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It’s the start of another new year and, as so many are doing
this time of year, NMHC President Doug Bibby has been working on some goals for
NMHC for 2016. And this year, diversity and inclusion are paramount. From his
latest blog:
“NMHC is 'the place where apartment leadership resides', as
our tagline proudly proclaims. And when I look at our membership, there’s no
doubt that you truly are the industry’s leaders. … But when I look at our
membership, I also see an industry where white males still dominate.
True, more women and people of color are moving up the
ranks. We at NMHC recognize and celebrate their successes, but they are still
too few in our book. We can talk about all the reasons why this is, but
regardless, the bottom line is this: Our
homogeny is a governor on industry success. Our industry could be more
innovative, efficient and productive by being more diverse and inclusive.
I learned this back in the early 1980s when I was part of
the team that legendary CEO David Maxwell brought into Fannie Mae to reinvent
the imperiled company.”
Read More |
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DEALS
Legg Mason in Talks to Buy Clarion Partners
Legg Mason Inc., the global asset manager, is in exclusive talks to buy a majority stake in real estate investment specialist Clarion Partners LLC in a deal that would value the company at about $850 million.
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CAPITAL MARKETS
U.S. Real Estate Draws More Foreign Investment
Most foreign investors
expect to put more money into U.S. property this year than they did in 2015,
with New York remaining the top target market worldwide, according to a survey
by the Association of Foreign Investors in Real Estate. |
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RENT VS. BUY
Renting Is Financial Failure and Other Financial Myths
Michele Singletary, author of the nationally syndicated
personal finance column "The Color of Money," writes in the WaPo
about things
to "unlearn" to improve personal finances. Take note of No. 3:
Unlearn that renting is throwing away money. |
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GOVERNMENT AFFAIRS
Congress’ Budget Package Delivers Perks for Multifamily Investors
The budget package includes a long list of good
things for apartment investors, including FIRPTA relief, a LIHTC extension,
energy tax benefits and renewed bonus depreciation, small business expensing
and the New Markets Tax Credit Program. |
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| Multifamily Market Dashboard |
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Filtering Remains Primary Source of New Affordable Units
As affordability concerns rise amid a decade-long surge in apartment demand, the question of how to bring more affordable units to market has become a recurring one.
According to Harvard Joint Center for Housing Studies’
report America’s Rental Housing: Expanding Options
for Diverse and Growing Demand, multifamily construction has ramped up
and annual completions are on track to surpass the 313,000 unit level averaged
in the decade preceding the downturn. However, new construction alone cannot
meet the market’s diverse demand.
A variety of factors, from rising land, material and labor
costs to regulatory burdens, make new construction more likely to add new units
to the middle and upper ends of the rent spectrum, leaving downward filtering
as the primary source of new supply for more affordable rental units, according
to the report. Downward filtering is the process by which rental units become
more affordable as they age.
Click
here to view the webcast featuring a review of the report and a discussion
of the results and their policy implications with an expert panel, including The Bozzuto Group’s Toby Bozzuto.
(Click to enlarge) |
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THIS MONTH
2016 NMHC Apartment Strategies Outlook Conference
January 19, 2016 Hilton Orlando Bonnet Creek/Waldorf Astoria in
Orlando, FL
2016 NMHC Annual Meeting
January 19 - 21, 2016 Hilton Orlando Bonnet Creek/Waldorf Astoria in
Orlando, FL |
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| A must-read for top apartment industry professionals, Apartment Wire is a timely review of emerging trends in apartment finance, development, management and technology and more, featuring both exclusive content from NMHC's staff of experts and provocative articles from across the web. |
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