On-Site Rental Housing Journal is published monthly for apartment owners, multifamily investors, property managers, apartment maintenance staff and other real estate professionals. RHJ is the business journal for the Puget Sound area multifamily and rental housing industry.
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4Q14 Payroll Trends and Forecast The Jet City economy continued to gain altitude during the fourth quarter, adding payroll positions at a 51,900-job, 3.4% rate, representing the largest quarterly year-on-year job gain recorded since 1998, and the fastest rate of growth posted since 2006. Consumer-driven sectors made the largest contributions to job cre- ation, most notably retail trade (9,900/6.2%); construction (8,600/12.0%); and leisure services (5,700/4.0%). By contrast, payroll trends in Seattle’s key outward look- ing industries were softer as aero- space manufactures (-2,200/-2.4%) and software publishers (-800/-1.5%) Rental Housing Journal On-Site March 2015 - Vol. 9 Issue 03 WWW.RENTALHOUSINGJOURNAL.COM • PROFESSIONAL PUBLISHING, INC PUBLISHED 21 YEARS 17,000 PAPERS MAILED MONTHLY TO PUGET SOUND APARTMENT OWNERS, PROPERTY MANAGERS & MAINTENANCE PERSONNEL Published in association with: Washington Apartment Association, IREM & Washington Multifamily Housing Association 3. New Residential Water Heater Efficiency Standards 4. April Showers, Bring May Flowers... and Moss 5. Commercial Markets Poised for Growth Despite Weaker Global Economy 7. 5 Innovation Killers that Lurk Within Businesses 8. Spring Maintenance Checklist 11. What Tenants Do You Want? 12. National Survey Reveals 2015 Moving Plans for Renters Multifamily Housing Update 4Q14 RED CAPITAL GROUP ® Market Overview Seattle, Washington 14. NAR Study: Accelerating Housing Costs Have Renters Feeling the Squeeze 16. NWMFHA Supporting Fair Housing Training 18. Secret Shopper 19. Strong Job Growth Foreshadows Solid Full-Year Economic Growth 22. NWMFHA Maintenance Summit Education Conference and Trade Show Exhibition 25. Inexpensive Ways to Attract Good Residents Professional Publishing, Inc., PO Box 6244 Beaverton, OR 97007 CHANGE SERVICE REQUESTED ...continued on page 20 Post-Foreclosure Evictions - What You Need to Know By Evan L. Loeffler, Loeffler Law Group PLLC P urchasing prop- erty at a foreclo- sure sale can bring some unforeseen consequenc- es. Sometimes the property is still occupied, either by the former owner, the former owner’s tenants, or some- one who simply intends to stay there until forced to leave. The following are some considerations when plac- ing a bid at a foreclosure sale. The simplest post-foreclosure eviction situation is if the occupants of the property are former owners. The law gives former owners 20 days to move. No additional notice is required. While the former owner may contest the foreclosure sale— which is not uncommon—in most cases there is little defense to the purchaser’s right to possession of the property. For tenants occupying recently foreclosed property, the process is more complicated. The depending factors include whether there is a bona fide lease and if the property is within Seattle city limits. The first step is to determine whether the tenant has a “bona fide” or genuine lease. A lease is bona fide if it is between unrelated persons and for fair rental value. For exam- ple, if the former owner rents the premises for $20.00 a month to her cousin and then secretly lives in the basement, the lease is not bona fide. In such a case, the court may invali- date the lease. For a legitimate tenant on a month-to-month rental agreement, the landlord may give the tenant a notice to terminate the lease giving at least 60 days’ notice to vacate. The last day must coincide with the end of the month. Seattle’s “Just Cause Eviction Ordinance” may require additional notice or time to move. See: http://www.seattle.gov/dpd/ codesrules/codes/justcauseordi- nance/default.htm. If there is a bona fide term lease, ...continued on page 4 T he economy is poised for a pickup in growth in 2015 amid a strengthening employment sector, rising income growth, and de- clining commodity prices, according to Fannie Mae's Economic & Strate- gic Research (ESR) Group. The labor market has started the year on an upbeat note and is expected to lift consumer confidence, in turn help- ing to boost consumer spending, manufacturing activity, and the pace of the housing recovery. Economic growth may face some headwinds as a strong U.S. dollar weighs on the trade deficit. However, the economy is expected to climb to 2.9 percent for the full year, up from 2.5 percent growth in 2014. "Our forecast calls for an increase in economic growth to 2.9 percent for 2015, which is a slight downward adjustment from our prior forecast but solid improvement nonetheless," said Fannie Mae Chief Economist Doug Duncan. "Although we are beginning this year at a more modest pace compared to the above-trend numbers seen at mid-year 2014, the country's aggregate income has ben- efitted from the improving labor market, which, combined with low gasoline prices, should help drive higher auto sales and overall con- sumer spending throughout 2015." Strong Job Growth Foreshadows Solid Full-Year Economic Growth Robust Hiring and Firming Income Growth Expected to Boost Housing Recovery continued on page 6 Advertise in Rental Housing Journal On-Sight Circulated to over 20,000 Apartment owners, On-site, and maintenance personnel monthly. Call 503-221-1260 to place and ad. www.rentalhousingjournal.com PRSRT STD US Postage P A I D Sound Publishing Inc 98204
Transcript
4Q14 Payroll Trends and Forecast
The Jet City economy continued to gain altitude during the fourth quarter, adding payroll positions at a 51,900-job, 3.4% rate, representing the largest quarterly year-on-year job gain recorded since 1998, and the fastest rate of growth posted since 2006. Consumer-driven sectors made the largest contributions to job cre-ation, most notably retail trade (9,900/6.2%); construction (8,600/12.0%); and leisure services (5,700/4.0%). By contrast, payroll trends in Seattle’s key outward look-ing industries were softer as aero-space manufactures (-2,200/-2.4%) and software publishers (-800/-1.5%)
WWW.RENTALHOUSINGJOURNAL.COM • PROFESSIONAL PUBLISHING, INC
PUBLISHED 21 YEARS
17,000 PaPers Mailed Monthly to Puget sound aPartMent owners, ProPerty Managers & Maintenance PersonnelPublished in association with: Washington Apartment Association, IREM & Washington Multifamily Housing Association
3. New Residential Water Heater Efficiency Standards4. April Showers, Bring May Flowers... and Moss5. Commercial Markets Poised for Growth Despite Weaker Global Economy7. 5 Innovation Killers that Lurk Within Businesses8. Spring Maintenance Checklist11. What Tenants Do You Want?12. National Survey Reveals 2015 Moving Plans for Renters
Multifamily Housing Update 4Q14
RED CAPITAL GROUP®
Market OverviewSeattle, Washington
14. NAR Study: Accelerating Housing Costs Have Renters Feeling the Squeeze16. NWMFHA Supporting Fair Housing Training18. Secret Shopper19. Strong Job Growth Foreshadows Solid Full-Year Economic Growth22. NWMFHA Maintenance Summit Education Conference and Trade Show Exhibition25. Inexpensive Ways to Attract Good Residents
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...continued on page 20
Post-Foreclosure Evictions - What You Need to Know
By Evan L. Loeffler, Loeffler Law Group PLLC
Purchasing prop-erty at a foreclo-sure sale can
bring some unforeseen consequenc-es. Sometimes the property is still occupied, either by the former owner, the former owner’s tenants, or some-one who simply intends to stay there until forced to leave. The following are some considerations when plac-ing a bid at a foreclosure sale.
The simplest post-foreclosure eviction situation is if the occupants of the property are former owners. The law gives former owners 20 days
to move. No additional notice is required. While the former owner may contest the foreclosure sale—which is not uncommon—in most cases there is little defense to the purchaser’s right to possession of the property.
For tenants occupying recently foreclosed property, the process is more complicated. The depending factors include whether there is a bona fide lease and if the property is within Seattle city limits.
The first step is to determine whether the tenant has a “bona fide” or genuine lease. A lease is bona fide if it is between unrelated persons and for fair rental value. For exam-ple, if the former owner rents the
premises for $20.00 a month to her cousin and then secretly lives in the basement, the lease is not bona fide. In such a case, the court may invali-date the lease.
For a legitimate tenant on a month-to-month rental agreement, the landlord may give the tenant a notice to terminate the lease giving at least 60 days’ notice to vacate. The last day must coincide with the end of the month. Seattle’s “Just Cause Eviction Ordinance” may require additional notice or time to move. See: http://www.seattle.gov/dpd/codesrules/codes/justcauseordi-nance/default.htm.
If there is a bona fide term lease, ...continued on page 4
The economy is poised for a pickup in growth in 2015 amid a strengthening employment
sector, rising income growth, and de-clining commodity prices, according to Fannie Mae's Economic & Strate-gic Research (ESR) Group. The labor market has started the year on an upbeat note and is expected to lift consumer confidence, in turn help-ing to boost consumer spending, manufacturing activity, and the pace
of the housing recovery. Economic growth may face some headwinds as a strong U.S. dollar weighs on the trade deficit. However, the economy is expected to climb to 2.9 percent for the full year, up from 2.5 percent growth in 2014.
"Our forecast calls for an increase in economic growth to 2.9 percent for 2015, which is a slight downward adjustment from our prior forecast but solid improvement nonetheless,"
said Fannie Mae Chief Economist Doug Duncan. "Although we are beginning this year at a more modest pace compared to the above-trend numbers seen at mid-year 2014, the country's aggregate income has ben-efitted from the improving labor market, which, combined with low gasoline prices, should help drive higher auto sales and overall con-sumer spending throughout 2015."
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PEACE of MIND
By Heather Hill and Jason Campbell
On April 16, 2015, all residen-tial water heaters manufac-tured for sale in the United
States will be required to meet new efficiency standards as the third phase of a nationwide energy con-servation effort takes effect.
The National Appliance Energy Conservation Act regulates the ener-gy consumption of certain house-hold appliances including furnaces, boilers, refrigerators and water heat-ers. According to the Appliance Standards Awareness Project, water heating represents 20% of the total annual household energy consump-tion in the US, and on average 57% of this energy is lost in inefficient
heaters. The US Department of Energy (DOE) released its first man-datory standards in 1990.The second phase, enacted in 2004, tightened standards the most significantly of the three phases, and was estimated to avoid 316.8 million metric tons of carbon dioxide emissions. The 2015 standards will avoid 172.5 million metric tons of emissions, equivalent to the annual greenhouse gas emis-sions of about 33.8 million cars, according to the DOE.
The mandatory standards dictate that manufacturers meet the maxi-mum energy efficiency levels techni-cally feasible and economically justi-fied. The DOE conducts product reviews and updates the standards on a regular schedule. Note, that
while the manufacturers cannot make any water heaters with the old standards after the April date, they will be allowed to continue to sell the old inventory until the supply is exhausted. As of the date of this post, manufacturers have not released the compliant replacement heaters for their obsolete products. Though energy efficient models do exist in the marketplace, they have been built and promoted as specialty products and priced accordingly. Conversely, the replacement heaters will represent the new normal.
What is changing?The Energy Factor (EF) represents
the ratio of useful energy output
from the water heater to the total amount of energy used to operate it. The higher the EF rating, the more energy efficient is the water heater. The type of fuel, volume and mechan-ics of the heater all factor into its rat-ing and coinciding standard. For example, tabletop and instantaneous electric heaters already meet the EF standards and thus no changes will take place for those heaters.
The new requirements will most significantly affect gas-fired and electric heaters over 55 gallons as well as all instant gas heaters. The chart below outlines how the stan-dards apply to each style of heater.
New Residential Water Heater Efficiency Standards
OLD STANDARDProduct Volume EFGas-fired 20-55 gallon .67Gas-fired 55-100 gallon .67Oil-fired 0-50 gallon .59Electric 20-55 gallon .97Electric 55-120 gallon .97Tabletop 20-100 gallon .93Instant Gas 0-2 gallon .62Instant Electric 0-2 gallon .93
NEW STANDARDProduct Volume EFGas-fired 20-55 gallon .675Gas-fired 55-100 gallon .8012Oil-fired 0-50 gallon .68Electric 20-55 gallon .960Electric 55-120 gallon 2.057Tabletop 20-100 gallon .93Instant Gas 0-2 gallon .82Instant Electric 0-2 gallon .93
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April Showers, Bring May Flowers... and MossBy Brandon Vaughn, All-Clean! SoftWash
Known by many property managers as the scourge of the Northwest, roof moss can be a formidable enemy. Every year,
despite the brushing, and pounds of Moss-Off applied - the moss returns, seemingly stronger than ever.
And it's more than just an aes-thetic problem. "Moss can be detri-mental to asphalt shingle perfor-mance," says a maintenance bulletin from ARMA (Asphalt Roofing Manufacturer's Association). "Moss build-up can cause lateral water movement resulting in moisture damage to the roof deck or may even cause leaks."
So why is moss so prolific in the Northwest? About 40 years ago, roofing manufacturers began adding
limestone filler to roofing shingles, to help weigh them down and cut down the cost of using more expen-sive ceramic. The downside is that black algae and moss now feed on this limestone filler. Combined with our constant rain, we have the per-fect damp environment where moss, algae and lichen can really grow.
The Bigger ProblemRoof manufacturers know that
the moss plant's root systems can cause significant granule loss, lead-ing to premature roof failure. It's for this reason that manufacturers will actually void the warranty on roofs that have been neglected.
However, there is a bigger prob-lem. Most of methods used to remove moss in the Northwest, also void the roof warranty.
Brushing, scraping, pressure washing, even a low-pressure rinse of the moss, can void roof warran-
ties. The reason for this is premature granule loss. "We have seen granule loss from pressures as low as 150 PSI in previous claims," says a technical coordinator with GAF Roofing.
While brushing, scraping or rins-ing the moss may provide an imme-diate result, the damage done can take years of the lifespan of a roof. It's a short term solution to a long term problem. Frayed shingle edges, granule loss, pock marks - all hall-mark signs of damage caused by manual moss removal. And the very next year, the moss will re-grow, requiring more brushing or scraping,
causing more damage.So the question remains, how can
one effectively treat this moss with-out voiding the warranty?
Winning The BattleFirst off, one needs to think of
moss like a pest, not as a dirty stain that can be scrubbed or blasted away. Interestingly enough, Oregon requires companies who treat moss on roofs to be licensed with the Oregon Pesticide Division.
One common method used and recognized as a pesticide for roof
...continued on page 9
5Rental Housing Journal On-Site • March 2015
RENTAL HOUSING JOURNAL ON-SITE
Commercial Markets Poised for Growth Despite Weaker Global Economy
A s t r o n g e r labor market and stable
U.S. economy should keep com-mercial real estate demand on the rise,
but the pace of growth will likely be hindered by overseas weakness, according to the National Association of Realtors® quarterly commercial real estate forecast.
Lawrence Yun is chief economist and senior vice president of research at the National Association of Realtors(r). Yun oversees and is responsible for...
National office vacancy rates are forecast to slightly decrease 0.1 per-cent over the coming year as improved hiring increases the demand for office space. The vacan-cy rate for industrial space is expect-ed to decline 0.4 percent and retail space 0.3 percent as manufacturers boost production for goods and ser-vices and consumers slightly acceler-ate their spending. A swath of new apartment construction coming onto the market is forecast to lead to an uptick (0.1 percent) in the multifam-
ily vacancy rate. Lawrence Yun, NAR chief econo-
mist, expects commercial real estate activity to hold steady heading into the spring. "The demand for leases and new construction projects is expected to slowly climb as busi-nesses add to their payrolls and con-sumers reap the benefits of cheaper gas and any accompanying wage growth from a tighter labor market," he said. "Furthermore, multifamily housing continues to be the top-per-forming sector with current rental demand exceeding supply – leading to rent growth that is easily outpac-ing inflation in many metro areas throughout the country."
Although economic conditions are improving at home, Yun says weaknesses in the global economy will likely impact exports. "Sluggishness overseas alongside a strengthening U.S. dollar will widen the trade deficit and slow economic growth potential," he said. "However, GDP is forecasted to come in around 3 percent in 2015 – the highest since the recession. Improvements in hous-ing and commercial real estate mar-ket activity will measurably help
economic growth." NAR's latest Commercial Real
Estate Outlook1 offers overall projec-tions for four major commercial sec-tors and analyzes quarterly data in the office, industrial, retail and mul-tifamily markets. Historic data for metro areas is provided by REIS Inc., a source of commercial real estate performance information.
In partnership with Deloitte and RERC Situs, NAR released an annual joint report earlier this month – Expectations & Market Realities in Real Estate 2015 – which forecasts for an expected increase in commercial real estate value and pricing in 2015.
Office MarketsOffice vacancy rates are forecast
to slightly decline from 15.8 percent in the first quarter to 15.7 percent in the first quarter of 2016.
The markets with the lowest office vacancy rates in the first quarter are Washington, D.C., at 8.7 percent; New York City, 9.0 percent; Little Rock, Ark., and Seattle at 11.5 per-cent; and San Francisco, at 12.0 per-cent.
Office rents are projected to
increase 3.3 percent in 2015 and 3.6 percent next year. Net absorption of office space, which includes the leas-ing of new space coming on the mar-ket as well as space in existing prop-erties, is likely to total 47.7 million square feet this year and 58.3 million in 2016.
Industrial Markets Industrial vacancy rates are
expected to fall from 8.7 percent in the first quarter to 8.3 percent in the first quarter of 2016.
The areas with the lowest indus-trial vacancy rates currently are Orange County, Calif., with a vacan-cy rate of 3.4 percent; Los Angeles, 3.7 percent; Miami and Palm Beach, Fla., both at 5.4 percent; and Seattle, at 5.6 percent.
Annual industrial rents should rise 3.0 percent this year and 3.1 per-cent in 2016. Net absorption of indus-trial space nationally is expected to total 102.2 million square feet in 2015 and 104.8 million square feet next year.
Retail MarketsVacancy rates in the retail market
...continued on page 9
6 Rental Housing Journal On-Site • March 2015
RENTAL HOUSING JOURNAL ON-SITE
Post-Foreclosure Evictions ...continued from front page
Strong Job Growth ...continued from front page
the new owner must honor that lease until the end of the term. Prior to December 31, 2014, there was a fed-eral law that created an exception if the property was purchased for the new owner to occupy as a primary residence. That law expired.
There is a misconception that ten-ants need not pay rent for 60 days after a foreclosure sale. There is no statute or case law that provides for free rent to occupants of foreclosed property for any period of time.
Some common post-foreclosure scenarios:
1. The occupant has no lease or has damaged the property. The occu-pant has no right to remain on the premises and may be subject to eviction 20 days after the sale without the need for a pre-evic-tion notice. If the occupant is damaging or committing illegal acts on the property the owner may deliver a 3-day notice requir-ing the occupant to vacate earlier.
2. The tenant or the former owner alleges an ownership interest in the property. A party with a legit-imate ownership interest in the property may not be evicted using eviction laws. Usually, the deed transferring title to the new owner is sufficient to defeat any such claim. If not, the trustee or title insurance carrier (assuming the new owner purchased title insurance) may have to defend the new owner’s claim. The new owner will seek an order from the court to “quiet title.” This pro-cess will take substantially longer than an eviction.
3. The former owner or the tenant files for bankruptcy protection: If the occupants file a bankruptcy petition, every lawsuit, eviction or other legal proceeding against the petitioner stops until the new owner gets permission from the bankruptcy court to continue. Resolving this tenant situation
usually requires the assistance of an attorney familiar with bank-ruptcy law.
4. The tenants have a bona fide, unexpired lease: The new owner must honor the terms of the lease. The landlord and the tenant owe each other all the duties and obli-gations imposed by the Residential Landlord-Tenant Act of Washington until the lease expires. See: http://apps.leg.wa.gov/rcw/default.aspx?cite=59.18.At any time, a new owner or land-
lord may offer occupants an incen-tive to move. A “cash-for-keys” agreement is legal as long as both parties agree. Any agreement, how-ever, should be in writing or it can-not be enforced if the tenant changes his or her mind after taking the money.
Legal costs for a post-foreclosure eviction range from as little as $150.00 to thousands if the occupants contest the eviction every step of the
way. An eviction may take as little as a few weeks to several months. Most eviction cases take about a month. During this time, the new owner may be required to continue mort-gage payments on the property. Often, seeking legal counsel as soon as possible after the foreclosure sale will save you time and money. An attorney can assist you by analyzing the situation, informing you of your rights, and developing a plan to remove the occupants as quickly and affordably as possible.
Evan Loeffler is the principal at the Loeffler Law Group PLLC in Seattle.
Mr. Loeffler’s practice emphasizes land-lord-tenant relations and real estate liti-
gation. He is the author of the chapter on landlord-tenant law in the annually
published Washington Lawyers Practice Manual. www.loefflerlawgroup.com
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"We expect housing to shift up a gear in 2015 following the uneven and ultimately disappointing activi-ty last year," said Duncan. "Our fore-cast calls for a number of factors, including strong hiring and income growth, stabilized housing afford-
ability, and modestly easing lending standards, to translate into improv-ing housing demand throughout the year. We continue to anticipate that the Fed will begin to hike short-term interest rates later this year, although weak global economic growth and
geopolitical headwinds will likely limit the rise in long-term interest rates. We expect total home sales to increase by approximately 6.0 per-cent for 2015, with total single-family mortgage production climbing to approximately $1.2 trillion. Total sin-
gle-family mortgage debt outstand-ing should be relatively flat this year before picking up gradually in 2016 and 2017."
SOURCE Fannie Mae
7Rental Housing Journal On-Site • March 2015
RENTAL HOUSING JOURNAL ON-SITE
5 Innovation Killers that Lurk Within Businesses
The work of innovative thinkers is why the world has smart-phones, laptop computers,
toaster ovens and numerous other gadgets and creative approaches to problem solving.
Yet groundbreaking ideas aren’t always welcome in the corporate world or within other institutions.
Instead, those who suggest a dif-ferent approach often find their ideas shot down by co-workers or blocked by an organizational system that is unwelcoming to change, says inter-national speaker and innovation consultant Dr. Neal Thornberry.
That doesn’t mean innovation can’t happen, though.
“The innovator needs to know how to operate in these less than friendly cultures without waiting for some miraculous transformation in corporate policy,” says Thornberry, author of the book “Innovation Judo: Disarming Roadblocks and Blockheads on the Way to Creativity.” (www.NealThornberry.com)
He says there are five innovation “killers” within organizations that a person with ideas can expect to con-front.
People. Sometime it’s an indi-vidual, sometimes it’s a group. Regardless, people often resist inno-vation, and many times for illogical
reasons. “The more rigid people reject innovation simply because they are uncomfortable with the new or don’t want to spend the energy to try something different,” Thornberry says. They may be quick to point out flaws in your ideas.
One way to counteract that, Thornberry says, is to be your own worst critic. Discover those flaws first and highlight them yourself. Then you can address how you plan to mitigate them, thus stealing the critics’ thunder, he says.
Politics You can usually get around one or two individuals who try to block your idea, but it’s more challenging when the organization is rife with politics. “I hate working in highly politicized organizations,” Thornberry says. “They make work a lot harder and make you spend considerable time on non-value-add-ing activities.” In fact, Thornberry devotes an entire chapter in his book to “Right Mindedness” so that inno-vators practicing his seven secret judo skills are not seen as innovating for personal gain or exploitation, but as enablers of company success.
Organizational design An out-of-whack organizational design usually is not generated on purpose
or with malice, Thornberry says. Instead it develops over time, with one well-intentioned move after another leading to unintended con-sequences. Often the result is a pro-liferation of controls, along with structures and processes that create barriers to innovation.
When an idea is blocked by layers of decision-making, one solution is to use leverage, Thornberry says. Enlist the aid of a customer who
would benefit from the innovation, he says, because paying customers have huge leverage.
Company values Here the innovator has both a challenge and an opportunity. Many companies articulate their values, but don’t always live by them. “The upside for innovators is that values can be used as leverage for innovation even if
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... continued on page 12
8 Rental Housing Journal On-Site • March 2015
RENTAL HOUSING JOURNAL ON-SITE
In spring, focus on freshening up your rental property and protect-ing the dwelling against the sea-
son's strong winds and rains. Use this time of the year to thoroughly clean and care for the home's interior.
Outdoor Tasks:1. Clean gutters and downspouts.
2. Inspect roof and chimney for cracks and damage.
3. Wash the exterior of all windows.
4. Install missing screens on win-dows and doors. Repair as need-ed.
5. Fertilize the lawn.
6. Check decks for loose boards, railings, or stairs.
7. Professionally service heating and cooling units.
8. Check the foundation for crack-ing as well as for insect damage.
9. Remove foundation vent covers
and spigot covers.
Indoor Tasks:10. Test all smoke and carbon mon-
oxide detectors
11. If the basement has a sump pump, test it by dumping a large bucket of water into the basin of the sump pump. This should activate the sump pump. If it does not switch on or if it's not-pumping water, it may need to be serviced by a professional. Also, check for and remove any debris and make sure there are no leaks.
12. Assess the need for blind repair, cleaning or replacement.
13. Repair or replace broken or miss-ing kitchen cupboard hardware.
14. Check the attic for signs of mois-ture and water stains.
15. Check walls for condensation and mildew.
16. Check electrical panel for rust, make sure circuit breakers are operating correctly.
17. Clean dryer vents.
18. Clean or replace furnace filters.Check clothes washer hoses for cracks or swelling.
19. Check all faucets for leaks or slow drips. Detach and flush aer-ators.
20. Maintain clean drains by pouring one-half-cup baking soda fol-lowed by one-half-cup white vin-egar into each. After 10 minutes, flush with boiling water.
Katie Poole–Hussa is a Licensed Property Manager, Continuing
Education Provider and
Principal at Smart Property Management in Portland, OR. She can
moss is zinc or copper sulfate. Zinc or copper sulfate can be a great pre-ventative if applied annually to the roofs, and should be considered as a regular maintenance method to keep roofs moss free. However it works poorly at removing moss that is actively growing.
To completely remove the moss the first time through, ARMA recom-mends a "SoftWashing" treatment. If treated and killed properly, roof
moss will weather off the roof natu-rally, typically within 6 months, without any need for brushing, scraping or rinsing. This method is the gentlest way of removing moss - guaranteeing not to cause any roof damage. Thus the reason why the roof manufacturers recommend it.
And because the solution can be pumped upwards of 30' by a techni-cian with a hose and pump system, many roofs can actually be treated
without walking on the roofs.The best time of year to treat moss
is in early spring before the moss begins to flourish with the spring rains. Once treated and killed, the pounding of the rains actually help speed up the moss decomposition and weather it off the roof quicker.
Moss can be a tough enemy, but with the right strategy and tools in your arsenal, controlling it will pay off in the long run. Proper roof main-
tenance and cleaning can prolong the lifespan of a roof by double. Considering roof replacement is one of the most expensive maintenance items a property will encounter, some proactive maintenance is a worthwhile investment that will yield great returns.
are expected to decline from 9.7 per-cent currently to 9.5 percent in the first quarter of 2016.
Currently, the markets with the lowest retail vacancy rates include San Francisco, at 3.0 percent; Fairfield County, Conn., and San Jose, Calif., at 4.5 percent; Long Island, N.Y., 4.9 percent; and Orange County, Calif., at 5.0 percent.
Average retail rents are forecast to rise 2.5 percent in 2015 and 3.1 per-cent next year. Net absorption of retail space is likely to total 15.7 mil-lion square feet this year and jump to 20.6 million in 2016.
Multifamily MarketsThe apartment rental market
should see vacancy rates slightly increase from 4.1 percent currently to 4.3 percent in the first quarter of 2016. Vacancy rates below 5 percent are generally considered a landlord's market, with demand justifying higher rent.
Areas with the lowest multifamily vacancy rates currently are Sacramento, Calif., 2.5 percent; Orange County, Calif., 2.6 percent; Hartford, Conn., and Oakland-East Bay at 2.7 percent; and Rochester, N.Y., at 2.8 percent.
Average apartment rents are pro-jected to rise 3.7 percent this year and 3.6 percent in 2016. Multifamily net absorption is expected to total 171,978 units in 2015 and 157,168 next year.
SOURCE National Association of Realtors
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Effective January 1, 2015, Shoptalk has been acquired by Jancyn and they will serve your employee evaluation needs. It has been my extreme pleasure to work with all of you over the past 20 years. Yet, it is now time for me to move onto my next great adventure. I am willing to offer leasing training on a limited basis, as an independent consultant. However, I will no longer be involved in secret shopping. For now, your contact at Jancyn will be Vicki Dempsey, VP of Sales & Marketing and a managing owner. You can reach Vicki at: 408-267-2600 ext. 300 or [email protected]. I will be working closely with the Jancyn team as a consultant to help ensure a smooth transition. Thank you for trusting me with your employee evaluations over the years, and now with the transition moving forward!
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Manufacturers can employ new technologies such as heat pumps, which help reduce energy use by 50%, to upgrade electric water heat-ers. Condensing technologies can reduce energy use in gas storage containers by 25%. The low-tech solution, adding more insulation, may cause more complications. While adding 1 inch of insulation would increase EF by .05, it would
also broaden the heater by 2 inches in diameter. Knowing that water heater installations in multi-family structures are space defined, manu-facturers may also reduce tank capacities to allow NAECA-compliant units to fit in predeter-mined spaces, as the floor plans and common plumbing designs typically found in multifamily units will pre-vent relocation of the water heater.
What will this cost property owners?Since manufacturers have yet to
release the new heaters, the only cer-tainty for the owners of properties with large-volume gas or electric heaters is that those manufactured after April 16th will save money in operating costs. However, the improved technologies are likely to come with a higher price tag, as any new technology improvement usu-
ally does. Following the last major efficiency upgrade in 2004, prices for the new standard equipment increased 8-12%.
The DOE estimated the following cost implications for the 2015 stan-dards:
The cost savings refer to the costs of owning and operating the product after considering both the increased installed price and the lifetime oper-ating costs.
Maintenance costs may also increase due to the complex design
of the new technology and the inte-gration of electronics, blowers, fans, condensers, etc. Anyone who servic-es water heaters may also struggle with a learning curve.
Considerations Residential property owners need
to review their options carefully when replacing a large volume water heater in the near future. Don’t wait until the heater fails to plan for its successor. Being aware of the condi-
tions of the current heater, including its footprint, both physical and car-bon, can save property owners head-aches and money down the road.
11Rental Housing Journal On-Site • March 2015
RENTAL HOUSING JOURNAL ON-SITE
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Landlords who manage their own properties develop long-term relationships with their
tenants. Often, they will see or com-municate with their tenants, more than with some of their relatives. The great thing about tenants, compared to relatives, is that you can choose your tenants. The best way to begin the “choice” process is choosing to purchase rental properties, with cur-rent or future tenants, compatible to your personality.
Are you retired military? You probably would be an ideal owner for rental property near a military base. You already understand off base housing, deployments, and other concerns specific to active mili-tary tenants. This would give you an advantage, when showing your property to prospective tenants , in addition to tenant retention.
Do you work at a large corpora-tion that hires contract workers from out of state? What type of housing do the contract workers rent, while working at your facility? You already have an “inside line” to these tenants and possibly a “direct” line through your corporate human resources department. By purchasing a prop-erty in an area, where employees or
contract workers at your company rent, you will have a unique and con-venient source of tenants.
Graduate students often enjoy liv-ing within a couple of miles of cam-pus, but not in the midst of the party scene. They are generally quiet and many times married or live with a significant other. If you think they would be a “compatible” tenant for you, find out exactly what neighbor-hoods attract graduate students, and scope out purchasing rental proper-ties in those areas. Chances are the prices will be lower and the tenants tamer, then rentals walking distance to campus.
All cities have sub market neigh-borhoods. Properties near a regional trauma hospital will attract medical personal, that are often on call, and need to live nearby. Rentals that are walking distance to a popular senior center, will have a built-in source of older tenants. Properties in close proximity to government or down-town office buildings, or with easy convenient public transportation to them, attract white collar office workers. Decide the type of tenant, that you can best relate to, and focus your rental property purchase on property or properties, that your tar-
get group tenant would rent.
Jade Bossert is a licensed Real Estate Broker with Tierra Antigua
Realty in Tucson.She specializes in the sale of apart-
ment complexes and can be contacted at 520-797-6900 or tucsonrealestate@
mindspring.com.
What Tenants Do You Want?Targeting the Tenant when Buying the Property
12 Rental Housing Journal On-Site • March 2015
RENTAL HOUSING JOURNAL ON-SITE
Efficiency is easyPuget Sound Energy’s Multifamily Retrofit program can save you time, energy and money. Get started today.
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While rents continue to rise around the country, the rate of growth is slowly
decreasing. According to CoStar, the real estate industry's leading pro-vider of information, analytics and online marketplaces, the average cost of rent nationwide increased by 0.64 percent to $1,194 a month in the
fourth quarter of 2014—down from a .89 percent increase the previous quarter. At the same time, demand for apartments remains strong despite a slight uptick in the vacancy rate to 4.7 percent in the fourth quar-ter of 2014 from 4.3 percent the previ-ous quarter. CoStar predicts new apartment supply will also peak this
year at more than 300,000 units. Apartments.com conducted its annual survey of more than 5,200 renters nationwide to determine how the healthy rental market would affect their moving plans this year. The survey reveals why renters are choosing to move or stay in their apartments, why more homeowners are turning to renting and the most popular apartment amenities.Affordability, changes in marital and relationship status and want-ing more space topped the list of reasons why respondents said they are moving this year. Three quarters of renters surveyed also indicated they are planning to spend either the same or less on rent despite cur-rent demand and increasing rents. When asked how much renters are currently spending on rent, more than 60 percent said less than $1,000 a month— just under the national average—and 35 percent are spend-ing between $1,000 and $2,000."With new supply slated to hit this year, it is yet to be seen whether or not this will result in decreasing rents," said Brad Long, president of Apartments.com. "While construc-
tion is ramping up, demand is still strong, partly in response to many would-be homeowners turning to renting as a more viable financial option. In fact, the most popular rea-sons homeowners gave for why they are renting this year are because they lost their home to a foreclo-sure or divorce (up 4.3 percent from 2014), they can no longer afford their home, or they are downsizing." Why are people moving in 2015? And, why aren't they?Affordability, relationship changes, more space and family played a big role in renters' decisions to move this year. Other reasons renters gave for moving include being closer to school, needing accommodations for senior living or retirement, and sell-ing property.According to the survey, the top five reasons renters are moving in 2015 are:
1. More affordable apartment: 24.7 percent
2. Change in marital/relationship status (getting married/breaking up): 9.4 percent
3. Moving into a bigger apartment:
National Survey Reveals 2015 Moving Plans for Renters
Affordability, Relationship Changes and More Space Top Reasons Why Renters are Moving;Despite Increasing Rents and Apartment Demand, Three Quarters of Renters Said They are Not Spending More on Rent
13Rental Housing Journal On-Site • March 2015
RENTAL HOUSING JOURNAL ON-SITE
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The gap between rental costs and household income is widening to unsustainable levels in many parts
of the country, and the situation could worsen unless new home construc-tion meaningfully rises, according to new research by the National Association of Realtors®.
NAR reviewed data on income growth, housing costs and changes in the share of renter and owner-occu-pied households over the past five years in metropolitan statistical areas1 across the U.S. The findings reveal that renters are being squeezed in many metro areas throughout the country due to the disproportionate growth in rental costs to incomes. New York, Seattle and San Jose, Calif. are among the cities where combined rent growth is far exceeding wages.
Lawrence Yun, NAR chief econo-mist, says the disparity between rent and income growth has widened to unhealthy levels and is making it harder for renters to become home-owners. "In the past five years, a typi-cal rent rose 15 percent while the income of renters grew by only 11 percent," he said. "The gap has wors-ened in many areas as rents continue
to climb2 and the accelerated pace of hiring has yet to give workers a mean-ingful bump in pay."
According to Yun, the share of renter households has been increas-ing and homeownership is falling. Those financially able to buy a home in recent years were insulated from rising housing costs since most take out 30-year fixed-rate mortgages with established monthly payments. Furthermore, a typical homeowners' net worth climbs because of upticks in home values and declining mort-gage balances. The result has been an unequal distribution of wealth as renters continue to feel the pinch of increasing housing costs every year.
"Meanwhile, current renters seek-ing relief and looking to buy are fac-ing the same dilemma: home prices3
are rising much faster than their incomes," adds Yun. "With rents tak-ing up a larger chunk of household incomes, it's difficult for first-time buyers – especially in high-cost areas – to save for an adequate downpay-ment."
NAR's research analyzed changes in the share of renters and homeown-ers, mortgage payments, median home prices, median household income for renters and the rental costs in 70 metro areas.
The top markets where renters have seen the highest increase in rents since 2009 are New York (50.7 per-cent), Seattle (32.38 percent), San Jose, Calif., (25.6 percent), Denver (24.14 percent) and St. Louis (22.26 percent).
Looking ahead, Yun says a way to relieve housing costs is to increase the
supply of new home construction – particularly to entry-level buyers. Builders have been hesitant since the recession to add supply because of rising construction costs, limited access to credit from local lenders and concerns about the re-emergence of younger buyers. Yun estimates hous-ing starts need to rise to 1.5 million, which is the historical average. Housing starts have averaged about 766,000 per year over the past seven years4.
"Many of the metro areas that have experienced the highest rent increases are popular to millennials because of their employment opportunities," adds Yun. "With a stronger economy and labor market, it's critical to increase housing starts for entry-level buyers or else many will face afford-
NAR Study: Accelerating Housing Costs Have Renters Feeling the Squeeze
15Rental Housing Journal On-Site • March 2015
RENTAL HOUSING JOURNAL ON-SITE
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they aren’t true,” Thornberry says. For example, if the company declares, “The customer is No. 1,” then it becomes difficult to ignore an innovation that is positioned as being for the customer.
Corporate culture The corpo-rate culture essentially is how the people, politics, organizational design and values interact. “The greatest challenge to any innovator, and to embedding and sustaining innovation over the long term, is culture,” Thornberry says. To make it even more challenging, often orga-nizations have micro-cultures within the culture. That means, he says, you will need to adapt the use of innova-tion judo principles depending on which micro-culture you are dealing with at any given moment.
“Innovators throughout history have faced both roadblocks and blockheads on their path to creativi-ty,” Thornberry says. “And so will you.”
But with a little courage and some counterbalancing skills, he says, these challenges can be overcome.
About Neal Thornberry, Ph.D.
Neal Thornberry, Ph.D., is the founder and CEO of IMSTRAT, LLC a consulting firm that specializes in help-ing private and public sector organiza-tions develop innovation strategies that create economic value by increasing an
organization’s effectiveness and effi-ciency. A respected thought leader in
innovation, Thornberry is a highly sought-after international speaker and
consultant. He also serves as the facul-ty director for innovation initiatives at the Center for Executive Education at
the Naval Postgraduate School in Monterey, Calif. Thornberry, author of
“Innovation Judo: Disarming Roadblocks & Blockheads on the Path
to Creativity” (www.NealThornberry.com), holds a doctorate in organization-
al psychology and specializes in inno-vation, corporate entrepreneurship,
leadership and organizational transfor-mation.
16 Rental Housing Journal On-Site • March 2015
RENTAL HOUSING JOURNAL ON-SITE
• Executive Director – Jim Wiard • President – Kris Buker – Vice President – Brett Stevens • Secretary – Heidi Daniel• Treasurer – Becky Sanders • Vice President of Suppliers Council – Rob Pendleton • Immediate Past President – Gail Duke
Supporting Fair Housing TrainingIn support of a celebration of
National Fair Housing Month during April, WMFHA will be
promoting the importance of fair housing through an interactive Facebook campaign intended to bring greater attention to the need for fair housing awareness and com-mitment.
The multifamily housing industry has an obligation to show leadership in supporting and enhancing fair housing practices for all. I urge our members to set an example for the industry by embracing the promo-tion of fair housing practices and training among our member employ-ees and company leaders.
Of course, laws in this area were established by the federal Fair Housing Act (Title VIII of the Civil Rights Act of 1968) and the subse-quent Fair Housing Amendments Act of 1988. In addition, Washington State and the City of Seattle, as well as other jurisdictions, have also cre-ated additional fair housing regula-tions.
Fair housing is the law. Fair hous-ing is good business. Fair housing compliance makes a statement that this industry is concerned about how we are perceived and what we can do to improve the business practices
and reputation of multifamily hous-ing as a service to all of our custom-ers.
Not only is fair housing compli-ance essential to a risk management program, but compliance with the spirit of these laws is socially just. Know and follow local, state and federal laws and guidance.
To support fair housing practices, companies can:
- Develop policies and procedures which mandate fair housing prac-tices
- Design employee training pro-grams which provide education on the laws
- Create a company culture of equi-ty, integrity and impeccable ser-vice
- Implement consistency, standard-ization and measurement bench-marks The most important moments to
ensure fair housing standards are adhered to are at customer touch-points: advertising, showing apart-ment homes, taking applications, application screening, rent collec-tion, maintenance, and policy enforcement.
These are the times when staff
need to be the most aware of appli-cant or resident interactions and the implications of equitable processes. Reliable written documentation is important to show compliance with current laws and practices. Companies should provide refresher training annually to employees in order to stay current and emphasize the importance of strong compliance.
The most common areas of par-ticular importance in ensuring fair housing include service animals and reasonable accommodations or rea-sonable modifications.
Managing resident Reasonable Accommodations correctly is a key component to employee training. Fair housing claims surrounding dis-ability are some of the most frequent claims. A requested accommodation is reasonable if it is related to a ten-ant’s disability, is not an undue administrative or financial burden for the housing provider, and does not fundamentally alter the housing and services the landlord offers.
Ensure applicants and residents know of your willingness to consider requests for reasonable accommoda-tions and modifications. Understand the laws related to service animals, which has caused confusion in the past among housing providers.
Employees should know what additional protected classes apply to a property beyond the seven federal protected classes. Treating prospec-tive residents or current residents differently opens up the potential for claims. Ensure your screening is done in accordance with a fact-based, unbiased screening criteria.
There are many sources for infor-mation regarding fair housing laws and compliance. Join us for a Fair Housing Class to be held on April 23rd at the WMFHA office, or feel free to contact the Washington Multi-Family Housing Association if you need assistance regarding training or policy development. Feel free to also go to this website for assistance w w w. k i n g c o u n t y. g o v / e x e c /CivilRights/FH.
We are all lucky to serve residents in our communities and to provide safe, comfortable homes for those looking to rent as a matter of choice. Networking and supporting each other shows our solidarity and com-mitment. Together, we can demon-strate that we have common goals: to promote the business of affordable rental housing and provide valuable service to our communities.
Wednesday April 29, 2015 8:00am-4:00pm
Tukwila Community Center 12424 42nd Ave South
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$79 | Members $109 | Non-Members
For exhibitor information, event details and to register:
MAINTENANCE MANIA AWARDS GIVEN FOR Overall 1st, 2nd, and 3rd. Event Winner 1st, 2nd, and 3rd “BEAT ANGEL” Bounty of $1000! Legends League Champ (20+ Years in industry) Team Award Race Car Awards Win a paid trip to Nationals in Las Vegas!
Toni Blake is a popular international speaker, consultant, author and comedienne inspiring thousands of multifamily apartment industry profes-sionals every year. With over 30 years of training experience, her “laugh while you learn” approach has made Toni one of the most sought-after experts in her field. As a published author, Toni’s ideas have been pub-lished in dozens of trade magazines and blogs across the country.
Don’t miss her Keynote: Your Determination Determines Your Destination!
Traci Brown, a successful collegiate, and TEAM USA cycling champion, never guesses she would find a career in speaking to fortune 500 com-panies about body language! As an athlete, she became keenly aware that the mind was the primary factor which determined her success. After disappointing results with traditional sports psychology, she discovered Neuro Linguistics (NLP). Her results changed not only her performance, but her life. Upon retirement from racing, she got trained in these disci-plines and still coaches clients one on one to create great change in their lives. You will be changed by her presentations!
17Rental Housing Journal On-Site • March 2015
RENTAL HOUSING JOURNAL ON-SITE
48-HOUR NOTICE OF ENTRYTENANT(S): ____________________________________________________ DATE:________
CITY: _________________________________________ STATE: __________ ZIP: _________48-HOUR NOTICE OF ENTRY
Pursuant to RCW 59.18.150, this is your 48 hour notice that your landlord or their agents will be
entering the dwelling unit and premises located at (Address)______________________________________________________________________________on between the hours of and . (Date) (Time) (Time)The entry will occur for the following purpose:______________________________________________________________________________
CHECK-IN/CHECK-OUT CONDITION REPORTTENANT(S): __________________________________________________________________ADDRESS: ________________________________________________UNIT: ______________CITY: ___________________________________ STATE: ________ ZIP: _________________Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor Rating Scale = (E)Excellent (VG) Very Good (G)Good (F)Fair (P)Poor IN Out In Out In OutLIVING AREAS KITCHEN BEDROOM 3Walls Walls Walls
1) Type _______________ Breed _______________ Size ______ Age __ Weight ___ Color ____ Name ________ Vaccinations: Yes____ No____ License Number: ______________
2) Type _______________ Breed _______________ Size ______ Age __ Weight ___ Color ____ Name ________ Vaccinations: Yes____ No____ License Number: ______________
3) Type _______________ Breed _______________ Size ______ Age __ Weight ___ Color ____ Name ________ Vaccinations: Yes____ No____ License Number: ______________
Additional Security Deposit Required:$
AGREEMENTTenant(s) certify that the above pet(s) are the only pet(s) on the premises. Tenant(s) understands that the additional pet(s) are not permitted unless the landlord gives tenant(s) written permission. Tenant(s) agree to keep the above-listed pets in the premises subject to the following terms and conditions:
1) The pet(s) shall be on a leash or otherwise under tenant’s control when it is outside the tenant’s dwelling unit. 2) Tenant(s) shall promptly pick up all pet waste from the premises promptly. 3) Tenant(s) are responsible for the conduct of their pet(s) at all times. 4) Tenant(s) are liable for all damages caused by their pet(s). 5) Tenant(s) shall pay the additional security deposit listed above and/or their rental agreement as a condition to keeping the pet(s) listed above. 6) Tenant(s) shall not allow their pets to cause any sort of disturbance or injury to the other tenants, guests, landlord or any other persons lawfully on the premises. 7) Tenant(s) shall immediately report to landlord any type of damage or injury caused by their pet. 8) This agreement is incorporated into and shall become part of the rental agreement exe -cuted between the parties. Failure by tenant to comply with any part of this agreement shall constitute a material breach of the rental agreement.
5 reasons to use rentegration1. Access - Rentegration.com is a web based, multi-user software offering customers 24/7 access to forms generation, archives, property management database, basic accounting, ven-dor ordering and other services.
2. Rental and Lease Forms - Unlimited use of a full line of state specific rental and lease forms. All Rentegration.com forms are cre-ated by attorneys and/or local rental housing associations.
3. Simplified Accounting - Owners and manag-ers can track income and expense for each unit, property and company. Perfect for mid and small size property managers and independent rental owners, who neither have the need or budget for larger, more expensive software.
4. Management Database - Rentegration.com is an easy to use, database driven software. Most form fields are auto populated from the data-base. The modules are all integrated and work together. For example, a customer can use the rent-roll function to identify all delinquencies, apply fees, and create eviction forms with a few simple clicks of the mouse.
Color Standards for National Tenant Network Logo
• Logos are provided on the CD in all three forms: all black, reversed to white, or in PMS 280 Blue/PMS 7543 Gray spot or 4/color applications. Please see below for specific use examples.
• No other colors are acceptable for use for the logo.
• No altering of the logo is allowed. If you have a special circumstance that requires something not provided on the CD, please call NTN NaTioNaL HeadquarTerS 1.800.228.0989 for assistance.
• Logos should not be put over a busy background.
BLACK WHITE (with 40% gray circle)
PMS 280/PMS 7543 over colorBlue PMS 280/Gray PMS 7543
uNaCCePTaBLe CoLor uSaGe
do NoT put over a busy backgrounddo NoT change the color do NoT alter in any way
02
5. Value - Large property management compa-nies that use Rentegration.com for only forms generation will save time and money over other methods. Mid and small size property manag-ers and independent rental owners can man-age their entire business at a fraction of the cost of other software and forms.
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State specific forms for arizona, California, Colorado, indiana, KentuCKy, new Jersey, new yorK, oregon, Pennsylvania, texas, utah, washington & More.
4. Moving closer or farther away from family: 8.3 percent
5. Need a smaller apartment or want to live alone: 7.7 percent
Location played a strong role in keeping renters in place, as seven out of 10 renters said they are not moving this year because they like their apartment building and neigh-borhood.When asked to check all that apply, the top five reasons renters said they are not moving in 2015:
1. I like my neighborhood: 36.9 per-cent
2. I can't afford to move: 34.9 per-cent
3. I like my apartment building: 34 percent
4. I already moved: 25.8 percent
5. I'm secure in my job: 13.5 percentIt should not come as too much of a surprise that bargains are biggest motivators when renters were asked to choose all that apply for getting them to leave their current apart-ment "immediately," regardless of their original moving plans.
• 1. Big discount (20 percent or more) on monthly rent for the full term of lease: 68.4 percent
• 2. Free rent for a month: 48.7 percent
• 3. More space for the same amount of money: 42.3 percent
Why are previous homeowners choosing to rent in 2015?Underscoring a growing trend, previous homeowners are turning toward renting. Slightly more than 40 percent of total survey respon-dents say they have owned in the past. Interestingly, homeownership preferences are split right down the middle in 2015.
• 49 percent of former homeowners still wish they owned a home
• 51 percent of former homeowners prefer renting
• 56 percent of renters (who have never owned a home) prefer rent-ing
• 44 percent of renters (who have never owned a home) would like to own a home right now
When survey respondents were asked to select all the reasons they prefer renting to owning, the most
popular responses are ranked below.
1. No unexpected repairs – I'm not responsible for a leaky toilet, clogged sink, etc.: 69.7 percent
2. No/low maintenance – I don't have a driveway to shovel, grass to cut, etc.: 54.5 percent
3. Flexibility to move – I don't want to feel tied down, worry about selling home, etc.: 39.3 percent
4. Renting is more affordable for me than buying: 38.4 percent
5. No unexpected tax increases for the duration of the lease: 30.7 per-cent
6. I don't want the responsibility of a mortgage (or, I cannot get one): 29.9 percentUrban areas are currently the main focus of developers targeting young renters willing to pay a premium to live in apartment communities
decked out with lavish amenities. When asked which amenities renters are seeking during their apartment search, air conditioning and appli-ances topped the list.Top five amenities renters are looking for during their apartment search:
• Metallic Line Detection• Video Pipe Inspection• Non Metallic Pipe Detection• Electrical Fault Detection
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RENTAL HOUSING JOURNAL ON-SITE
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Many apartment communi-ties have staff changes on the weekends. Some prop-
erty management companies use part-time leasing consultants or “floaters” to fill in on the weekends or to work back and forth between two or more communities. This can be a great partnership and help keep payroll expenses down OR it can cost rentals at your community. It all depends on quality communication, as
the following question will attest:
Q: I was hired to be a “floater” at
several different properties. While I love the variety, I really don’t feel like I am an important part of the staff at any of the places where I work. I am not always kept current on apartment availability or the status of different problems that come up. When I ask questions to try to keep myself informed, many times I am told: “Don’t worry about it. You’re only here on the weekends.” I feel frustrated, but don’t know what I can do.
A: It sounds to me like you are
on a team that has not filled you in on the game plan! This is very unfortunate, especially in a business
where there can be moment by moment changes, due to rentals, res-ident problems and maintenance emergencies. I would advise you to put your concerns in writing; in a positive manner; and share them with the manager and/or property supervisor. For those of you who actively employ “floaters” or who share employees between properties, I would recommend leaving detailed notes on a weekly basis to recap what has happened in their absence. Of course whenever possible, these employees should be included in staff meetings and receive copies of correspondence which will keep them up to date on the happenings at each of the communities where they work.
How do you make sure that the same quality of service being pro-vided Monday through Friday car-ries over on the weekend? What happens when a manager or leasing consultant goes on vacation or gets sick, and someone from another community fills in? Do you have an established way to communicate what is rent ready, as well as any pending resident issues? It’s hard to function as a team if all the players
are not “well-equipped.” Ultimately, the ability to communicate effective-ly with part-time or weekend staff could make or break your leasing ratio for the week. After all, the weekends are typically the busiest days for apartment hunting. Are your part-timers and weekend float-ers fixing
to “fumble the ball” or have they been set up to “score rentals?”
If you are interested in leasing training or have a question or con-cern that you would like to see addressed, please reach out to me via e-mail. Otherwise, please contact Jancyn for your employee evaluation needs: www.jancyn.com
ASK THE SECRET SHOPPER Provided by: Joyce (Kirby) Bica
Robust Hiring and Firming Income Growth Expected to Boost Housing Recovery
The economy is poised for a pickup in growth in 2015 amid a strengthening employment
sector, rising income growth, and de-clining commodity prices, according to Fannie Mae's Economic & Strate-gic Research (ESR) Group. The labor market has started the year on an upbeat note and is expected to lift consumer confidence, in turn help-ing to boost consumer spending, manufacturing activity, and the pace of the housing recovery. Economic growth may face some headwinds as a strong U.S. dollar weighs on the trade deficit. However, the economy is expected to climb to 2.9 percent for the full year, up from 2.5 percent growth in 2014.
"Our forecast calls for an increase in economic growth to 2.9 percent for 2015, which is a slight downward adjustment from our prior forecast but solid improvement nonetheless," said Fannie Mae Chief Economist
Doug Duncan. "Although we are beginning this year at a more modest pace compared to the above-trend numbers seen at mid-year 2014, the country's aggregate income has ben-efitted from the improving labor market, which, combined with low gasoline prices, should help drive higher auto sales and overall con-sumer spending throughout 2015."
"We expect housing to shift up a gear in 2015 following the uneven and ultimately disappointing activi-ty last year," said Duncan. "Our fore-cast calls for a number of factors, including strong hiring and income growth, stabilized housing afford-ability, and modestly easing lending standards, to translate into improv-ing housing demand throughout the year. We continue to anticipate that the Fed will begin to hike short-term interest rates later this year, although weak global economic growth and geopolitical headwinds will likely
limit the rise in long-term interest rates. We expect total home sales to increase by approximately 6.0 per-cent for 2015, with total single-family mortgage production climbing to approximately $1.2 trillion. Total sin-gle-family mortgage debt outstand-ing should be relatively flat this year before picking up gradually in 2016 and 2017."
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RENTAL HOUSING JOURNAL ON-SITE
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Market Overview Seattle ...continued from front page
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trimmed headcounts. Broad seasonally-adjusted data
also exhibited a degree of weakness toward year-end. While quarter-to-quarter comparisons showed a strong 12,300-job advance during 4Q14, December headcounts declined -400 jobs month-to-month, the first net payroll decline in a December period since the Great Recession.
RCR’s Seattle payroll model remains bullish regarding metro job creation. Our latest macroeconomic models forecast a constructive U.S. economic backdrop characterized by moderate GDP and employment growth and low inflation and inter-est rates for the 5- year forecast peri-od. This environment should pro-vide plenty of lift under Seattle’s wings, giving rise to strong demand for capital goods and consumer elec-tronics. Our 95.1% adj-R2 model projects 2% or faster growth through 2019, with net gains of 40,000 jobs or more in 2015 and 2016.
4Q14 Absorption and Occupancy Rate Trends
Tenants continued to express healthy demand for Seattle apart-ment space, absorbing a net of 1,261 vacant units, according to Reis. Although down slightly from the same period of 2013, unit demand increased significantly from the sea-sonally stronger third quarter when 846 units were net leased. But sub-stantial supply (1,548 units) again counterbalanced demand, trimming occupancy for the fourth consecutive quarter, in this case from 95.5% to 95.4%.
Axiometrics surveys of larger, sta-bilized properties recorded 4Q14 occupancy averaging 95.1%, down 60 basis points sequentially, but up 20 bps y-o-y. Occupancy was consis-tent across classes, led by class-C (95.3%) properties, followed closely by class-B (95.1%) and class-A (95.0%). The sharp sequential decrease in overall occupancy was largely attributable to the class-B segment, perhaps due to competitive pressure from new class-B+ and –A supply. Nonetheless, robust demand persisted for new units: properties in lease-up absorbed an average of 14 units per month, translating to a typical 12-month lease-up to 95% or higher occupancy.
Supply will continue to exert downward occupancy pressure in 2015, trimming the metro average another 50 bps, according to our models. But supply levels will begin
to recede in 2016, allowing occupan-cy to recover lost ground into mid-2017. Occupancy should return to the low– to mid-95% range by that time.
4Q14 Effective Rent TrendsReis report that Seattle asking and
effective rents increased $23 (1.1%) sequentially, producing 5.9% and 6.0% year-over-year gains, respec-tively. Class-A made the largest con-tribution: the segment outpaced rent growth among class-B&C properties 6.0% to 4.1%.
Larger apartments surveyed by Axiometrics posted faster gains. This service found stabilized property rents averaged $1,509, up 8.0% y-o-y, moderately slower than 3Q14’s strong 9.0% advance but up from 7.6% in the comparable period of 2013. By class, “”A” properties notched the fastest growth, gaining 8.1%, followed closely by the class-B (R7.1%) and class-C (7.2%) segments.
Properties completed since 2013
recorded considerably slower than average rent growth. Thirty-seven recently completed properties sur-veyed at least since 4Q13 showed average y-o-y rent growth of 1.6%. Downtown and North Seattle prop-erties posted the weakest results, with nine reporting average rent decreases.
The RCR rent model finds that 95.2% of the change in y-o-y rent growth in Seattle is determined by five lags of the dependent variable and lags of change in average vacan-cy and payroll job growth. The model forecasts 5.0% compound annual rent growth through 2019, ranking 5th fastest among the RED 46 markets.
4Q14 Property Markets and Total Returns
Investor demand for Seattle metro properties continued at a high level during the fourth quarter as 30 prop-erties valued at $5 million or more exchanged hands for total proceeds
of $796.4mm. Proceeds were down slightly from the prior quarter ($810.8mm), but sales velocity was up (from 26 trades), as was the aver-age unit price metric ($240,532 vs. $229,424). Indeed, 4Q14 was the sec-ond highest quarter for trade veloci-ty observed in the Seattle market after 4Q12; the third highest with respect to total proceeds; and the highest in terms of average price per unit.
Private equity and private owner/manager players made up the lion’s
share of buyers. The largest public REIT also participated, topping the price per unit parade with a $60.9mm acquisition of a South Lake Union mid-rise at a $378,261 average unit price. RCR estimate a cap rate in the high 3% area. Trophies traded in the high-3% to low 4% range, Investment quality class-B+/A– properties exchanged hands in the mid-4s (infill) to mid-5s (suburban).
RCR’s revised macroeconomic outlook is constructive for Seattle investments. Our models now antici-
pate a steady, moderate growth economy with low inflation and only moderate increases in term interest rates. This backdrop in expected to produce consistently strong rent growth and stable occupancy, cou-pled with only a 70 bps increase in cap rates over the 5-year hold. As a result, we now project a 9.1% unle-vered total return, ranking 12th among the RED 50, up from 40th in our last analysis.
The information contained in this report was prepared for general information purposes only and is not intended as legal, tax, accounting or financial advice, or recommendations to buy
or sell currencies or securities or to engage in any specific transactions. Information has been gathered from third party sources and has not been independently verified or accepted by RED Capital Group. RED makes no representations or warranties as to the accuracy or
completeness of the information, assumptions, analyses or conclusions presented in the report. RED cannot be held responsible for any errors or misrepresentations contained in the report or in the information gathered from third party sources. Under no circumstances should any
information contained herein be used or considered as an offer or a solicitation of an offer to participate in any particular transaction or strategy. Any reliance upon this information is
solely and exclusively at your own risk. Please consult your own counsel, accountant or other advisor regarding your specific situation. Any views expressed herein are subject to change
without notice due to market conditions and other factors.
Market Overview Seattle ...continued from page 20
22 Rental Housing Journal On-Site • March 2015
RENTAL HOUSING JOURNAL ON-SITE
Join your service team peers for a day of hands-on education and skill building classes in plumbing, electrical repair,
Make your way around the trade show floor and visit with the best products and services vendors in the industry.
Support your industry and others in your profession. Learn new valuable ser-vice techniques that can be implemented at your property to benefit your owner and residents.
Ask any property manager and they will tell you—Service Teams are the back-bone of the multifamily industry. Day-in and day-out, our Maintenance Techs, Groundskeepers, Lead Techs and Maintenance Supervisors keep our resi-dents happy and our properties running smoothly.
In recognition of the valuable role they play, the National Apartment Association (NAA) commenced its nationwide mainte-nance competition, Maintenance Mania®, and the Washington Multi-Family Housing Association said, “Bring on the heat!”
The day concludes with the Maintenance Mania competition, with an opportunity to qualify for the national Maintenance Mania competition in Las Vegas at the National Apartment Association Education Conference. Racing against the clock, you will compete against each other to see who is the fastest in eight maintenance-focused challenges. The finale of the event con-cludes with a race car competition, where the competitors build a model car using at least one maintenance product or part and race it down a pinewood derby-style track. Cash prizes are offered for top times, including a $1,000 bonus for the best over-all time.
Maintenance Summit Education Conference and Trade Show Exhibition
Basic Pool Maintenance George HutchinsPlumbing Repair Techniques & Tips Lance Shippy and Chris Blamire,
Roto-RooterCreating an Annual Maintenance Plan for Multifamily Properties
Zach Howell, Cascade Management
GE Appliance Repair (Refrigerator) John Weston, GE Appliance10:00 – 10:30 Visit the Trade Show Floor10:30 – 11:30 Technical Courses
Pool Equipment and Filtration George HutchinsElectrical Repair – Troubleshooting Lost Power
Dane Sydow, Essex
How to Train Your Office Team Clayton Williams & Megan Vallor, The Wave/The Nolo, Pillar Properties
GE Appliance Repair (Washers/Dryers)
John Weston, GE Appliance
11:30 – 12:00 Visit the Trade Show Floor12:00 – 12:30 Lunch12:30 – 1:30 Technical Courses
Advancements in the Coatings Industry
Scott Jenkins - Behr/Kilz
Water Damage Awareness and Approach
Brendan Kimmel, Legend Brands
Crime Prevention Through Environmental Design
Zach Howell, Cascade Management
GE Appliance Repair (Dishwasher & Ranges)
John Weston, GE Appliance
1:30 – 2:00 Visit the Trade Show Floor
2:00 – 4:00 Maintenance Mania Competition4:00 Awards, Prizes, Wrap Up
Hosted by the Washington Multi-Family Housing AssociationFeaturing the Maintenance Mania® competition
Wednesday, April 29th, 20158:30 a.m. – 4:00 p.m.
Tukwila Community Center -12424 42nd Ave. S, Tukwila, WA 98188
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There are eight events that are standard for all Maintenance Mania® programs. Each race is open to every Maintenance Mania® participant.1 AO Smith Water Heater Installation2 CFG Faucet Installation3 Fluidmaster Duo Flush Toilet Conversion4 Kidde Fire & Carbon Monoxide Safety Installation5 Frigidaire Ice Maker Installation6 Kwikset Key Control Deadbolt Test7 Seasons Ceiling Fan Installation8 Motorola and Niagra Conservation Race Car
Competition*To qualify for the National Championship, you must complete all eight events
...continued on page 23
23Rental Housing Journal On-Site • March 2015
RENTAL HOUSING JOURNAL ON-SITE
Class Descriptions & Speakers:9:00 a.m. – 10:00 a.m.
Basic Pool Maintenance:
Basic pool maintenance with a strong emphasis on pool safety. Attendees should come away with an under-standing of pool and spa lia-bility prevention and opera-tor and resident safety. Perfect for new maintenance personnel with a basic expo-sure to pool care and safe operation.
George Hutchins, HD SupplyRegional Trainer
George has spent the past 15 years in all phases of the multifamily residential industry. Starting in the industry as a groundskeeper, George steadily worked his way up, holding positions as a Leasing Agent, Assistant Property Manager, Property Manager, Maintenance Technician, Maintenance Manager and Senior Maintenance Manager pro-viding him with a unique overview of the apartment maintenance industry.
Plumbing Repair Techniques & Tips:
Water Heater repair tips, tricks and best practices.
There will be a “Stump the Professional Plumbers” segment, so bring your ques-tions, plumbing concerns and find the right answer from two seasoned industry professionals.
Chris Blamire, Roto-Rooter Services Co.Plumbing Manager
Chris has been in the Seattle/Tacoma area as the Plumbing Manager for Roto-Rooter for the last 17 years. He has a vast knowledge in Service, Commercial and New Construction Plumbing. Chris is a Licensed Journeyman Plumber in Washington State and Canada.
Lance has been in the ser-vice plumbing industry for the last 20 years in the Seattle/ Tacoma area. He has specialized in service plumb-
ing and excavations repairs. Lance is a Licensed Journeyman Plumber in Washington State and a Licensed Gas Flex installer.
Creating an Annual Maintenance Plan for Multifamily Properties:
This course will help out-line what your site staff should be looking for when developing property annual maintenance plans. We will discuss the generation plans using pictures, known histo-ries, current issues, and other resources in order to create a feasible, usable, and measur-able annual maintenance plan that will break down into month by month out-lines that define who is responsible for regular, scheduled, and seasonal maintenance tasks that must be addressed each year in order to properly maintain a sustainable multifamily property.
Zach is a Certified Apartment Maintenance Technician (CAMT) with more than a decade of expe-rience in the multifamily housing and construction industries. Zach has served as subject matter expert for the National Apartment Association, Training Director for The Apartment Maintenance Institute, and a Community Education Faculty Member at Portland Community College.
GE Appliance Repair (Refrigerator):
In this class you will learn to diagnose all typical refrig-erator failures including the self-defrosting system, fan motors, thermostats, and compressor components to name a few. We will discuss in detail maintenance and proper use and care for ten-ants to promote longevity of many of the components requiring cleaning on a regu-lar basis. Basic understand-ing of a Volt/Ohm meter will be discussed to aid the attendee in understanding fundamental meter reading skills.
John Weston, GE Appliance Regional Training Manager
John has over 30 years of experience in the appliance industry. He started his career with GE in 1981 as a Service Technician. Spending 20 years servicing appliances has given John a deep knowl-edge of appliances. The past 13 years John has used his skill set to assist with Appliance Maintenance and Basic Appliance Repair train-ing classes, helping his stu-dents build a stronger tech-nical skill set. John is an Area Sales Manager in San Francisco and is also the Northwest Regional Training Manager for GE. 10:30
10:30 a.m. – 11:30 a.m.
Pool Equipment and Filtration:
This course’s main focus will be on pool equipment operation and filtration with limited information on chemical requirements for pool operation and sanita-tion.
George Hutchins, HD SupplyRegional Trainer
George has spent the past 15 years in all phases of the multifamily residential industry. Starting in the industry as a groundskeeper, George steadily worked his way up, holding positions as a Leasing Agent, Assistant Property Manager, Property Manager, Maintenance Technician, Maintenance Manager and Senior Maintenance Manager pro-viding him with a unique overview of the apartment maintenance industry.
Troubleshooting Lost Power:
Learn the power grid - basic overview of how power gets from the generating plant to the apartment. Review critical electrical ter-minology: Volts, Amps, Ohms, Hot, Neutral, Ground, Branch Circuit, AC Power. We’ll also discuss trouble-shooting breakers – explore the 3 things that can make a breaker trip. Review junction boxes and lost neutral con-nections - troubleshooting strategy for resolving lost power in exterior lighting.
Dane Sydow, Essex Property TrustTraining Manager
Dane started his career in residential property manage-ment in the mid 90’s as a Porter at a mid-rise lease up community in Seattle, WA. Since then he has served the residential property manage-ment community in a variety of capacities. From Maintenance Supervisor to Maintenance Recruiter to his current position of Training Manager with Essex Property Trust, he has exhibited an undying passion for putting people in touch with the resources that will have a positive impact on their career growth.
How to Train Your Office Team:
The purpose of this pre-sentation is to help you define your idea of a high-performing office team, get you focused, passionate, and cohesively working together because you are one team. This class will help you to create a high-functioning, quality service, unified team, all driven by communication and support of each other, what we like to call team-work!
Megan Vallor, Pillar PropertiesProperty Manager, Stadium Place
Megan started her career in Property Management in 2005 as a leasing agent. While she is currently the property manager at the brand new Stadium Place development in Seattle, her passion for property man-agement started at a renova-tion community in Redmond which featured many main-tenance challenges including lead and asbestos remedia-tion. With a focus on mainte-nance and team work, she led a team of four to com-plete an extensive interior and exterior renovation of 156 units and was honored with the Essex Hard Hat Award for outstanding reno-vation management.
Pillar Properties’ Senior Maintenance Supervisor, Clayton Williams, received his college degree in Building and Plant Maintenance from Lake Washington Technical College. Clayton’s expertise utilizing standardization practices, publications and quality assurance have prov-en time and time again to be extremely beneficial in the multifamily housing indus-try. For Clayton, finding more efficient and safer means to perform everyday duties stem from his military background and play a big role in how he works with people and in his overall per-formance as a Sr. Maintenance Supervisor. Clayton’s valu-able expertise, licenses and c e r t i f i c a t e s — i n c l u d i n g Refrigeration Operating Engineers License C, EPA 608 Type III and being a Certified Apartment Maintenance Technician— combined with his Building Operating Engineer experi-ence make Clayton a very valuable asset to the multi-family housing industry.
GE Appliance Repair (Washers/Dryers):
In this class the partici-pant will learn the basics of cleaning and repair of the unitized laundry center. Cleaning of lint from the dryer vent and strategic parts of the dryer to main-tain safe operation will be covered along with other maintenance critical to main-taining longevity. Repair and replacement of parts with high failure rates will be cov-ered in detail. Complete dis-assembly of a laundry unit will take place for a first hand real world experience for the participant.
John Weston, GE ApplianceRegional Training Manager
John has over 30 years of experience in the appliance industry. He started his career with GE in 1981 as a Service Technician. Spending 20 years servicing appliances has given John a deep knowl-edge of appliances. The past 13 years John has used his skill set to assist with Appliance Maintenance and Basic Appliance Repair train-
...continued on page 24
Maintenance Summit Education Conference and Trade Show Exhibition
24 Rental Housing Journal On-Site • March 2015
RENTAL HOUSING JOURNAL ON-SITE
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ing classes, helping his stu-dents build a stronger tech-nical skill set. John is an Area Sales Manager in San Francisco and is also the Northwest Regional Training Manager for GE.
12:30 p.m. – 1:30 p.m.
Advancements in the Coatings Industry:
The introduction of nano-technology to the paint industry. How the race in the paint industry is to provide the most protection and cov-erage with the fewest num-ber of gallons. Discussion of labor vs. material costs. New Advancements in primer technologies, discussion of how those advancements affect performance as well as the environment. We will touch on oil based vs. water based primers and where the primer industry is headed.
Scott Jenkins, Behr/KilzRegional Pro Trainer
Scott has been in the paint industry for 25 years, start-ing as a Delivery Driver and working his way to Store Manager. He managed paint stores in California for 6 years before joining the Outside Sales Team. While in Texas he became an Estimator and Project Manager for a large commercial painting firm in Arlington Texas. Scott has worked closely with General Contractors, Engineers and Architects, Property Managers and Maintenance Supervisors and Maintenance Crews. Scott joined the Behr Team 2 years ago as a National Trainer, and was designated "Pro Trainer" shortly after joining Behr due to his expe-rience and background.
Water Damage Aware-ness and Approach:
Water’s behavior, migra-tion, and absorption, effects of unaddressed intrusions, contaminated water, indoor air quality, proper response
and evaluation, professional expectations and practices, drying in the commercial setting, mix of equipment, innovations to accommodate activities in the restoration environment.
Brendan Kimmel – Legend BrandsTechnical Training Instructor
Brendan Kimmel man-aged a full service cleaning and disaster restoration firm for 6 years in the greater Seattle area. He joined Restoration Sciences Academy in 2008, and pres-ently serves as the resident instructor for the water dam-age restoration programs there. Brendan is a prolific water damage restoration instructor, teaching class-room and hands-on certifica-tion programs in many U.S. States as well as Canada. When not teaching classes, he participates in industry events, conducts research, and technically assists resto-ration professionals in chal-lenging drying projects. Brendan is an IICRC Approved Instructor, Master
Water Restorer, Master Fire and Smoke Restorer, Applied Microbial Remediation Technician and Master Textile Cleaner.
Crime Prevention Through Environmental Design:
CPTED (pronounced sep-ted) is a crime control phi-losophy that attempts to apply physical design, citi-zen participation and law enforcement strategies in a comprehensive way to pro-tect facilities or neighbor-hoods. The goal of CPTED is to reduce the opportunity for crime to occur. It is a series of design principles that, when properly employed, serve to eliminate criminal behavior and improve the quality of life through the reduction of fear of crime. Employing physical design features and space management strate-gies that discourage criminal activity, while at the same time encouraging the legiti-mate use of the location achieve this reduction in criminal opportunities. This class will look at how the Maintenance and Management staff can imple-ment the CPTED principles
Zach is a Certified Apartment Maintenance Technician (CAMT) with more than a decade of expe-rience in the multifamily housing and construction industries. Zach has served as subject matter expert for the National Apartment Association, Training Director for The Apartment Maintenance Institute, and a Community Education Faculty Member at Portland Community College.
GE Appliance Repair (Dishwasher & Ranges):
All new dishwashers have internal inherent energy reduction changes based on DOE regulations. During this class you will learn how these changes are imple-mented into the new dish-washer wash system. We will also cover dish and glassware cleaning com-plaints, and how to deter-mine component fault and diagnosis.
...continued on page 25
Maintenance Summit Education Conference and Trade Show Exhibition
25Rental Housing Journal On-Site • March 2015
RENTAL HOUSING JOURNAL ON-SITE
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John Weston, GE ApplianceRegional Training Manager
John has over 30 years of experi-ence in the appliance industry. He started his career with GE in 1981 as a Service Technician. Spending 20 years servicing appliances has given John a deep knowledge of applianc-es. The past 13 years John has used his skill set to assist with Appliance Maintenance and Basic Appliance Repair training classes, helping his students build a stronger technical skill set. John is an Area Sales Manager in San Francisco and is also the Northwest Regional Training Manager for GE.
See You at The Maintenance Summit Education Conference
and Trade Show Exhibition
Wednesday, April 29th
Maintenance Summit Education Conference and
Trade Show Exhibition
In the world of investing there’s an old adage: “Money goes where it’s treated best”. The same could
be said for the best residents. As the world of rental properties become more competitive a new adage is “Good residents move to where they are treated best”. A “good resident” is one that has an outstanding credit history, takes good care of the places they rent, and tends to stay put for an extended period of time. Proper-ty managers want to find and keep them.
One inexpensive way to do this is to reward their good track record. This is an effective method to rein-force positive behavior as well. Offer an end-of-the-year “rebate” to resi-dents who have an excellent record of paying rent on-time. You might also consider a “thank you incen-tive” at the end of their annual lease or start date. More owners are will-ing to consider offering an at least a 3% annual discount to prospects who either pay a year’s worth of rent or pay on a semi-annual basis. That’s better than the yield of a 10-year bond!
Also make it a policy to discour-age your owner-clients from renting to relatives or friends. Unless you don’t need the rent or the relation-
ship reconsider such decisions which invariably backfire. One of my read-ers reminded me of this important, prudent policy when she wrote, “Five years ago I made a mistake let-ting my daughter move in to one of my rental units. “Half the time I am pulling and fighting for her to pay the $1000.00 rent for a two bedroom apt. I am planning to evict through a court order.” A no-cost preventive policy would have saved a small for-tune.
Here are some other ways to attract good renters to fill any vacancies you have.1. Make the bathrooms look spar-
kling clean, sanitized, updated.
Replace discolored caulking, grouting, rust, and deteriorating plumbing. Be sure the lighting is more than adequate.
2. One manager suggested tile backsplash be installed in kitch-ens and bathrooms. She said, “It looks awesome, cleans easily, protects walls, adds color/inter-est, reduces painting.”
3. Old English scratch cover and polish make wood cabinets, wood floors look new again. Replace damaged areas, burns, stains, or other unsightly areas of the kitchen counters. You’ll recoup the cost with a justifiable rental rate plus attract more of
Inexpensive Ways to Attract Good Residents...continued on page 26
...continued on page 27
26 Rental Housing Journal On-Site • March 2015
RENTAL HOUSING JOURNAL ON-SITE
the good residents.4. Units that smell naturally pleas-
ant are more inviting. A reader shared that they like to use sub-tle air fresheners/deodorizers with neutral smells like “clean laundry”, a very subtle pine, cin-namon, or gingerbread to make it feel homey. The key is to always keep the scent subtle. An over-whelming scent can be just as offensive as an unpleasant one.
5. Paint the unit numbers on desig-nated parking spots. Make cer-tain the parking area has good
security lighting which also per-tains to halls, landings, and all common areas.
Outstanding residents will want to live where they are treated best. If you want to attract and keep them go out of your way as property man-agers to make them feel appreciated.
by Marc CourtenayPublished Courtesy of PropertyManager.com
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Attract Good Residents ...continued from page 25
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ability issues if their incomes aren't compensating for the gains in home prices."
The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1 million members involved in all aspects of the residen-tial and commercial real estate indus-tries.
1Areas are generally metropolitan statistical areas as defined by the U.S. Office of Management and Budget. NAR adheres to the OMB definitions, although in some areas an exact match is not possible from the avail-able data. A list of counties included in MSA definitions is available at: http://www.census.gov/popula-tion/estimates/metro-city/List4.txt.
Regional median home prices are from a separate sampling that includes rural areas and portions of some smaller metros that are not included in this report; the regional percentage changes do not necessari-ly parallel changes in the larger metro areas. The only valid comparisons for median prices are with the same period a year earlier due to seasonal-ity in buying patterns. Quarter-to-quarter comparisons do not compen-sate for seasonal changes, especially for the timing of family buying pat-terns.
Median price measurement reflects the types of homes that are selling during the quarter and can be skewed at times by changes in the
sales mix. For example, changes in the level of distressed sales, which are heavily discounted, can vary notably in given markets and may affect percentage comparisons. Annual price measures generally smooth out any quarterly swings.
NAR began tracking of metropoli-tan area median single-family home prices in 1979; the metro area condo price series dates back to 1989.
Because there is a concentration of condos in high-cost metro areas, the national median condo price often is higher than the median single-family price. In a given market area, condos typically cost less than single-family homes. As the reporting sample expands in the future, additional areas will be included in the condo price report.
2According to the U.S. Bureau of Labor Statistics, actual market rents paid by individuals who do not own the home they live in rose by 3.4 per-cent in January from January 2014 – the 10th consecutive month of growth above 3 percent.
3The median existing-home price for all housing types in January was $199,600, which is 6.2 percent above January 2014.
4According to U.S. Census Bureau data from 2008-2014.
SOURCE National Association of Realtors
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