Regional Apartment Conditions
With mortgage rates at historic lows and rents on the rise, owner-occupants of multifamily properties have become popular in Massachusetts. According to the Boston Business Journal, many Massachusetts residents have been purchasing multifamily units and renting out one half to help pay for their mortgage. "Eight out of 10 multi-family properties are bought by owner-occupants,"… Read more >>
The Albuquerque apartment market took a slight hit in October, as rent growth declined, according to Axiometrics. Annual effective rental growth in the Duke City declined 0.4 percent in October. The areas apartment market currently ranks 82nd in the United States for rental growth, while San Francisco is at the top with 8.3 percent growth.… Read more >>
With the housing market in full recovery mode, Miami is expected to see a boom in the multifamily housing market. "There's a boom in Miami that we've never seen before," said Stephen Ross, chairman and founder of Related Cos. and owner of the Miami Dolphins at the Bloomberg Commercial Real Estate Conference. "Miami is probably… Read more >>
With the real estate market in full recovery mode, rents have been on the rise in Atlanta, according to the Atlanta Journal-Constitution. Alan Wexler, president of Databank, an Atlanta-based real estate research firm, told the newspaper that the average rent for an apartment in the metro Atlanta area is up $14.40 in the past year… Read more >>
Thousands of families in New York City were affected in various ways by Sandy, including many households becoming displaced due to unlivable conditions. Because of this, the federal government is stepping in to find temporary housing for these residents. U.S. officials are trying to find suitable, part-time housing for a number of families in NYC,… Read more >>
New York Mayor Michael Bloomberg recently announced a competition for architects, challenging them to design apartments measuring between 275 and 300 square feet. These designs could help remedy a lack of units suitable for the growing number of one- and two-person households living in the city. Those households may find most currently available apartments too… Read more >>
Vacancies in Manhattan were just above 1 percent during the first quarter, while average rents grew 3.4 percent between January and March. The borough's supply of rental housing is limited by the lack of space available for further development and the slow pace of the economy. At a time when many are turning away from… Read more >>
Multifamily vacancy rates in Orlando, Florida, are expected to fall to 6.1 percent this year, which would be the lowest level since 2006. Predictions call for the metro area to gain about 26,000 new job openings by the end of the year. That would constitute a 2.6 percent increase in overall employment and more than… Read more >>
Although often overshadowed by the nearby District of Columbia, Baltimore has some opportunities in the multifamily industry. The metro area typically ranks high among the nation's second-tier cities, one rental property management executive said at a recent summit in the city. Several economic challenges facing the area have implications and consequences for the multifamily sector,… Read more >>
Lawmakers in New Jersey recently passed legislation that will allow the state to buy vacant, previously foreclosed homes for renting or resale. The New Jersey Residential Foreclosure Termination Act would create a new government body to acquire, sell and rent the properties, produce financial statements of its transactions and report annually on foreclosure activity in… Read more >>