Apartment Wire - 07/02/2014 (Plain Text Version)
Harvardís Housing Report Finds Multifamily a Bright Spot
Harvard's Housing Report Finds Multifamily a Bright Spot
The overall U.S. housing market may have had another tepid year of recovery in 2013, but the multifamily sector’s growth remained significant. That was the big takeaway from the Harvard University Joint Center for Housing Studies’ annual The State of the Nation’s Housing report, released via webcast late last week.
The big drag on the widespread housing recovery was the nation’s “steady but unspectacular” job growth, which continues to keep new household formations in check. Also contributing to low levels of new household formations were the millennial generation’s reluctance to leave their parents’ nests, more student loan debt and falling incomes.In the wake of economic uncertainty and growing financial constraints, renting has become more attractive. Between 2005 and 2013, the sector has welcomed more than one million new renters every year—a pace twice that of any other decade since the 1960s.
NMHC Chairman Daryl Carter participated in the webcast, addressing the growing need for apartments and the industry’s response to that increased demand. Carter responded to questions about the recent increase in multifamily supply, as well as the need for a diversity of rental options and affordability concerns.
NMHC/NAA PR Campaign Wins Top Honors
NMHC and industry partner NAA's multimedia Apartments. We Live Here campaign took home the ASAE Gold Circle Award of Excellence, the top honor and “best in show” award for association marketing and communications programs. This highest level of recognition came after the campaign also took honors in four individual categories, as part of the association leadership organization’s annual awards program.
Find out what all the buzz is about at www.WeAreApartments.org. A unique digital experience, the website includes an animated infographic, interactive state, metro and district area map and an online calculator that tallies the economic contribution of any number of apartments based on location. [return to top]
Registration Opens July 17 for Annual Meeting and Apartment Strategies Outlook Conference
Sign up early so you don’t miss out on the year’s premier events, on the calendar for January 20-22, 2015, at the LaQuinta Resort & Club in Palm Springs, Calif. The one-day Apartment Strategies Outlook Conference, featuring powerful business insights into what lies ahead in 2015, kicks off the schedule, followed by the NMHC members-only Annual Meeting.
NMHC membership dues must be current to register for the Annual Meeting or the Apartment Strategies Outlook Conference at the member rate. Separate registrations are required for each event. Registrations must be complete before hotel rooms can be reserved. [return to top]
Two Credit Bureaus Offer Path for Residents to Build Credit Through Rental Payments
Consumer credit monitoring firm TransUnion recently released a report that found that reporting rental payment information to credit bureaus can help renters build positive credit history while giving property managers more certainty about residents’ payment performance. The company also introduced ResidentCredit, an expanded program to encourage property managers to report their residents’ payment performance.
New Report Ranks Top Metros for Walkable Urbanism
For anyone missing academic Chris Leinberger’s presentation on the economic and market shifts driving walkable urbanism at the 2014 NMHC Research Forum this past spring, here’s a second look at some of the research.
A new study, released by LOCUS, Smart Growth America and George Washington University’s Center for Real Estate & Urban Analysis, focused on the outsized economic benefits of the most walkable urban areas. The report examined the top 30 U.S. metro areas for their current levels of walkable urbanism and projected future rankings. While some of the current kings of walkable urbanism might not surprise you, the list of metros making significant strides in that direction might very well do so.
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Military Housing Fly-In Day Scheduled for July 24
NMHC/NAA members participating in the Military Housing Privatization Initiative are planning an armed services lobby day on July 24 to raise concerns in Congress about a proposed five percent reduction to the Basic Allowance for Housing (BAH)—a core military benefit that compensates service members for their housing costs. The changes to BAH would increase the out-of-pocket housing expense for one million troops while jeopardizing the success of the military privatization program. Contact Paula Cino at email@example.com for participation details. [return to top]
Multifamily Market Dashboard
Housing Costs Tie to Age of Housing Stock
Through its recovery, the apartment industry has faced a lot of criticism regarding rising rents. Many factors have contributed to the increases, not the least of which has been a dearth of new supply.
In this Wonkblog post, WaPo reporter Christopher Ingraham further illustrates this issue by mapping at the median age of the housing stock across the country. Dense, urban areas appear as “dark clusters of old housing stock,” which Ingraham says helps explain why places like New York and San Francisco remain some of the most expensive housing markets. Click for the full map.return to top]