Industry Insider
A weekly newsletter of noteworthy articles pertaining to our industry.
Budget Impacts on High-Rise Operations
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FirstService Residential is taking a deeper dive into high-rise operations. Its inaugural BENCHMARK reviews insights regarding amenities, insurance, maintenance and staffing and how these areas impact rental housing. There were two major trends found: New legislation following the collapse of a…
Lack of Tech a Dealbreaker for Some Residents
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Nearly three-fourths of residents somewhat or strongly agree that advanced technology can sway their decision-making when it comes time for choosing their next rental unit. According to a new resident experience survey from Capterra, 48% of residents also reported not having access to tech at their…
Renter Population Outpacing Homeowners
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The cost of owning a home is impacting the greater population. Redfin reports the number of renter households grew by 1.9% in the second quarter of 2024 compared to homeowners, who increased by 0.6%. According to the study, asking rents are up 23% from before the pandemic compared to mortgage…
Equity Residential Acquires 11 Properties
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Equity Residential is growing is footprint in three metros. It was announced in August that the company agreed to acquire 11 properties from Blackstone Real Estate in separate transactions.
The new portfolio has 11 communities totaling 3,572 apartment units that are eight years old, on average.…
NAA’s Eviction Moratorium Lawsuit Moves Forward
By Mark Poist | | Updated
Update (10/30/2024): On September 13, 2024, the U.S. Court of Appeals for the Federal Circuit (Court of Appeals) granted the United States’ motion to extend the time to file a Combined Petition for Panel Rehearing and Rehearing En Banc until November 7, 2024. A Petition for Rehearing would ask the…
Property Insurance Increases Impacting Rental Operations
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The cost of insurance is rising for property owners in the rental housing industry. While this has typically been seen in locations with potentially higher claims such as Florida, Texas and California, the rise of insurance has been felt across the country.
The New York Times looks at the impacts…
Apartment Completions Set for Record Pace
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Apartment completions are on pace to set a new record. According to RentCafe, 518,108 rental units will be completed by the end of 2024, marking the first time construction completions will surpass half a million units. However, nearly 60% of the new completions in 2024 are in the top 20 markets.…
10 Things to Know About the JBREC/NAA Apartment Developer and Investor Survey Q2 2024
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At the end of 2023, respondents expected apartment starts to diminish by 44% on average over the next 12 months. As of Q2 2024, the expectation is that starts will remain roughly unchanged (-1%) over the next 12 months.
Yet, 64% of developers said they do not plan to start any…
Concessions Rise Slightly in July
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Every other apartment community is offering a deal in some metros. According to data from Zillow, 33.2% of its total listings offered a concession such as free rent or parking in July. There were six markets—Raleigh and Charlotte, N.C., Atlanta, Salt Lake City, Nashville, Tenn., and Austin, Texas—…
Multifamily Developer Confidence Slides in Second Quarter
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Both indices of the Multifamily Market Survey are down in the second quarter. The results from the National Association of Home Builders show the Multifamily Production Index (MPI) declined 12 points year-over-year to a level of 44; the Multifamily Occupancy Index (MOI) dropped eight points to a…