First of all, did any of you catch HGTV’s episode of House Hunters last night? It featured Seattle couple Ashley and Mark–you may recognize Ashley as one of the agents over at our sister company, Seattle Rental Group! Okay, so that’s a lot of links in one paragraph…but we were pretty excited to see a friend of Seattle Rentals on one of our favorite channels!
“Through the first half of this year, multifamily starts averaged a 212,000-unit annual rate, up from last year’s 177,750 and nearly double the 50-year low of just over 110,000 units for 2009. While this is still well below the historical rate of around 350,000 units per year, we expect starts to continue to increase.”
Peter Muoio, Senior Principal at Maximus Advisors of New York. Get Ready for a Shift in Dynamics, Affordable Housing Finance, 10.1.12.
“This expansion of an already successful program and the partnership with those in the utilities sector will ensure that residents have energy-wise housing options…Energy conservation is an important part of urban and suburban living.”
City Councilman Zach Klein. Columbus offering incentives for energy-efficient apartments, condos, Columbus Business First, 10.2.12. Bonus: we’ll have more about eco-incentives in an upcoming Green Report.
“I think the market is getting so tight at this point that further declines in vacancy not supported by strong economic growth are just not going to be possible…Landlords appear to be shifting their revenue-maximizing strategy away from occupancy improvements to raising rents.”
Victor Calanog, Reis Head of Research and Economics. U.S. economy may be nipping at apartment sector, Chicago Tribune, 10.3.12.
“The $110 billion of borrowing and lending backed by multifamily apartment buildings in 2011 was more than double the amount of just two years earlier. The growth is a testament to the improvements in both the underlying multifamily property markets and the broader capital markets.”
Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research. MBA Reports That Multifamily Lending Up By 60% From 2010, LoanSafe.org, 10.4.12.
“We’re in the heart of a boom that is very landlord friendly,” said CEO John Kobs. “When you walk down a street and see 50 people standing on a sidewalk, chances are they’re going to an overbooked open house.”
John Kobs, CEO of Apartment List. Apartments Poised to Thrive on Generation Rent, VatorNews.com, 10.5.12
“We’re seeing this building activity leapfrog into areas where there’s a significant amount of demand for new, upper-end product.”
Mary Bujold, President, Maxfield Research Inc. Upscale Rentals Expand to Suburbs, Star Tribune, 10.7.12.
“The levels of construction occurring right now are significantly below historic average, and the lack of construction during the financial crisis, we have yet to even absorb the growth that’s occurred then. So I don’t think we’ll see a bubble. Construction lenders are much more disciplined.”
Brian T. Murdy, of Institutional Property Advisors. IPA’s Murdy: Multifamily Bubble ‘Unlikely’ As Demand Soars, GlobeSt.com, 10.8.12.
“…The agency is hearing of more reports of scamsters placing rental ads for foreclosed homes before they are sold. They lure would-be renters into providing personal financial information, not to mention advance rent deposits. Renters have no idea that the homes are not for rent until they move in and find the keys won’t work.”
Shanthi Bharatwaj, Contributor. Rental Scam Hits Foreclosure Market, TheStreet.com, 10.9.12.