Posts Tagged ‘Property Management’
College Students Swap Dorm Life for Suburban Mansions
When the real estate bubble burst in 2007, I predicted that we would likely see large, single family, suburban mansions carved up and repurposed into multi-family housing. Well, time and a prolonged recession have proven the idea viable.
The USA went through the same type of evolution, in reverse, with intercity housing. Vacant, large urban, single family mansions where carved up into apartments, efficiencies and co-ops, after the mass exodus to the suburbs in the 1950’s. Now, its the McMansions, gated communities and long commutes that are out of vogue.
Families are returning back to life in the inner city. They are buying multi-family homes and converting them back into single family residences. The concept of highest and best use…has come full circle.
Check out this short video to see the latest change in student housing in decades. A bad housing market has created some luxury digs for college co-eds out in the ‘burbs”.
College students renting suburban McMansions
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Landlords Raise Rents…Again
RePost from Wall Street Journal Blog:
Perhaps tired of doubling up with family or living in mom’s spare bedroom, renters are heading back into the market, driving down vacancies and driving up rents.
Nationwide, the vacancy rate measured 7.2% in the third quarter, down from 7.9% a year earlier-one of the sharpest declines on record, according to new data released Wednesday by Reis Inc.
“Despite lackluster economic growth and continuing uncertainty in the labor markets, households appear to be returning in droves to the rental market and signing leases,” writes Victor Calanog, Reis’ director of research. (See Apartment Market, Rents Rebound)
Landlords took the opportunity to bump up rents for the third quarter in a row. “We are getting more rent every time we either renew the lease or a new resident comes in,” Jeffrey Friedman, chief executive of apartment owner Associated Estates Realty Corp., tells Developments. The days of renter perks like free rent and flat-screen TVs are largely over, although landlords could be back in the incentive game if job growth doesn’t materialize next year.
The New York City metro area saw the biggest jump in rents, gaining 2.2% from the second quarter; to an average of $2,756–the costliest rent by far in the country. ( If you want cheap rent move to Tulsa, which ranks last of 82 markets with average rent of $540.)
Greenville, S.C., and suburban Virginia also saw rental gains topping 2%. Not surprisingly, rents continued to decline in some of the markets hardest hit by the housing crash. The usual suspects–Miami, Jacksonville, Fla., and Las Vegas–each dipped 0.2%.
When measuring vacancy, the nation’s tightest market is New Haven, Conn., with just 2.3% of units empty, thanks to those college kids. New York follows with 3.6%, while Long Island’s vacancy rate is 3.9%.
Jacksonville tops the list at 12.1%.
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5 Free Legal Tips for Landlords
In a follow up to our previous blog about property management and landlording, we address 5 legal issues that all property owners need to be aware of before they lease their property.
5 Pieces of Legal Advice Landlords Must Heed:
1. Some communities charge rental permit fee’s. Property owners should be aware that unpaid fee’s can invalidate the lease agreement.
2. All leases should include Key elements. At a minimum include…dates that the lease active; the rental fee agreement; how the deposit will be held; the responsibilities of each party with regard to repairs and maintenance.
3. The security deposit CAN NOT exceed 1 and 1/2 months rent… In other words, if the rent is $1000, the maximum security deposit that could be collected is $1500.
4. If your property is not up to code…the tenant has the the right to hold rent in escrow versus paying it to the landlord. Simply put, the rent can be withheld to force the landlord into making repairs and bringing his property up to code.
5. Landlords can evict a tenant for damaging the property (serious damage, not normal wear or tear) or using the property for illegal purposes.
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