Reis Inc.: Rents rising “at a pace not seen since before the financial crisis.”
Reis Inc. has just released the numbers on rising U.S. rental rates–and they’re moving upwards pretty quickly. Asking rents hit an average of $1,091/month in the second quarter of this year, which is one percent higher than in the first quarter–and that’s the biggest one-quarter increase we’ve seen since back in 2007.
Average U.S. vacancy was also noted in the article; at 4.7% in the second quarter, it was the the lowest it’s been since the end of 2001. Finally, while vacancies and average rents varied around the country, the smallest rent increases, recorded in Rhode Island and Tennessee, still had rents jumping 0.7% in just one quarter–and that’s not a small increase by any means. Read more in the Chicago Tribune.
Owning a home: It’s not the dream of “Generation Global.”
NPR caught our eye this week when they covered pollster John Zogby’s new book. According to Zogby, much of the current crop of Americans in their 20s and 30s “whose American Dream has moved beyond suburban homes and traditional nuclear families,” and even beyond the confines of our country.
Over 270,000 students studied abroad during the 2009-2010 school year, and that number is climbing–and these students (and students like them) are just as likely to join the Peace Corps as they are to stay in the US. With this emphasis on life experiences, owning a home or property becomes less important–instead, they are likely to rent. Read more at NPR.org.
What do tenants want? High-tech amenities!
While older buildings have their charms, new apartment buildings often work to find their way to a tenant’s heart. For Gen Y renters, that extra push just might have to do with technology. Multifamily Executive has published a list of the tech amenities today’s tenants are looking for.
Of course, the list includes familiar necessities such as ample bandwidth and well-stocked fitness centers–but it also goes beyond those standbys, including paperless leasing offices, smartphone docking stations in each unit, and even outdoor kitchens–that is, a greater emphasis on decks and patios, with grills and other cooking implements available outdoors. Read more from Multifamily Executive.
A different kind of vacation home floats into Seattle this week…
Thinking of purchasing a cabin or vacation condo? Why not one of the 165 apartments on The World, instead?
The World, which is the largest privately owned residential yacht in, well, the world, floated into Seattle today, docking at Pier 66. According to the Seattle PI, the ship has visited 140 counties since 2002, when it first set sail. Residents cross the globe every 2-3 years–and if all that travel wears you out after awhile, there are also four restaurants, the nightclub, the tennis court, the driving ranges, and the cinema to keep you amused. While all of the apartments have been sold, some are up for resale. If you stop by the waterfront, you really can’t miss it–but perhaps you’d just like to read more from the Seattle PI instead.