Author: Brad Beckett

According to the latest Zillow Rent Forecast (covering August 2016 through Aug 2017) rents will rise in 34 of the 35 largest U.S. metros.  Overall, rents are forecasted to rise 1.7% over the next year, the same rate of increase as the past 12 months.  Interestingly, the northwest cities of Seattle & Portland are projected to rise 7.2% and 6% respectively  – which will outpace San Francisco’s projected increase of 4.9%. “We have more renters today than in the past and most newly formed households are renter households. This taken together with a lack of new rental construction at less…

What are the “funnest” cities in America?  The folks over at WalletHub sharpened their pencils and came up with top 150 most fun cities in America.  Using methodology that “packs a little bit of everything for everyone” they used 51 metrics that included movie costs, most dance clubs, most festivals, fitness centers per capita and even how long brew-houses might be open for customers.  Their conclusions are fun and should be taken with the appropriate amount of salt because, after all, you can have fun anywhere.  Be sure to take a close look at the data. The top 10 most…

Fire Prevention Week is runs October 9-15, 2016 and the best way to celebrate is to check all your properties’ smoke alarms for functionality and age.  If you find one that’s 10 years old, it’s time to replace it.  And when you do, National REIA recommends both ionization and photoelectric technologies be used in all your properties.  You should also have a working and tested carbon monoxide detector and fire extinguisher in each unit as well.  Happy Friday! Some additional facts to keep in mind: Three out of five home fire deaths result from fires in properties without working smoke…

Hurricane Matthew will likely be the first major hurricane to make landfall in the United States since 2005.  Property information powerhouse CoreLogic estimates that there nearly 2 Million Homes at Risk from Hurricane Matthew in the states of Florida, South Carolina, North Carolina and Georgia.  Their analysis shows that damage from storm surge flooding could cause an estimated $405 billion in total reconstruction cost value. “Hurricane-driven storm surge flooding can cause significant property damage when high winds and low pressure cause water to amass inside the storm, releasing a powerful rush over land when the hurricane moves onshore.” Click here…

The latest Yardi Matrix is reporting that the average U.S. apartment rent fell in September to $1,219 – the first time since November 2015 that there has been a decrease.  While only dropping $1, the big picture is that it happened during a period of 4.7% year-over-year growth.  According to the report multifamily fundamentals remain strong and occupancy has remained unchanged since May, with demand for multifamily housing remaining high. “Rent growth has significantly outpaced economic expansion and wage growth in the last three years, and the recent deceleration aligns with historical rent growth rates.” Click here to read the…

Rental information site Zumper recently released their National Rent Report for October that showed increasing prices for one bedroom apartments in eight of the ten largest rental markets with declines in the two priciest.  One bedrooms dropped -0.9% to a national median price of $1,136, while the two bedrooms dropped 0.6% to a median price of $1,350.  Zumper’s National Rent Report analyzes rental data from over 1 million active listings across the U.S. to calculate median asking rents for the top 100 metro areas by population. “Although rents are still up overall since the beginning of the year, the rental markets have cooled down…

As if we need another reminder about drug abuse and the criminal activity that accompanies it;  A realtor in western New York state recently pleaded guilty to six burglary counts that resulted from stealing narcotic painkillers from homes for sale that she was entering under the guise of a showing.  The Buffalo News is reporting that the now former realtor (her license was revoked) entered multiple homes for sale in the suburban Buffalo area where she would then search for and steal prescription drugs.  It’s one more sobering reminder to always be security conscious and aware of the evils of…

The U.S. Department of Commerce is reporting that construction spending during August, 2016 was estimated at a seasonally adjusted annual rate of $1.142 trillion, which is 0.7%  below July’s estimate of $1.15 trillion and 0.3% lower than one year ago.  Total construction spending through August was $755.0 billion, which is 4.9% higher than in August, 2015.  Breaking this down a little, private residential construction was at a seasonally adjusted annual rate of $449.2 billion in August, 0.3% below July’s revised  estimate of $450.4 billion.  Private nonresidential construction was at a seasonally adjusted annual rate of $422.4 billion in August, 0.4…

Information powerhouse CoreLogic recently released their monthly U.S. Home Price Insights Report that shows home prices are up 6.2% in August (year over year) and up 1.1% from July 2016.   In addition, CoreLogic’s HPI Forecast indicates that home prices will increase by 5.3% through August 2017, and increase monthly by 0.4%. “Home prices are now just 6 percent below the nominal peak reached in April 2006,” said Dr. Frank Nothaft, chief economist for CoreLogic. “With prices forecasted to increase by 5 percent over the next year, prices will be back to their peak level in 2017.” Click here to read…

Recently financial information site GOBankingRates.com surveyed 61 of America’s 100 most populous cities to determine which cities they believe are the best and worst for owning rental property.  Using data from Zillow and the U.S. government, they looked at four major factors in their evaluation;  Employment Growth, Population Growth, Increase in home values, and Years to pay off property.  As with all data like this, take it with the appropriate amount of salt. Click here to read the full story.