Regional Apartment Conditions
The Chicago Housing Authority is revising its goals and methods for its Plan for Transformation for public housing development, 12 years after the city's program went into effect. The CHA's public housing redevelopment efforts have achieved a degree of success in using funding from the U.S. Department of Housing and Urban Development to support partnerships… Read more >>
Apartment rents in the Denver metro area surged 4.5 percent year-over-year in the first quarter of 2012, the largest increase posted in any quarter for a decade. The figures come from the Apartment Association of Metro Denver and the Colorado Division of Housing, which report average rents jumped from $911 to $952. The last time… Read more >>
A new law in California will require all multifamily housing communities in the state to include access to on-site recycling, presenting a few alternatives. Failure to comply with basic recycling requirements will potentially result in fines and liens, to be determined and issued locally. California Assembly Member Bob Blumenfield claimed that fewer than 40 percent… Read more >>
Southern California apartment markets including Los Angeles and Orange County have recently posted revenue growth, one firm reports, with first quarter data suggesting that few residents are moving from rentals to homeownership. The firm reported an almost $9 million increase in funds from operations year-over-year, while annual same-store revenues and net operating income grew 5.8… Read more >>
The multifamily sector in Louisville, Kentucky, is expected to reap the benefits of a hiring surge driven by major employers such as UPS, General Electric and Ford, according to analysts. Hiring by those and other companies is projected to lead to a 2.1 percent increase in employment as approximately 13,000 new positions are created during… Read more >>
Average monthly rents increased to $790 recently in Middle Tennessee, their highest first-quarter average since the economic downturn began. The Greater Nashville Apartment Association attributes this rise largely to an occupancy rate of nearly 95 percent. Local investors and industry stakeholders say this may continue, noting the region has seen little construction in recent years.… Read more >>
Vacancy rates in Portland are expected to drop sharply to new historic lows in the near future, in response to a combination of limited multifamily construction and job growth. Projections call for the metro area to add 31,000 jobs this year, up 3.1 percent from the 20,500 new positions created in 2011. In particular, real… Read more >>
Local economic expansion and falling vacancies may herald a surge in multifamily development and activity in Florida's Miami-Dade area, despite a legislative decision to prevent the construction of two proposed casinos in the area. The venues would likely have meant a significant number of new jobs and supporting or peripheral economic activity, according to Multi-Housing… Read more >>
The U.S. Supreme Court recently ruled against a challenge to New York City's rent-stabilization system, which caps prices on nearly a million units in the city. Supporters of the law say that it protects residents from the financial pressure of costs that would be impossible for many to afford, Bloomberg reports. The median household income… Read more >>
Apartment sales in the Washington, D.C., area reached their highest level in three years during 2011, with $2.41 billion worth of units sold. The average price per unit was about 25 percent higher than the previous year as total return on apartment investments grew to the second-highest in the country, with combined appreciation and cash… Read more >>