The Landlord Times - OnSite - April 2013

The commercial real estate indus-try continues to show robust and consistent growth, despite a slug-gish economy and the indecision of governmental sequestration, accord-ing to the latest CCIM Quarterly Market Trends report. CCIM Institute (www.ccim.com), one of the largest commercial real estate networks in the world, released the results today in partnership with the National Association of REALTORS®. The report features the findings of CCIM's 13,000 influential, industry-leading members.

The Landlord Times recently caught up with apart-ment owner, broker and real estate entre-preneur Darrel Dickson about multi-

family industry trends, the economy and real estate investment and man-agement best practices.

The Landlord Times: What about the industry has changed most since you started your career?

Darrel Dickson: When I started in the business in 1987 interest rates were substantially higher than what they are today. Right now interest rates on 30 year amortization on a Market rate deal are about four and a half percent fixed for ten years. When I got started in the business it was in the 7-8% range for a ten year

fixed rate loan. Therefore, if you can find an apartment building that is well priced you have a chance to make greater cash flow.

There is a large demand to receive a stable return on investment from investors. Many are starved for cash flow. Currently, investors are getting almost nothing on bank certificates of deposits. When I started in this business interest rates on bank cer-tificates of deposits were much high-er. The returns through CDs at banks are currently close to zero. Investors can receive 5 to 10% steady cash flow in through owning apartment building.

Investors will seek to deploy capi-tal aggressively in the real estate considering the sustained low trea-sury rates that are available.

TLT: What do you perceive for the economy in the next year so? How will this affect the industry?

DD: Powerful demographic and economic trends will continue to strengthen the apartment market. The apartment market is in the fourth year of an increasing demand for rental units.

The US vacancy rates was at 4.3% in 2012, which is resulting in a pro-jected 4-5% rent growth nationally in 2013.

The oldest echo boomers turn 28 years old and have created a signifi-cant number of new households. Additionally, over the next few years approximately 1.2 million to 1.6 mil-lion immigrants will arrive annually through 2017. The unique demo-graphics of increased Echo boomers as well as new immigrants looking for new rentals will put pressure on vacancy notwithstanding the increase in supply of rental units.

6 Questions with Darrel DicksonContinued on page 18

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6

Institute ofReal EstateManagement

Page 14

WASHINGTON’S COMMERCE DEPARTMENT AWARDED $5.6 MILLION...

THE ROLE OF WATER IN ECONOMIC GROWTH

AND SUCCESSFUL...

IN SUPPORT OF

FAIR HOUSING

Washington Apartment Association

Chapter 27

Page 6

Seattle - Apartment Insights sur-vey shows the rental market strength-ening despite competition from new units, reports Tom Cain of Apartment Insights. The data are from his Seattle firm’s 1st quarter statistics and trends on 50+ unit properties in the King/Snohomish market.

VACANCY: 4.58% The vacancy rate for conventional,

stabilized 50u+ properties in the King/Snohomish market is 4.58%, down from 4.75% last quarter, and 5.21% a year ago.

Of the two counties, King showed the biggest improvement with its rate dropping from 4.76% to 4.53%. Snohomish edged up slightly from 4.70% to 4.78%.

The overall vacancy rate which includes properties in lease-up and out-of-service increased from 5.87% last quarter to 5.99% due to new units entering the market.

Seattle Rental Market Strengthens

Continued on page 3

Commercial Real Estate

Market Shows Signs of

Stability for Investors

CCIM Institute Releases First-Quarter National Market Trends Report for Commercial Real

Estate Industry

2 On-Site Northwest • April 2013

We Paint Hallways, We Paint Hallways, We Paint Hallways, Cabanas, and OfficesCabanas, and OfficesCabanas, and Offices

The submarket with the lowest vacancy rate this quarter is Tukwila at 2.80%. The vacancy rate has shown marked improvement in Tukwila, dropping about 100 basis points in each of the past two quarters. This is the first time a south King County submarket has had the distinction of having the lowest vacancy rate since we began surveying in 2005. Seattle's two north end submarkets are both just under 3.0%

The highest vacancy rate at 6.69% is in the Eastside North submarket, which is the only submarket above 6.0%. The Seattle Southwest submar-ket registered the largest increase, going from 3.64% to 4.38% vacancy.

RENTAL INCENTIVES: $21 (1.91%)

Rental incentives dropped a dollar from last quarter to $21 per unit. Incentives are higher in King at $22 (1.92%) than in Snohomish where they are $19 (1.8%).

In both counties 30.4% of the prop-erties are offering incentives, down from 31.6% in the fourth quarter.

ABSORPTION: +1,007There were 1,007 units absorbed

this quarter, down from 1,228 last quarter.

RENTS: $1,155 per Unit $1.37 per Square Foot

Rents increased from $1,140 to $1,155 per unit, a quarterly gain of 1.3%. Rents have increased 5.6% over the past year.

The Bellevue East and Redmond submarkets each had rent increases of about 3%., recovering the 3% loss that they each had in the fourth quarter. Burien experienced the high-est upward percentage, increasing 4% to $893.

Rents in downtown Seattle rose $29 to $1,655 or $2.22 per square foot. In downtown Bellevue they dropped $14 to $1,743 or $1.96 per square foot. However, rent increases in down-town Bellevue have outperformed those in downtown Seattle over the last year, 14.7% to 9.5%.

NEW CONSTRUCTIONThere are currently 12,006 units

under construction, up from 11,678 units last quarter and 8,155 units a year ago. Of the units under con-struction, 73% are in the city of Seattle.

There are 7,067 units currently under construction that are sched-uled for completion in 2013. Adding those units that have opened this year, the projected total is 8,318 units for 2013. This will be the highest annual total in more than 20 years.

Greystar is providing manage-

ment services for Stream Uptown, the 118 unit building featured in the photo, which opened recently. It is located in the Queen Anne submar-ket within walking distance to the South Lake Union neighborhood.

For 2014 our projection based on the 3,993 units under construction and the 1,393 units planned for com-pletion is 5,386 units. At this point, there are 2,238 units either under construction or planned for 2015.

In addition there are 7,282 units that are in design review and later stages. Lastly, rezoning has been granted to developers on sites total-ing 14,216 units.

The grand total for all the units under construction and planned for 2013 and beyond is 34,796 units. This is 3,000 units more than last quarter.

OBSERVATIONSThe market resumed its upward

trend after a flat fourth quarter. Rents increased 1.3%, the vacancy rate fell 17 basis points to 4.58%, and rental incentives declined slightly.

Since joblessness bottomed out in February 2010, metro Seattle has added more than 100,000 jobs. This represents 82.3% of the payroll jobs it lost during the recession. Over the past year the area has added 5,900 manufacturing jobs, including 4,800 in aerospace. Other strong local sec-tors include retail, construction,

social services, bars and restaurants and computer-systems design. We have seen an employment forecast of 2.7% for 2013.

This quarter's strong performance will certainly continue to encourage developers and lenders to keep mov-ing ahead on their proposed projects. We'll just have to wait and see what sort of impact the estimated 8,313 new units opening this year will have on the rental market. Certainly, the ever-increasing volume of units in the pipeline, up nearly 10% this quarter to about 35,000, is cause for concern.

Tom Cain of Apartment Insights Washington is a member of the non-profit Central Puget Sound Real Estate Research Committee in charge of provid-ing apartment rent and vacancy data. Tom has been a member of the Committee for over 25 years, and has been research-ing apartment market trends in the Seattle area since 1978. His company surveys the five counties in Central and South Puget Sound.

This article highlights survey results that subscribers can access from an online database of all 50u+ properties. Apartment Insights also provides cus-tomized rent reports and market reports. www.apartmentinsightswa.com 206-632-2220

On-Site Northwest • April 2013 3

Seattle ...continued from front page

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MOLD…… What are your thoughts on Mold?

It’s just MOLD, clean it up….. Maybe use bleach, that should be enough, right?

Have you heard this, or heard this statement? This is defiantly one of those “What were you thinking moments” Suzy Leasing:

Dana, I had a resident that phoned the office and complained that there was mold developing in their apartment. I instructed them to clean the area with bleach. I mean it is their apartment, so they are responsible. Right?D: Suzy, although the bleach and clean up is a typical suggestion, mold is very serious and must be addressed immediately. Of course, I am sure you plan to follow up with that resident to ensure that the prob-lem has been taken care of. Swift action can eliminate future mold or health issues, and not to mention avoid damages to the property.

SL:Is mold really that serious? I mean

my maintenance tech’s deal with it all the time.D: Suzy, I am glad that you are reaching out to help you understand

how to minimize a potentially haz-ardous situation. It is important that everyone that works in property management understand fully the ramifications of mold.

Here are a couple of tips to get you started.1. Here is the EPA website that has

valuable information regarding mold. http://www.epa.gov/mold/index.html

2. Dana’s philosophy on forms and addendums, if there is a form or addendum for it, use it. $1.50 is a small price to pay if it could pos-sibly save you thousands in court.

a. The Mold & Moisture addendum explains how the tenant’s behavior directly influences mold & moisture. This could be important in the future if mold becomes pres-ent in an apartment.

3. Document, Document, Document!a. It is always a good idea to start a Mold log with the con-versation that transpired between you and the resident.

I don’t want to have to say. “What were you thinking” Be prepared, don’t have that moment!

Zach – What is your opinion, how should mold be addressed?

Z: OK folks can we put the whole “use bleach” response to bed? There are two inherent problems with tell-ing residents to use bleach. 1. Bleach has been thrown at mold and mil-dew for so many years that many of the most common types of mold have actually mutated and built up immunities to bleach. 2. If we tell our residents to use bleach and they drip it all over the carpet then we are technically liable for the dam-ages because we told them use it. In the past the EPA recommended bleach and that has stuck, but the EPA changed its recommendation nearly 5 years ago. Also take a look at you mold and mildew addendum to be sure it doesn’t state bleach as the resolution. If it does it should be updated. There are many products on the market that are better at kill-ing and preventing mold than bleach some of my favorites are X-14 and Zinnser Perma-Wash.

Now let’s go over the best way to attack existing mold and treat it to prevent future growth.

Step one: Spray a clean rag with X-14 or other mold cleaning prod-uct. Never spray the wall or surface directly it will cause spores to become airborne (very bad). Wipe

the surface once with your rag, fold your rag, re-spray wipe again, fold the rag, re-spray, and so on until the surface growth is gone. Take the rag place in a garbage bag and dispose. There may be some residual stain but we will tackle that next.

Step two: Use warm soapy water and a soft bristle brush and clean the surface gently. You don’t want to saturate the surface with water just clean the spores down to surface level. Wipe dry with clean rag, place in garbage bag and dispose.

Step three: Once the surface is dry use a spray shellac over the area. This will seal the odor from the mold growth. Shellac is alcohol based so it will dry very fast, but have some fumes as, so ventilate the area well.

Step four: Once the surface is dry, use an oil based primer like Kilz and spray the area. This will seal the stain from the growth, but may also give off odor so ventilate well.

Step five: Once the surface is dry it’s ready to paint. I always recom-mend using paint with a mold inhib-itor. This can be added while in the manufacturing phase ,or as an after market additive. In addition, I like to scent my paint, so whatever I paint smells like tropical breeze.

By Dana Brown and Zach Howell

What Were You Thinking Moments!DZ&DANA BROWN AND ZACH HOWELL


Continued on page 5

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Many of your units, especially apart-ments and condominiums, are equipped with Manufactured Fire-places.

Over time, various parts of these Manufactured Fireplaces will wear out. Most commonly the interior fireplace area called the firebox. The firebox con-sists of the back wall panel, two side wall panels and the floor panel.

When the Manufactured Fireplace is cleaned and inspected by a Certified Chimney Sweep and if cracks or holes

are noted in the panels, these panels should be replaced soon after by the Chimney Sweep as a follow up service.

The Manufactured Fireplaces are basically appliances and it is vital to their longevity to provide routine maintenance and part replacement as needed.

If they are left to deteriorate or are not repaired, replacement of the Manu-factured Fireplace is then needed which is much more costly. Not to mention being a fire hazard for the

property itself.

*The National Fire Protection Asso-ciation recommends annual inspections and cleanings of fireplaces.

“13.2 Annual Inspection. Chimney, fireplaces and vents shall be inspected at least once a year in accordance with the requirements of Section 14.2.”

In the Great Northwest fireplaces abound. With the burning season com-ing to a close this is a good time to per-form routine maintenance and

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This is the way to do it, and for your in house staff they can follow these procedures every time with a great result. Always remember to wear the correct Personal Protective Equipment such as latex gloves, N-100 particulate paper mask with filter, and eye protection. This clean-ing method along with the moldi-cide paint will create a surface that mold does not like to stick to and cannot colonize. Industry standard states that your onsite staff can han-dle mold occurrences that effect 10sq/ft or less. Remember, you can measure 10sq/ft more than the stan-dard 2’x5’ if you have 6”of mold growth on a baseboard and a few

inches up the wall then your site staff could do up to 20’ of continu-ous wall and still stay within the 10sq/ft rule.

Dana Brown and Zach Howell have been working and training Managers and Maintenance staff in the property man-agement industry for 20 + years. They are excited to give back and share the crazy stories that can only happen in our indus-try. We would love it if you would share your stories and “WHAT WERE YOU THINKING” moments with us as well as questions that you need answers to. Dana can be reached at: [email protected]. Zach can be reached at: zach@amin stitute.net


President • Barry Blanton VP Finance • Mark Grey Past President • Faye Crow VP Membership • Glen Bachman VP Communications • Christy Mays

INSTITUTE OF REAL ESTATE MANAGEMENT

The Role of Water in Economic Growth and Successful Property Management to be

Examined by an International Panel at Upcoming IREM® Summit in Washington, DC

Water is a key component in eco-nomic growth and maintaining a successful property. As the global population grows, the scarcity, deliv-ery, and cost of water will become a priority for property management professionals worldwide. To address this increasingly critical topic, an international panel of property man-agers representing a diverse host of countries will anchor a special Global Business Practices Forum titled “The Value of Water: Economics and Ecosystems,” during the 13th annual Leadership and Legislative Summit of the Institute of Real Estate

Management (IREM®), was held April 6 through 10 at the Omni Shoreham Hotel in Washington, DC.

Leonardo Schneider, ARM® from Rio de Janeiro, Brazil, will speak about how his country is preparing for a predicted shortage and what it means to his properties. He’ll discuss the need to educate tenants, not only because they need to understand that water is a commodity, but because prices are steadily rising. He’ll also note that it is in everyone’s best interest to conserve.

Juan Carlos Blanco, CPM® Candidate, will speak from the

European point-of-view. The European Commission has highly developed policies in place to protect water through the Water Framework Directive (WFD). In cooperation with this directive, Spain, as well as other countries, has developed conserva-tion programs, regularly reviewed by the commission. The commission has made it a goal for all European waters to be in good standing by 2015- clean, harvested properly, and reusable, if possible. There also are sanctions regulating the cost of water, linking the price to the amount con-sumed or the pollution produced by its consumption.

Lastly, Tage Flint, general manag-er of the Weber Basin Water Conservancy District in Northern Utah, will stress that for American property managers, paying attention to aging water infrastructure is key. He’ll point to the fact that our sys-

tems were set-up for a population that had very different demands than today; also, that property managers should be proactive in making sure their properties and communities can handle the current demands on water and develop sustainable mech-anisms to meet demands without further depleting this finite resource. Rounding out his presentation, Flint will review how the U.S.’s climate, climate change, and practices will have an impact on future water usage at all levels.

Eric Storey, CPM®, chair of the Global Business Practices’ Forum, will conclude by reminding the audi-ence that understanding water and giving it proper attention is critical to being a successful manager.

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Between 2005 and 2010 the num-ber of 20 to 34-year-olds living with parents increased 600%.

As the job market improves these young singles living with parents will be looking to exit from living with their mom and dad and get an apartment.

TLT: The economy is clearly one of the most important topics of con-versation and concerns. How is the economy affecting the multifamily rental housing industry today?

DD: The home ownership per-centages since 2006 in the United States are as follows:

2006: 68.9%, 2007: 67.8%, 2008: 67.5%, 2009: 67.2%, 2010: 66.5%, 2011: 66%, 2012: 65.5%

The percentage of a home owner-ship has consistently dropped annu-ally since 2006, and every 1% drop in housing ownership represents approximately 1,000,000 new rent-ers. Multifamily properties have been so doing well because there are fewer homeowners and more rent-ers.

The market for multifamily hous-ing construction will remain strong in 2013 according to the NAHB chief economist David Crow. He estimates that there will be 299,000 new multi-family residential units built in 2013. He said that this is still considerably less than the 350,000 units the required to keep up with the demand

and supply imbalance. That said, the cost of materials and labor make it unfeasible to build in certain areas. Also, there are financing hesitations on the part of some lenders to build new construction multifamily which makes it difficult in some circum-stances. The demand for multifamily units will continue to remain strong.

Multifamily assets remain have the highest occupancy rates with the most aggressive rent growth and are the easiest to finance. These are all compelling reasons for investors to continue to invest in apartment buildings in 2013.

TLT: What you feel are the most important things to consider when hiring a vendor for your business?

DD: First look for someone that is concerned about doing the right thing for the property. Our manage-ment company looks to get three bids prior to hiring a vendor. We want to make sure that our vendors are providing work that has been competitively bid. At our manage-ment firm I also look to make sure that our vendors have good insur-ance and name our company and the apartment building as an additional insured. Good references from satis-fied customers are important, as well as the knowledge to do what is right for the building and the tenants.

TLT: Generally speaking what

two or three pieces of advice would you give to a room full of investors?

DD: Look to invest in markets where there is something significant going on for example major job and growth population growth and rev-enue growth are important to add value to a multifamily investment property. Secondly look to obtain long-term fixed-rate financing at low rates. Third look to buy well below replacement cost in well located areas. And fourth make sure you do your due diligence very well prior to purchasing a multifamily property. Some of the best deals you do are the deals you don’t do.

If you don’t have the time to man-age your own property you will want to consider developing oppor-tunities with sponsors who have a proven track record operating multi-

family properties.

TLT: For small independent own-ers do you suggest self-managing or hiring a property manager?

DD: If you or your wife has the time you can do the property man-agement and save a lot of money. However if you are busy executive and you don't have time then really you want to find a property manag-er. It makes sense to have a property management that has a significant investment in the property so that your interests are aligned.

Darrel Dickson is Principal at Preferred Capital Management, Inc.

and ApartmentsForSale.com.


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Dear Maintenance Men:I am a new income property owner and will be acting as my own gen-eral for organizing the work on my vacant unit’s rehab. Can you give me a timeline of sorts when rehab-bing a unit? In other words; does carpet or paint come first? Bob

Dear Bob:It might seem obvious at first glance; however we have often seen people install carpet before they paint. Not only do they run the risk of damaging the new carpet, they spend more time and money trying to protect the carpet. The work order should always be as follows: 1: Rough Work: Demolition, plumbing,

sub-floors, drywall & texture/paint-ing,

2: Assembly: Cabinet & countertop install, shower enclosures, doors, flooring, carpet, fixtures, handles, knobs, blinds, drapes, etc.

3: Detail work: Minor trimming, touch-up paint, smoke & CO alarms, clean-ing Minor caulking, etc.

Eliminate the possibility of damage to new work by doing the dirty or destruc-tive work first.

Dear Maintenance Men:I am planning on replacing the aging garage doors on my apart-ment building. Which type of door will hold up better? A modern metal roll-up style door or a more traditional one piece swing up wood garage door? Allen

Dear Allen:Both choices have positive and negative traits. Wood doors are more resilient to being bumper bashed and are easier for a DIY person to repair. The down side is the yearly maintenance that is required to keep them in top shape.

The metal roll-up doors are relatively maintenance free over their economic life. They are less resist to the occasional bumper bash and may need a profes-sional installer to do the repairs. Know-ing the brand and style of the door will be important for repairs.

The initial cost of installing a wood or metal door is about the same. If you are doing all the doors at the same time, choosing the metal doors might be more economical as they are easier to assemble as opposed to building a wood door. We recommend installing the metal roll-up doors. The yearly cost of maintaining a wood door will easily pay for the occa-sional bumper bashed metal door.

Dear Maintenance Men:I am revamping my property’s landscape irrigation system. I have one decision that has me scratching my head. Do I install plastic or brass sprinkler valves? The cost difference for brass valves is sub-stantially more than the plastic valves. However, price aside, I only want to buy them once. Would you recommend using the plastic or the brass valves? Brian

Dear Brian:The most common sprinkler valves used today are made of plastic. In most cases, these will work just fine. If using plastic valves, be sure to purchase high quality brand name valves. The best plastic valves are manufactured using glass-reinforced nylon. Lower quality valves are made from PVC. Try to avoid using solvent weld connections. This means the valve is glued directly to the pipe. A glued connection makes valve replace-ment difficult. It is best to use a threaded union connector that will allow a dam-aged valve to be replaced easily without disturbing the pipes.

In a rough environment, including full sun exposure or heavy foot traffic, a brass valve will be best. You did not mention whether the valves would be

automated or manual. If you are install-ing manual valves, we recommend you use a brass sprinkler valve to handle the abuse. Overall, the choice depends on your environment. A well-protected high quality nylon valve will last almost as long as a brass sprinkler valve. If the valves are at risk, use brass. Trivia: If you can lock your doors at night; thank the Ancient Egyptians as they invented door locks. The earliest such device, created around 4000 B.C., basically was a pin-tumbler lock, in which a hollowed-out bolt in the door was connected to pins that could be manipulated by insertion of a key. When the key pushed upward on the pins, they slipped away from the bolt shaft, allow-ing it to be withdrawn.

QUESTIONS? QUESTIONS? QUESTIONS?

We need more Maintenance Questions!!!

To see your maintenance question in the “Dear Maintenance Men:” col-umn, please send submission to: [email protected] Please “Like” us on Facebook.com/BuffaloMaintenance

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As a broker or property manager, obtaining the Green Broker certi fi ca-ti on will help you to identi fy and discuss essenti al issues related to green features of real estate you manage, provide advice and counsel on the benefi ts of building and managing Green. The program off ers 30 hours of conti nuing educati on credit for real estate licensees, and all graduates have the right to display the certi fi cati on on their business cards and mar-keti ng materials.

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he telephone is your single most important leasing tool

and it’s probably the easiest “tool” to operate at your community, but is everyone answering it when it rings? Many apartment communities are spending time and money on design-ing creative, effective ads and sig-nage to make their phones ring. Yet, believe it or not, many leasing people are still choosing not to answer their telephones. Worse yet, those who are relying on answering machines and voice mail to take messages, are not always returning calls in a timely manner or even at all. I cannot tell you how many shopping reports I received last month with remarks like this:

“If I had really been looking for a new home, I would have given up trying to reach someone here. The phone went unanswered as I attempt-ed to make contact numerous times, and no one returned my call when I left a message.”

For those property management companies who regularly evaluate their employees with a shopping program in order to “perfect their

performance,” they are also testing to make sure someone is simply answering the phone and returning calls! Of course having difficulty making contact with the leasing office is merely an inconvenience for the Secret Shopper, as I am only PRETENDING to need an apart-ment. What about REAL renters out there? What do you suppose hap-pens to them? My guess is they are living in your neighborhood, per-haps in an apartment at the commu-nity next door because someone answered the phone on the day they were looking for a new home.

The question that keeps coming up over and over again from prop-erty managers and owners is this:

Q: How can I get my leasing people to convert more of their tele-phone traffic into actual visits and then rentals?

Then there’s the question from the leasing consultants and managers who primarily work alone due to budget constraints and the size of their communities:

Q: I know my supervisor is con-cerned about the office coverage and

my ability to always answer the phone, but since I work by myself I have to take care of everything out on the property and also run all the errands. I just can’t be in the office all day, every day. What can I do?

A: It sounds like the people behind these questions/concerns all have the same goal in mind, but have yet to devise a plan in order to achieve their objective. While the day to day operations of caring for each community and its residents must be carried out, there will be no new residents to take care of without active leasing. The most obvious solution is as simple as forwarding your office calls to a cell phone. By having calls forwarded and being prepared to quote information about your available apartments, you can easily set appointments while you are out walking a vacant apartment or running a bank deposit. Of course you will have to always be prepared with something to write on and pos-sibly take a message if a call comes through when you are unable to talk. However, in receiving a “live voice,”

rather than a message, your callers are more likely to give you their name and number for a call back rather than leave you a voice mail. Of course if you aren’t in a position to answer your phone, how about regularly checking for messages AND returning calls?? While you’re at it, how about also checking for e-mails from prospective renters. – Most of you can do that with your phone too!

A: To those property managers and owners who already have their managers forwarding calls to a cell phone, but are not seeing a high per-centage of callers being converted into visitors, maybe your employees need an “incentive” as extra motiva-tion to work harder on setting appointments, rather than just answering questions and giving out information when the phone rings. It could be something as simple as a Starbucks gift card in the dollar amount of the number of callers turned into visitors and something more for every visitor who becomes


T

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a resident. (Of course a guest card system and/or telephone log would have to be in place for verification purposes. . . .)

If the day-to-day responsibilities of managing your community make you repeatedly absent from your leasing office, consider forwarding your calls to a cell phone. This will minimize the inconvenience to your prospective renters and anyone else that might be trying to get a hold of you, as well as make you readily available in the event of an emer-gency. By the way: It’s just as impor-

tant to answer the calls marked “pri-vate” as it is to pick up when the calls are routed through an ad source or you see your supervisor’s phone number come up on your caller ID! – It just may be the Secret Shopper calling . .

Are you dealing with a unique challenge or unusual situation at your community that you would like to see addressed next month? The Secret Shopper would like to invite you to send in your questions, as other people may be dealing with the same or similar issues. - You will

remain as anonymous as the Secret Shopper! Please ASK THE SECRET SHOPPER by making contact via e-mail. Your questions, comments and suggestions are ALWAYS wel-come!

ASK THE SECRET SHOPPER Provided by: Joyce Kirby

SHOPTALK SERVICE EVALUATIONSPhone: 425-424-8870

E-mail: [email protected] site: www.shoptalkservice.com

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Advertise in the Landlord Times -

OnsiteCirculated to over 17,000 Apartment owners, On-site, and Maintenance

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APARTMENT OWNER & MANAGER NEWSPAPER

ON-SITEServing the Portland/Vancouver

Multifamily Housing Industry More than 21,000 Distributed Monthly www.TheLandlordTimes.com The statements and representations made in advertis-ing and news articles contained in this publication are those of the advertiser and authors and as such do not neces-sarily reflect the views or opinions of Professional Publishing, Inc. The inclu-sion of advertising in this publications

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STAFF

Why are we landlords afraid to make tough decisions when it comes to screening prospective tenants? Have you noticed that some poten-tial applicants become pushy or demand sympathy? Haven’t we all heard the same excuse from appli-cants, “the information you’re ask-ing for is buried somewhere in a moving box”? At this point, do we choose not to require that they com-plete the corresponding field on the application? Have you found your-self approving applicants who don’t quite meet your screening criteria because you’re afraid to keep the property vacant or simply afraid to say no? I’m sure you’ve also heard horror stories of Fair Housing inves-tigations resulting in hefty fines for our peers How about those “profes-sional” tenants, those who lie on applications and appeal to our emo-tions, the scammers who know how to outstay their welcome? Being a landlord comes with all kinds of risks; however, as long as we’re just good at our jobs as landlords, then there is no need to be afraid to screen applications. Making deci-sions based on fear or emotion can be costly. Makings decision based on

informed policy reduces the poten-tial for costly mistakes.

First, knowledge is our power. Know the laws that govern our industry. Consult with other land-lords, educate yourself, take advan-tage of educational workshops offered by landlord organizations, and read a law book. The laws can change as often as every two years, so be prepared to continue your research. Just when you’ve attended all of the landlord workshops offered by your association, it should be time to start taking them all over again. Don’t consider repeat work-shops as refreshers because they will most likely have brand new content and hopefully be taught by a differ-ent instructor, who can shed their own light on policies and proce-dures that may be new to you.

Second, know your application and screening criteria by heart. One of the first interactions that you will have with prospective tenants will concern these two items. Wavering or uncertainty on your part will expose any lack of confidence you may have in your business. A land-lord who doesn’t know how to answer questions about the applica-

tion or screening criteria potentially opens the door to all sorts of risk. If a prospective tenant sees that rules are flexible, he or she sees an oppor-tunity. Stick to your criteria and keep your answers consistent and factual. Giving the tenant more time to provide required documentation is OK; however, lowering your stan-dards is double trouble.

Third, make sure that your appli-cant standards are fair, yet rigid, and charge an application fee. Don’t for-get that you’re running a business. Application fees cannot be a profit-making endeavor; they are there to simply cover your actual costs. Your time is valuable, reports are costly, and you want to ensure that the applicant is serious about renting from you. Collect an application fee per applicant, paid in cash. When you charge an application fee, of any amount, make sure that your screen-ing criteria is in writing, give appli-cation receipts, and issue written application denials when applicable.

Fourth, know your Fair Housing laws. Specifically, screen someone with a disability as you would any other potential resident. Don’t become fearful if you hear that a

prospect has an aid animal. You may verify the prescription for the ani-mal; otherwise, treat the animal as a wheelchair; it goes with the person. Having a proven standard for appli-cation criteria protects you from Fair Housing accusations.

Treat everyone as an individual, no matter his or her status. Rental history should not come from friends or relatives. Chances are, those persons will tell you that their relative is the best renter ever, to get them out of their house into yours. Absolutely require at least one gov-ernment-issued photo ID. The list of acceptable ID’s is lengthy, and some of those are listed at http://www.tsa.gov/traveler- information/acceptable-ids. Note the address on the photo ID and match it to the cur-rent address listed on the applica-tion. If they don’t match, ask for an explanation. Obtain all signatures required in order to verify informa-tion with employers and credit bureaus. Don’t chase down the applicants for this information, as it will hold up completion of the screening process in a timely man-ner. Make sure to document the date

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support of a celebration of National Fair Housing

Month, WMFHA is promoting the importance of fair housing through an interactive Facebook campaign intended to bring greater attention to the need for fair housing awareness and commitment. The multifamily housing industry has an obligation to show leadership in supporting and enhancing fair housing practices for all. I urge our members to set an example for the industry by embrac-ing the promotion of fair housing practices and training among our member employees and company leaders.

Of course, laws in this area were established by the federal Fair Housing Act (Title VIII of the Civil Rights Act of 1968) and the subse-quent Fair Housing Amendments Act of 1988. In addition, Washington State and the City of Seattle, as well as other jurisdictions, have also cre-ated additional fair housing regula-tions.

Fair housing is the law. Fair hous-ing is good business. Fair housing compliance makes a statement that this industry is concerned about how we are perceived and what we can

do to improve the business practices and reputation of multifamily hous-ing as a service to all of our custom-ers. Not only is fair housing compli-ance essential to a risk management program, but compliance with the spirit of these laws is socially just. Know and follow local, state and federal laws and guidance.

To support fair housing practices, companies can:- Develop policies and procedures

which mandate fair housing prac-tices

- Design employee training programs which provide education on the laws

- Create a company culture of equity, integrity and impeccable service

- Implement consistency, standard-ization and measurement bench-marks

The most important moments to ensure fair housing standards are adhered to are at customer touch-points: advertising, showing apart-ment homes, taking applications, application screening, rent collection, maintenance, and policy enforce-ment. These are the times when staff

need to be the most aware of appli-cant or resident interactions and the implications of equitable processes. Reliable written documentation is important to show compliance with current laws and practices. Companies should provide refresher training annually to employees in order to stay current and emphasize the importance of strong compli-ance.

The most common areas of par-ticular importance in ensuring fair housing include service animals and reasonable accommodations or mod-ification. Managing resident Reasonable Accommodations cor-rectly is a key component to employ-ee training. Fair housing claims sur-rounding disability are some of the most frequent claims. A requested accommodation is reasonable if it is related to a tenant’s disability, is not an undue administrative or financial burden for the housing provider, and does not fundamentally alter the housing and services the landlord offers. Ensure applicants and resi-dents know of your willingness to consider requests for reasonable accommodations and modifications. Understand the laws related to ser-

vice animals, which has caused con-fusion in the past among housing providers.

Employees should know what additional protected classes apply to a property beyond the seven federal protected classes. Treating prospec-tive residents or current residents differently opens up the potential for claims. Ensure screening is done in accordance with a fact-based, unbi-ased screening criteria.

There are many sources for infor-mation regarding fair housing laws and compliance. Feel free to contact the Washington Multi-Family Housing Association if you need assistance regarding training or poli-cy development or feel free to go to this website for assistance www.kingcounty.gov/exec/CivilRights/FH. We are all lucky to serve resi-dents and provide safe, comfortable homes for those looking to rent as a matter of choice. Networking and supporting each other shows our solidarity and commitment. Together, we can demonstrate that we have common goals: to promote the busi-ness of rental housing and provide valuable service to our communi-ties.

In Support of Fair HousingIn

President • Jay Olson Vice President • Joe Manca Past President • Cassandra Haavisto Treasurer • Mike Ashbrook

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Tradeshow Tour our trade-show floor and visit with the industry’s best providers of products and services that will help you achieve your goals and better serve your residents and owners!

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Screening: ...continued from page 12

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and time that the completed applica-tion was received to avoid Fair Housing allegations of picking-and-choosing based on personal biases. If the prospects comment unfavor-ably on the rigidity of your screen-ing criteria, tell them that they can thank those who came before them who tighter restrictions are now a necessary business precaution.

Finally, don’t hesitate to discrimi-nate against those facts that remain unprotected by the law. Income amount, criminal history, rental his-tory, and the manner in which they treat you can all be grounds for denial. Note the attitude with which they approach the application, look for inconsistencies in their informa-tion, and don’t be afraid to ask for more information or further expla-nation if you see red flags. If pros-pects are vulgar or blatantly rude, ask yourself if you can do business with them. If prospects attempt to rush the process or become pushy, it’s likely because they HAVE to move to avoid an eviction from their current landlord. Don’t be afraid to change your screening criteria as your business evolves and you’re presented with different challenges. Make sure that you keep dated cop-ies of historical criteria and be con-sistent with the new rules to avoid Fair Housing allegations. Tell your-self, “from this day forward, I

require…”, and then all that apply must meet the amended criteria from that point on. Again, treat everyone individually, fairly, respect-fully, and consistently and you won’t have anything to worry about.

My goal here is to convince you to not allow bad landlords, or “profes-sional” tenants to scare you away from one of the most important tasks of our business: screening. Do not be afraid to deny those applicants who simply do not meet your criteria. We have standards set in place for a rea-son: to protect some of our most important investments. Have Appli-cation Denial forms as part of your forms inventory. Be brief with expla-nation when the applicant inquires, because they will, and stick to the facts. Chances are, your denial will not come as a surprise to them. It’s never too late, until you’ve handed over the keys.

Katie Poole – Hussa is a Licensed Property Manager, Continuing Educa-

tion Provider and Principal at Smart Property Management in Portland, OR.

She can be reached with questions or comments at [email protected].

Excuse of the Day"My daughter works in your bank and looked up your

account. She told me that you have a grace period till the 15th. You better not charge me any late fees just

because I pay on the 10th."

The lease agreement and my mortgage are two completely different things. If you can't abide by our lease, you'll have

to leave. PS: Your daughter HAS NO BUSINESS LOOKING UP MY ACCOUNT. -

Michael K., NY

John Nuzzolese, Landlord Protection Agency 877-984-3572, www.TheLPA.com

The Washington State Department of Commerce (“Commerce”) has been awarded $5,580,280 to provide project-based rental assistance to up to 275 units for extremely low in-come people with disabilities as part of a U.S. Department of Housing and Urban Development and U.S. De-partment of Health and Human Ser-vices effort to prevent people with disabilities from homelessness or un-necessary institutionalization.

Washington is one of 13 states to today awarded HUD Section 811 Project Rental Assistance Demonstra-tion (PRAD) funds. Commerce will collaborate with the state Depart-ment of Social and Health Services, the Washington Health Care Author-ity and the Washington Housing Fi-nance Commission to create 275 units of permanent, supportive housing for persons with disabilities

Rental assistance provided by HUD’s Section 811 Project Rental

Assistance Demonstration enables income-eligible persons with dis-abilities to live permanently in main-stream settings and contribute no more than 30 percent of their income to rent. The state housing agencies are working closely with their state Medicaid and health and human service counterparts to identify, re-fer, and conduct outreach to persons with disabilities who require long-term services and supports to live independently.

“Two federal agencies are work-ing together to solve common sense problems and offer real and lasting solutions for persons who might oth-erwise be institutionalized or living on our streets,” said HUD Secretary Shaun Donovan. “We’re helping states reduce health care costs, im-proving quality of life for persons with disabilities, and ending home-lessness as we know it.”

“These funds will provide a sig-

nificant increase in the inventory of permanent, supportive housing, and also enable us to identify innovative and replicable ways to better serve very low-income people with dis-abilities” said Mary McBride, HUD’s Northwest Regional Administrator.

In addition to Washington state, other states awarded PRAD fund-ing totaling $97.8 million today in-clude California, Delaware, Georgia, Louisiana, Maryland, Massachusetts, Minnesota, Montana, North Caro-lina, Pennsylvania and Texas.

The $5,580,280 in PRAD funds awarded to the Washington Depart-ment of Commerce will provide rental assistance for the 275 units for a period of five years with an-nual renewals thereafter based upon Congressional appropriations. No more than 25 percent of the units receiving PRAD in a building may receive PRAD funding and the prop-erty owner must agree to maintain

the units as affordable to very low-income persons with disabilities for at least 30 years. PRAD funds may only be used for rental assistance and administration (no more than 5 percent).

Commerce currently manages five major housing programs providing permanent supportive housing for disabled persons. In addition to its commitment and responsibility to provide services to persons with dis-abilities, DSHS has five years of ex-perience operating programs, such as its Roads to Community Living (Money Follows the Person dem-onstration project), which mirrors the 811 Demonstration program ap-proach. The Washington State HCA and WSHFC will play supportive roles to the two principal agencies. The target populations under the Sec-tion 811 PRAD are particularly vul-nerable, extremely low-income per-


President • Rob Trickler Past President • Judith Violette 1st Vice President • Darlene Pennock Treasurer • Gina deWeber Secretary • Donna Lee Smitt

WASHINGTON APARTMENT ASSOCIATION

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Washington’s Commerce Department Awarded $5.6 Million In HUD Rent Supports for 275 Unit of

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Part of HUD & HHS initiative to provide permanent, supportive housing to prevent homelessness or institutionalization of the low-income disabled


sons with disabilities that receive or are eligible to receive long term ser-vices and supports through DSHS, as well as eligible individuals currently enrolled in the Roads to Community Living Project, which includes per-sons with significant developmental, functional, or cognitive disabilities. In addition, this grant will assist in achieving the administration’s 10-year goal of ending homelessness. Seattle has been identified as having one of the country’s highest chroni-cally homeless populations.

This announcement is consistent with the guiding principles of the Americans with Disabilities Act and with the landmark 1999 U.S. Su-preme Court ruling in Olmstead v. L.C., which requires state and local governments to provide services to individuals with disabilities in the most integrated setting appropriate to their needs.

The rental assistance announced today also supports the Obama Ad-ministration’s strategy to prevent and end homelessness. The Dedi-cating Opportunities to End Home-lessness (DOEH) Initiative is a joint effort by HUD and the U.S. Inter-

agency Council on Homelessness (USICH) to help communities match their homeless supports with other mainstream resources such as hous-ing choice vouchers, public housing, private multifamily housing units, and other federally funded services. The initiative is beginning in 10 criti-cally important communities: At-lanta, Chicago, Fresno County, Los Angeles County, Houston, New Or-leans, Philadelphia, Phoenix/Mari-copa County, Seattle, and Tampa.

Authorized under the Frank Mel-ville Supportive Housing Invest-ment Act of 2010, HUD’s PRAD program provides funding to states for project-based rental assistance to develop permanent affordable hous-ing options in integrated settings for extremely low-income persons with disabilities. Under the state health care/housing agency partnership, each state has in place a policy for re-ferrals, tenant selection, and service delivery to ensure that this housing is targeted to those persons with dis-abilities most in need of deeply af-fordable supportive housing.

HUD’s mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD is working to strengthen the housing market to bolster the economy and pro-tect consumers; meet the need for quality affordable rental homes: utilize housing as a platform for improving quality of life; build inclusive and sustainable com-munities free from discrimination; and transform the way HUD does business.

More information about HUD and its programs is available on the Internet at www.hud.gov and http://espanol.hud.gov. You can also follow HUD on twit-ter @HUDnews, on facebook at www.facebook.com/HUD, or sign up for news alerts on HUD’s News Listserv.


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The report shows that in 2012, commercial real estate investment sales increased for the fourth con-secutive year, with an uptick of 18 percent year-over-year in sales of properties less than $2.5 million. In fact, the year ended with a deal frenzy of $98 billion in total 4Q12 sales, setting a post-2007 record for the greatest amount of fourth-quar-ter investment activity.

"The numbers speak clearly, par-ticularly the figures besting reces-sion-era data, demonstrating depend-able progress that investors can act upon, and fundamentals are expect-ed to steadily improve," said George Ratiu , manager of the National Association of REALTORS® qualita-tive and commercial research. "With moderate gains in employment and consumer spending, absorption for office, industrial, and retail spaces will continue to grow, driving avail-ability rates lower."

Additionally, CCIM members par-ticipating in the national survey cited a 53 percent increase in transaction volume in 2012, driven primarily by investors who were looking to sell assets. Property prices have stabi-lized in most markets, with 30 per-cent of respondents reporting price increases and 50 percent saying prop-erty prices remained the same in their markets.

Apartments: Attractive Investment

Apartments attracted the largest volume of investment dollars in 2012, followed by office, retail and indus-trial properties. It is predicted that apartment demand will continue on a strong upward trajectory in 2013 as household formation increases and home supply lags in most markets, according to the report. More good news: Real estate prices gained trac-tion across all commercial real estate categories, with a 12 percent year-over-year increase across all sectors.

Vacancy in all commercial real estate categories is projected to decline as absorption increases, and rent growth is expected in the office, industrial and retail sectors through 2014. The multifamily sector will continue to see minor rent growth, along with a small increase in vacan-cy and reduced absorption during the same period.

Large Metro Markets Rise to the Top

The report also revealed that the top three markets in terms of invest-ment sales volume were New York City ($30 billion), Los Angeles ($19 billion) and Chicago ($19 billion). Secondary markets that experienced impressive volume growth include Austin, Texas (+94 percent), Orange

County, Calif. (+82 percent), and San Jose, Calif. (+69 percent).

Rents and Rates: Stable or Increasing

Forty percent of CCIMs who responded to the survey reported flat rents in 2012, while 32 percent indicated rents are higher in their markets. Approximately 53 percent of respondents expect rent growth and price growth to become more in line this year.

Capitalization rates remained sta-ble year-over-year, according to 62 percent of CCIMs. In addition, 49 percent of respondents reported that cap rate gaps between buyers and seller decreased last year, and the trend will continue in 2013.

The complete report findings can be found at http://www.ccim.com/resources/qmt-first-quarter-2013-quarterly-market-trends.

About the CCIM InstituteSince 1969, the Chicago-based CCIM

Institute has conferred the Certified Commercial Investment Member (CCIM) designation to commercial real estate and allied professionals through an extensive curriculum of 200 class-room hours and professional experiential requirements. The core curriculum addresses financial analysis, market analysis, user decision analysis, invest-

ment analysis and negotiation—the cor-nerstones of commercial investment real estate.

An affiliate of the National Association of REALTORS®, the CCIM Institute also offers powerful technology tools such as the Site To Do Business, an online site analysis and demographics resource, and CCIMREDEX, a single-entry listing and data exchange. Currently, there are nearly 10,000 CCIMs in 1,000 markets in the U.S. and 31 additional countries, with another 3,000 practitioners pursuing the desig-nation, making the institute the govern-ing body of one of the largest commercial real estate networks in the world. Visit www.ccim.com, www.stdbonline.com, and www.ccimredex.com for more infor-mation.

Media Contact: Olivia Gellman CCIM Institute, 312-

321-4526, [email protected] distributed by PR Newswire

iReach: https://ireach.prnewswire.com


Commercial ...continued from front page

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Nationwide housing production edged up 0.8 percent to a seasonally adjusted annual rate of 917,000 units in February, according to newly released figures from HUD and the U.S. Census Bureau. This slight upward movement represented gains in both the single-family and multifamily sectors, with single-family housing starts reaching their fastest pace since June of 2008.

“Demand for new homes and apartments is definitely rising as the spring buying season approaches and more young people move out on their own,” said Rick Judson, chairman of the National Associa-tion of Home Builders (NAHB) and a home builder from Charlotte, N.C. “Builders are responding to this improved demand by putting more crews back to work and pulling more permits for future construc-tion, though this positive activity is being constrained by continuing

issues with appraisals and credit availability for both builders and buyers, and also by newly arising challenges such as lot shortages and increased costs for labor and materi-als.”

“This report indicates that, despite some bumps in the road, overall housing production continues on the solid upward trend that we saw throughout 2012,” noted NAHB Chief Economist David Crowe. “Moreover, further gains in permit issuance are a positive sign that home construction will continue to drive economic and job growth in the coming months, albeit at a slower pace than would be possible without certain limiting factors.”

Single-family housing starts eked out a 0.5 percent gain to a seasonally adjusted annual rate of 618,000 units in February, bringing them to their highest level since June of 2008, while multifamily starts rose 1.4 per-

cent to 299,000 units.Regionally in February, combined

single- and multifamily housing production rose strongly in the Northeast and Midwest with gains of 18.4 percent and 37.5 percent, respectively, but fell 5.7 percent and 7.2 percent in the South and West, respectively.

Overall permit issuance rose 4.6 percent to 946,000 units in February, the strongest pace since June of 2008. That gain included a 2.7 percent increase to 600,000 units on the sin-gle-family side and an 8.1 percent increase to 346,000 units on the mul-tifamily side.

The Midwest, South and West posted respective gains of 1.4 per-cent, 9.9 percent and 6.4 percent in permitting activity for February, while the Northeast posted an 18.2 percent decline.

www.nahb.org

Nationwide Housing Production Edges Up in February


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xiometrics Inc., the leading provider of apartment data

and market research, reports that effective rent growth remained steady during February, at a rate of 3.53%, but that the pace of rent growth has been slowing in recent months. February’s effective rent growth rate was the lowest since August 2010. Occupancy remained strong nationally with an average rate of 94.13% in February. This rate is up 35 basis points (bps) from February 2012 and 71 bps from February 2011.

“A pattern has emerged this year, as effective rent growth for Class A properties has really slowed down, Class B rates have remained rela-tively steady, but Class C rates have continued to increase,” said Ron Johnsey, president for Axiometrics. “Rents had been pushed so much at the upper end of the market it was inevitable we would begin to see a slowdown in growth for Class A properties, but we may also be see-ing some impact from new proper-

ties coming online in certain markets. As new deliveries increase later this year and next, the trend could become even more pronounced.”

Effective Rent Growth and Occupancy

Nationally, annual effective rent growth declined from 3.62% in January to 3.53% in February; the annual growth rate was 3.96% a year ago. Axiometrics reports that the growth rate has slowed in nine of the last 10 months as many Metropolitan Statistical Areas (MSAs) are moder-ating from very strong rent growth the previous three years. Peak annu-al rent growth at the national level during this cycle was 5.32% in July 2011.

Breaking rent growth down by asset class, Class C properties contin-ued to post the highest annual effec-tive rent growth rates in February, at an average of 4.3%. Class A proper-ties, which averaged effective rent growth of 4.9% in February 2012, declined to 3.2% in February 2013.

While Class A and C properties have been on opposite growth paths in recent months, Class B properties have been very stable, with annual effective rent growth staying close to 3.6%.

Occupancy at the national level remained relatively stable in February, though it did increase from 94.05% in January to 94.13% in February. Axiometrics forecasts that the national average occupancy rate will reach 94.9% in 2013.

Currently, 28 of the top 88 MSAs have an average occupancy rate greater than 95.0%. Of note, three of the top 10 MSAs for occupancy (Naples, Sarasota, Miami) are in Florida, a state in which other mar-kets are still offering significant con-cessions to attract tenants.

Fewer Concessions Mean Higher Rents

As the market has tightened over the past few years, it has become increasingly difficult for renters to find rental concessions, at least in

most MSAs. At the national level in February, concessions lowered ask-ing rents 1.90%, which is the equiva-lent of 6.9 days of free rent on a 12-month lease. For comparison, Axiometrics reported that conces-sions lowered asking rents 3.09% last February and 4.62% two years ago. The peak for concession values was in December 2009 when asking rents were lowered 7.47% by the use of concessions.

In December 2009, approximately 2,360 of the properties in Axiometrics’ database were offering a concession of at least two months free rent on a 12-month lease; that number dropped to 335 properties in February 2013. While the number of properties offer-ing at least two months free rent has declined substantially, most major MSAs still have a handful doing so. However, 67 percent of the proper-ties offering two months free are concentrated in the Class B- to C- range. Only 28 properties in Axiometrics’ database graded

A

Axiometrics Reports Slow, Steady Growth for Apartment Market in 2013 After Multiple

Years of Above Average GainsBoston and San Francisco, two recent highfliers, have slowed

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between Class A- and A++ are offer-ing an average of two months or more free.

Top and Bottom Performing MSAs

Houston, Denver, Oakland, San Jose, Charlotte, and Seattle continue to rank in the top tier for revenue growth, which is calculated by mul-tiplying the effective rent by the occupancy rate and taking the change between periods.

Boston and San Francisco, two MSAs that consistently ranked in the

top tier for revenue growth the past two years, recently dipped below the national average. Boston’s revenue growth softened during the first quarter of 2012 and has settled at a rate below 3.0%. San Francisco’s slowdown is more pronounced as it has fallen from a peak of 15.9% last February to 2.9% this February. Class A properties have slowed the most in San Francisco, with the level of rent this February 2.5% lower than it was a year ago. Class B properties have remained solid at a 5.9% growth rate but as in other markets Class C prop-

erties are leading the pack this year with a growth rate in San Francisco of 12.1%.

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Axiometrics ...continued from page 20

Top and Bottom Performing MSAs

Annual Eff Rent Growth

Occupancy Rate Revenue Growth Rank* MSA

Feb-12 Feb-13 Feb-12 Feb-13 Feb-12 Feb-13

1 Corpus Christi, TX 6.82% 8.45% 94.58% 95.46% 10.0% 9.5%

2 Boulder, CO 3.01% 9.72% 96.05% 95.50% 2.6% 9.1%

3 Cape Coral, FL 5.11% 6.88% 93.51% 94.67% 6.5% 8.2%

4 Houston, TX 4.81% 6.71% 92.12% 93.27% 6.8% 8.1%

5 Oakland, CA 6.98% 7.27% 95.43% 96.05% 6.6% 8.0%

11 Denver, CO 7.05% 6.09% 94.30% 94.99% 7.0% 6.9%

14 West Palm Beach,

FL

1.73% 5.13% 94.01% 94.86% 2.1% 6.1%

16 Salt Lake City, UT 3.67% 6.06% 95.91% 95.64% 5.5% 5.8%

18 Birmingham, AL 3.63% 3.51% 92.03% 93.91% 3.5% 5.6%

19 Charlotte, NC 6.93% 4.97% 94.15% 94.69% 8.8% 5.6%

20 Seattle, WA 6.59% 5.26% 95.24% 95.46% 6.6% 5.5%

National 3.96% 3.53% 93.81% 94.16% 4.4% 3.9%

56 Boston, MA 7.42% 2.87% 95.55% 95.61% 7.3% 2.9%

58 San Francisco, CA 15.48% 4.35% 96.32% 95.00% 15.9% 2.9%

60 Riverside, CA 1.16% 1.75% 93.90% 94.68% 0.8% 2.6%

73 Baltimore, MD 3.05% 1.60% 94.83% 94.52% 3.4% 1.3%

77 Las Vegas, NV -1.14% 0.79% 91.63% 91.19% -0.8% 0.3%

84 Winston, NC 2.21% 0.32% 92.92% 92.05% 4.0% -0.6%

85 Salinas, CA 0.67% 1.17% 94.22% 92.42% 1.8% -0.8%

86 Albuquerque, NM 0.19% -0.11% 93.22% 92.41% -1.8% -1.0%

87 Chattanooga, TN 2.22% 1.14% 95.46% 93.18% 3.4% -1.3%

88 Tucson, AZ 2.04% -1.52% 92.08% 91.46% 3.2% -2.2%

*Rank is based on annual revenue growth in February 2013. Only the top 88 MSAs were used for the ranking. Axio tracks properties in more than 400 MSAs around the country.

Source: Axiometrics Inc.

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Following seven consecutive months of gains, the list of improv-ing U.S. housing markets remained virtually unchanged in April, with 273 metros on the National Associa-tion of Home Builders/First Ameri-can Improving Markets Index (IMI), released today. This total reflects a net reduction of one market since March and again includes entrants from all 50 states and the District of Columbia.

The IMI identifies metropolitan areas that have shown improvement from their respective troughs in housing permits, employment and house prices for at least six consecu-tive months. Five new markets were added to the list and six markets were dropped from it this month. Newcomers included the geographi-cally diverse locations of Macon, Ga.; Portland, Maine; Rocky Mount, N.C.; Eugene, Ore.; and Jackson, Tenn.

“The stability in the improving markets list this month is encourag-ing, with three quarters of all metros tracked by our index considered on the upswing as the housing recovery spreads to parts of every state,” said NAHB Chairman Rick Judson, a home builder from Charlotte, N.C. “In some markets, the main thing that’s holding back a recovery is a relatively thin inventory of homes for sale, which could be resolved if builders had easier access to credit for building homes and putting peo-ple back to work.”

“After a strong run-up through late 2012 and early 2013, the number of improving markets is holding steady at a high level,” said NAHB Chief Economist David Crowe. “We can expect to see more gradual gains going forward as challenges related to increased demand kick in – including everything from tightened supplies of developable lots and labor to the rising cost of building materials.”

“With 75 percent of the country seeing measurable improvement in housing market conditions, the out-look is definitely brightening for local economies this spring,” noted Kurt Pfotenhauer, vice chairman of

First American Title Insurance Com-pany.

The IMI is designed to track hous-ing markets throughout the country that are showing signs of improving economic health. The index mea-sures three sets of independent monthly data to get a mark on the top improving Metropolitan Statisti-cal Areas. The three indicators that are analyzed are employment growth from the Bureau of Labor Statistics, house price appreciation from Freddie Mac and single-family housing permit growth from the U.S. Census Bureau. NAHB uses the lat-est available data from these sources to generate a list of improving mar-kets. A metro area must see improve-ment in all three measures for at least six consecutive months follow-ing those measures’ respective troughs before being included on the improving markets list.

A complete list of all 273 metro-politan areas currently on the IMI, and separate breakouts of metros newly added to or dropped from the list in April, is available at www.nahb.org/imi.

www.nahb.org

Number of Improving Housing Markets Holding Steady in April


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The Landlord Times - OnSite - April 2013

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