing significantly different declines. Rents in the downtown area are down 11 percent, while West Side rents have only fallen about 3.5 percent. Researchers home foreclosures and high unemployment rates could be blamed for the differences.
Book Offers Clues On How Retailers Appeal to Female Consumers
Digested From "Buying Without Guys"
Wall Street Journal (07/09/10) by Meghan Cox Gurdon
"What Women Want" is the latest book by author Paco Underhill, who wrote the best-selling "Why We Buy" a decade ago. In his new offering, he explores the various adaptations businesses ranging from hotels to retailers are making, or are failing to make, to woo female customers. This research could prove helpful to apartment owners and their attempts to appeal more to women residents. Underhill, who once studied with urban anthropologist William H. Whyte, has made a name for himself as a "purveyor of retail insights." His latest research shows that women value cleanliness above all else. Other things females look for is control, safety, and considerateness. Underhill suggests that if you give women these intangibles and a few others, they will generally give your business their loyalty.
Essex Property Trust Acquires Two West Coast Communities
Digested From "Essex Property Trust Acquires Two Communities"
Marketwire (07/12/10) by Nicole Culbertson
Essex Property Trust, Inc. has acquired two apartment communities: a 323-unit community in San Jose, Calif., for approximately $64.1 million, and a 156-unit community in Redmond, Wash., for $18.6 million. The former, which was built in 2001, is composed of 16 five-story buildings with a variety of unit styles. The latter was built in 1986 and consists of 39 two-story buildings. Essex President and CEO Keith R. Guericke states, "These recent acquisitions demonstrate our ability to source accretive deals located in markets we believe will provide attractive external growth moving forward. We are well on our way to meet or exceed our goal of $300 million in acquisitions in 2010."
Apartment Experts Divided Over Light Rail in Colorado
Digested From "Real Estate Experts Divided Over Light Rail"
Colorado Community Newspapers (07/14/10) by Heather Sackett
Real estate experts in Littleton, Colo., say the supposed demand for apartments close to light rail is more complex than it seems on the surface. Apartments for rent are primarily priced based on square footage, according to Kurt Krantz, the owners of Littleton Real Estate Company. However, Gordron Von Stroh -- a professor of management at the University of Denver Daniels College of Business -- notes that apartment communities close to the light rail have lower vacancy rates. He adds that light rail use and whether residents will pay more to be close to a station also has to do with cultural influences.
U.S. Agencies Try to Restore Faith in Energy Star Appliance Testing
Digested From "U.S. Agencies Try to Restore Faith in Energy Star Appliance Testing"
Washington Post (07/10/10) by Sonja Ryst
The EPA and the Department of Energy are taking steps to reassure consumers that the Energy Star label really means what it says, namely that the product is highly energy-efficient. To this end, the two agencies are revamping the way they certify products that bear the label. This move comes soon after the Government Accountability Office (GAO) criticized the Energy Star certification process because manufacturers could exploit it. Earlier in the year, GAO investigators set up Web sites, mailboxes, and cellphones for four bogus manufacturing companies and then used that contact information on Energy Star commitment forms. The fake companies received Energy Star partnership status within two weeks. Furthermore, when these GAO staffers filled out forms describing 20 bogus products, 15 of them ended up qualifying for Energy Star labels. Greg Kutz, GAO managing director of forensic audits and special investigations, states, "If you're going to tell the public that the government is behind these products, then you need something to back it up." In response, the EPA and the Energy Department are now developing a system that would require that all products be tested in approved, independent labs prior to receiving the designation. The new standards are scheduled to be announced early this fall, with implementation expected after the first of the year.
Tokyu Land to Acquire $450 Million Worth of Apartments for REIT
Digested From "Tokyu Land to Acquire $450 Million Worth of Apartments for REIT"
Bloomberg (07/15/10) by Kathleen Chu
Tokyu Land Corp. has announced plans to acquire rental apartments in Tokyo worth as much as 40 billion yen, or US$450 million, this fiscal year for a planned real estate investment trust. TLC Realty Management Inc., an asset-management arm of Tokyu Land, is expected to list the residential REIT within the next two to three years. TLC's plan is to purchase half of the apartment communities from Tokyu Land and the other half from the market by the end of next year's first quarter. Tokyo-based Tokyu Land continues to rank as Japan's fourth-biggest developer.
Legislative/Legal News
Evansville (Ind.) Apartment Owners Team up Against Enforcement of Property Codes
Digested From "Landlord Group Critical of City "
Evansville Courier & Press (IN) (07/17/10) by Dan Shaw
Tired of the city's aggressive enforcement of property codes, at least a dozen Evansville, Ind., apartment owners have teamed up to improve both relations with local officials and the business practices of their colleagues. Monte Fetter, who manages approximately 500 apartments through his company Fetter Properties, has joined with his fellow apartment owners to form the Property Owners and Managers Association of Evansville. According to Fetter, the organization is a response to what he and others consider the city's recent heavy-handed enforcement of property codes. He states, "They have been brutal. They were favoring homeowners in general. They had a policy of saying they weren't against landlords, but their policies were otherwise." Ben Miller, city building commissioner, disagrees that Evansville's code inspectors have acted more aggressively against apartment owners. He remarks, "It just seems that rental property far exceeds owner-occupied property that is in a poor condition." Fetter says the goal of the new association is to give apartment owners and managers strength in numbers. He adds that he and many of his colleagues are in a tough position with regards to their rents. If they raise them, they will lose existing residents who can no longer afford to live in their apartments. If they slash them, they won't be able to afford property taxes and the other expenses that come with their business. Fetter concludes that he and his colleagues' intentions are not to compete with the Apartment Association of Southern Indiana. Kara Hohne, executive director of that association, said its members tend to be owners of large apartment communities rather than smaller operators.
More Waco Apartments Putting Out Welcome Mat for Pets
Digested From "More Apartments Putting Out Welcome Mat for Pets"
Waco Tribune-Herald (TX) (07/19/10) by Erin Quinn
Analysts report that more and more Waco apartment communities are encouraging pet owners by doing away with high deposits and even weight restrictions. Indeed, a growing number of area apartment owners and managers now cater to pet lovers, with some even going so far as to tout their pet-friendly amenities to draw tenants. Among these features are on-site dog parks, dog dropping bag stations throughout the community, and no weight restrictions. Waco's 2009 apartment occupancy rate was a depressing 86 percent, reports Deborah Surprenant, association executive at the Heart of Texas Apartment Association. This trend, above all, convinced local apartment managers to follow the national trend in rentals and allow four-legged residents. Surprenant notes that occupancy rates in the first half of this year were back up, adding, "With the economy the way it is, more people have lost their homes and are having to rent. Everyone wants to bring their pets. They're part of the family." The changes in policy have been applauded by such groups as the Humane Society of Central Texas. To be sure, many apartment communities have breed restrictions against more destructive or agitated pedigrees. Most charge $10 a month in pet rent and require a deposit. Surprenant adds that some managers insist on meeting the pets of prospective residents to judge whether the animal's behavior is suitable for communal living.
Tucson Apartment Communities Takes Pool Safety Class Lead
Digested From "Apartment Complexes Takes Pool Safety Class Lead"
KVOA 4 (Tucson, AZ) (07/17/10)
An increasing number of apartment communities in Tucson are offering free pool safety classes to prevent drownings. Prime Group, for instance, reports that it is holding pool safety classes at all six of its Tucson-area apartment communities. Park Place staffer Cathy Smith remarks, "[We're offering] just the basic tips so everyone knows what to do in situations and how to react. Some people don't know all the safety. They haven't been through any kind of course." The Tucson Fire Department reports seven near drownings since the first of the year.
Financial Overhaul Bill to Give Credit Scores to Those Who Rent
Digested From "Bill to Give Credit Scores to Renters"
Wall Street Journal (07/15/10) by Alice Truong
A provision in the financial overhaul that recently passed on Capitol Hill may offer rejected renters a free credit score as a consolation prize. One of the bill's provisions would give prospective apartment residents access to a free copy of the credit score that an owner, manager, or broker used to evaluate their application. Such applications can be rejected based on what an apartment owner deems as poor or insufficient credit. Those affected rarely get to find out what that score is. Sen. Mark Udall (D-Colo.) insists the provision will lead to more transparency in the housing market. Udall, a sponsor of the provision, concludes, "If a renter is denied housing because of their credit score, the landlord or rental agency will be required to give them their credit score for free."
Solar Power for Apartment Residents in San Diego
Digested From "Solar Power for Apartment Dwellers"
San Diego Union Tribune (07/15/10) by Onell R. Soto
In California, a state program is due to spend more than $7 million in the coming year to subsidize more than 30 solar-roof systems for apartment communities throughout San Diego County. Using sunlight for power will lower energy bills for owners and residents alike. One such system is now atop a 52-unit building in San Diego's East Village. About 70 percent of the power the 19.8 kilowatt system generates will be used by residents, with the balance by the development's common areas. The installation is the 10,000th in San Diego Gas & Electric's territory, but the first under a program designed to help multifamily housing benefit from solar energy.
Some Chattanooga-Area Apartments Make Comcast Cable Mandatory
Digested From "Four Chattanooga Area Apartment Complexes Make Comcast Cable Mandatory"
WDEF (07/12/10) by Amy Katcher
Four apartment communities managed by Mid-America Apartment Companies in the Chattanooga, Tenn., area have made Comcast cable a mandatory portion of their leases. A $40 fee will be added to every resident's monthly rent to cover the costs of Comcast's starter package. A dish buyback is being offered to residents who already have satellite programming, but the buyback does not cover the entire cost. According to Comcast, Mid-America is running this CableSaver program in all of their apartment communities in 13 different states. Some residents, though, have brought up the legality of having to pay for cable TV programming whether they want it or not.
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