Category: Multifamily

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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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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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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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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The 7 Habits Of Highly Successful Property Managers

What are 7 habits of highly successful property managers? Buildium.com did a webinar to explore 7 ways that property managers can better organize their daily routines while the chaos of property management problems rage around them. Here are the habits courtesy of Buildium.

No. 1 – Make Communication A Core Competency

“Create templates for everything, from emails to new tenants, notifications you send when people are late on rent, or common alerts. These can all be made into templates and used over and over. If you are sending the same information more than three times in a month, you need a template. Software can help you do this,” Lauren Mason, Field Marketing Manager for Buildium.com, said on the webinar.

  • Deliver information in a consistent way each time.
  • Send rent reminders that look the same each month.
  • Send owner statements that look the same and are consistent.
  • Are you reminding inspectors at regular intervals to do inspections with the same consistent message?

“Figure out ways to communicate with less effort,” she said. “For instance, instead of you compiling owner statements each month, use software that allows owners to login when they choose to see whatever reports they want. For tenants, allow them to submit a maintenance request online from their phone. And give tenants access to updates from the maintenance worker.”

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Top 10 Most Frequently Traded Multifamily Assets of the Past Decade

These rental properties changed hands more often than any in the U.S., according to Yardi Matrix data.

The multifamily industry continued to see strong performance across fundamentals at the end of the first quarter of 2022, spurred by extraordinary demand. The kind of demand that transformed the market, pushing asking rents and occupancy to new historic highs in 2021. This incredible growth was largely driven by smaller, secondary metros, which during the pandemic became magnets for people leaving large, densely populated coastal areas. Working from home opened the door to residences with more square footage, at more affordable prices and in preferable climates.

Expectedly, investment activity marked all-time highs last year, in several metros, Yardi Matrix data shows, with Dallas, Atlanta and Phoenix each surpassing the $14 billion mark. This inspired us to search and find out which multifamily assets posted the highest frequency of sale during the past decade.

We dug through a property pool of more than 83,000 multifamily communities, and the results gave us a historical view of the multifamily investment market between 2012 and 2021.

The findings sparked a debate between those who are certain that we’re experiencing the strain of the middle-class renter and those who ask the question we’ve heard in the recent months: Are we in a bubble?

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5 Things to Know Before Considering Home Sharing in Your Multifamily Community

The COVID-19 pandemic has accelerated the adoption of apps that match people who are looking for a place to stay with those who have space they’re willing to rent, including entire apartments. Also known as “home sharing,” this flexible living option continues to grow in popularity as “work from home” is morphing into “work from anywhere” with 11% of American adults using platforms like Airbnb to find places to stay, according to Pew Research. As a result, “anywhere” is now different living spaces every day, week or month.

RealPage® has teamed up with Airbnb to launch the Migo multifamily home-sharing solution and monetization platform that enables property owners to share in the returns. Migo is the connector that makes Airbnb work better in multifamily communities and enables multifamily owners and residents to participate and profit from home sharing on Airbnb.

In a recent National Multifamily Housing Council (NMHC) survey, one-third of the NMHC Top 50 list and more than one million apartment homes reported that they would be open to a partnership program with short-term rental (STR) sites. Careful planning will be the key to success. There are 5 things to know before considering home sharing in your multifamily community.

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Apartment List National Rent Report

Introduction

Welcome to the April 2022 Apartment List National Rent Report. Rent growth is continuing to pick up steam again, after a brief winter cooldown, with our national index up by 0.8 percent over the course of March. So far this year, rents are growing more slowly than they did in 2021, but faster than the growth we observed in the years immediately preceding the pandemic. Year-over-year rent growth currently stands at a staggering 17.1 percent, but most of that growth took place last spring and summer. Over the first three months of 2022, rents have increased by a total of 1.8 percent, but we’re just beginning to enter the busy season for the rental market, when the bulk of annual rent growth typically occurs.

On the supply side, our national vacancy index is continuing to slowly inch up, indicating a gradual easing of the tight market conditions that have characterized the rental market over the past year. Our vacancy index hit 4.6 percent this month, continuing a seven month streak of increases after bottoming out at 3.8 percent last August. Rents increased this month in 93 of the nation’s 100 largest cities, with Sun Belt markets in Florida and Arizona continuing to see some of the nation’s fastest growth.

Month-over-month rent growth picks back up with 0.8% increase; up 17.1% year-over-year

Our national rent index closed out 2021 with a 0.2 percent month-over-month decline, making December the only month last year in which rents fell. That price dip proved to be short lived, however, with rent growth returning to positive territory over the past three months. Our national rent index increased by 0.8 percent month-over-month in March.

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3 Common Plumbing Emergencies In Rental Properties And What To Do

By Phil Schaller

Plumbing issues can range from a rapidly flooding basement to a small leak. All of these issues should be addressed as a landlord, some more quickly than others. Be cognizant of your local landlord/tenant laws as water issues are typically a high priority and require a landlord to initiate a fix immediately.

Before we dive into the list of common plumbing emergencies in rental properties and what to do, there are a few items you should be familiar with at your property. The most important is the location of the main water supply. This is critical to know if there’s ever a plumbing emergency (and helpful for other plumbing issues as well). We always advise landlords to inform their tenants of the location of the main water supply (one of the first steps we take with customers is to make sure tenants, owners, and property specialists know where this is).

It’s also important to know the basics of your water heater: how to turn it on and off, how to increase the water temperature, where the pilot light is – basic troubleshooting.

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