Multi-Housing News reports that Long Island City has attracted enough residents in the past six or seven months to decrease the area apartment vacancy rate from 3.5 to 2 percent, according to a report from brokerage and marketing firm Modern Spaces.
Many of the new residents are first-timers, according to the report. Modern Spaces president Eric Benaim told the source that residents weer likely drawn by the variety of cultural attractions and restaurants, noting that the neighborhood hosts many galleries and museums.
The report suggests
Amid discussions of how best to deal with the number of foreclosed homes currently in the inventories of the Federal Housing Administration and its sponsored enterprises, Fannie Mae and Freddie Mac, HousingWire reports that panelists at the American Securitization Forum stated they are leaning toward rental conversions.
The idea of converting foreclosed homes into rental properties has been under discussion for some time, with some suggesting it would reduce inventory and help the market. The degree of government involvement in such a program
According to Multifamily Executive, participants at the recent National Multi Housing Council (NMHC) Annual Conference were looking forward to a window of opportunity this year and possibly beyond.
Property management companies will likely be busy in the near future if they are right, given predictions of further construction and rent growth in the face of national demand. According to the source, one market researcher noted that economic fundamentals indicate access to credit and consumer confidence are improving.
This may allow more
Continued solid growth in market and stabilized rents is causing apartment industry stakeholders in New York to predict that the trend of high apartment building sales will be ongoing in 2012, The New York Post reports.
Real estate investment trusts and others increased their buying activity. A number of large apartment sales marked 2011, according to the source.
"Sellers chose to take advantage of a low interest rate environment, which exerted downward pressure on cap rates, driving prices up," chairman Robert Knakal of Massey Knakal
Data from Reis analytics firm indicates that Chattanooga, Tennessee ranked third in apartment rent increases during 2011.
Former Chattanooga Apartment Association president Becky Brooks reportedly told the Chattanooga Times Free Press that new business and industry moving into the area is the root cause, bringing jobs and activity. In particular, Volkswagen has hired 2,500 people over the past three years, according to the news source, while local suppliers have added more.
All those workers need somewhere to live, and property management
Though there are arguably several top-notch ways to market rental properties, multifamily marketing consultant Kate Good states social media is the chief tool property management companies and other industry members should be utilizing to get word out about their residences.
Good divulged some expert marketing tips during a webcast sponsored by Multifamily Insiders, according to Multi-Housing News, much of which related to the necessary adaptation to social media this year.
One premier way in which property managers and owners can market
According to the Colorado Springs Gazette, the area has seen seven apartment construction projects planned or begun over the past several months, in response to high local demand for rental properties.
The source attributes this rise in building growth to high demand and rising rents in recent years, noting that recent years were previously marked by a lack of construction. Because of that trend, increases in demand necessitate new construction and existing units have seen more competition for tenancy.
Area rental managers may continue to
Novice property investors looking to hold their first open house could need some guidance, as they'll want to make sure everything goes smoothly to pique the interest of potential renters.
When prospective tenants come to an open house, have a sign-in sheet waiting. Besides getting their contact information, this can be good for security purposes, a concern when allowing strangers through a property.
Rental managers may want to give guided tours of their properties to make sure that visitors see the highlights and advantages. Discuss good
Fundamentals for apartments are improving more quickly than for other property types, according to National Real Estate Investor, displaying the attraction of renting in the current market.
Real estate data firm Reis reports the national apartment vacancy rate fell to 5.6 percent in the third quarter of 2011, down from an 8 percent peak during the first quarter of the year as property managers saw an increase in business. This improvement, and a coinciding rise in rents, are the result of a number of factors.
According to the source, analysts
The National Multi-Housing Council (NMHC) responded positively to initiatives mentioned by President Barack Obama in his State of the Union, noting that broader economic improvement will be necessary if the apartment industry is to sustain its growth in 2012.
The organization did note that a major, beneficial step would be the renewal and expansion of expired energy efficiency tax credits that encourage and assist rental managers and property owners who consider upgrading their properties to save on energy costs. Since the benefits of efficiency
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