NAA Industry Insider: Rental Housing Grows More Scarce, Driving Rents Up | National Apartment Association

NAA Industry Insider: Rental Housing Grows More Scarce, Driving Rents Up


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Rental Housing Grows More Scarce, Driving Rents Up
Digested From "Rental Housing Grows More Scarce, Driving Rents Up"
Wall Street Journal (01/31/14) Mitchell, Josh

New Commerce Department data shows that demand for U.S. rental housing continues to climb more than four years after the recession, pushing up rents and cutting into Americans' disposable income. The rental vacancy rate -- or the share of apartments that are vacant and available for rent -- declined 0.5 percentage point to 8.2 percent in the fourth quarter compared to the same period a year earlier. After peaking at just above 11 percent in 2009, the nation's rental vacancy rate has decreased sharply in the wake of the housing boom gone bust and the recession. This is because of three factors -- families flocking to rental housing after being foreclosed on, applicants being blocked from obtaining a mortgage because of tighter lending standards, or people generally concluding that buying a home is currently too risky. In turn, the higher demand and tighter supply of apartments are enabling owners and managers to hike prices. The median asking rent for vacant units in the fourth quarter of 2013 was $746 -- a 3 percent increase from $724 a year ago. Analysts note that the trend of higher apartment demand could reverse. Builders have ramped up construction of apartment communities, which should ease at least some of the crunch. In addition, as rents continue to climb, more and more families might eventually conclude that buying is a better financial decision for them.
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Market Trend Insights

Where Does America Still Have Plenty of Vacant Homes?
Digested From "America Still Has Plenty of Vacant Homes"
Housing Wire (01/31/14) Swanson, Brena

The Census Bureau reports that the number of vacant homes in the United States remains higher than normal despite a tighter housing supply. When accounting for total housing units, the overall year-round vacancy rate hit 10.2 percent. However, vacancies are not on the rise only in slow-growth markets such as Detroit. They also are high in Las Vegas, a number of major Florida metro areas, and several other Sunbelt markets. For the fourth quarter of 2013, the national vacancy rate settled at 8.2 percent for rental housing and 2.1 percent for homeowner housing. The rental vacancy rate was 0.5 percentage points lower than during the same three-month period a year earlier. Additionally, the U.S. homeownership rate hit 65.2 percent as of Dec. 31, which is 0.2 percentage points lower year over year. Trulia chief economist Jed Kolko, however, notes that this is somewhat misleading because the statistic omits people who are not in the housing market themselves as either owners or renters. He states, "Young people finally moving out of their parents’ homes into their own rental units would cause the homeownership rate to fall, even though that would be a healthy sign. Unfortunately neither today's Census report nor other surveys give us a clear, definitive view on how quickly people are re-entering the housing market." The Midwest did see its homeownership rate grow from 1.8 percent in the fourth quarter of 2012 to 2.2 percent in the fourth quarter of 2013. Most geographic regions registered lower rental vacancy rates, with the Northeast, Midwest, South, and West all witnessing their rental vacancy rates tick downward.
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Multifamily Has A Lot to Crowe About in 2014
Digested From "REIT Expert Forecasts Major Structural Change" (01/29/14) LeClaire, Jennifer

Scott Crowe, a global portfolio manager for Resource Real Estate, last week offered his thoughts on which property sectors will perform better than others with regards to REITs. Crowe believes the multifamily housing sector, specifically apartment communities away from the major markets, will be among the biggest winners in the current cycle. "A long-term structural change is going to continue in the U.S. where there is a high propensity to rent," he reasoned. "So, I am very bullish on multifamily." He adds that if investors look outside of the major markets, they will find significantly better value. That is because there has been very little improvement in real estate values with risk aversion being so prevalent. He forecasts a long-term structural change will continue to take place in the U.S. where there is a high propensity to rent. "The banks are only lending to rich people," he concluded, "and Generations X and Y have a high rate of mobility. They don’t want to get saddled with a mortgage, they tend to do more activities outside of the home, they want to be in more dense urban areas, and seeing what their parents have gone through, they maybe question the ability of housing as a long-term wealth-generation tool."
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A Look at San Diego's Charged Apartment Market
Digested From "San Diego Apartment Market Emerges as a Top Performer in 2013"
Property Management Insider (01/29/14) Parsons, Jay

While San Diego's apartment market has for years been reliably steady, it is rarely a top performer nationwide in terms of rent growth. However, in 2013, rent growth in the city topped the levels seen for the overall United States and for most other Southern California markets. In the fourth quarter of last year, the city registered 3.6 percent rent growth compared to the U.S. apartment market reporting 2.9 percent. Among the key driving factors for this growth has been a strong economy. Locally, employment hit a 10-year high. While job numbers cooled slightly last year, the market experienced a 1.8 percent job expansion rate -- good enough for second best in Southern California. Researchers note that San Diego was also the first Southern California market to return to pre-recession employment levels. As of the end of last year, apartment occupancy was at a healthy 96.4 percent -- a level the San Diego metro area has been able to sustain for the last three years. Despite the positive news, there are a couple of potential market factors that could change this momentum. One, San Diego's job growth has been mainly fueled by lower paying jobs, which traditionally limits rent growth. Two, construction is up to decade-high levels.
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What Is Wall Street's New Housing Bonanza?
Digested From "Wall Street's New Housing Bonanza"
New York Times (01/30/14) P. B1 Corkery, Michael

One of the latest trends on Wall Street with regard to the housing market involves carving up debt tied to single-family homes and selling the bonds to global investors. In response, investment bankers and lawyers are competing to finance investors that buy foreclosed houses and rent them out. They range from big private equity firms to doctors and electricians moonlighting as landlords. One of the latest entrants to the niche is American Homes 4 Rent, which recently spoke to prospective investors at a Las Vegas conference about selling securities tied to $500 million of debt. The company reportedly was able to tap three major sources -- Wells Fargo, JPMorgan Chase, and Goldman Sachs -- as its bankers for a debt deal that is expected to be sold by the end of March. A recent Wall Street estimate put potential financing opportunities for the single-family rental industry as high as $1.5 trillion. In just the past couple of years, large investors have purchased as many as 200,000 single-family properties and are now leasing them, according to a recent Keefe, Bruyette & Woods study. Such numbers have garnered the attention of some Capitol Hill lawmakers, who are concerned about the potential for another credit bubble. Blackstone Group sold the first single-family rental securitization of its kind last fall -- a $479 million bond that attracted six times as many investors as the private equity giant could accept.
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More Units Plus More Jobs Equals Less Apt. Vacancies in S.A.
Digested From "More Units, Plus More Jobs Mean Less Vacancies in San Antonio's Apartment Market"
San Antonio Business Journal (01/29/14) Silva, Tricia Lynn

A new report by Institutional Property Advisors (IPA) shows that developers added approximately 4,000 apartments to San Antonio's multifamily housing sector in 2013. IPA researchers expect that number will be even bigger this year as developers are on pace to add 4,700 rental units to the local stock. Most agree that there is little cause for concern. The city may be adding more rental apartments, but it is also adding the key ingredient that drives demand on this front: jobs. Last year, the Alamo City added around 8,100 new jobs and is on track to add a whopping 25,000 jobs this year. Furthermore, even as the number of rental units being added to the market is expected to be on the rise, vacancies are expected to go down. San Antonio's apartment vacancy rate as of Dec. 31 was 6.4 percent. IPA officials expect the rate to lower to 6.3 percent by the end of this year.
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Deals and Transactions

New Joint Venture Seeks to Deliver Luxury Apartment Living
Digested From "BentleyForbes Forms Luxury Apt. JV" (01/30/14) Rossenfeld, Carrie

BentleyForbes is teaming up with Del American Real Estate Group to form BentleyForbes Del American, which aims to be a best-in-class developer of luxury apartment communities. The joint venture will focus on developing such properties in three states -- California, Florida, and Texas. The goal of "Pure Living," the venture's luxury brand, is to deliver contemporary, state-of-the-art apartments; quality construction; and a high level of materials, features, and amenities that are generally reserved for private luxury homes or international resorts. BentleyForbes CEO Jeffrey Warwick states, "Partnering with industry leader Del American provides BentleyForbes with the optimal opportunity to provide high-quality housing and prudently expand its real estate portfolio into the sector."
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Partnership to Raise Millions for NY Apt. Portfolio
Digested From "New York Landlord Seeks Fresh Capital"
Wall Street Journal (01/29/14) Grant, Peter

A partnership that paid more than $900 million for a 4,000-unit portfolio of New York apartments just prior to the downturn wants to take advantage of the current strong rental housing market to bring in fresh capital as a means of slashing debt and paying off some investors. Led by Urban American and the City Investment Fund, the partnership has hired Savills LLC to help find investors to recapitalize the six-property portfolio. London-based Savills will be looking to raise over $300 million in fresh equity that would partly be used to cut debt in what was a highly leveraged investment. The partnership, which put an $800 million mortgage on the property, has also hired Rosewood Realty Group to explore the possibility of selling two of the buildings. Together, they boast nearly 1,400 rental units. All six of the properties were built in the mid- to late-1970s as part of a program to spur middle-class housing in places like Manhattan and Roosevelt Island. Today, over 50 percent of the residents receive Section 8 rent subsidies via a HUD program. Numerous top-of-the-market investments in New York City rental apartments were hit hard during the downturn. The partnership of Urban American and City Investment has managed to maintain its health primarily because the purchase did not include any rent-regulated apartments. The residents receiving Section 8 subsidies pay below-market rents, with HUD making up the difference. The partnership, though, wants to take advantage of strong investor interest in New York residential real estate that has seen sharp rent hikes in the last few years.
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Industry Buzz

2014 Feb. Partner Sponsors
How Much Is New Program Cutting Apartment Utility Costs?
Digested From "Greystar Real Estate Partners' Energy Management Program With NWP Outperformed the Multifamily Market by 43 Percent"
Herald Online (01/31/14)

NWP Services Corp. last week released its "Reducing Utility Costs in the Apartment Sector" study in cooperation with Greystar Real Estate Partners. The research quantitatively documents that Greystar's managed utility expense program utilizing NWP's services outperformed utility costs by 43 percent when compared to the National Apartment Association's (NAA's) Annual National Survey of Apartment Operating Income and Expense 2012, which was published back in September. The survey reported a U.S. average of apartment utility expense of $535 per rental unit, per year versus the Greystar-achieved results of $303.39 per apartment, per year. The NAA study notes that utility costs at apartment communities average almost 20 percent of total operating costs -- an increase from 11 percent a decade ago. They continue to be a top three expense item for apartment owners and managers.
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Six Tips on Deciding Whether to Sell or Rent
Digested From "Should You Rent or Sell Your Home?"
U.S. News & World Report (01/27/14) Edleson, Harriet

Evaluating whether a property is a good investment and worth renting is both a monetary and personal decision that depends chiefly on one's financial situation and tolerance for risk. J. Frank Barefield, Jr., president of Abbey Residential, LLC and a member of the National Apartment Association, states, "Figuring your costs -- that's the easy part. The hardest part is the one variable that we can't control -- time." To effectively determine whether to rent or sell a property, the article's author surveyed a number of real estate experts and was able to glean a half-dozen tips: Tip number one entails evaluating current market conditions through a comparative market analysis. This entails determining the value of existing properties in the neighborhood and the price similar area properties have rented for within the last six months. The second tip is to carefully consider the longer-term outlook for the neighborhood. If area property values are on the rise, the best decision might be to hold on to the property and give it time to appreciate. Tips three and four are "determine your expenses for the property" and "analyze your cash flow." The fifth piece of advice in this regard is to weigh personal factors. Edleson write: "Be aware that as a landlord, you may receive calls at inconvenient times unless you hire a management company to handle repairs and emergencies for you. In that case, your costs can be higher." Finally, get the property ready to rent.
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Who Will Be Leading Colliers' Apartment Venture in Cleveland?
Digested From "Northeast Ohio Apartment Veteran Joins Colliers in Cleveland"
Crain's Cleveland Business (01/27/14) Bullard, Stan

In a strategic move to bolster its entry into the investment sales market, Colliers International reports that its Cleveland office has added veteran apartment broker Gary Cooper as a senior vice president and principal. According to Brian Hurtuk, founding principal of the Colliers office in Cleveland, the apartment venture expands the firm's offerings in the Buckeye State. Colliers already has specialists dedicated to selling office and industrial space for investments in its Cincinnati office. Hurtuk remarks, "We decided multifamily was the way to go to grow after adding property management to the office last year. We don't want [Cooper] to be a silo. We want to build a team around him and eventually add someone in multifamily in Columbus." Cooper is credited with having sold more than 22,000 apartments in his career, with a total value of more than $1 billion. The move also pits Cooper head to head against Marcus & Millichap, his former firm that has a strong multifamily housing investment team in the Cleveland market.
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Aimco Aims for a Higher Quarterly Dividend
Digested From "Dividend Hike at Aimco, Shares Gain - Analyst Blog"
NASDAQ (01/31/14)

Apartment Investment and Management Company (Aimco) has announced an 8.3 percent increase in its quarterly dividend rate. The apartment REIT will now pay a dividend of 26 cents per share of Class A Common Stock on Feb. 28 to shareholders of record as of Feb 14. Aimco last hiked its dividend a year ago. The latest increase reflects a solid performance, the continued smooth operation of its portfolio of quality apartment communities in key U.S. markets, and rising demand for apartments among so-called "echo boomers" -- i.e. children of Baby Boomers. As of Sept. 30, Aimco had more than $183 million in cash on hand and available borrowing capacity on its revolving credit facility of $255.6 million. A number of REIT stocks have also recently raised their dividends, including AvalonBay Communities Inc., Cousins Properties Inc., and HCP Inc. Aimco is set to release its fourth-quarter results after the market's close on Feb 6.
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Legal/Legislative Did You Know

2014 Feb. Mission Sponsors
Good Speech, Mr. President! Just One Thing...
Digested From "Apartment Industry Corrects President Obama on How Housing Finance Reform Should be Done" (01/30/2014)

Following President Obama's State of the Union address last week, the National Apartment Association (NAA) and the National Multifamily Housing Council (NMHC) issued a joint statement in which the two organizations praised him for highlighting such issues as housing finance reform, immigration, and tax reform. NMHC Senior Vice President of Government Affairs Cindy Chetti wrote: "We applaud the President’s support of housing in his speech, but would remind him that housing preferences are changing and a growing number of American households are choosing to rent for lifestyle and financial reasons." Indeed, from 2007 to 2012, the number of renter households grew by nearly five million -- a trend that is expected to continue over the next decade. "For that reason," Chetti stated, "housing finance reform must avoid a 'one-size-fits-all' approach. The multifamily market uses commercial mortgage debt products, and imposing single-family reforms would jeopardize our ability to meet the nation’s need for millions of new rental homes over the next decade." In addition, the NAA and NMHC is encouraging the White House and Capitol Hill lawmakers to enact pro-growth tax reform that encompasses the corporate and individual side of the tax system.
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EPA and Freddie Mac to Cut Carbon Pollution in Multifamily Housing
Digested From "EPA and Freddie Mac to Cut Carbon Pollution and Increase Affordability of Multifamily Buildings"
Power Engineering (01/14)

The EPA's Energy Star program and Freddie Mac have inked a deal aimed at helping to reduce carbon pollution while increasing the affordability of multifamily housing. The accord outlines strategies to save water, energy, and money for apartment owners and residents. Janet McCabe, acting assistant administrator for the EPA's Office of Air and Radiation, states, "By making it easier to secure financing for energy efficiency investments and providing data about energy use and efficiency opportunities, these strategies will create lasting environmental and public health benefits while making multifamily buildings more efficient and valuable." Mitchell Resnick, Freddie Mac Multifamily vice president of loan pricing and securitization, was equally enthusiastic. He remarked, "This partnership is the first of what we hope are many steps in that direction. We are looking at how energy efficiency improves the financial viability of the apartments we finance, and most importantly its impact on the affordability of rental housing." Housing industry studies have projected that multifamily housing can become 30 percent more efficient by the end of the current decade, unlocking $9 billion in energy savings and preventing more than 35 million metric tons of greenhouse gas emissions per year.
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Senators Tell Watt What's What When Funding Housing
Digested From "Senators Urge FHFA's Watt to Fund Affordable Housing" (01/27/14) Morphy, Erika

More than 30 Senate Democrats have sent a letter to Mel Watt, the newly installed director of the Federal Housing Finance Agency, urging him to allow funding contributions to a couple of initiatives -- the National Housing Trust Fund (NHTF) and the Capital Magnet Fund (CMF) -- that have been suspended almost since their inception. The NHTF was established in the Housing and Economic Recovery Act of 2008, which was signed into law by President George W. Bush. Once it is capitalized, the fund will provide communities with funds to build rental housing that it affordable for extremely and very low-income households. For its part, the CMF is a Treasury Department initiative under which qualified nonprofit housing organizations and Community Development Financial Institutions Funds receive grants for affordable housing projects. CMF dollars are awarded competitively and must be leveraged 10:1 with other funding. Only the CMF has seen some activity since being formed five years ago.
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New Lease Form for Unfurnished Chicago Apartments
Digested From "Realtors Pull Recommendation for Security Deposits"
Chicago Tribune (01/24/14) Podmolik, Mary Ellen

The Chicago Association of Realtors has introduced a new lease form for unfurnished apartments that includes space for residents to acknowledge they have been informed about lead paint, radon, and bedbugs. In addition, it features a cover page warning apartment owners about the risks of accepting security deposits. For the first time ever, association officials are advising Windy City apartment owners to stop requiring security deposits. Brian Bernardoni, senior director of government and public policy at the trade group, reasons, "[The ordinance] is impossible to comply with, and it puts our members at risk." At issue is Chicago's Residential Landlord and Tenant Ordinance. The long-standing document has been updated several times through the years, and apartment owners have complained it goes too far in protecting the rights of those who rent. The law applies to most rental housing, with the biggest exception being apartments in owner-occupied buildings of six units or fewer.

Under the city's ordinance, owners are required to pay interest each year on a security deposit or prepaid rent that is held for at least six months. City officials set the annual interest rate, which is 0.013 percent for 2014. An owner must provide an itemized list of any damage to the apartment within 30 days of a resident moving out. Additionally, the security deposit and any accumulated interest must be returned -- after subtracting any unpaid rent and expenses related to damage -- within 45 days of the move-out date. If an owner does not comply with the ordinance's security deposit provisions, a resident can be awarded damages equal to twice the deposit plus interest, lawyer fees, and court costs. Association management realizes its advice puts apartment owners at a financial disadvantage if residents damage a unit. However, those risks pale in comparison to the potentially expensive award that could result from a lawsuit, states Matt Farrell, president of the Realtors association. He further urges apartment owners to consult with an attorney prior to instituting any nonrefundable move-in or administrative fees, especially if they are higher than the pass-along costs of items such as obtaining a credit report.
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NAA Announcements

Three Reasons to Register Today for the 2014 NAA Student Housing Conference & Exposition

Don’t miss your opportunity to move to the head of the class in this thriving niche of rental housing industry. Need a reason to attend? How about three?

1. Networking and idea exchange with like-minded professionals. Nearly 1,000 fellow student-housing professionals will be meeting, greeting and exchanging ideas on the issues you encounter every day. Not only will your peers be in attendance, you’ll also have the opportunity to attend the 2014 Exchange & Engage: “Executives, Meet Your Customers”? on March 4?from 4:15 p.m. to 5:30 p.m.??

Join this panel of executives representing large, mid-size and small operators discuss current approaches to development, marketing and operations. In addition to the executive panelists, this information-packed session will incorporate video from student housing residents in different markets sharing their perspective on the same topics addressed by the panelists. The session will include an open Q&A allowing time for attendees to ask questions and exchange and engage with both the executives and students. View a list of the executives.

Are you sure you want to be absent?

2. With general and breakout sessions, the level of education at the NAA Student Housing Conference & Exposition is unparalleled and best in class. Specifically crafted with the audience in mind, student-housing professionals will be engaged, entertained and educated, leaving the conference with tactical insight designed to create an edge in their market and increase their revenue streams. (Check out the entire lineup.

Be sure to get a seat in the front for this year’s General Session Speakers: Peter Sheahan, Founder and CEO of Changelabs, a best-selling author and world-renowned speaker on exploiting business trends and new market opportunities; and Seth Mattison, Chief Movement Officer at FutureSight Labs, who will be discussing everything you’ve ever wanted to know—and how to leverage this information to achieve greater innovation and productivity—when generations connect in the workplace.

Read interviews in units Magazine with Sheahan and Mattision.

3. Take a break from class and visit with leading-edge suppliers in the niche student-housing marketplace. Demonstrating the latest and greatest in technology, products and services, attendees will be streamlining operations quicker than you can say, “Where do I sign-up?”

And, make sure to download the 2014 NAA Student Housing Mobile App (available via Apple’s App Store and Google Play) to enhance your event experience, including interactively find exhibitors that you want to visit

Fortunately, registration is just a click away. Register today and keep checking for schedule, housing and the latest announcements. And remember to use the official hashtag #NAAStudentConf to engage, discuss and follow the conference.
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Learn to Be an Apartment Industry Advocate for Free

Learn how to invest in your political capital and advocate to Congress with free registration to the 2014 NAA Capitol Conference. As a bonus, first-time attendees will be eligible to win two free nights of accommodations at the 2015 NAA Capitol Conference.

As an added incentive, you can save time and money on travel and lodging with this year’s customizable schedule: Attend only the Capitol Conference on March 11 and Lobby Day on March 12, or also attend the spring Board of Directors and committee meetings on March 9 and 10.

But hurry! Registration is free only until Feb. 14. Feb. 14 is also the cut-off date to book a hotel room at the $264 conference rate. After that date, hotel rooms are subject to availability with no guarantee.
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Megastar Michael J. Fox to Headline Thursday General Session at the 2014 NAA Education Conference & Exposition

You may know him as Alex P. Keaton, Marty McFly or Mike Flaherty, but truly no introductions are needed for 2014 NAA Education Conference & Exposition—June 18-21 in Denver—Thursday Keynote Speaker: The legendary Michael J. Fox.

Join 7,000 of your closest friends when NAA descends on the Mile-High city for the multifamily housing industry’s largest, most important event of the year.

Fox, acclaimed author, author and philanthropist will walk attendees through his inspiring journey Thursday, June 19 from 12:30 p.m. to 2 p.m. His message: Real learning and growth actually happen when life goes skidding sideways.

Fox joins an incredible cast of Keynote Speakers and Thought Leaders (not to mention the phenomenal presenters of more than 40 breakout sessions) that reinforce NAA’s reputation as a world-class provider of education. Learn more about the dynamic program designed to help your career and your company “Reach New Heights.”

Invest. Register now and remember that the largest discounts go to those who sign-up early. Have four friends? Register as a group to take advantage of even more savings!

And, make sure to book your housing as soon as you register—rooms will go fast and you will be unable to book without first registering. Visit the Education Conference website for information and reservations for all official NAA Education Conference hotels.
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Sink or Swim: NAA Innovation Tank

After Barbara and Daymond energize your entrepreneurial spirit, three lucky NAA attendees will come up on stage and pitch their idea or business concept to the Sharks - LIVE during the General Session. The Sharks will do what they do best - critique and evaluate the pitches and then along with the audience's help - will pick the lucky winner. For more information on how you can make your pitch to The Sharks, visit the contest website.

Invest in your company and your career today. Register now and remember that the largest discounts go to those who sign-up early. Have four friends? Register as a group to take advantage of even more savings!

And, make sure to book your housing as soon as you register—rooms will go fast and you will be unable to book without first registering. Visit the Education Conference website for information and reservations for all official NAA Education Conference hotels.
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NAAEI Offers Two New Leadership Programs in April

NAAEI will be offering two new Leadership programs in April, 2014. The NAAEI Leadership Experience: Powered by Dale Carnegie targets regional professionals and corporate department heads who are interested in learning how to lead effectively across generations, delegate tasks to develop and train others and most importantly, find time to work on future business growth. This course will be offered in Dallas, April 1-2. Learn more and register for this course.

The NAAEI Leadership NOW program: Powered by Gallup Consulting targets high-potential corporate executives. Participants will learn how to solve current business challenges by driving employee engagement. The NAAEI Leadership NOW program focuses on tactics for building engagement in a fast-paced work environment and is designed to introduce concepts, strategies, and tools that assist Leaders in building their leadership brand, maximizing strengths and unleashing the human potential within their workplace. This course will be offered in Washington, D.C., April 8-10, 2014. Learn more and register for this course.

For more information on, please contact Kimberly McCrossen at 703-797-0610.
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Attention All Aspiring Filmmakers: 2014 Get Reel Video Challenge

In honor of Apartment Careers Month in February, The National Apartment Association Education Institute (NAAEI) is calling for video submissions for it's 2014 Get Reel Video Challenge. Aimed at promoting careers in the apartment industry in Management, Leasing and Maintenance, videos should highlight a day in your work life and show what you love about your job and the industry. A panel of industry experts will judge all entries and choose the winner who will receive a trip to the NAA Education Conference in June in Denver! View more details on rules and how to enter on the NAA website.
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NAAEI Designation Courses Offered Near You!


Apartment Association of Greater Omaha & Lincoln
March – April, 2014

Connecticut Apartment Association
March, 2014

CAM Online


Apartment Association of Greater Omaha & Lincoln
March – April, 2014


Austin Apartment Association
February – March, 2014

Rental Housing Association of Boston
April – May, 2014

Chicagoland Apartment Association
May – June, 2014

Apartment Association of Southeast Texas
May – June, 2014


Chicagoland Apartment Association
July, 2014


Apartment and Office Building Association of Metropolitan Washington
February, 2014

NALP Online

Find more courses in your area on the NAA website.

For more information about any of the classes listed, please contact Kimberly McCrossen at 703/518-6141 ext. 121.
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February 4, 2014

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