Archive for October, 2013

Winston-Salem 6th Worst Market for Effective Rent Growth in September

Fast on the heels of the very positive vacancy rate news for the Piedmont Triad apartment market comes this list from Axiometrics showing the top 10 and bottom 10 apartment markets for effective rent growth in September, 2013:

Bottom 10 Effective Rent Growth Markets

1. Little Rock, Ark., -2.28 percent

2. Washington, D.C., -1.5 percent

3. Albuquerque, N.M., -1.28 percent

4. Chattanooga, Tenn., -1.01 percent

5. Augusta, Ga., -0.58 percent

6. Winston/Salem, N.C., -0.54 percent

7. Philadelphia, -0.23 percent

8. Bethesda, Md., 0.17 percent

9. Montgomery, Ala., 0.07 percent

10. Birmingham, Ala., 0.18 percent

 

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October 24, 2013 at 7:58 pm Leave a comment

Piedmont Triad Apartment Vacancies at Ten Year Low

Real Data just released it’s latest Greensboro/Winston-Salem report and the numbers show that the market continues to strengthen. Here are the basics:

Vacancy rate: 7.3%
Average rent overall: $705/month
Average rent in units <5 years old: $950/month
Average rent in units >30 years old: $600/month

The report also highlights the relatively light activity in new development considering the demand. From the report:

Despite strong demand, new development has been modest, with construction starting on less than 500 units over the past six months. Currently, there are more than 1,100 units under construction throughout the region and another 3,500 units proposed. Many developers plan to start construction in the next year, but financing remains tight.

October 24, 2013 at 1:32 pm Leave a comment

Reversion

According to this Wall Street Journal article, many condos that were rented out during the recent housing crash are now for sale:

Many condominium developers who rode out the real-estate downturn by renting out their units are reverting to for-sale housing, in another sign of the market’s continued recovery over the past year…

Last year, some 2,080 apartments were converted to condos from rentals. That is a pittance from the 152,206 conversions that took place in 2005 when the real-estate bubble was inflating, but it was the highest total since 2008, according to property researcher Reis Inc., which tracks only those buildings with 40 or more units.

The numbers are muted because the apartment market remains strong and because the bulk of today’s conversions are different from the boom years and should probably be called “reversions.” That is, the developers had always planned to sell the units as condominiums but were unable to find takers during the real-estate bust…

Reversions are being driven by a supply shortage in the single-family-home market, which has sent prices upward. There were 2.07 million existing homes for sale at the end of August, up 5.1% from January but still down about 6% from a year ago, according data from the National Association of Realtors and Trulia, a real-estate listings site. The data include both condos and single-family homes.

October 22, 2013 at 6:07 pm 1 comment

Winston-Salem Commercial Real Estate Firm Launches Bike Share Program

Here’s an interesting idea that serves both a marketing and customer/employee service purpose:

Linville Team Partners, a commercial real estate company located on Trade Street in Winston-Salem has launched a free bike-share program for its employees, clients, colleagues and friends.

Taking advantage of a series of bike racks installed by the city in the central business district, the company assembled several cruiser-style bikes branded with the Linville Team Partners logo…

The program has been in place for about a month, and Whitener said the company just recently blasted information about it out through e-mail and social media. The program operates through a degree of trust.

This might be an interesting idea for urban apartment communities.

October 22, 2013 at 2:39 pm Leave a comment

Support Your Local Apartment Association and Vice Versa

In the October, 2013 issue of Units Magazine there’s a nice piece by a member of the Arizona Multihousing Association on the value of membership in local apartment associations.

 

Now surrounded by peers (AMA members) who had been in the industry longer, who had managed portfolios larger than ours and who had been influencing Fair Housing laws for years, I felt I was finally supported and armed for greater success in my profession.

The past six or seven years have been exciting. Flagstaff has grown and the inevitable competition has made its way to our little hamlet. I’m proud to say: We were not caught off guard. My time with the association has kept me aware of marketing and maintenance trends, saved me from exposing myself to undue legal liability and prepared me to hold my own with the “big boys.”

Of course we wholeheartedly agree that membership in a local association is a great benefit for any multifamily professional, but of course you should go read the entire article and see for yourself.

 

October 21, 2013 at 7:23 pm Leave a comment

CFPB: An Acronym You Should Get to Know

Do you consider collections an important part of your job/business? If you’re like 99.9% of the apartment industry then you answered yes to that question and that means you really should read this article at Multifamily Executive:

The CFPB, aka the Consumer Financial Protection Bureau, is not just another acronym we should ignore.

No, the CFPB is unlike any federal agency we’ve ever seen. The consumer watchdog group is the result of Congress’ reaction to Wall Street’s failures and abuses that led to the Great Recession. The Dodd–Frank Wall Street Reform and Consumer Protection Act created the CFPB with a mandate to provide a single agency to enforce 18 major federal consumer laws, some of which are relevant to the multifamily industry…

In October 2012, the CFPB gained authority over the debt-collection industry…

The agency is getting debt-collection complaints from consumers, and our industry would be foolish to think that it isn’t receiving thousands of complaints from folks who were evicted from our multifamily properties and who are now being subjected to debt-collection efforts on move-out accounts.

At this point, maybe you’re thinking, “We sell our debt. I’m not concerned about the CFPB,” or, “Our collection attorney [or agency] handles all that stuff. The CFPB is their problem, not mine.”

If you believe that, read what CFPB director Richard Cordray recently told The Washington Post:

“We’re also examining debt collectors. We’ve done some enforcement actions involving debt collection, and there will be more. We’ve put out a bulletin on first-party debt collectors, making clear that they’re also covered under existing law.”

October 18, 2013 at 1:36 pm Leave a comment

NAA’s CAMnesty Program

Attention all of you folks who have taken the CAM designation course since 2006 and did not complete the project or exam to actually earn your designation – NAA has some good news for you as outlined in this piece on the NAA blog:

Our CAMnesty program gives people that opportunity. People who since 2006 have completed all of the CAM requirements but the community analysis or the exam can now pay a fee, complete a new course module and take the exam to complete their professional designation…

You can learn more about the CAMnesty program online, or you can contact your local affiliate. An article in the August 2013 issue of UNITS Magazine also highlights the program. 

October 18, 2013 at 12:08 pm Leave a comment

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