If there was a need for further proof that apartment living is gaining popularity nationwide, three recent reports provide it. Among them, they say:
-- Some 2 million new renter-occupied households were added in 2014, while the number of owner-occupied
households decreased by more than 350,000, according to a Jan. 28 report from the U.S. Census Bureau.
-- Nine of the 11 most populous metro areas in the United States have more rental households than owner
households, a Feb. 9 study from New York University’s Furman Center and Capital One Financial Corp. stated.
-- The fact that most of the job growth today is in low-wage, even part-time, positions is bad news for the
home-ownership rate but good news for the apartment industry, according to an article by Freddie Mac Chief
Economist Leonard Kiefer.
As a property manager, you work hard to make sure your apartment community is a great place to live. But no matter what you do, you’re bound to have an unhappy resident every now and then. And some unhappy residents may turn to social media to complain.
Whether you’re rebranding a property or repositioning a property, it’s not enough to just slap a new name or logo on a tired building and consider the job complete. Knowing where and how to spend your dollars to maximize returns and truly enhance the property’s image is critical in both a successful rebrand and repositioning.
There’s no doubt technology has afforded companies the opportunity to develop highly efficient operations. Leads and emails can be sent at all hours, to allow for 24/7 information sharing, and phones can provide online access for constant research and connectivity. This has resulted in the notion that people have to be crazy busy all the time to ensure productivity and value.
The clever “I’m a Mac vs. I’m a PC” television commercial produced by Apple is having its storyline rewritten by apartment industry property management professionals.
Technology can not only make apartment life easier for residents but can also make life easier for property managers -- if they follow best practices. Student-housing and multifamily consultant Casey Van Zandt, owner of Casey Van Zandt Consulting, discusses how to optimize your community’s website to meet residents’ expectations, as well as how to use social media and online forums to better communicate with current and potential renters.
The following is condensed from EDAWN CEO Mike Kazmierski’s article in the January 16th RGJ, presented with permission. Three years ago the thought of unprecedented growth in our region was just a dream and a problem for which we could only hope. Let’s promise ourselves not to forget how bad that felt. No matter how painful growth can be, we will take it, appreciate it and enjoy it. In the past two years, EDAWN has assisted 60+ companies announce their intent to add more than 6,900 new jobs to our region. The multiplier for these jobs will add another 8,700 jobs, totaling 15,600 new jobs. There are many other companies that also decide on their own to relocate to our region. Also, many existing local firms are growing and adding jobs. Based on EDAWN’s active prospect list, in the next 5 years we expect to announce 15,000 more new direct jobs, plus 19,000 new indirect jobs for a total of 34,000 new jobs.
Sometimes the landlord/tenant relationship can be a difficult one. But it does not have to be that way, and it certainly does not have to start out that way. As landlords, we try to get this relationship off to a good start and keep it that way by taking care of our properties and tenant concerns.
Exciting Times for NVSAA!
Introducing Our New Billing Structure
This is a very exciting time for us! We are offering more opportunities for our members than ever in key areas: Education, Legislative, Networking.
We are also creating ways to do business better. This allows us to build upon our foundation, and facilitate future growth.
The Nevada State Apartment Association is pleased to announce a streamlined billing structure for our membership. We are moving to a calendar year membership cycle where all members will pay their dues in January and enjoy membership benefits through December of that year.
The goal is to shift our entire membership to this more efficient billing cycle by January 1, 2017.
As such, it’s important to begin the process now. Handling membership in this manner is in line with many other Associations across the country and is design designed to minimize confusion on expiration dates and make the budgeting process easier.
Our goal is to make the transition as easy as possible:
If your membership renewal falls due between September 1, 2015 and December 31, 2015. You will receive an invoice that includes the remaining months of 2015 and all of 2016. Conveniently, your membership will be paid through the end of 2016. The remaining association members expiring in 2016 will receive prorated invoices to finish out next year’s membership. This process puts us on track to begin annual billing for the association, as a whole, in 2017.
Thank you for your cooperation as we make these changes! YOU are what makes the NVSAA the premier multi-family housing association in the region. Let’s keep going and growing!
If you have questions, you can reach me at 702.862.0165
My best to you,
Shelly A. Cochran
Record-setting tourism and the strongest convention attendance in several years are driving employment growth and creating apartment demand Las Vegas. Job growth is well above the national average, spurring developers to complete projects that were mothballed since the recession. In addition, multifamily permitting is trending more than 60 percent higher as builders rush to keep up with demand for rental space. While more than 1,400 apartments have been completed during the past year, vacancy fell sharply and concession activity nearly halted on well-located properties near employment hubs. The leisure and hospitality sector is providing the biggest job gains in the economy, although more corporations are relocating to the metro due to its position as a travel destination and the lack of a state income tax. The new workers hired by these companies are choosing to rent in prime areas to the southwest of the city, close to shopping centers, freeways and the Strip. Single-family housing costs in these areas are above the metro average, spurring strong rental growth and pushing vacancy down. Tightening operations will lift rents up 3.4 percent this year, more than 100 basis points above inflation.
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