The multifamily sector has strong prospects for growth and job creation, according to the National Apartment Association Education Institute (NAAEI).
With a growing number of Americans renting, the demand for property managers is rising rapidly. Investors have been drawn in by the industry's strong fundamentals, according to the NAAEI.
Overseeing rental properties can require a mix of customer service, management, maintenance, accounting and other expertise to create an effective team, the NAAEI notes. The most recent data from the Census
A Justice Department case against a Dallas apartment construction firm will go to court, Multifamily Executive reports, rather than being determined through summary judgment.
The federal agency filed the case due to allegations that the firm, JPI Apartment Construction, failed to provide for accessibility in its construction, violating the Fair Housing Act and the Americans With Disabilities Act.
Defending its practices, the firm argued that it met accessibility requirements despite failing to meet the guidelines used by the federal government.
Rental prices continued to grow in New York City during the last quarter, according to the RentJuice Rent Index, despite slowdowns in other major markets, including Boston and Chicago.
Average asking rents grew in the city partly due to a change in the properties that are available. Recent trends have seen an increasing number of larger apartments and rentals open, the report indicates, and some expensive neighborhoods have become even more so. Submarkets including Hamilton Heights and Flatbush, on the other hand, have seen the price per square
Rents in Orlando, Florida, have remained steady or risen slightly during the past six years, the Orlando Sentinel reports, while the city's home prices have been cut by half.
Landlords have been able to buy properties in the metro area for far less than in the past, according to the source. Demand has been high, and Florida has been hit hard by foreclosures, leading to problems in the for-sale homes market.
One apartment data firm reported that average rents for the Orlando metro area reached $833 in October, compared to $822 six years before.
High apartment occupancy rates and other signs indicate the nation is moving toward a future different from the one previously expected, according to The Fiscal Times.
That future will be one in which more Americans prefer to rent their homes rather than own them, if current trends continue. The homeownership rate has dropped from 69 percent in 2006 to 62 percent, according to a report from the New York Federal Reserve. At the same time, rising rents and low mortgage rates have not put a damper on apartment demand or encouraged a shift toward
A report from real estate appraisal firm Miller Samuel and Prudential Douglas Elliman indicates the median effective apartment rent in Manhattan rose to $3,121 from $2,849 over the past year, Bloomberg reports.
Rents reportedly climbed 9.5 percent in the final quarter of 2011, which the report attributes to landlords deciding to cut concessions and raise rents despite that quarter traditionally being the slowest period in terms of leasing activity. This would not have been successful without high demand, underscoring the level of interest in
Before buying a house or other property to rent, future owners should get ready by examining their credit score and credit history.
A credit score is one of the main factors in determining loan terms, if not the primary factor. What a given credit score will qualify an investor for may vary somewhat between lenders, but the importance of credit does not.
One expert told Bankrate.com that having a credit score lower than 740 tends to mean the same interest rate will cost more. This will likely mean paying points in order to keep the rate steady,
Local governments are eagerly embracing the rise of renting, Charleston's Post and Courier reports, because commercial properties such as apartments are taxed at almost triple the rate of owner-occupied homes.
This makes them exceptionally attractive at a time when many local governments are struggling with limited budgets. This is especially true for the public school system, according to the source, which receives no funding from taxes of owner-occupied homes and a substantial amount from rental and other commercial properties.
Because all
Austin, Texas, is expected to see population growth of more than 50,000 people over the coming year, Multi-Housing News reports, an increase likely to mean higher demand for apartments.
Rental agents and managers may find themselves very busy with the influx, which MHN notes is likely to significantly raise the occupancy rate in the metro area and increase rents as a result. The city also has a favorable employment situation, the source reports, with 15,500 more jobs added by employers in the third quarter. This constitutes a 2 percent increase.
According
New research from forecasting firm Property and Portfolio Research (PPR) suggests average rents and median household incomes will grow at similar rates.
This represents a departure from the trend of the past decade, according to the source, during which rents rose about 8 percent slower than incomes, partially due to atypical focus on homeownership during some of the decade.
Current conditions have been pushing rents upward, leading some to wonder whether rent growth might outpace income in an economy still suffering from slow job creation.
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