Real Estate News

Below are press releases announcing; acquisitions, divestitures and industry news.

The Best Cities for Renters in 2022: Round Rock, Raleigh & Conroe Steal the Spotlight

Austin suburb Round Rock is crowned the best city for renters in 2022, reconfirming the Lone Star State’s rising appeal as a coveted place to live. North Carolina’s Raleigh is in second place, followed by small cities located mainly in the South and Southeast. These are the findings of our new annual ranking of best cities for renters, which was based on proprietary data and a mix of 17 metrics that best define a great renting experience: from the cost of living and the quality of rental housing to the local economy and the quality of life.

We analyzed data for hundreds of cities across the nation and narrowed them down to 115 candidates for the best cities to live as a renter in 2022. Specifically, we used a unique combination of 17 metrics based on our proprietary data that covers more than just affordability. In addition to what it costs to live there, we also looked at the selection and quality of apartments available in each city, the quality of the neighborhoods where rentals are located, occupancy rates, opportunities for job growth, air quality; and much more. All these metrics were given a certain weight and were gathered under three main categories: Cost of Living & Housing, Local Economy and Quality of Life. You can check out the full list of metrics used for the index in the methodology.

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Renter Preferences Survey Report Shows The Future Is Remote Work

The 2022 renter preferences survey report shows that renters have been on the move over the past 18 months and clearly seek more space in their living arrangements.

And, more telling is that a quarter of respondents who moved reported that their moves were due to a shift to remote work during the pandemic, according to the 2022 Renter Preferences Survey Report from National Multifamily Housing Council and Grace Hill.

“In general, renters are teleworking with higher frequency than ever before. And there’s little expectation of that changing. In fact, nearly two-thirds (64 percent) of survey respondents said they expect to be teleworking about the same amount over the next year as they are now. This shift is driving demand for home offices and meeting space,” the report says.

Renter Preferences Survey Report Hot Trends and Key Findings

1. Demand for more space

“Lockdowns seemingly led to a strong desire for additional space; twenty-eight percent of renters who said they intend to move to a different rental community when their lease expires cited “additional living space” as a reason, up from just 19 percent two years ago.

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NYSSA: Self Storage Prices to Hold Firm as Demand Rises

Experts offered predictions at the New York State Self Storage Association’s investment forum.

Despite rising loan rates and already-thin acquisition yields, self-storage executives expect that prices will remain relatively firm due to the sector’s robust investor demand and strong operating performance.

Panelists at the New York State Self-Storage Association’s 2022 Investment Forum last week in Tarrytown, N.Y., said the sector is well-positioned to thrive in an inflationary environment because income comes from short-term leases and customer demand is poised to grow because of lifestyle trends.

“There will be some softening of cap rates, but not as large as it should be given the increase in interest rates,” said Brandon Goetzman, a managing principal at the Blue Vista Equity Group. Goetzman was speaking on a NYSSA panel moderated by event organizer Nick Malagisi, a managing director at SVN Commercial Real Estate Advisors.

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4 Signs of Faulty Electrical Wiring in Rental Property

By Phil Schaller

There are a few telltale signs that you may have some bad wiring at your property. If you or your tenants hear, see, or smell any of these indicators your electrical infrastructure needs to be inspected.

Electrical malfunction can be very dangerous (fires), not to mention that you need consistent electricity to power many components of the home (which you are legally obligated to provide based on landlord/tenant laws and the lease with your tenants). Not only should tenants be encouraged to report any issues with the property, electrical systems should also be inspected regularly (we suggest a couple of times a year).

Be alert for any of the following four signs of faulty electrical wiring from your tenants

1. Warm electrical wall outlets

If a wall outlet is warm to the touch, this is a sign of faulty wiring and should be addressed immediately.

Another indicator is if the outlet is vibrating; call an electrician!

2. Frequent circuit-breaker trips

The reason circuit breakers exist is to provide a safety net for the electrical systems of a property.

When an electrical system is overloaded, the circuit breaker will shut off the power. This happens occasionally and is normal here and there. But when the breaker trips too often (once a month or more) it’s a sign something is off.

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Top 10 U.S. Metros Where Spring and Summer Home Sellers See Higher Premiums

ATTOM’s newly released Best Days to Sell A Home Analysis reveals that the months of May, June and July offer seller premiums of 10 percent or more above market value, based on home sales over the past 11 years – with the top 15 best days to sell in the month of May alone.

According to ATTOM’s latest analysis of more than 46 million single family home and condo sales between 2011 and 2021, the Spring and Summer months continue to prove more profitable for home sellers. The report suggests that if you’re thinking about selling your home and motivated by a higher home seller premium, now may the time to sell.

The new analysis found that the Top Five Days with the highest home seller premiums included: May 23 (18.3 percent); May 27 (17.0 percent); May 16 (16.8 percent); May 20 (15.4 percent); and May 19 (14.9 percent).

The analysis also showed how seller premiums faired throughout the year broken out by month: May (12.6 percent); June (10.7 percent); July (10 percent); April (9.2 percent); March (8.9 percent); September (7.9 percent); February (7.9 percent); August (7.9 percent); December (6.3 percent); January (6.2 percent); November (6.1 percent); and October (5.2 percent).

In this post, we dive even deeper into the data behind the latest ATTOM analysis to uncover those top 10 U.S. metro areas that are seeing the greatest home seller premiums during those Spring and Summer months, based on the data over the past 11 years.

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4 Tips to Manage Bidding Wars by Prospective Renters

Utilize these strategies next time a unit ends up with multiple offers.

When Erin Wheelock recently listed a two-bedroom, three-bath condominium in New York City’s Flatiron District, she knew it would be snapped up quickly. What she didn’t expect, however, was that she’d receive six bids the first weekend after the unit hit the market—and that it would end up renting for $13,300, nearly 11 percent over the asking rent of $12,000 per month. The winning bidder also agreed to pay her brokerage commission.

That’s right—Wheelock was involved in a bidding war on a condominium listed for rent, not for sale. And she’s not the only one.

According to Jonathan Miller, president & CEO of New York real estate appraisal and consulting firm Miller Samuel, the market share of bidding wars surged to 19.8 percent of all Manhattan rentals in March 2022, up from 18.5 percent a year earlier. That means that nearly 20 percent of rental properties in March were leased for more than the landlord was originally asking.

“It’s a challenging market,” said Wheelock, a licensed associate real estate broker with Keller Williams New York City. “There’s high demand and low supply.”

Wheelock said that people migrating to New York are competing with existing renters looking to move to lower-priced units because their so-called “COVID deals,” which she describes as “insane rent cuts and free rent during COVID,” are expiring. She said that bidding wars for available properties are common, no matter what the asking rent.

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Housing Market Update: Typical Buyer’s Monthly Payment Up 39%—The Biggest Annual Gain on Record

Home sellers and buyers are retreating at similar rates, resulting in a housing market that remains very competitive even as it slows.

The typical homebuyer’s monthly mortgage payment shot up 39%, the largest year-over-year gain on record as the average 30-year-fixed rate hovered at a 12-year high of 5.1%. Redfin’s data on homebuyer mortgage payments is based on asking-price data going back to 2015.

“Rising mortgage rates are taking a bite out of pending sales as both buyers and sellers take a step back from the turbulent market,” said Redfin Chief Economist Daryl Fairweather. “It seems as though the ratio of buyers to sellers remains mostly the same, which is why we have yet to see a substantial drop in bidding wars or the share of homes selling quickly. It’s still early days though when it comes to 5% mortgage rates. The number of buyers willing to pay such high mortgage payments could evaporate by late summer.”

Pending home sales posted their largest year-over-year decrease since mid-February and mortgage purchase applications fell 17%. On the supply side, new listings fell 4% and the share of listings with price drops rose to its highest level since November.

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Why Tenant Screening Must Include Nationwide Checks

By David Pickron

For the first 100 years of being a country, the United States was comprised of small, rural family or ethnic groups that thrived upon sharing resources to support their entire communities. Over the last 100 years of our history and with the massive population growth in our major cities, many of us have become “strangers” to even our closest neighbors. Being a landlord today requires so much more than in the past. Gone are the days of knowing most of the people in our communities and getting referrals from those same people – trusted friends or family – to fill our properties. In the past a person’s actions might be known town-wide, but now people can live and move anonymously within our neighborhoods. How does that affect you as a property owner? And how does that affect your ability to operate as a “successful, lazy landlord,” a concept I teach and live by? I’ll tell you; it affects both dramatically.

A disclaimer before you read too far: I’m not advising you to never rent to any individual with a criminal history. I am advising you to utilize criminal history checks as just another tool in your landlord “toolbox.”

Criminal Histories

When it comes to understanding criminal behavior, we have to rely on the criminal statistics to give us a true and accurate look at our current situation. Recidivism, the tendency of a convicted criminal to reoffend, and the rates of reoffending are a powerful indicator for you as a landlord as you analyze a potential tenant. The Bureau of Justice recently released the results of a 10-year study of individuals that were released from prison in 2008.

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Home Sales, Seller Profits Dip Across U.S. in First Quarter of 2022 As Price Increases Slow

IRVINE, Calif. – Apr. 28, 2022 — ATTOM, a leading curator of real estate data nationwide for land and property data, today released its first-quarter 2022 U.S. Home Sales Report, which shows that profit margins on median-priced single-family home sales across the United States dipped to 47.2 percent – the first quarterly decline since late 2019 and the largest in a decade.

In a sign that the nationwide housing-market boom may be slowing, the latest profit margin was down from 51.6 percent in the fourth quarter of 2021. While profit margins often decrease during the relatively slow Winter home-buying season, the latest dip of more than four percentage points marked the first quarterly decline since the fourth quarter of 2019 and the largest since the first quarter of 2011.

The report reveals that the typical return on investment remained historically high, easily topping the 37.5 percent level recorded in the first quarter of 2021 and almost 20 points above the 29.4 percent figure from the first quarter of 2019.

Gross profits, while also near record highs, followed a similar pattern in the first quarter of 2022. The typical single-family home sale across the country generated a gross first-quarter profit of $103,000, down from $107,187 in the fourth quarter of last year, although still well above $75,001 a year earlier.

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Apartment List’s 2022 Millennial Homeownership Report

  • According to the most recent Census data, the Millennial homeownership rate stands at 48.6 percent, more than 20 percentage points lower than the rate for Gen X and almost 30 percentage points lower than Baby Boomers.
  • Millennial homeownership lags even after adjusting for age. Among older Millennials who have hit age 40, 60 percent own homes. At that same point in life, 64 percent of Gen Xers, 68 percent of
  • Baby Boomers and 73 percent of Silents owned homes.
    With each passing year – and accelerated by the pandemic – an increasing share of Millennial renters say they will never own a home. 22 percent of Millennial renters view themselves as “always renters” in 2021, and preliminary data from 2022 shows that share increasing.
  • As Millennials age, affordability becomes increasingly important to their housing choices. Other factors in the “rent or buy” decision (e.g., lifestyle flexibility) have become less important to Millennials as they age.
  • Down payment savings rates remain shockingly low for Millennials who want to buy homes. In 2021, nearly two-thirds say they have no savings whatsoever, and only 16 percent have saved more than $10,000. The average savings of just over $12,000 represents just a 4 percent down payment on a median-priced condo today.

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