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Learn about when and how you can evict your problem tenants, how the newly passed laws impact YOU, legal strategies you can deploy during the post-eviction moratorium era and understand your rights as a rental property owner to take back your property and recover your rental units. Learn what’s next for us landlords here in California. Read More..
via RentalHousingJournal.com A new renter preferences survey says residents are reporting a great desire for more space, better amenities and in-home creature comforts as the pandemic caused residents to evaluate their housing needs. The 2022 Renter Preferences Survey Report from the National Multifamily Housing Council (NMHC) and Grace Hill included 221,000 renters living in 4,564 communities nationwide, with data available in 79 markets. The report provides a look at the home features and community amenities that renters say they cannot live without, how much they are willing to pay and what matters during their home search. Read More..
via CoStar.com nvestors watched warily as inflation in the United States reached its highest point in 39 years, reading 7.1% in December, according to the Bureau of Labor Statistics. As home to some of the largest ports in the country, the Southern California region has also seen banner levels of inflation, just to a different degree. The inflation rate for the combined metropolitan area of Los Angeles and Orange counties was 6.6% in December, the highest December level locally in 31 years. A dive into specific goods gives insight as to what’s driving price jumps and how it affects the commercial real estate sector. Read More..
via CoStar.com
The mood remained sour last week, with inflation reaching a 39-year high in December and retail sales unexpectedly declining over the month. But much like the recent jobs report, the view of a full year of data paints a picture of robust economic activity, which, combined with supply shortages, resulted in overheated prices.
More specifically, the Bureau of Labor Statistics reported that consumer prices ticked up 0.5% in December over the month, ending the year 7% higher, while the less volatile core price index grew by 0.6%, or 5.5% higher than a year ago. The core price index excludes food and energy, which have seen large price gains recently.
Used car and truck prices, and to a lesser extent new vehicles, continued to drive inflation higher as the global semiconductor shortage hindered automobile production throughout the year. Anyone who did not buy a vehicle in the past 12 months likely experienced overall inflation of around 5.3% over the year.
Apparel prices grew by 1.7% over the month as shoppers saw fewer holiday deals — another category affected by supply-chain disruptions late in the year. Yet price growth in several categories edged lower. Energy prices, which drained disposable income from households throughout the year, fell by 0.4% in December. Rents and owners’ equivalent rents each grew by 0.4%, ending the year up 3.8% and 3.3%, respectively. That’s nowhere near the sizable increases in housing costs and rents we’ve experienced over the year, but it will take some time for these to be reflected in the price index.
Still, several signs point toward inflation nearing its peak. Without additional fiscal stimulus and with the end of the enhanced child tax credits, the outsize demand experienced last year for many categories of goods should return to normal. Indeed, the savings rate has returned to pre-pandemic levels. The exception would be for spending on restaurant meals, entertainment venues and travel, which have suffered from capacity constraints and COVID-related fears.
While consumers have suffered from sticker shock, their expectations of inflation continuing have begun to turn the corner. The Federal Reserve Bank of New York’s survey of consumers’ inflation expectations for one year ahead fell in December for the first time in 14 months, albeit the decline was by the smallest increment possible. Expectations for three years ahead remained flat but were 30 basis points below their peak in October.
Also, last week several Federal Reserve Board members pledged to make containing inflation a top priority. Most noteworthy was the statement delivered by member Lael Brainard at the Senate Banking Committee hearing for her nomination to vice chair. Brainard has in the past been perceived to have a more dovish stance, preferring to support the Fed’s full employment mandate over its price stability goal. Chairman Jerome Powell took a similar stance at his own Senate Banking Committee hearing for his second term as chair. By the end of the week, that sentiment was echoed by several other members, including Christopher Waller, who suggested in a Bloomberg interview that four or five rate hikes could be possible by the end of the year if inflation persists in the first half of 2022.
The Fed is also proposing to begin quantitative tightening this year in an attempt to shave its balance sheet, which has ballooned to almost $8.8 trillion during the pandemic, more than twice its balance in 2019. Of course, raising the policy rate to curb high levels of inflation while removing other supportive mechanisms invites the risk of applying too many tools meant to calm price increases while at the same time tamping down economic activity. With COVID infections raging again and supply chains still clogged, the Fed will need to monitor conditions carefully so that the economy avoids stalling.
Retail Sales Increased by All but One Measure
Fearful that supply-chain disruptions could cause a shortage in many key holiday items, many consumers shopped early and front-loaded purchases. Retail sales were consequently strong in October and November but fell unexpectedly in December by 1.9%, the first decline in five months. Seasonal adjustments were largely to blame, as December is usually a strong month for retail sales, and the pulling forward of purchases this year made the month’s numbers appear worse than they actually were. Over the year, retail sales grew by 16.9%, according to the Census Bureau.
The largest drag on retail sales was due to the 8.7% fall in online sales, likely also due to seasonal adjustment factors. Sporting goods and furniture sales also fell significantly, a sign that perhaps consumers have had their fill of these pandemic-related goods. Meanwhile, sales at food service and drinking establishments fell by 0.8% in December. The spread of the omicron variant and rising hospitalizations disrupted reopening plans at bars and restaurants as holiday gatherings and celebrations were canceled.
Putting seasonal adjustments aside, nonseasonally adjusted retail sales over the fourth quarter of 2021 were 17% higher than a year ago. This measure more accurately reflects activity in categories with strong seasonal factors as they wash out any impact from front-loading. For example, shopping at general merchandise, electronics and clothing stores were up 14% to 30% in the fourth quarter of 2021 from the previous year despite slipping between 1.5% to 3% in December alone. Meanwhile, sales at online retailers such as Amazon grew by a slower 10.2% in the fourth quarter — suggesting that many shoppers were eager to return to brick-and-mortar stores.
What We’re Watching …
This week and next we’ll see updated readings of the housing market. Record-low inventories have faced strong demand, pushing prices higher for both new and existing homes. But with interest rates set to rise, the market may finally have reached a peak, as affordability wanes and even higher-income buyers are priced out of the market.
The National Association of Home Builders reported that homebuilders are more worried about shortages and rising costs of materials, as well as of labor, than about a lack of demand, but continually higher-priced homes will become unattainable for an ever-larger share of the buyer pool.
CoStar Economy is produced weekly by Christine Cooper, managing director and chief U.S. economist, and Rafael De Anda, associate director of CoStar Market Analytics in Los Angeles.
via Eventbrite.com In this AOA Live Stream, you will discover: THE NEWEST LANDLORD/TENANT LAWS (LEGISLATIVE UPDATE) EMERGING TRENDS IN THE RENTAL HOUSING ENVIRONMENT ANTICIPATED CHANGES TO THE EVICTION MORATORIUMS DO’S & DON’TS ON SCREENING APPLICANTS WITH COVID DEBT Mike Brennan is the owner of Brennan Law Firm in Arcadia, California. While the firm is active in all aspects of the landlord-tenant industry, it has a special emphasis on evictions and landlord-tenant litigation. Read More..
via CoStar.com Investors watched warily as inflation in the United States reached its highest point in 39 years, reading 7.1% in December, according to the Bureau of Labor Statistics. As home to some of the largest ports in the country, the Southern California region has also seen banner levels of inflation, just to a different degree. The inflation rate for the combined metropolitan area of Los Angeles and Orange counties was 6.6% in December, the highest December level locally in 31 years. A dive into specific goods gives insight as to what’s driving price jumps and how it affects the commercial real estate sector. Read More..
Today’s property owners and managers are at the crossroads of market transformation. Gain insight into the current energy and water efficiency disclosure requirements for multifamily and commercial real estate. Learn about available financial and tax incentives YOU can best take advantage of. Gain an understanding of the positive impact... Read More..
via CAAnet.org Landlord-tenant laws taking effect next year address a variety of topics, from code enforcement to emotional support animals to how tenants access the property. Below you’ll find summaries of these laws, which take effect Jan. 1, 2022, and details on CAA’s upcoming New Laws Webinar. Code enforcement response: AB 838 by Assemblywoman Laura Friedman, D- Glendale, will prohibit local code enforcement agencies from placing restrictions or preconditions, such as mandating that the rent be paid in full, before responding to habitability complaints. Read More..
via TheRealDeal.com The residential real estate market could know in a matter of weeks whether the highest court in the land might give Los Angeles landlords a hearing on eviction moratoriums. It’s a legal fight that began in what seems now like a different era, soon after Covid 19 pandemic’s first terrifying wave. Read More..
Assemblymember Alex Lee says serial evictors and property speculators have used the Ellis Act to evict tenants and convert those units into condominiums. Author: Lena Howland (ABC10) Published: 8:58 AM PST January 10, 2022 Updated: 7:11 AM PST January 11, 2022 SACRAMENTO, Calif. — A new bill is headed for a committee hearing on Wednesday that could change the process for evictions. AB 854 is a new piece of legislation meant to protect renters from serial evictors and is being introduced by Bay Area Democratic Assemblymember Alex Lee. The main change it would make is that landlords must own a property for at least five years before they can use the Ellis Act to evict someone. The Ellis Act was enacted by the California legislature in 1986 to allow mom and pop landlords a way to get out of the rental market. Lee said serial evictors and property speculators use the Ellis Act to evict tenants and convert those units into condominiums. "What we are going after are serial evictors and speculators who within the recent past are trying to go and flip units. They're buying properties where people exist, evict them and flip them for profit by turning rent-controlled units — which especially have vulnerable seniors and people of color or low income — and turning them into market-rate condominiums," Lee said. Since 2001, more than 27,000 units in Los Angeles have been taken off the rental market using the Ellis Act which has displaced more than 60,000 Los Angeles residents. RELATED: From bacon prices to minimum wage increases: California laws going into effect in 2022 In San Francisco, more than 5,400 folks have been forced out of their homes in that same time. Lee said he believes the new bill is part of a three-pronged approach to solving the housing crisis by preserving units that are already affordable. "We need to be producing a lot more affordable units, we need to be preserving units that are already affordable, and protecting the vulnerable working-class families that are in California," Lee said. ABC10 asked Lee what this means for an average renter in the state of California. “If this bill were to sign into law, it would mean that thousands of Californians have stronger tenant protections and will not be unjustly evicted just because someone’s flipped the property," Lee said. “So especially during the pandemic, it’s incredibly problematic that folks are being forced onto the street and so that’s why I think it would have the scale of thousands and thousands of households being saved from undue evictions.”