Month: February 2019
Rental insurance tech firm TheGuarantors raises $15 million to expand
Plans expansion beyond residential rentals into commercial real estate
TheGuarantors, an insurance technology firm that focuses on the residential rental real estate industry, announced Monday that it recently raised $15 million to help the company expand into commercial real estate.
The company launched in New York in 2016 and focused first on a single offering, a lease guarantee where the company acts as a guarantor on leases. From there, the company expanded to offer a security deposit alternative as well as renters’ insurance.
And now, with some new financial backing, the company is planning on expanding into commercial real estate, specifically office space. The company’s new product acts as a security deposit replacement for office tenants.
Beyond that, the company plans use the funding to further expand its residential platform as well.
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Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.
Here’s How America Uses Its Land
There are many statistical measures that show how productive the U.S. is. Its economy is the largest in the world and grew at a rate of 4.1 percent last quarter, its fastest pace since 2014. The unemployment rate is near the lowest mark in a half century.
What can be harder to decipher is how Americans use their land to create wealth. The 48 contiguous states alone are a 1.9 billion-acre jigsaw puzzle of cities, farms, forests and pastures that Americans use to feed themselves, power their economy and extract value for business and pleasure.
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Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.
Developers Claim Co-Living Suites Earn More Per Square Foot Than Regular Apartment Rentals
Co-living developers in New York and Washington, D.C. report strong demand from renters.
Hundreds of co-living suites are renting quickly at ALTA LIC, a new high-rise apartment building in Long Island City, Queens.
“We are now about four months ahead of our expected pace,” says Christopher Bledsoe, co-founder and CEO of Ollie, the company managing the ALTA’s co-living apartments.
Companies like Ollie are proving that there is plenty of renter demand for co-living arrangements. The co-living spaces at ALTA are now earning more dollars per sq. ft. than the new conventional apartments in the same building. Other operators of co-living properties also report strong results at their projects.
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Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.
January 2019 Foreclosure Filings See an Uptick
ATTOM Data Solutions, curator of the nation’s premier property database, released its January 2019 foreclosure activity (State/MSA/County/ZIP and City code data available). Nationally there were a total of 56,251 U.S. properties with foreclosure filings in January 2019, up 8 percent from the previous month but down 19 percent from a year ago — the 7th consecutive month with a year-over-year decrease in foreclosure activity and a foreclosure rate of one in every 2,407 U.S. housing units with a foreclosure filing.
However, counter to the national trend, 60 of the 220 major metro areas analyzed in the report posted a year-over-year increase in foreclosure activity in January 2019, including Orlando, Florida (up 72 percent); Austin, Texas (up 60 percent); Miami, Florida (up 41 percent); San Diego, California (up 12 percent); and Seattle, Washington (up 10 percent)
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Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.
Underwriting, Assessing Risk, Big Data
Catastrophes have rewritten the rules of the insurance game. Before Hurricane Andrew, in 1992, insurers essentially guessed at what the financial damages would be if a disaster struck. Turns out, they drastically underestimated what the losses might be. And they suffered the consequences.
Smart underwriters don’t guess. They use the kinds of cutting-edge parcel mapping and risk assessment tools ATTOM Data Solution offers. They know the insurance industry is ripe for digital disruption. And they know the consequences of not keeping pace with technology.
How Underwriters Assess Risk
Whether they use cutting edge technology or paper trails, insurance underwriters all look for the potential risks to a property, from the probable to the highly unlikely. They look at the individual sites histories and nearby properties and play an elaborate game of “What could possibly go wrong, and how often?”
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Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.
LendingTree: Pool of mortgage borrowers receiving interest rates under 5% is shrinking
84.2% of borrowers received mortgages under 5%
LendingTree’s latest Mortgage Rate Competition Index revealed that borrowers with interest rates under 5% slid further for the week ending Feb. 17, 2019.
The report states that for 30-year fixed-rate mortgages, 84.2% of purchase borrowers received offers with interest rates under 5%, falling from 87.8% last week. Notably, this is a decrease from 2018’s rate when 88.2% of purchase offers were under 5%.
The report also highlights that across all 30-year, fixed-rate mortgage purchase applications made on LendingTree’s website, 21.2% of borrowers were offered an interest rate of 4.625%, making it the most common interest rate.
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Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.
Ranking the Top Multifamily Markets
A look at the cities that topped this year’s Marcus & Millichap’s National Multifamily Index.
Taking into account factors such as employment, construction, vacancy rates, rents and investment, Marcus & Millichap constructs its annual National Multifamily Index as part of its 2019 Multifamily Investment Forecast.
The twin cities of Minneapolis-St. Paul climbed two spots to top the firm’s index. It is the only Midwest market to break into the top 20, according to the firm. San Diego climbed into the second place spot, one of several California markets to sit near the top of the list. In addition Florida metros Orlando and Tampa-St. Petersburg posted the largest advances in this year’s index from last year’s, jumping 11 and nine places, respectively.
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Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.
7 Property Management Pitfalls
Proper preparation can take the sting out of your daily grind and propel your business to success! Here are seven things to avoid.
Property management is tough. Every day can feel like shooting at a moving target, that is invisible, and may decide to shoot back at you at any movement. Proper preparation can take the sting out of your daily grind and propel your business to success!
Below are seven common property management pitfalls with suggestions on how to fix them.
1.Horrid High Turnover Whether it’s residents or staff, high turnover is a bad sign.
Jen Piccotti of multifamily housing consultant group Manag Inc., defined high resident turnover as anything over the national annual average of about 50 percent. High staff turnover exceeds the national average of 32 percent per year. When your numbers hover near the national averages or higher, it’s time to regroup.
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Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.
Top 10 Seriously Underwater Metro Areas
ATTOM Data Solutions just released its Year-End 2018 Home Equity and Underwater report, which showcased graphics on historical data for the nation as well as heat maps narrowing in on zip code level data. However, what about those metropolitan areas that speak to the larger group of people? Areas where homeowners are still feeling the lingering effects of the housing market crash or areas that are seeing great value in their home.
With this latest report, ATTOM Data found that one in four homeowners were considered ‘equity rich’ while one in 11 remained seriously underwater. The number of equity-rich homeowners ticked up to its highest level in five years. However, homeowners in more expensive western states continued doing far better than those in the Midwest or South. In areas where the median home price was at least $300,000 last year, owners were far more likely to be equity-rich and far less likely to be seriously underwater than those in other parts of the country.
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Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.
The Tightest Industrial Markets in the U.S.
A look at the major industrial markets currently with the lowest vacancy rates.
The continued proliferation of e-commerce remains a boon for the industrial sector. In all, North American industrial absorption is forecast to register 495 million sq. ft. in 2019 and 2020, with 550 million sq. ft. of new product delivered by year-end 2020. IN addition, vacancies will remain at around 5 percent and average asking rents will rise from $6.24 per sq. ft. all the way to $6.68 per sq. ft. by the end of 2010.
Those were some of the conclusions in Cushman & Wakefield’s recently released 2019 North American Industrial Outlook, which line up with the sentiment expressed in NREI’s recent industrial research study.
According to the firm, “Market conditions will encourage development in port-proximate markets, intermodal hubs, and inland population centers but supply will not overwhelm demand.”
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Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.