Industry Insider
A weekly newsletter of noteworthy articles pertaining to our industry.
Resident Retention at All-Time High
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Resident retention is at nearly 60%, and property managers expect it to improve in the next 12 months. The 2024 Resident Experience Management Report from Zego shows 59% of residents said they plan to renew their lease in the next year, and 75% of property managers forecasted retention will improve…
Morgan Properties Grows Portfolio in Pennsylvania
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Morgan Properties is expanding its portfolio in its home state of Pennsylvania. The multifamily housing owner acquired 11 communities totaling more than 3,400 units from The DePaul Management Company. Morgan now owns and operates more than 14,000 units at 56 communities in Pennsylvania.
The new…
President Biden Proposes Federal Rent Control
By Nicole Upano | | Updated
On Tuesday, July 16, 2024, President Biden announced a proposal to require housing providers with 50 units or more to cap annual rent increases at 5 percent or risk losing an important federal tax deduction for depreciation. The President’s call to Congress to pass this legislation builds upon…
Biden Floats Potential National Rent Cap if Reelected
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Image from CNBC broadcast "Last Call," which aired July 12, 2024.
President Biden announced a 5% rent cap, if reelected, during a primetime press conference Thursday. The National Apartment Association (NAA) issued a swift, immediate reaction with a decisive statement the same evening. As a result…
Multifamily Building Slows Since Pandemic's End
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Permits for multifamily buildings are on the decline. Redfin analyzed data from the Census Bureau and found two main reasons for the drop in multifamily permits since the start of 2024. Those are higher interest rates and the recent uptick in construction—citing that about half of new apartments…
KKR Grows By 5,200 Units
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KKR is building its portfolio in the coastal and Sun Belt markets. The global investment firm acquired over 5,200 Class A units across 18 multifamily products from Quarterra Multifamily.
"This portfolio serves high-growth metropolitan areas across the country, where new supply will slow down…
New Jersey Supreme Court Upholds Class Action Waiver Enforceability in NAA Lease Contract
By Brittany Wood | | Updated
On July 10, 2024, the Supreme Court of New Jersey issued its decision in Pace v. Hamilton Cove, ruling that class action waivers in consumer contracts are enforceable, reversing the Appellate Division’s ruling. The Appellate Division’s ruling created a bright-line rule that invalidated class action…
Energy Department Hosting Decarbonization Webinar for Multifamily Housing
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The Department of Energy is hosting it's summer Better Buildings webinar series in partnership with National Lab experts to inform about cost-effective strategies and new energy performance factors.
On Tuesday July 16 at 11 a.m. Eastern, the series turns to multifamily housing with "There's a Heat…
Time to Leave it Behind: Supreme Court Axes Chevron Doctrine
By Ayiesha Beverly, Briana Anderson | | Updated
The U.S. Supreme Court (SCOTUS) overturned a landmark ruling, Chevron U.S.A., Inc. v. Natural Resources Defense Council, Inc., on June 28 , reversing a 40-year-old precedent known as the “Chevron doctrine” or “Chevron deference.” A fundamental principle in administrative law, the Chevron doctrine…
There Is No Debate. Rent Caps Hurt Renters and Communities
By Nicole Ryan | | Updated
During the first 2024 presidential debate, President Biden continued his harmful rhetoric against the rental housing industry. In the opening minutes, Biden touched upon housing prices and commented that "We're going to make sure we reduce the price of housing. We're going to build 2 million new…