Thursday, October 27, 2016

IREM Special Report: New Twists For Background Checks

Managers who utilize background checks prior to renting are urged to follow these three guidelines in the wake of a U.S. Supreme Court ruling last year and guidance issued by the U.S. Department of Housing and Urban Development in 2016:
  • Don’t ask about an applicant’s prior arrest record;
  • Limit the period for reviewing conviction records to seven years; and
  • Exclude applicants only for crimes related to safety of people or property.
Read more. 

Tuesday, October 25, 2016

World's Largest Travel Guide Book Publisher Names Portland a Top 10 Best City to Visit in 2017

Lonely Planet has named Portland as the #10 city in their Best in Travel 2017 guidebook.  Portland is one of only two U.S. cities on the list - Los Angeles comes in at #3. The guide cites remote working, backpacking, sustainable travel, and micro-distilleries as top trends in travel, which may contribute to Portland's high ranking. Topping the list of cities to visit is Bordeaux, France. Read more.

Residential Infill Project to Go Before City Council in November

Portland's Residential Infill Project will go before City Council November 9th and 16th. The project aims to address concerns about the size of new houses as well as the rising cost of housing.  The goal is to limit the construction of "McMansions" while expanding the ability to build duplexes and triplexes. The plan would also rezone narrow lots to R2.5 in some areas. An article about the proposal appeared on the Portland-based Open: Housing blog, here, and a summary report by the city can be found here.

Monday, October 24, 2016

Portland Tribune: "How Far Did The City's Housing Efforts Go" Since Declaring Emergency?

The Portland Tribune summarizes accomplishments by the City of Portland since declaring a housing state of emergency a year ago. New city-backed affordable housing units opened: 335. Temporary shelters opened: two (since closed). Multnomah county offset the temporary housing shelters by opening two permanent shelters with 250 beds. The City says that with the $258.4 million affordable housing measure on the Nov. 8 ballot, they have 1,995 units in development. Read more.

68-Unit Plaza Townhomes in Humboldt Neighborhood Will be Rehabilitated, Remain Affordable

Home Forward has sold the Plaza Townhomes to Community Preservation Partners (CPP), which is rehabilitating 68 Units of affordable housing at a cost of $50,000 per unit. CPP says a federal tax credit will allow it to save the 68 units as affordable housing for another 30 years. Read more in the Portland Tribune.

Friday, October 21, 2016

New Mixed-Use Housing Project in Lents Town Center Breaking Ground Sunday

The Portland Business Journal reports that a 54-unit mixed-use market-rate development will be having an official groundbreaking 12 to 1 pm on Sunday, October 23rd. The project, called 9101 Foster, is one of four highly anticipated new developments intended to revitalize the Lents neighborhood. The Portland Development Commission took ownership of the property from Williams & Dame Development in June 2016. Construction is expected to be completed by Fall 2017. Read More.

Thursday, October 20, 2016

MultifamilyNW Apartment Report: Portland Area Rents Climb; Vacancies Increase

Yesterday, Multifamily NW released its Fall 2016 Apartment Report.

The survey includes data from nearly 73,000 units in Portland/Vancouver metro area's 20 submarkets, along with units in the Salem, Eugene/Springfield and Bend/Redmond areas.

The data reflect an increase in the overall market vacancy rate and an average year-over-year rent increase of 10.5%.

A summary of year-over-year vacancy rates:

West Coast Markets Are Q3 Rent Growth Leaders: Portland Ranks 4th in U.S.

West Coast metros continue to dominate the U.S. rent growth leaderboard in 3rd quarter 2016. Sacramento led the nation for the second straight quarter, with an 11.4% rent hike in the past year. The top 10 also had some surprises, including a very full Riverside/San Bernardino market, construction heavy Dallas and Florida’s new rent growth leader, Tampa/St. Petersburg.