Welcome to Ten Days of Buzz! We scour the headlines from the past ten days and pull the best quotes for your edification. Enjoy…
In most of the country, smokers have very little rights. Smoke can travel into a neighbor’s unit, which any real estate attorney will tell you is a real problem. Non-smoking tenants don’t want the smell; if they have a respiratory problem, they’ll make a legal stink about it.
–Stephanie Rabiner, Esq. at Findlaw.com. Smokers Have Hard Time in NYC Rental Market, Reuters, 5/25/2012
Rental homes comprise 34 percent of the housing stock…they’ve gone from 33.7 million in 2000 to 37.7 million in 2010, with 45.9 million rental households projected for 2015. Meanwhile, owner-occupied households are actually declining in number.
–John Burns, California-based housing consultant. Forecast jobs uptick expected to stoke apartment demand, Las Vegas Business Press, 5/27/2012
“We as bankers are not in the business to be landlords. But the folks who are buying homes right now are still looking for a bargain. We can’t afford to sell at a bargain price.”
–Erik Beishir, CEO, Truman Bank. After housing crash, some banks become landlords, STLToday.com, 5/28/2012
“In 2006 and 2007, any condominium you put on the market sold, and now the same thing is happening with rentals. I wouldn’t say we are throwing darts, but we are pushing the envelope with rental prices and seeing how high we can take it.”
–David J. Maundrell, President of ApartmentsandLofts.com. A Rental Market Surge in Brooklyn, New York Times, 5/29/2012
“There’s sufficient demand among renters to justify development which brings capital and debt is more available, conditions are in favor of development,especially for market rate rentals.”
–Still Hunter, a Senior Vice President at Marcus & Millichap. Developers take notice of demand for apartment rentals, NBC News, 5/29/12.
“With so little multi-family coming on the market, investment in single family homes for rent is becoming hotter and hotter.”
–Karl Smith, Forbes Contributor. The Housing Recovery: A Rethink, Forbes.com, 5/30/2012