Pigs, Poultry and Politics

If you’re a member of PTAA (or any other group under the TREBIC umbrella) you should plan on attending TREBIC’s Pigs, Poultry and Politics.  It’s your best chance to meet all of the candidates running for public office (state, county, municipal) in the districts that fall within the Guilford County area.  The Greensboro city council and mayoral races promise to be particularly interesting and many of the candidates will be in attendance.

When: October 13, 2011 – 4:30 to 7:00 pm
Where: Castle McCulloch, Jamestown NC
Purchase tickets here ($30 before the 13th, $35 at the door) 

Continued Strong Momentum for the U.S. Apartment Market in the Third Quarter

An excerpt from a press release issued by the MPF Research Division of RealPage:

The U.S. apartment sector again posted robust revenue growth in the third quarter of 2011, according to MPF Research, an industry-leading market intelligence division of RealPage, Inc.  National occupancy climbed 0.6 percentage points during the past three months, and effective rents jumped 1.6 percent. A discussion of the nation’s latest apartment performance results is available at www.realpage.com/MPFQ3Report …

Occupancy reached 94.8 percent as of the third quarter, up from 93.8 percent a year ago and from 91.8 percent when the market’s performance bottomed in late 2009. “While occupancy isn’t yet at an all-time high, the rate has moved a little ahead of the average level recorded over the course of the past decade or so,” Willett said. “The unusually small number of households leaving rental units to buy homes is really the key influence behind today’s strong apartment occupancy performance. Furthermore, it just doesn’t take much new demand to surpass the small block of new supply that’s coming online right now.”

Rents in U.S. apartments grew 4.2 percent between the third quarter of 2010 and third quarter of 2011. The total increase seen since pricing bottomed in late 2009 is right at 7 percent.

 

Planners Hope to Get Input on Population Growth

Planners in Forsyth County are looking for public feedback on population growth, and based on their projections for downtown Winston-Salem it would be a very good thing for PTAA to have representatives involved

Planners in Forsyth County are looking for public feedback on population growth, and based on their projections for downtown Winston-Salem it would be a very good thing for PTAA to have representatives involved:

But perhaps the most important growth downtown has been the number of people who live there.

From 2000 to 2010, the number of people living downtown roughly doubled, from about 1,200 residents to about 2,500, U.S. census figures show. Forsyth County planners expect that over the next 20 years, the county could grow by 120,000 people. Downtown could end up being home to about 30,000 of those people, planners estimate.

“Given the limited amount of land we have to fit 120,0000 people, where do they think that additional 120,000 people should be distributed?” said Paul Norby, planning department director.

To deal with that growth, the City-County Planning Department is reworking its Legacy Plan, an overarching document that guides development for all of Forsyth County.

Apartment Dynamics Featured in the Triad Business Journal

Apartment Dynamics is a long time member of PTAA and one of its principals, Mary Gwyn, is a member of the PTAA and AANC boards of directors. The Triad Business Journal did a nice article on the business that Mary and her husband Tom have built from scratch.

Apartment Dynamics is a long time member of PTAA and one of its principals, Mary Gwyn, is a member of the PTAA and AANC boards of directors.  The Triad Business Journal did a nice article on the business that Mary and her husband Tom have built from scratch.

The residential real estate market has faltered, but demand for apartments continues to grow. That’s been a boon for Apartment Dynamics, a High Point company that manages some 1,300 rental units across North Carolina. The company expects to increase its portfolio to about 2,200 units by the end of 2012 and even take an ownership stake in some of those properties.

That said, Apartment Dynamics won’t grow beyond the point where it can’t have high-touch relationships with renters and employees. “We know all our employees and they know us,” says Mary Gwyn, chief innovator for Apartment Dynamics.

Triad Biz Journal – Multifamily One Bright Spot in Triad Real Estate

The Triad Business Journal did a series of articles on the Piedmont Triad apartment industry in its most recent issue

The Triad Business Journal did a series of articles on the Piedmont Triad apartment industry in its most recent issue:

A Flurry of Activity

Must-Haves in Apartments

All in the Multifamily: Number of Apartment Projects Reflect a Bright Spot for Triad Housing

Triad Apartment Vacancies Down by a Third — WGHP

PTAA past president Sterling Kelly and Executive Director Jon Lowder were interviewed for a story about the apartment market in the Piedmont Triad.

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Don’t You Forget About Me

Don’t forget about your prospective residents as soon as they sign on the dotted line… maintain the relationship to keep your residents happy and turn that into renewals!

From NAA’s Aptly Spoken

By Lauren Boston

Don’t You Forget About Me

Yesterday I went into the community clubhouse to renew my lease for yet another year—partly because I like my apartment, but also because I’m far too lazy to clean out my car, let alone pack everything up and move.

As I was sitting there waiting to sign the papers and eating a caramel chew that I swiped from the communal candy dish, I overheard a young couple rattling off a list of complaints to one of the leasing agents regarding the state of their “newly renovated” apartment.

According to these residents, problems include (but are not limited to) condensation on the walls, a broken dryer, chipping paint and a balcony door frame that feels as though it’s going to be ripped out of the wall whenever the door is opened. (They’ll understand what a blessing that last problem is when they get locked out and need to break into their own apartment).

Read more here.

Freddie Mac Stepping Up Multifamily Loans

From today’s Wall Street Journal:

Freddie Mac plans to accelerate its program to purchase loans backed by apartment buildings, increasing the availability of financing for landlords and helping to bolster the multifamily real-estate market.

Freddie Mac, the government-backed mortgage-finance giant, will likely fund more than $16 billion in apartment-building loans this year, up from $14.8 billion in 2010, said David Brickman, head of multifamily funding for the McLean, Va., company…

The bulk of the loans will be packaged into commercial mortgage-backed securities and sold to investors, which have shown strong demand for CMBS that are issued by government-backed entities such as Freddie Mac and Fannie Mae.

Fannie Mae invested $10.5 billion in the multifamily market for the first half of this year, putting it on track to exceed the $16.9 billion in purchases for last year.

HUD Issues Bed Bug Guidance for Assisted and Insured Housing

From the August 29 AIMS Update from NAA.

HUD Issues Bed Bug Guidance for Assisted and Insured Housing
On August 19, HUD issued guidelines on preventing and controlling bed bugs in HUD-insured and HUD-assisted properties.  In addition to identifying best practices regarding integrated pest management (IPM), it also details the rights and responsibilities of HUD, owners/managers and residents with regard to bed bug treatments.

The document leaves many questions unanswered and makes assumptions that may not reflect market realities.  NAA/NMHC sent a comment letter and have requested a meeting with HUD to seek clarification of the guidelines.

Among the key provisions:

  • Owners/managers may not deny residency to an applicant based on prior exposure to bed bugs.
  • Residents cannot be charged for the cost of bed bug treatment; owners must cover those expenses.
  • Owners are not required to reimburse residents for any additional expenses related to an infestation, such as purchasing new furniture or clothing or other cleaning services.  (This does not prevent them from seeking such reimbursements through the courts or under various state and local statutory authorities, however.)
  • Owners are not required to relocate residents unless treatment renders the unit uninhabitable.
  • The document provides a timetable under which owners are required, where possible, to inspect (within 3 days) and begin treatment (within 5 days).
  • Residents are expected to cooperate with treatment plans, but the document does provide owners with remedies if they do not.
  • The document suggests possible funding assistance for owners via replacement reserves and budget line items but says requests for rent increases should be part of an ongoing pest prevention program.

 

PTAA Reading List 8/24/11

Following are links to articles you may find of interest.  These links, and many more, can be found at PTAA’s del.icio.us page.