Advantage in D.C. Apartment Market Could Shift to Residents
Digested From “Could D.C. Area Soon Become a Renter’s Market? Yes and No.”
Washington Post (03/21/12) by Steven Overly
The Washington, D.C., metropolitan area has not been a favorable one for apartment residents in recent years. A relative dearth of new rental housing coupled with soaring demand for apartments have pushed monthly rents higher and made desirable units more difficult to find.
As of December 31st, the average rental price throughout the region stood at $1,685; 2.1% more than a year earlier. Analysts, though, say that dynamic may begin to shift in favor of apartment residents as early as this summer. A swollen backlog of apartment communities under construction is set to begin opening over the next two years. A. Grant Montgomery, Vice President at Delta Associates, observes, “In the near term, the market will be more of a renters’ market because of the large amount of supply that’s coming online.” Two years from now, he adds, “those units will fill up, and they will have strong performance for owners.” That does not mean that area apartment dwellers will see major declines in vacancy rates or desirable options and incentives in Metro Washington’s most desirable neighborhoods.
Apartments in D.C.’s Dupont Circle, for instance, will continue to command high rents. Delta forecasts that 12,472 rental units will come on the market in 2012, with another 10,887 apartments to follow next year. A significant influx of supply versus the approximate 5,800 units added to the market in an average year. Northern Virginia will see the bulk of new stock between now and the end of December, with 5,895 apartments on pace to come on the market.
BofA: Families Facing Foreclosure Can Rent
Digested From “BofA: Families Facing Foreclosure Can Rent”
CNNMoney (03/23/12) by Chris Isidore
Bank of America plans to offer a small number of customers facing foreclosure the option to stay put and rent the property instead. The pilot program initially will be offered to some 1,000 consumers in three states: Arizona, Nevada, and New York, and will entail homeowners giving up the title to their property in return for bank forgiveness of their mortgage debt. They would then be permitted to rent the property for up to three years.
Lexington Asset Management Goes to Single Stream Recycling
Digested From “Lexington Goes to Single Stream Recycling”
Memphis Business Journal (03/23/12)
Lexington Asset Management, LLC is adding a new recycling program to all of its apartment communities in six states. The Memphis-based property asset management firm last week inked a deal with William-Thomas Group to implement its Haul Pass Network waste and recycling service at the more than 3,000 rental units Lexington manages nationwide, replacing soon-to-expire waste contracts. The Ohio-based company will provide single-stream recycling at each of these apartment communities. Lexington executives say putting all waste services under one contract could save the firm thousands of dollars a month.
Wall Street Gold Rush in Foreclosed Homes
Digested From “Wall Street Gold Rush in Foreclosed Homes”
NDTV (India) (03/25/12)
The U.S. Government is proceeding with a trial project to sell large pools of single-family homes that Fannie Mae owns in some of the nation’s most downtrodden housing markets. While investors are flocking to foreclosures to take advantage of the current rental craze, proponents of buying foreclosed homes are urging caution with regard to the kind of returns they can expect and the challenges and potential negatives that come with being a landlord. Others worry that those that contributed to the housing bust will now benefit by purchasing foreclosures at a sizable discount.
Elk Grove (Calif.) Considers Banning Smoking at Apartments
Digested From “Elk Grove Considers Banning Smoking at Apartment Complexes”
Sacramento Business Journal (03/22/12) by Michael Shaw
Elk Grove, California, is contemplating the concept of implementing a ban on smoking at area apartment communities. The City Council is prepared to consider limiting smoking and creating an ordinance to ban the practice at local apartments. But not everybody supports the idea. The Rental Housing Association of Sacramento Valley said apartment owners should decide on the appropriate policies, not the city. Several other Sacramento communities have either enacted similar legislation or limited the amount of smoke-free apartments.
Consortium Offers Fair Housing Seminar
Digested From “Consortium Offers Fair Housing Seminar”
In April, the Tampa Bay Fair Housing Consortium will celebrate Fair Housing Month with a one-day training seminar covering such topics as fair housing laws and what fair housing means to persons with disabilities. The April 13th seminar featured a panel of distinguished speakers, with a keynote address delivered by Congresswoman Kathy Castor. The Tampa Bay Fair Housing Consortium is a collaboration between the Bay Area Apartment Association; Bay Area Legal Services; the cities of Clearwater, Largo, St. Petersburg, and Tampa; the Greater Tampa Association of Realtors; Gulfcoast Legal Services; Hillsborough County; and the Pinellas County Office of Human Rights.