“The essence of an investment in real estate is a good tenant…A good tenant in a bad location is better than a bad tenant in a good location.”
James McClelland of Mack Cos. How to Find a Good Tenant for your Rental, Marketwatch, 10.13.12
“A potential renter needs to understand this market and how it affects them. There is little availability, and owners can be picky. That means this is not the best time to make an offer on the rent. It is also not the best time to ask for less than desirable situations for owners, such as waiving pet deposits and security deposits, and asking for short term leases.”
Irene Collins, CEO of Apartment People. The rental market is competitive, so put your best foot forward, The NWI Times, 10.13.12.
“It’s become a real marketing thing and a point of differentiation. If a property doesn’t have [a dog park and washing stations], it’s sort of old school.”
Rick Campo, CEO of Camden Property Trust. U.S. Apartment Owners See Profit Potential in Pooches, Nasdaq.com, 10.14.12.
“We find that in development, ignorance is defined as not knowing the real costs. We see our incremental costs running a little bit less than 2% over what they’d be without LEED certification. We get that back in rent.”
Susan Maxwell, CAPS, Zocalo Community Development. Green Certification: It’s Your Choice, UNITS Magazine, October 2012.
“Given the substantial increases that we expect in coming years in the demand for housing within walking distance of public transit, it will be essential to act proactively to ensure that affordable housing is preserved and included within new development in these areas…One of the recommendations we have is inspired by places like Seattle.”
Scott Bernstein, President of the Center for Neighborhood Technology. Seattle incomes doing best at keeping up with costs, Seattle PI, 10.18.12.
“The Seattle/Puget Sound Industrial market held static in the third quarter. The market ended the third quarter 2012 with a vacancy rate of 6.2%.”
Justin Sumner of the CoStar Group. Seattle / Puget Sound’s Industrial Vacancy Static at 6.2%, CoStar.com, 10.20.12.
“We don’t believe this problem will ever fully go away, but we remain on the offensive by being diligent about checking documentation and that has helped us tremendously.”
A property manager, as quoted by author Paul Bergeron. Accept No Substitute: Identify and Prevent the Proxy Renter, UNITS Magazine, October 2012.
“They have great credit and collectively earn $110,000 a year, but they still can’t find a place…The desperation of the search has made them manic. They are arriving to open houses as much as an hour early, peeking into the windows to try and scope the place out, and doing everything in their power to get their application in before anyone else.”
Sam Harnett, apartment hunter. San Francisco Rental Market Drives Applicants to Extremes, KQED.com, 10.23.12.
“Where are all of the young housing consumers coming from? Natural population growth…explains some of i. But a lot of this growth is expected to come from people moving here–Conway Pedersen Economics expects net migration to total 89,000 people to [the Puget Sound] region between 2013 and 2017.”
Dupre + Scott of DupreScott.com. The Units are Coming, Apartment Advisor, October 2012.