Renters, who have predominantly dominated high-rent areas, are now comprising a larger portion of less-expensive metropolitan areas such as Denver and Houston. This rise can be attributed to a general move away from homeownership, but may also affect the supply available in major metro markets.
Families and empty nesters are among the demographics seeking larger two- and three-bedroom units, rather than the micro units that have previously been popular. See which metro areas are beginning to respond to the demand for more space.
The state’s House Committee on Ways and Means voted for a measure that would prohibit cities from imposing new taxes on long-term home and apartment rentals and cut such taxes that currently exist by 25 percent per year until they disappear.
New rental units in 2014 and 2015 should stabilize the escalating rental prices in Austin in coming months, and the prediction for increased job growth in the metropolis is expected to help builders fill these additional units.
Cost of living can vary greatly from city to city, especially in high-rent metro areas such as San Francisco, Boston and Washington, D.C. Zillow reveals the hourly wage that those who live alone need to afford rents in these and other popular metro areas.
Applications are now open for the 2015 NAA PARAGON Awards, which will recognize the excellence of industry professionals in shaping today’s multifamily housing market. The deadline for submissions is March 27. The winners will be announced at the 2015 NAA Education Conference and Exposition and featured in the September issue of units Magazine.
Along with honing essential advocacy skills to address issues in the apartment industry, attendees at the NAA Capitol Conference on March 17 will have the opportunity to hear a keynote speech by U.S. Department of Housing and Urban Development Secretary Julián Castro.
The 2015 NAA Education Conference & Exposition, June 24-27 at the Mandalay Bay Resort & Convention Center, will offer attendees opportunities to network, socialize and learn at myriad events, parties and 50-plus breakout sessions. Sign up today.
The National Apartment Association’s 26th annual NAA Survey of Operating Income and Expenses in Rental Apartment Communities is now available and contains information on nearly 3,700 garden, midrise and high-rise properties.