Happy Wednesday! The week’s only half over and the month has only just begin, but we’ve already got plenty of good news from the rental housing sector for you…that’s right, it’s Ten Days of Buzz! This week we’ve got smoke-free developments in Virginia, new plans for Seattle’s Yesler Terrace, national vacancy rates, & more. Dig in!
“The belief that home ownership is a form of savings and preparing for retirement has become a myth..and [families] don’t want to be tethered down to home ownership.”
Les Kaplan, Milestone Development. Home ownership: An American dream in decline, The Coloradoan, 9/1/12.
“It fits with our overall strategy and theme for the Link brand, which is urban, healthy living with a big emphasis on recycling…smoke-free is something that people are starting to seek.”
David Klepser of Grubb Properties. Apartments in Tobacco Town Go Smoke Free, The Richmond Times Dispatch, 9/2/12.
“The Seattle City Council is expected to approve Tuesday a…plan to bulldoze Yesler Terrace, the city’s first public-housing project, and remake it as a high-rise neighborhood where the affluent would outnumber the poor.”
Bob Young, Staff Reporter. Seattle City Council set to approve sweeping remake of Yesler Terrace, The Seattle Times, 9/3/12
“Rents had been on fire earlier this year, but some of the hottest rental markets are starting to cool. New construction that started last year is finally coming onto the market, giving renters more choices and some relief from rising rents. Still, rents are climbing in nearly all of the major rental markets.”
Jed Kolko, Chief Economist at Trulia. Rent Spikes Begin to Ease, CNBC.com, 9/5/12.
“Overall, low vacancy levels are allowing landlords to raise rents, by the double-digits in some cases. National vacancy rates have fallen to levels not seen in years, while average rents are now at record levels in 74 of the 82 markets tracked by Reis Inc. Big-money cities include Miami, Seattle, San Diego, Chicago and Baltimore.”
Dawn Wotapka of the WSJ. Multifamily Still Doing Just Fine, the Developments Blog, 9/6/2012.
“The apartment and condo housing sector is continuing on a path of steady recovery as new construction has increased to try to keep up with current consumer demand. However, credit continues to be an issue for many developers around the country, making it difficult to keep pace with this demand.”
W. Dean Henry, CEO of Legacy Partners Residential. Builders’ Outlook on Multi-Family Rentals, Condos at 7-Year High, ECreditDaily.com, 9/8/12.
“The strength of the MPI suggests that multifamily production is likely to increase somewhat going forward…Multifamily production has already recovered substantially from a historic low of about 110,000 starts a year in 2009 and 2010 to the current annual rate of a little over 200,000.”
David Crowe, NAHB Chief Economist. New capacity may be softening rents, UPI.com, 9/9/12
“Apartment Insights reports that there are 10,450 units under construction in King and Snohomish counties. Of these, 7,137 units are set to open in 2013, with an additional 285 units poised to break ground for delivery next year, bringing the total to 7,422 units.”
Jeanne Lang-Jones, Staff Writer. Little space left in larger Seattle apartment complexes, The Puget Sound Business Journal, 9/10/12.