“Investors are buying homes, in part, to rent them out, and that has added a lot of rental supply, and that’s preventing rents from rising.”
Jed Kolko, Chief Economist for Trulia. Rentals slowing down as housing market picks up, Bloomberg News, 3.18.13.
“We have seen it for several years now: foreclosure sales…have become the hunting grounds for investors with two goals: hanging on to these homes until the Fed’s flood of money drives up their value; and defraying the expenses of ownership by renting them out. And funds have a third goal: collecting management fees.”
Wolf Richter of Business Insider. A New and Different Housing Bubble is Taking Shape, BusinessInsider.com, 3.19.13.
“We do want to support this, but at $80 to $100 rent increase per month, I’m worried that will cause displacement.”
Sara Shortt of the Housing Rights Committee of San Francisco. Tenants Say Earthquake Retrofit Law Could Circumvent Rent Control, The San Francisco Public Press, 3.20.13.
“When some of the jobs started coming back, there was a pent-up shortage of rent increases, and everybody took their jumps as quickly as they could.”
Mark Skelte of Western Realty Advisors. Rental Market Madness, Portland Monthly Magazine, 3.22.13.
“Nearly 20 million American households nationwide spend more than half of their income on housing—a severe burden that leaves many with little left over to meet their basic food, clothing, health care, and education needs.”
Jeffrey Lubell, Executive Director of the Center for Housing Policy. Census Data: Housing Costs Pinching Renters, USNews.com, 3.24.13.
“The cities that capture the mobile, college-educated ‘young and restless’ are the ones who are most likely to revitalize their downtowns and accelerate economic progress in their cities.”
Lee Fisher, president of CEOS for Cities. Downtowns: What’s Behind America’s Most Surprising Real Estate Boom, Forbes.com, 3.25.13.
“New construction rents for more. That distorts rent trends. Excluding the new units that opened in the past year, rents still posted a healthy 3.7 percent increase (in the region).”
Dupre + Scott in the latest issue of Apartment Advisor, as quoted by the Aubrey Cohen of the Seattle PI. Apartments expensive, hard to find in Seattle area, SeattlePI.com, 3.26.13.
“This (boom) seems to be more broad-based, not resulting from one particular industry or trend. It just seems more solid, stable and sustainable.”
Bart Flora, co-president of Cornell & Associates. Seattle apartment market: Good times keep on rolling, Daily Journal of Commerce, 3.27.13.
“I moved home because I wanted to figure out what direction I wanted to take in life. It was a very, very hard time for people my age. But I’m very excited about the move [into my own apartment]. Most of my friends are starting to move downtown as well. For a lot of us, adult life is just starting a little later.”
Nicole Shlass, 25 year-old “echo boomer.” Echo kids moving out of parents’ homes fuel high rental market, Metro News Canada, 3.28.13.