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Home » News and Events » Page 15

News and Events

May Becomes One of Best Months for Rent Collection During Pandemic

Via CoStar.com The number of U.S. apartment dwellers paying full or partial rent increased from April to May to one of the best figures during the pandemic, a signal of increasing recovery from the economic hardship since the onset of the health crisis. Roughly 80% of renters paid full or partial rent payments by May 6, according to the latest rent payment data from the National Multifamily Housing Council. The Washington-based apartment advocacy and research group surveyed 11.7 million rented units throughout the United States. Read More..

SoCal industrial boom may prompt tighter air quality regulations

via TheRealDeal.com Southern California’s industrial market has been surging, but that has come at a cost to the environment. Warehouse operators may soon have to meet new air quality regulations or pay hefty fines for their emissions, according to the Los Angeles Times. Regional air quality officials on Friday are set to vote on a suite of rules aimed at reducing emissions from trucking and warehousing operations in the area, according to the report. Read More..

Apartments Have Stabilized Earlier Than Expected

via GlobeSt.com In Q1 2021, the US multifamily market stabilized a quarter earlier than expected, according to a new report from CBRE. While vacancy rose by 20 basis points to 4.7% in the quarter, the average rent rose 0.4%. That was the first quarterly rent increase since the pandemic began. Still, the average rent was down 4.2%, and vacancy was up 50 basis points compared to a year ago. Read More..

TOMORROW LIVE at 11AM – Extreme Makeover: Apartment Edition

via AptMags.com WHEN: 11:00 A.M. – 12:00 P.M. on Friday, April 30, 2021 Please join us for another informative session of the Southland’s Top Property Managers and our panel of expert, Southern California-based, property managers who will be discussing how YOU can best succeed in today’s pandemic-challenged leasing market and lease your vacant units promptly and to the most qualified tenant applicants. Learn the leasing philosophies and techniques deployed by today’s top professional property managers during what will certainly be an exciting session we are calling “EXTREME MAKEOVER: Apartment Edition.” Read More..

Industrial Rents Hit Record High in Q1

via GlobeSt.com The industrial sector kicked off the year with surging demand outpacing supply for the first time since the first quarter of 2019 and record-high rents hovering at $6.90 per square foot nationally, according to a new report by Cushman & Wakefield. The first quarter of 2021 showed market absorption of 82.3 million square feet (msf), the most space ever absorbed in a first quarter of any year reported by Cushman & Wakefield and a number that’s up 78.2% over the 46.2 msf reported in the same period last year. Read More..

Apartment Concessions Decline as New Leasing Stabilizes

via GlobeSt.com After a seasonal lull in December, multifamily applications and move-in volumes are all up for a third consecutive month, according to MRI Software. In March, traffic hit higher levels than it did in summer 2020. March’s traffic hit roughly 140% of March and February from that year. Call volumes associated with leasing also hit volumes not seen since last summer. Online applications grew faster than overall application volumes, showing that online leasing is taking hold. Overall applications were more than 140% over February’s numbers. Online applications were nearly 200% of March 2020. Read More..

Housing Rents Pick Up After Eight-Month Lull

via GlobeSt.com Rent growth in the nation’s 50 largest housing markets saw its first uptick since the pandemic began in March. Rents grew 1.1% year-over-year, according to the realtor.com Monthly Rental Report. Still, rental markets in pricey high-tech hubs like San Jose, San Francisco and Seattle continue to struggle. The US median rent, which is calculated by averaging the median rent of the 50 largest metros, averaged $1,463 in March. Previously, rent growth had slowed from 2.2% in July 2020 to just 0.6% in February 2021. Read More..

Where Apartment Rents Are and Are Not Rebounding

via GlobeSt.com In March, as GlobeSt.com reported, Apartment List’s national index jumped by 1.1%, which was its largest monthly increase going back to the beginning of 2017. That doubled historical growth in the month. In the previous three years, March’s year-over-year rent growth was 0.6%. In addition, the rent growth in March knocks out COVID’s declines in Apartment List’s index. The index recently started growing ahead of seasonal trends seeing improvement in both pricey coastal markets and smaller cities that have grown popular through the pandemic. Read More..

Latest Round Of Rent Relief In LA Allows Landlords To Apply For Their Tenants

via Bisnow.com After more than a year of coronavirus pandemic life and its repercussions, a looming threat has been the growing amount of rent debt. The exact amount of back rent owed statewide is not known, but estimates have ranged from $400M to $1.7B. The city of Los Angeles is accepting applications through April 30 for up to $235.5M of rent relief provided as part of the December federal stimulus bill. The funding will be awarded to qualified applicants via a lottery-style system, with preference given to applicants who make less than 30% of the area median income, or $33,800 a year for a family of four. Unlike the previous round of rent relief, this time landlords are able to apply on behalf of their tenants. Read More..

L.A. City Councilmembers look to open up adaptive reuse to supportive housing

via Urbanize.city Earlier this month, the Los Angeles City Council voted to instruct city staff to draft an ordinance which would expand the adaptive reuse ordinance citywide - on the condition that any new housing created is restricted to moderate-income households. Now that policy could be revised once again in an effort to provide shelter to the region's unhoused residents. A motion introduced earlier this week by Councilmembers Paul Koretz and Mike Bonin calls for the Departments of City Planning and Building and Safety to report on the feasibility of amending the adaptive reuse ordinance to include transitional and permanent supportive housing developments. Read More..

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