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December 18, 2014

Apartment Exec Launches Unique Not-for-Profit

'Tis the season to be altruistic, and it is in this spirit that NMHC is happy to share the story of Shelters to Shutters.

The brainchild of Chris Finlay, managing principal for Fairfax, Va.-based Middleburg Management and a NMHC Board of Directors member, Shelters to Shutters helps connect apartment firms with entry-level openings at their communities to qualified, vetted and ready-to-work homeless people in their local communities.

Finlay says the model offers a win-win opportunity for both candidates and participating firms. The industry struggles with high entry-level turnover while candidates need employment. And while candidates also need permanent housing, the industry has a commonplace practice of offering free or reduced-rate apartments in their communities to employees.

“As an apartment guy, it costs me nothing. I’m not doing anything I wouldn’t be doing anyway,” he says.

Since launching in early 2014, the organization has helped 30 homeless people find jobs in the industry. Finlay says the big goal for 2015 is to expand the number of partner firms, allowing the organization to be active in more geographic markets.

NMHC believes that industry leadership also involves philanthropy. Member firms are encouraged to share information about the volunteer programs and charitable organizations they support. Email details to jlapides@nmhc.org.

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NMHC 50

2015 NMHC 50 Survey of Top Apartment Firms Is Now Open, Features Two New Categories

Calling the biggest of the bigs! Should your firm be included in the next NMHC 50, an annual ranking of the apartment industry’s largest firms? Sign up now for the survey, which only runs through January. In addition to rankings of top owners and management firms, this year’s survey also includes info on the biggest apartment developers and general contractors.

BIBBY BLOG

Why Can't We Just Build More Affordable Apartments?

NMHC President Doug Bibby digs deeper into the issue of affordable rental housing, this time focusing on the hurdles to developing new affordable housing stock. The post is the second in a two-part series. Catch up on Part I here.

FINANCE

Visa Seekers Provide Hot Source of Property Financing

Real estate developers are raising millions for projects through the government’s EB-5 visa program, which stimulates foreign investment in exchange for temporary visas and green cards. The program has taken off in recent years, providing cheaper access to capital than traditional funding sources. (paywall)

INSURANCE

Amid Threat of No Super Bowl, NFL Joins Efforts for TRIA Reauthorization

The continued struggle to get Congress to pass a reauthorization of the Terrorism Risk Insurance Act, which expires on Dec. 31, has made for some strange bedfellows. Like many apartment firms, the NFL could see their commercial insurance policies cancelled—and the Super Bowl along with them—without a program extension.

OPTECH

2014 NMHC OpTech Covered Array of Topics and Included New Program Features

This year’s NMHC OpTech offered one of the most extensive tech-focused programs to date, covering everything from updates on telecom, media and music licensing policy to discussions on tech tools to improve maintenance and inspections and beyond.

However, new to the line-up this year were the human resources and risk management forums. Key topics included a primer on healthcare exchanges and emerging insurance trends. Get a quick tour of all that was new at the conference with this video.

In Case You Missed It
A hand-selected collection of noteworthy articles on a wide variety of issues of interest to apartment executives.
From the NMHC Chairman on a Recent NYT Editorial

Watch Out for That Puddle, Soon It Could Be Federally Regulated (paywall)

Association Shines Spotlight on NMHC/NAA’s Industry Awareness Initiatives

AvalonBay Sees Appeal in Suburban Multifamily Development

What’s Up? Nothin’ But the Rent as Rental Affordability Continues to Suffer in Q3

Multifamily Developers Push the Limits on New Construction

Is the Deck Stacked Against Modular Apartment Construction

Apps, Sites Aim to Change Rental Listings

Freddie Mac Gets Inside Renters’ Minds with New Survey

The FHA Loan Process Made Simple

A Q&A on Why Rental Payments Should Be Included in Credit Reports

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January 20, 2015
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Multifamily Market Dashboard

Where Are All the Young Renters?

Changing economic and social conditions over the past decade have influenced young people’s housing decisions. With fewer young people (aged 20-34 years old) becoming homeowners and a relatively small increase in the percentage camping out at their parents' homes, one might expect that the share of young adults in rental housing must have increased substantially.

However, data analysis shows no significant change in the share of young people living in apartments (5+ units in a building) over the past decade. The biggest increases in the shares of young adults has been in other rental housing—single-family rentals and units in smaller multifamily properties (2-4 units). Most notably, shares of young adults living with roommates or relatives in these properties increased 330 basis points from 8.4 percent to 11.7 percent.

This suggests potential for additional apartment residents in the future. Whether that shift happens most likely depends mainly on whether an uptick in the economy can generate improved income and job growth.


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