Landlords Increase Apartment Concessions to Draw in Tenants

GlobeSt.com reports landlords across the United States are willing to increase apartment concessions for new tenants instead of lowering rent, following the release of a new Zillow study.

“The survey of Zillow listings showed that 30.4% of rental listings on the service featured concessions, compared to 16.2% of listings in February and 12.5% last July. Those concessions can range anywhere from a month off rent, free access to a parking space or even a gift card, according to the study.

“The survey indicates that landlords are choosing to offer perks to draw in potential tenants rather than make more permanent moves like lower rent. “Before the pandemic, the nation was seeing concessions dwindle earlier this year, which coincided with accelerating rent growth. That trend reversed sharply after the pandemic hit in February,” Zillow Group economist Joshua Clark wrote. “In a softer rental market, landlords are trying to push the right button to bring renters into their space.”

Read more at GlobeSt.com.

Novitas, Colorado Apartment Association win national award

Colorado Politics reports the Colorado Apartment Association and Novitas Communications won a Gold Stevie Award as the communications or public relations campaign of the year.

“Judges characterized the Colorado entry as “An effective campaign, using several channels and hard data to connect with poll findings. Well-orchestrated…!” according to a press release.”

“Past winners include Acer Inc., Apple, Ford Motor Co., the Cartoon Network, ING, Procter & Gamble, Roche Group and Samsung.”

“The Stevie Awards were created in wake of the Enron scandal to restore public confidence and investor trust in the business sector.”

“Despite the toughest business conditions in memory, American organizations continue to demonstrate their commitment to innovation, creativity and bottom-line results,” Stevie Awards president Maggie Gallagher stated. “This year’s Stevie-winning nominations are full of inspiring stories of persistence, ingenuity, resourcefulness and compassion.”

Read more at Colorado Politics

Colorado temporarily suspends evictions during pandemic

NBC News reports on Colorado temporarily suspending evictions during the coronavirus pandemic.

“Mark Williams, executive vice president of the Colorado Apartment Association, a nonprofit trade organization representing owners, developers, management companies and vendors in the multifamily rental housing industry, said in a statement that he was surprised by the order. The organization does not believe the governor has the authority to interfere with contracts between two private parties, he said.

“Some local groups are calling for the cancellation of rent during the pandemic. But Polis said at an April 13 news conference that he does not have the authority “to suspend the sanctity of contract law.”

“Williams said the order will not change rental housing providers’ actions because nearly all had already stopped executing and most had committed to working with residents by not charging late fees and by offering payment plans.”

“He said the association is concerned Polis’ order could create unintended consequences, such taking away landlords’ ability to remove squatters who cannot be evicted because of the moratorium. Michelle Lyng, a spokeswoman for the CAA, said some lawyers who are members of the association have been struggling with how to remove squatters, pointing to a case in Castle Rock, where a woman had problems evicting her ex-boyfriend from her home.”

Read more at NBC News

Landlords Cut Back On Apartment Renovations In Wake Of Rent Regulations

Landlords in New York have significantly reduced spending on renovating apartments since the state government introduced rent reform legislation. BisNow explains why rent control reform has caused these impacts:

 

“Under the Housing Stability and Tenant Protection Act of 2019 passed in June, the Major Capital Improvement and Individual Apartment Improvements programs, which have allowed landlords to pass on the costs of building improvements in rent, were significantly slashed.

:Members of the real estate industry have slammed the legislation, saying it will mean less investment in buildings and therefore an overall decline in the housing stock. ‘The only thing that is certain is that I will not run the buildings in the same way as in the past,” Nelson Management President Robert Nelson said in July.'”

Read more from BisNow here:

Top 5 Most Livable Mid-Sized Cities Of 2019 Are All In Colorado

CBS4 Denver highlights how Colorado is home to all of the Top 5 most livable mid-sized cities in the country.

 

“(CBS4) – Colorado is home to the top five most livable and affordable mid-sized cities in the U.S., according to personal finance website SmartAsset. The ranking took into consideration several economic factors, including median household income, unemployment rate, average commute time, poverty rate and income inequality.

Personal finance website SmartAsset ranked five mid-sized cities in Colorado as the most livable and affordable in the U.S. (credit: CBS)
Arvada came in first place with a strong job market and livable wages. Centennial came in second with low levels of poverty, unemployment and more people living with healthcare.”

Read more on CBS4 Denver here.

The 10 trends that will shape real estate in 2020

Curbed covers the latest housing trends for 2020.

 

“A market as large and dynamic as United States real estate rarely moves quickly. But the most striking narrative running throughout the annual Emerging Trends report from the Urban Land Institute is the sense of static and stasis.

Economic and political uncertainty have made things feel unmoored, but the overall insight conveyed by the authors—Urban Land Institute and PricewaterhouseCoopers researchers personally interviewed 750 industry members, and surveyed 1,450 more to create this report—is that we’re in for a soft landing, not a sudden crash. There may be less sudden moves, but that doesn’t mean some of the trends emerging this year won’t become breakout investments in the near future.”

 

Read more on Curbed here.

Denver bumps Colorado Springs on US News’ 2019 ‘Best Places to Live’

This just in! Denver Business Journal highlights how Denver is number two on US News’ 2019 ‘Best Places to Live’.

 

“Everyone who lives here knows Denver is a great place to live, but a new ranking by U.S. News & World Report re-confirms it.

Denver moves up to No. 2 on the 2019 list, reclaiming the spot from Colorado Springs, which moved from second to third place this year. Last year, Denver was No. 3 and in 2017 it was No. 2.”

 

Read more on the Denver Business Journal here.

How Multifamily Housing Can Solve Urban Loneliness And Boost Value

This just in – Forbes covers how to tackle loneliness with multifamily housing.

“With loneliness on the rise and soon to reach epidemic proportions, building community, especially within apartment buildings — where millennials and Generation Z are the dominant renting population — is critical.

Considerable research is now going into solving the problem of loneliness through community in apartment buildings. It seems that fiscal value can be placed on friendships. The National Apartment Association housed a panel discussion about apartment communities in 2017. According to Laurie Lyons, U.S. Residential’s Executive VP of Client Services, people may be willing to pay up to an additional $200 monthly in order to live close to friends.”

Read more on Forbes here.

Getting Everyone on Board with New Affordable Housing Standards in Denver

In national news, Next City covered some of the latest affordable housing standards put in place by the city of Denver.

“The Northeast Denver Housing Center has managed affordable housing in the city since the organization was founded in 1982. Back then, the nonprofit financed projects with a 20-year agreement to keep rents affordable for families earning 30 to 60 percent of the area median income.

Much has changed in Denver since 1982 — one of the most striking changes being its affordable housing landscape. “What we did not realize back then,” says Getabecha Mekonnen, executive director of Northeast Denver Housing Center, “Is that 10, 20 years down the line, the income of our clients and the income we produced by the units would get outstripped by the cost of managing or repairing the units.””

Read the rest of the article here for the new approaches the city of Denver is trying to help solve some of the challenges faced by residents seeking attainable housing.

Denver is the #2 ‘millennial boomtown’ in the nation

The Denver Business Journal notes that, according to a new report from MagnifyMoney, Denver is only second to San Francisco for cities popular with millennials.

“From 2011-2016, the five-year period for the study, Denver’s millennial population increased by 18.7 percent. The Mile High City’s millennial workforce grew by 27.9 percent to 378,772 workers, the second-highest increase in the country during the period. Raleigh’s unemployment rate fell from 9.1 percent to 4.9 percent, a 46.3 percent decrease, while the median annual salary rose 13.1 percent to $32,243.”

Read the whole article here.