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September 12, 2017
First Harvey, Now Irma
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No sooner had Hurricane Harvey dropped more than 50 inches of rain on Houston and the Texas Gulf Coast, causing massive flooding and historic damage, than Hurricane Irma slammed into Florida this week with high winds and vicious storm surges. The damage is still being tallied.

We here at NMHC are dedicated to providing members with information, resources and assistance to support disaster recovery.

The first is a list of post-hurricane resources and guidance for apartment firms, which includes rental housing owners’ rights and responsibilities, temporary loan relief programs, tax relief information, information on making your units available to victims and more.

The second houses an extensive list of resource centers to help members’ residents begin to put their lives back together. The page contains information on both temporary and long-term housing assistance, financial assistance and replacement of vital documents, as a well as a list of general resources.

NMHC’s staff continues to communicate with members of Congress and officials at HUD and the Treasury Department to ensure the disaster recovery the apartment industry needs are met and that apartments are the priority for housing those displaced from the storms. In addition, we continue our advocacy efforts related to the National Flood Insurance Program, which just received a three-month extension. The program had been set to expire this month.

For more news, advocacy updates and storm-related resources, please visit our Hurricane Center, home to all storm-related news, advocacy efforts and additional resources.

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Top News

OPINION

Tax Reform Has Potential to Solve the Housing Affordability Crisis

In this op-ed in The Hill, NMHC’s Doug Bibby outlines five key goals for tax reform that can help address the nation’s housing affordability. “Across our country the cost of housing and lack of supply have been sharply felt, and the situation will only worsen over the coming years unless action is taken,” he writes.

INSURANCE

Harvey and Irma Bring New Urgency to Flood Insurance Reauthorization

These historic storms will have a far-reaching impact on the National Flood Insurance Program (NFIP), as an incredible number of claims are filed in the aftermath. The struggling program is currently $24.6 billion in debt and, after recently receiving a three-month extension as part of a hurricane aid package, will expire on December 8, 2017.  

INVESTMENT

Multifamily REITs Pour Money into New Development

Multifamily REITs have continued to buy land and entitle new deals instead of paying top dollar for new acquisitions. That’s because REIT executives feel that even though apartment rents are growing more slowly than before, the core markets where they are building still have enough renters to fill up new units.

LAND USE

How Local Housing Regulations Smother the U.S. Economy

The creeping web of land-use regulations has smothered wage and gross domestic product growth in American cities by a stunning 50 percent over the past 50 years. Without these regulations, research shows that the U.S. economy today would be 9 percent bigger.

MEETINGS

NMHC Hosts Inaugural Leadership Forum Today to Focus on Diversity

In advance of the Fall Board of Directors Meeting, NMHC members will gather today for the first NMHC Leadership Forum. The day-long event will focus on diversity and inclusion as critical drivers of continued business success and feature a number of panels on the future of work, changing demographics, market relevance, gender in politics and much more.  

DEMOGRAPHICS

5 Facts About Millennial Households

No. 2 is that millennial households dominate the ranks of the nation’s renters. Last year, Millennials headed 18.4 million of the estimated 45.9 million households that rent their home. And their prominence among renters reflects more than their youth. 

RESEARCH

Coming to America: Immigrants Drive Apartment Demand

Immigrants are a major driver of apartment demand now—and will be through the next decade. How well do you know your diversifying customer base? NMHC’s Chris Bruen digs into the data.

STUDENT HOUSING

Student Housing Lease-Ups Show Signs of Slowing Down

“The space is becoming more competitive with new operators and investors, more supply and universities revitalizing their housing. A lot of these factors can be expected with a growing industry, but can prove to be a challenge for some going forward,” said Axiometrics’ Taylor Gunn.
In Case You Missed It
A hand-selected collection of noteworthy articles on a wide variety of issues of interest to apartment executives.
Bank Loans Still Available for Apartment Construction, but Caveats Abound

Cap Rates: The Story’s in the Details

Interest Rates Drop for Loans on Apartment Properties

The Next Hurricane-Related Shortage: Construction Workers

All the Relief Money in the World Won't Rebuild Houston. Undocumented Workers Will

Large Number of Vacant Apartments Will Help Houston in Harvey Aftermath

High Construction Volume Softens Multifamily Investor Sentiment

Congress Must Handle the Looming Housing Crisis

NMHC Speaks Out Against Potential Rules for Multifamily Broadband

LIHTC Metrics Are Stronger Than Ever

The 2020 Census May Be Wildly Inaccurate—and It Matters More Than You Think

Venture Capital Doors Are Wide Open for Real Estate Startups

How Does Building Age Impact Multifamily Rents?

U.S. Cities Have a Glut of High-Rises and Still Lack Affordable Housing

5 Ways VR Is Making the Real Estate Business Better for Everyone 

Alphabet’s Nest Launches Cheaper Thermostat to Boost Sales  

How the U.S. Apartment Market Could Serve as a Model for Australia

Multifamily Market Dashboard

Multifamily Construction Time Lengthens

According to new analysis from the National Association of Home Builders, the average length of time to complete construction of a multifamily building, after obtaining authorization, was 15 months. The permit-to-completion time increased by approximately one month from 2015 to 2016.

However, the average time to build multifamily housing varied with the number of units in the building. In 2016, buildings with 20 or more units took roughly 17.5 months to complete from the time of obtaining permits, whereas smaller properties took anywhere from three to five months less. 


Upcoming Meetings
2017 NMHC Leadership Forum: The Bottom Line Imperative of Diversity & Inclusion

September 12, 2017 at the Fairmont Hotel, Washington, DC

2017 NMHC Fall Board of Directors and Advisory Committee Meeting

September 12-14, 2017 at The Fairmont Hotel, Washington, DC

September 25 - 27, 2017 at the Tampa Marriott Waterside Hotel & Marina, Tampa, FL

2017 NMHC OPTECH Conference & Exposition

October 25-27, 2017 at the Mandalay Bay Resort and Casino, Las Vegas, NV

About Apartment Wire
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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