Renter Survey Shows 70% of Renters Start Search For Apartments Online

A new survey commissioned by mynewplace.com revealed that more than 70 percent of renters who are looking for a new apartment start their search online. Managers are reporting that more than half of their lease and lead activity is coming from online sources. If you're not advertising your property online, you're missing the boat.

Maximizing the effectiveness of online listings requires including photographs of the building, units, and floor plans, as well as detailed rent information. Listings that are missing any of this information - especially photographs - will generate significantly fewer leads and fewer leases, according to the report.

Read the full story.

The Most Requested Multifamily Amenities

The Multi-Housing News reported in its article "What Do Renters Really Want?" that the web search portal Apartment Guide tracked the most popular amenities searched over a three-month period. The amenities consumers searched most often for on its web site were (in this order):

1. Washer and dryer in unit
2. Air conditioning
3. Pets welcome
4. Dishwasher
5. Washer/dryer hookups
6. Cable ready
7. Utilities included
8. Balcony
9. Swimming pool
10. Ceiling fans
11. On-site fitness center

ApartmentGuide.com reports that it serves roughly 1.58 million visitors each month.

Read the entire article online at Multi-housingnews.com.

Multi-Family Sector Providing Options as U.S. Economy Shudders

In a recent Commercial Property News, writer Adam Perrotta reported that: "Buoyed by a growing rental pool, limited new construction and the purging of many high-leverage players from the investment scene" multifamily properties continue to draw interest from investors. According to Perrotta, the credit crunch may have driven many smaller, more credit-reliant investors out of the sandbox, leaving larger, well-capitalized buyers to benefit from the diminished competition.

Lending in Today's Multifamily Market: How to Position Your Apartment Property for Maximum Value

At the HFO Investor Roundtable in June, Marcia Upton, CEO of Banker's Mutual, presented an update on the current lending market, with information on how to position your multifamily property for maximum value.



If you are an investor in Oregon and Washington multifamily properties and would like to receive an invitation to the next HFO Investor Roundtable, please send an e-mail with your name, mailing address and telephone number to service@hfore.com. One of our brokers will contact you to confirm your addition to our mailing list.

City of Portland Apartment Inspection Program a/k/a Quality Rental Housing Workgroup (QRHW)

At HFO's recent Roundtable, Andrea Matthiessen -- program coordinator for the City of Portland's Bureau of Housing and Community Development and staff to the Quality Rental Housing Work Group -- gave an update on the workgroup’s activities.

The rental housing workgroup is made up of various stakeholders in the community and has been meeting regularly to explore ways to improve and integrate the city’s various systems of inspection and enforcement. Its goal is to come up with a proposed solution for adoption by the Portland City Council this summer.

Timelines:
Mid-July: Workgroup vote on DRAFT recommendations
September 3: HCDC Public Forum
September 18: Workgroup vote on FINAL recommendations
October: Present final report to Portland City Council
Learn More > > >

Gresham's Mandatory Apartment Inspection Program

At the HFO Investor Roundtable in June, Eric Schmidt, City of Gresham's Development Services Director, provided this background information and a status report on Gresham's new Mandatory Inspection Program:

Northwest Portland Apartment Complex Sells for Over $191,000 Per Unit

HFO is pleased to announce the sale of the 9-Unit Northrup Apartments for $191,111 per unit for a total of $1.72 million. Built in 1913, the well-maintained Northrup Apartments offer a desirable close-in location. These large unit have numerous amenities including hardwood floors, fireplaces and storage units. NW Portland is in walking distance of dozens of boutiques, grocery stores, cafe's and fine dining. With easy access to downtown, freeways, transit, parks and major employers, this neighborhood continues to enjoy an ongoing resurgence and rejuvenation.

Fannie Mae Ups Investment in Multifamily

The government-sponsored lender says it is committed to buying small multifamily homes to meet increasing demand for rental housing. Read the full story.

28-unit Multifamily Investment in Beaverton, Ore. Sold for $2.14 Million

HFO is pleased to announce the sale of the 28-unit Heritage Park for $76,429 per unit. Built in 1978, Heritage Park offers spacious two and three-bedroom apartments. This peaceful community is conveniently located close to shopping, restaurants, public facilities and parks. Heritage park is also near major employment centers including Nike, Intel and Tectronix.

Multifamily Housing Offers Smart Investors a Big Return

Investors who are already in or who can get into multifamily are doing well according to a story in today's Portland Business Journal. Subscribers can read the full story here.

Portland Looking to Begin Coordinated Apartment Inspections

Taking a cue from the freshly minted Gresham inspection program, the City of Portland has formed a Quality Rental Housing Workgroup. Final recommendations will be presented this fall to the Portland City Council. They will be available right here on this blog in their full detail as soon as they become available. Meanwhile, read more details from the Daily Journal of Commerce report on HFO's Investor Roundtable held June 17th.