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Should Student Housing Properties Be Pet-Friendly?

Should Student Housing Properties Be Pet-Friendly?
If you were to ask any apartment hunter with a pet about their experiences trying to find a pet-friendly accommodation, chances are they’ll tell you how difficult it can be to find rentals that accept pets.   Apartment searching for pet owners can be particularly difficult. With so many people owning pets, one would assume that rental property owners would be more inclined to cater to tenants with pets, but this often isn’t the case. Rentals that do not allow pets can actually be eliminating a huge amount of potential renters. For example, let’s look at the millennial renter demographic. It’s been reported by Appfolio that approximately 76%+ of millennials own either cats or dogs. This means that rentals which prohibit pets are automatically eliminating over ¾ of the tenant pool right off the bat. This leaves approximately 24% of eligible millennial renters for those accommodations to compete for. It becomes clear that no-pet policies can actually work against landlords and property managers when it comes to leasing.   A recent survey found that 83% of respondents who were pet owners stated they found it difficult to find a pet-friendly rental and 56% reported having not been able to secure an apartment, due to a no-pets policy. In total, 21% of respondents reported that they had to give away a pet in order to find a rental accommodation..Many jurisdictions have ruled that it is legal for landlords to prohibit pets from inhabiting a rental unit. There are only a few places where pet owners have the law ......
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From Urban to Suburban: Multifamily's High Demand Reaches the 'Burbs

From Urban to Suburban: Multifamily's High Demand Reaches the 'Burbs
With all the growth the multifamily industry has seen in the last few years, it was inevitable that we’d eventually see the trend move out from the downtown, urban neighborhoods and onto the wide open hustle of suburban America. According to the U.S. Census Bureau, the shift in demographics from urban to suburban can be seen in the data being collected. Even with multifamily housing being the cornerstone of the current housing market and the fact that a majority of these projects are urban-based, census data is still leaning towards increasing growth in the suburban markets. (Note: for now, this growth can only be considered a small uptick in the suburban markets and is also accompanied by a small downtick in the relative urban markets which makes the shift more apparent.) As a matter of fact, the Brookings Institution reported that in some U.S. cities, we have actually seen more of this type of growth in the last three years than we did in all of the last ten years. For cities with a population of a quarter million or more, this growth is above average and can be as much as one percent or more. With this migration taking place, it’s not just the multifamily rentals that are seeing growth. The abundance of single-family homes left over from the pre-recession boom that was then vacated by the recession itself has since led to opportunities for investors looking to capitalize. Unfortunately, the purchasing, renovating, and renting out of a single unit does little to create jobs and instead offers would-be ren......
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Florida + Multifamily = A Lot of Happy Investors

Florida + Multifamily = A Lot of Happy Investors
With all the activity taking place across the country, multifamily real estate investors are beginning to seek out their next strategic move and it looks like the opportunities in Florida are garnering a ton of fresh attention. According to the American Action Forum, the housing markets in Florida have seen statewide price increases while experts over at Colliers report multifamily vacancies are down to 5.8% with 2,500 units currently being constructed. Some of the biggest draws in multifamily for investors entering the Florida market include some of the country’s highest job growth rates and signs of a strong demographic push by both the younger and older populations. During the recession, employment opportunities dried up alongside many Americans’ retirement savings. These factors have led to an abandonment of the dream of ownership for the simplicity and value-added idea that is renting. In markets like Orlando, the fact that 25,000 new jobs have been added in the last year to lead to a decrease in unemployment, is attracting these workers into the bigger cities from the smaller surrounding areas. Following the same post-recession trend we’re seeing take place across the country, the Millennials and Baby Boomers are choosing to rent and are now doing so at a higher rate than the national average. The key to investors succeeding in this new market trend seems to lie in the quality of the products being produced, the interpreted level of customer service received, and the perception that these would-be tenants are getting more bang-for-their-buck. These elements are becoming increasingly important to fo......
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Top Dog: Multifamily Remains Construction's Hottest Properties

With all the construction that the real estate industry has endured in the last decade, it looks like one sector has risen above all others to claim the top spot in development coming out of the recession: multifamily. As the demand for new apartment units surges and rents for those units are projected to rise for a fifth straight year, experts speculate that even with a ton of multifamily construction breaking ground it’s unlikely that we’ll see any real relief anytime soon. So, even with the 6% rise in apartment rents that we saw take place over the last decade and the accompanying 13% drop the average renter saw in their income, we’re still seeing more first-time and returning tenants looking to rent. These renters are not only seeing multifamily as a financially viable solution to their living needs, but also as a lifestyle choice that puts them in a community that affords them proximity to both work and play. A growing trend that we can expect to do nothing but thrive in the upcoming years. That’s also why we’ve seen multifamily construction spending continue to increase throughout the first half of 2014. The idea of multifamily becoming the hottest sector in the real estate industry really boils down to the shifting job market. The lack of access to available credit and the struggles in the employment sector have taken ownership off the table for a majority of Americans. Also, as job markets begin to return, we’re seeing more urbanization as these new employment opportuniti......
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Multifamily Takes the (Economic) Wheel

When looking at all the new development taking place in our nation’s multifamily industry, it seems that most markets are seeing not only growth in their local communities because of all the new construction, but an emerging trend in which multifamily is actually taking the lead in kick-starting local economies. It’s a trend that is beginning to show us just how important a role multifamily plays in our local communities. A role that goes beyond the demand for new rental units and becomes a key catalyst that’s fueling the other sectors of our economy. We know that those looking to buy a single-family home in the current market are finding that they have limited access to available credit and it’s forcing them to reconsider purchasing for the time being and it’s fueling the rental market, but did you know that multifamily development is responsible for leading the recovery in the residential sector and  boosting the growth we’re experiencing in the construction markets? According to recently released U.S. Census data, permits for new housing construction saw an 8% boost in April 2014 with a majority of those permits being issued for multifamily structures that are planned for five units or more and overall multifamily construction was up 32.5% year-over-year in the first quarter of 2014. With all these new communities coming together, the concentration of new residents means that existing businesses in the these areas are seeing a boost in new customers.  This translates into a need to hire more people to service the influx of new clientele, ......
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What Does the Multifamily Forecast Look Like Leading Up to 2020?

b2ap3_thumbnail_What-is-the-Multifamily-Forecast-Leading-Up-to-2020.jpgWith all the popularity that multifamily has seen in the last few years and the recent news that construction of multifamily buildings with five or more units has seen a 10% boost this year to now total 35% of the U.S. market’s total units constructed, we thought it might be interesting to take a look at this current trend and what it means for the multifamily industry in the next half decade and beyond. When looking forward at what we see coming to the multifamily industry in 2020, we first take inventory of the changing events that have brought us to where we are today. For example, after the struggles that came about by way of the housing crisis, many long-time and would-be owners saw their attitude towards the dream of homeownership change. For many young and near-retirement aged adults, the upheaval of the housing market left a lasting impression that has many of them questioning the real value of homeownership, especially at this stage of their lives. The sudden and total collapse of the market pulled the rug out from underneath those that dreamed homeownership to be a guaranteed stepping stone to a wealthy existence and ended up costing them everything that they had worked for their whole lives. Demographically speaking, young adults between the ages of 20 and 34 and the older adults who are now over 60 are seeing a rapid growth in their populations. These two groups are showing more and more signs that they prefer the simple val......
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