“The median asking rent in the U.S. fell by 0.7% to $716 per month from the previous quarter in Q2 2012, but was still 4.7% higher than the same period last year, according to the U.S. Census Bureau’s Housing Vacancy Survey.”
US Property Market Continues Recovery, from the Global Property Guide, as reported by NuWire.com. 11.21.12.
“If you have a lease expiring anywhere between May and October, I think you have a zero shot of trying to negotiate. In a rental high-rise building, if one tenant goes, they can leave the apartment empty for 30 days so they can find someone with higher value.”
Alex Cho, Managing Director of MNS. Sandy Sends Renters Seeking Shelter, San Francisco Chronicle, 11.22.12.
“The neighborhood is aesthetically in line with Katherine’s and my vision. There’s no reason it shouldn’t be a completely active neighborhood.”
Chef Matt Dillon, of Melrose Market. Restaurateur, merchants want to revitalize Pioneer Square, one of Seattle’s oldest neighborhoods, Puget Sound Business Journal, 11.23.12.
“That submarket is getting an awful lot of product in a very short time. It’s bound to have an impact.”
Mike Scott, of Dupre + Scott. Ballard’s Apartment Boom Comes with Risks, The Seattle Times, 11.25.12
“Looking at multifamily housing, NAR expects a vacancy rate of 4% in the fourth quarter of this year to tick down to 3.9% in the fourth quarter of 2013.”
Ruth Mantell, Market Pulse. Apartment Rentals a “Landlord’s Market’ in 2013, MarketWatch.com, 11.26.12.
“Commercial and multifamily mortgage borrowing slowed in the third quarter. Even though low interest rates continue to make borrowing extremely attractive, a moderate pace of commercial property sales transactions…limited the overall amount of commercial mortgage loans originated.”
Jamie Woodwell of Commercial Real Estate Research. 7 Percent Drop in U.S. Multifamily and Commercial Mortgage Originations in the Third Quarter of 2012, San Francisco Chronicle, 11.27.2012.
“The main reason for the upward revision to the gross domestic product was businesses restocked at a faster pace than previously estimated. That offset weaker consumer spending growth.”
Martin Crutsinger of AP Economics. US Economy Grew at 2.7 Percent Rate in Summer, the Seattle Times, 11.28.12.
“One year ago, there was almost no institutional capital. Today, there’s $6 billion to $8 billion. Two years from now, we’ll be where multifamily was in the early ’90s.”
Gary Beasley, a managing director at Waypoint Homes. Single Family Rental Demand to Remain as Market Recovers, Bloomberg.com, 11.29.12.