Wednesday, March 28, 2012

Over 10,000 Apartments Under Construction, Permitted and Announced for Portland Metro

Aaron Kirk Douglas provides the latest numbers from the HFO research team in this Apartment Pipeline Construction Report.

Portland's Jobless Rate Falls

The Portland area jobless rate fell from 8.3 percent to 8.1 percent in February; down from 9.8 percent a year ago.  Portland's jobless rate is still uder the US average of 8.3 percent.

Axiometrics Reports Apartment Market Delivers Strongest Rent Growth Since May 2011

In its latest research, Axiometrics Inc., a provider of data and advisory services on the apartment market, reports that sequential rent growth in February 2012 was the highest it has been since June 2011, with effective rent (rent net of concessions) increasing by 0.66% from January to February. Likewise, the national occupancy rate improved on a sequential basis for the first time since August 2011, increasing from 93.36% in January to 93.57% in February. This was the highest month-to-month gain since April 2011, and the third highest in the last 18 months. The combined effective rent and occupancy growth rates--0.87%--provide a potential monthly revenue growth figure, and exceed every month since May 2011.  Read the full Axiometrics press release.

Monday, March 26, 2012

"The Portland Plan" and What it Means For Your Property's Neighborhood

An HFO-TV Exclusive.

Eric Engstrom, principal planner for “The Portland Plan” discusses how the plan will change the city’s future including items of interest to the city’s multifamily housing owners. 

Download the final draft (161 pages) from the city's website. Please mark your calendar for Wednesday, Apr. 18, 2012, at 6:00 p.m., when City Council is scheduled to consider the Portland Plan - Recommended Draft for adoption. There will be a presentation and overview of the plan at 6:00, followed by testimony from partners and members of the community at 6:30.

The city's Portland Plan main website can be found by clicking this link.

Thursday, March 22, 2012

Resident Retention: Making Life Easier for Yourself

Every interaction with a resident will factor in to their renewal decision – it goes far beyond the dollar amount shown on their renewal notice. Have you fixed that stove repair request from unit 10?  Read more in the Property Management Insider.

National Jobless Claims Hit 4 Year Low

Reuters reports that jobless claims hit 4 year lows last week. And that's great news for apartment owners, along with other good news. Read more.

Monday, March 19, 2012

Important City of Portland Legislative Alert For Apartment Investors

The City of Portland's proposed budget includes a proposed change to the business license exemption. 

The exemption would be changed from "less than 10 units" to "less than $50,000 gross annually."
Every rental owner will have to file for a business license as a rental owner and can re-apply annually for an exemption if they gross under the $50,000 minimum.  According to the Rental Housing Authority of Greater Portland, exemption requests do not apply to LLCs.

The city budget is adopted sometime in May, 2012. 

Please email your comments before May to:

Dan Saltzman
City Commissioner
and to:

Commissioner Nick Fish
The Commissioners' staff prefer email responses, but if you cannot email you are welcome to call, write or fax:
Nick Fish, (503) 823-3589
1221 S.W. 4th, Room 240
Portland OR 97204
F: (503) 823-3596

Dan Saltzman, (503) 823-4151
1221 SW 4th Ave
Room 230
Portland, OR 97204
F: (503) 823-3036

Hoarding! What Apartment Owners Need to Know

Whether it's trash or treasure is anyone's guess, but when one resident's comfort from having possessions leads to neighbors with pest infestations and odors... who hoards and why? And what should an apartment owner do? Read more in this month's issue of Units Magazine.

Tuesday, March 13, 2012

Portland Area Unemployment Drops Below National Level

The Oregon Employment Department reports that the Portland area unemployment rate has fallen below the nation's jobless rate for the first time in three and a half years. January's rate was 8.2 percent. The U.S. unemployment rate is 8.3 percent.

Read more.

Apartment Owners Tackling Negative Online Reviews has long been considered the most controversial of the ratings websites out there. Many managers and owners consider it a hotbed for resident hostility. In a recent small scale survey distributed and compiled by Houston-based Multifamily Insiders, 58 percent of respondents said they felt they received a false rating. Read the full story at Multifamily Executive online.

Wednesday, March 7, 2012

The Impact of Dodd-Frank Legislation on Resident Screening

If you haven't already, make sure your resident screening and subsequent adverse action letters are complying with the letter of the Dodd-Frank legislation. Penalties are up to $3,500 per violation, so it's worth the time making sure your procedures comply. Read More.

Tuesday, March 6, 2012

Market researchers, Wall Street analysis, REIT executives, large and small multifamily investors can hardly control their optimism over a sure bet for a bountiful 2012.  Read more in this month's Multifamily Executive.

Monday, March 5, 2012

Oregonian Reports 750 Units Proposed in Lloyd Dist.

In his State of the City address on Friday, Portland Mayor Sam Adams announced details of Langley Investment Properties' plans to build 750 apartments in the Lloyd District, The Oregonian's Elliot Njus reported on Friday.  Read the Full Story.

Sunday, March 4, 2012

National Association of Realtors: Portland's Vacancy Rate Is U.S. 2nd Lowest

The Oregonian reported on a recent National Association of Realtors' Survey, citing Portland's vacancy rate as the nation's second lowest.  Read More.

Saturday, March 3, 2012