SNMA News

Shaping The City

rogershome@aol.com (Roger K. Lewis) — Tue, 07 Sep 2010 00:01:00 +0000

Whether located in a city or suburb, few apartments built today are sufficiently commodious for traditional families. Even if big enough, apartments in desirable locations typically are unaffordable. Moreover, concern about the quality of public education -- and the cost of private schools -- further deters young families from considering urban-style living.

Does this mean that cities and city-like environments are destined to be largely child-free? Architects know how to design apartment environments suitable for families with children, but rarely are they asked to undertake such designs.

Housing demand and the products offered by builders continue to be determined by socioeconomic and geographic pressures, not by design aspirations. Real-world behavior and reliable statistics confirm that middle-class families with kids want single-family homes in suburbs and exurbs with presumably better public schools and with more house and land for the money. Unsubsidized apartments built today are almost exclusively designed for and marketed to people without school-age children.

This situation poses a bit of a dilemma for anti-sprawl advocates aspiring to concentrate a significant amount of future metropolitan growth in more urban, environmentally sustainable communities. Through either new development or redevelopment, smart-growth planners seek to create compact, walkable communities with mixed uses, higher densities, access to transit, plenty of jobs and ample housing, especially workforce housing.

Yet in plans for new transit-oriented communities, most of the housing envisioned consists of apartment buildings or attached dwellings in which families with school-age children are unlikely to live. In fact such plans are often predicated on a simple fiscal principle: By serving a population with few school-age children, the need for building additional schools is minimal, thereby ensuring that future growth will yield tax-revenue benefits for jurisdictions where transit-oriented communities are located.

Accordingly, housing developers in smart-growth communities will be building few units for families with children. Promoting mixed-use development will not yield an equivalent population mix.

Yet could it be otherwise in emerging, smart-growth activity centers, such as Tysons Corner and White Flint?

Because public education systems in Fairfax and Montgomery counties are strong, schools might be less of an issue for families interested in Tysons or White Flint. Therefore, imagine development of units reasonably comparable in size, amenity and cost to an average suburban home. With access to safe, convenient outdoor play areas, such units would be in demand.

But there is an economic hurdle. Given the value of urban -- or urbanizing -- land and the cost of construction, making family-size units affordable would require financial incentives. Counties would have to subsidize development by directly or indirectly reducing the per-unit cost of land, and by providing tax breaks for developers and occupants.

Of course, offering public sector support for private, middle-class housing development always invites a political and policy question: Why tinker with the housing market at public expense?

There are two answers. First, we already subsidize middle-class housing, primarily through tax deductions for mortgage interest.

Second, and most important, is that it's in the public interest to create new, sustainable communities with a full range of housing choices, among them choices for families with school-age children.

A Beneficiary of the Housing Bust: Apartment REITs

Tue, 31 Aug 2010 00:01:00 +0000

So far in 2010, apartment REITs, which own and develop rental apartment buildings, have delivered total returns, which include dividends, of 25.5%, far outpacing the S&P 500, the Dow Jones industrial average, Nasdaq and the Russell 2000, which are down 2.7%, 2.1%, 3.9% and 1.6%, respectively. Among industry groups, only gaming stocks have offered comparable returns. (See the best business deals of 2009.)

Why Apartment REITs?

Many of the issues that are decimating the housing sector are the same ones spurring activity in the rental market. Rising foreclosures, tough lending standards and uncertainty over how much further home prices could fall are all taking a toll on housing demand, with the national homeownership rate tumbling to 66.9% in the second quarter -- its lowest level since the fourth quarter of 1999, according to the U.S. Census Bureau. The rate peaked at 69.2% in the fourth quarter of 2004; economists predict it could slip to 64% within the next few years.

"For every 1% decline in the homeownership rate, you get over a million potential new renters," says Richard Anderson, a managing director at BMO Capital Markets.

No matter that mortgage rates are hovering near historic lows. Today, most renters who could potentially be buyers are content to sit in their apartments until a definitive bottom in seen in housing prices. This is causing demand for rental apartments to increase. "They [apartment REITs] have shown consistent improvement quarter over quarter sequentially ... since the end of 2009," says Bob Gadsden, a portfolio manager at Alpine Realty Income & Growth Fund, which holds shares in apartment REITs. (See high-end homes that won't sell.)

And the rent-over-own cycle doesn't appear to be over. Sales of existing homes in July plunged 27.2% from June and 25.5% from July 2009, marking the lowest sales level since the National Association of Realtors (NAR) began tracking such data in 1999. NAR's chief economist, Lawrence Yun, is predicting this slow sales pace to likely continue through September and then improve, but many consider that to be a rosy forecast in light of the latest housing statistics. Worsening the situation, America's unemployment rate remains at a lofty 9.7%, with weekly claims for unemployment benefits ticking up in recent weeks, and the number of foreclosure filings rose an additional 3.6% from June to July.

Partly as a result of all this housing grief, apartment-REIT management teams have been raising their earnings outlooks. "This is one -- if not the only -- healthy sector out there that's showing some elements of pricing power," says Bill Acheson, a senior analyst at the Benchmark Company. "So far this year, we've seen increases in occupancy, and we've seen a turn in rent rates from big negative numbers to actually positive sequential numbers." (Comment on this story.)

Of course, apartment REITs, like other sectors, took a beating during the recession. Most were forced to slash rents and offer perks and incentives, like free health club memberships, in order to retain tenants and attract new ones. Occupancy averaged 94.5% during the recession, notes Acheson, but rents plunged anywhere from 15% to 40% from their peak, depending on the market, says Anderson.

However, surging demand in recent months as well as the credit crunch -- which limited the construction of new apartment buildings -- is now allowing apartment REITs to start raising rents again. "There's no question that rents are recovering ... and the recovery is happening sooner than expected," says Anderson. (See which businesses are bucking the recession.)

Investors began jumping into the sector in the third quarter of 2009 as apartment-REIT management teams began reporting increased demand and offering rosier-than-expected earnings outlooks. The sector rallied, posting total returns of 30.4% in 2009, reversing the ?25.1% return reported in 2008. In the second quarter of 2010, the sector posted its first sequential quarter-over-quarter increase in net operating income since the fourth quarter of 2008, and industry experts expect year-over-year growth to come as early as the third quarter.

So is this the stock group to ride into the future? Most industry experts are bullish about the sector's growth through the second half of 2010 but aren't so sure about 2011. Much will depend on the extent to which job growth picks up. "There's only so much you can do without real job growth," says Acheson. "At the end of the day, that is the driver of apartment demand."

Gadsden believes the sector is now pricey, with much of the frothy outlook being baked into the current stock prices. "We're bullish on the fundamentals," he says, "but the valuations keep us from getting more heavily invested at this point."

?I?m So Glad You Called Today? ? 4 Phone Tips to Turn a Call into an Apartment Tour

Tue, 31 Aug 2010 00:00:00 +0000

Having a great telephone conversation is one of the best and most powerful apartment marketing / leasing techniques in our industry. It sets the stage for the rest of the leasing experience for your apartment prospect. Are you putting your best foot forward?

In the apartment business, a successful prospect call is one where we turn the telephone apartment inquiry into an appointment. What are the best ways to turn a phone call into a apartment tour appointment?

These are my top favorite tried and true phone leasing techniques to turn that apartment telephone inquiry into an apartment tour appointment:

Once you have identified yourself, find a way to let your phone prospect know how happy you are that they called TODAY. ? If your caller says they are looking for an apartment, you should respond with, ?I?m so glad you called today!...? and follow-up the comment with your specials or other related comment. ?I?m so happy you called today,? is a great way to pause the conversation and inject some personal positive attention to your caller.
What?s in a name? EVERYTHING. If the caller gives you their name ? use it. If they don?t, ask them for their name ? and use it. People love to hear their names ? it acknowledges the fact that they are an individual and not just another caller. It will help you bond with the person over the phone. Using someone?s name is very intimate. Get the name and USE it.
If you are comfortable, assume that the caller wants to set an appointment, and give them a couple of choices of times you have available for an appointment. With all the information available on the internet, most of your callers already know enough about your apartment community/complex to be ready to set an appointment for the leasing tour. ? Assume they want the tour and work on scheduling it. If you are not comfortable with assuming your caller wants an apartment tour, then ask them if they would like to schedule a tour.
At the end of each call, always thank your apartment prospect by name for calling you!

Your call should go something like this:

RING RING!

You: Thank you for calling ABC Apartments, how may I help you? (smile!)

Caller: I?m interested in finding a 1 bedroom apartment.

You: My name is Daisy ? Can I get your name?

Caller: My name is Jane.

You: Jane, I?m so happy you called today! We have some great looking 1 bedroom apartments that just became available. Do you have any particular preferences you want to share?

Caller: I want to be on the top floor.

You: Great! I have 2 apartments on the top floor overlooking the park, and ?

?(more conversations, get prospect info, bond, etc.)

You: I have appointments available this Thursday at 10:15AM, 4:30PM or Friday afternoon or Saturday morning to tour our apartment community and see the apartments we have available. What time would work best for you?

Caller: Saturday morning at 10:00AM.

You: Jane, thanks so much for calling today, and I can?t wait to show you our community on Saturday at 10:00AM!

There are lots of telephone leasing techniques out there. The objective is to schedule that apartment tour. These are my favorite phone tips, what are yours?

2010 Second Quarter Investments / Multi-Family Newsletter (Reno)

Mon, 30 Aug 2010 00:00:00 +0000

During the second quarter of 2010, the Reno / Sparks MSA took the unfortunate top unemployment ranking away from Michigan, coming in at 14.2 percent. The graph on page two demonstrates, the gap between unemployment and average rents that started in the third quarter of 2007 continues to widen. As the economy improves, it will be important to watch the convergence of these two statistics back to their historical levels and how they impact the average rental rate. If these anticipated newly re-employed people can afford and elect buy a home, the impact on the apartment sector could be a problem for both vacancy and rental rates.

To read more, please download the PDF here.

Las Vegas Apartment Market Overview - July 2010

sales@alnsystems.com (ALN Apartment Data) — Mon, 23 Aug 2010 00:00:00 +0000

ALN Apartment Data was founded in 1991 to provide Apartment Locator Handbooks and computer software for virtually every Apartment Locator throughout the Dallas-Fort Worth Metroplex. Since that time, ALN has built a database of highly detailed apartment information which is updated monthly. With the expansion of the internet, ALN created the first ever web-based Apartment Locator Program and soon moved all the Locator traffic to this site. Starting in 1997, ALN expanded our services into Austin, San Antonio and Houston.

In early 1993, ALN introduced a program (which eventually became what is now called ALN OnLine) for brokers, appraisers, management companies and others to allow fast access to Market Data and Statistical Analysis of any apartment in our database. Detailed listings of current rents, specials, occupancy rates and more on any property, as well as statistical informaiton of other properties in any area are also available in a quick, easy to use package.

In late 2003, ALN started its expansion outside the Texas markets. Florida and Arizona were natural areas for us to target since so many of our OnLine clients also service those markets. Atlanta and Las Vegas were added in 2004 and we are now collecting the initial data for many other markets throughout the country.

Download PDF Here

Apartment Market Shows Signs of Improvement

Thu, 12 Aug 2010 00:00:00 +0000

But recent measures show that vacancy rates are falling and confidence is rising in rental markets -- specifically in apartment buildings -- despite only subtle improvements in the nation's employment picture.

"We certainly see the increase in rental demand in 2010, and it's been a little more, frankly, than most apartment experts had anticipated," said Mark Obrinsky, chief economist and vice president of research for the National Multi Housing Council.

Demand for apartments has risen significantly this year, said Greg Willett, vice president of research and analysis for MPF Research, which analyzes apartment trends. "There's no way to look at these apartment numbers and not be impressed," he said.

June vacancy rates in the largest 64 markets in the country averaged 6.6%, down from 8.2% at the end of 2009, according to MPF Research. Rents are also on the rise, Willett said.

The apartment market absorbed 215,000 units in the first half of the year, and at this rate, the market will absorb a little more than 300,000 units by the end of 2010, Willett said. Absorption is the net change in the number of units physically occupied.

Absorption was just under 300,000 units in 1999, 2000 and 2004; the record since the early 1990s was 350,000 units in 2005, when absorption jumped due to the volume of Hurricane Katrina evacuees, Willett said.

As units fill up, property owners feel more confident.

The NMHC's quarterly market-tightness index, released on Friday, had a reading of 83 in August -- the highest reading since July 2006. The index measures changes in occupancy rates and rents through a member survey; a reading higher than 50 indicates improving market conditions. A year ago at this time, the reading was a meager 20. In January 2009, it hit 11.

And according to a property owners' survey conducted by Rent.com in June and July, 56% of participants said the number of vacancies in their properties had dropped or was unchanged compared with a year ago, said Peggy Abkemeier, president of Rent.com. "Some customers indicated that the vacancy rates have been extremely low," she said.

Rise In Renters

But with the job market still struggling, it isn't easy to explain the growing demand. Private-sector job growth was weaker than expected in July, and the unemployment rate held at 9.5%. Read story on the job market and July unemployment rate.

"It's one of those situations where it's hard to fully explain where the demand is coming from," Willett said. "You can't look at the stats and fully explain it."

That doesn't stop those in the industry from hypothesizing.

Obrinsky said even the slightest improvement in the economy could be motivating some renters to sign an apartment lease. But their attitudes probably have more to do with confidence in their local economy than the national indicators being reported in the media.

"In the world in which they live, they see fewer people getting laid off. Friends are finding jobs. They react to those things with more confidence in their personal situation and can take that step with finding a 12-month contract," he said. "If you have a job, you feel less likely that you're going to lose it now."

Some in the industry say more parents -- finally confident in their own jobs -- are now willing to co-sign leases for their children, Willett said. And apartment managers are doing a better job at retaining the renters they already have, he said.

Even if renters still need a roommate to be comfortable in signing a lease, they might decide to "room with just one other person, rather than three," said Dung Lam, chief financial officer of J.I. Kislak, a national investment company that primarily operates as an owner and operator of multifamily properties.

Continued skittishness about the housing market also may be boosting rentals.

The homeownership rate fell to 66.9% in the second quarter according to the Census Bureau, the lowest it has been since the fourth quarter of 1999, and Obrinsky said it's possible it will continue to decline, at least for a while, as people doubt the financial wisdom of buying a home or can't get financing to buy.

"There is still a hangover from the housing boom that is keeping people from jumping into homeownership, and has fueled people getting into the rental market," Obrinsky said. "Unlike in the past, they're not jumping out and thinking 'I'm going to buy a house.'"

A Wider View

The overall rental vacancy rate -- including not only apartments building units but also single-family homes -- was 10.6% in the second quarter, unchanged from the first quarter but down from 10.7% in the fourth quarter of 2009 and 11.1% in the third quarter of 2009, according to the Census Bureau.

While the rate is slightly improving, a 10.6% rate is still high, said housing economist Michael Carliner, adding that "it's still a renter's, rather than a landlord's market." Carliner is a visiting fellow at Harvard University's Joint Center for Housing Studies.

And for apartments in particular, rents might not rise very quickly due to broader market conditions, Willett said. In many areas, the monthly cost to buy a home is now equal to or less than the cost of renting, he said. "The fact that there's not a premium to buy in so many cities could put some sort of cap on rent growth potential," he said.

Fundamentals of Multifamily Look Promising

Mon, 09 Aug 2010 00:00:00 +0000

?Vacancies fell in the largest markets 30 basis points in the first six months of 2010,? he noted, adding that ?during the calendar year 2009, there was negative demand for apartments and it was the single-worst year for absorption of apartments since 1982. This year, we?ve seen positive absorption.?

Moreover, Spivey said, some of the hardest-hit residential markets have seen the strongest demand for apartments in the first half of this year. ?Why? Homeownership is back to 1999 levels, for one thing, and those looking to buy a house are finding tighter underwriting standards for mortgages,? he noted.

?The home ownership rate has fallen, and what?s bad for single-family has been good for multifamily,? said Norm Miller, vice president of analytics, another participant in the webinar, along with CoStar global strategist Michael Cohen. ?Each percent represents 1.15 million households, so we?ve seen about 3.5 million households go from ownership to the rental market. ?

U.S. households are also being formed because job creation is under way. Job creation might not be fast enough to make the country feel better about the economy, but it is fast enough to allow many of those new job holders to seek out their own places to live. ?The economy has created 900,000 jobs in the last six months, 600,000 of those in the private sector,? said Spivey. ?That?s driving household formation.?

There are psychological factors at work in increasing demand, too. ?Some people are plain sick of living with their families, and are moving out if at all possible,? said Spivey.

On the supply side, not much is being built, the webinar participants explained?another factor that bodes well for the apartment industry. ?It?s an even better picture when you add normal rental market growth, especially in light of the very small supply of new product,? said Miller.

21 Creative Ideas For Resident Renewals!

Tue, 03 Aug 2010 00:01:00 +0000

? Remember the first initial letter is to have all the information they need to renew their lease. You can still deliver it in a fun and creative way!

1) Wanted Poster
This is great if you have a picture of your resident. Get some cream color paper to make it look aged. Scan the picture and write ?WANTED-YOU to renew your lease!?

2) ?Seems Like Only Yesterday?
Do the same thing with the wanted poster but write ?It Seems Like Only Yesterday that you moved in. We?ve had a great year. Please stay for another!? This would also be cute in a card. 3)?We can?t bear for you to leave!?- This would be cute with stuff teddy bears (you can fined them at the dollar store) or go to www.plushinarush.com. Make a cute card tie it around the bear neck and hand deliver to the resident that has put in notice. You can even have a special just for them.

3) Custom Fortune Cookie
Make cookies with your personal fortunes inside. Example: There are large closets in your future! Renew Today! I have a great recipe for this contact me at jolene.sopalski@gmail.com for it.

4) Make Posters and Hang Them on the Resident?s Door
Make the posters have a homemade feel so it shows that you really cared about them to take the time to make a poster for them. Example: We really love you & all that you do for our community! Make it a fun poster; you could even tie some balloons to it. Check out your local scrapbook stores for clearance items. You ca also have everyone on the maintenance team sign the poster and write something nice about the resident.

5) Giant Checks
I know you?re thinking what. Create a Blank Check and write the resident name on it. You can put your renewal special, the cost of a carpet clean, or their rental rate. In the memo section put renew today.

6) Laminate Place Mat
Put a team photo that says ?Renew your lease?Have dinner on us.? It cost less than three dollars and everything can be found at a craft store. Include a gift certificate to a restraint or a night you make dinner for the renewals. Set candled in the clubhouse, put dinner cloths on the tables have a name card with resident name, light music and you serve dinner to everyone.

7) Recordable Cards
Are a great way to get someone to renew?example have an Elvis card you could record ?Don?t be a hound dog! Renew your lease today!?

8) Inflatable Monkeys, Whales, Smiley Faces, Lions, Guitars
These can be found all over check the dollar stores or party stores. Attach a sticker or card that says ?Don?t monkey around! We want you to stay!? or ?It would be music to our ears if you tell us you?ll stay for another year!?

9) Balloons( non-mylar)
This is a great way to deliver you letters, attach some balloons to the letter if the residents not home then tie to the door knob or knocker.

10) Movie Posters
Get a picture of a movie star, example Brad Pitt attach� the following saying or whatever to match the movie star picture. ?It would be the Pitts if you moved. Please renew your lease!? This makes the renewal letter fun and catches attention.

11) ?Whoopee!?
It?s time to renew your lease. Attach this note to a whoopee cushion from a party or dollar store.This will make a good laugh for the resident.

12) ?Any way you slice it?we want you to stay!?
Attach to a pizza box or a gift certificate from a pizza place or an invite to a pizza renewal party.

13) 100 Calorie Pack- ?Don?t Dessert Us!?
Attach this to a 100 calorie snack pack.

14) Renewal ?flex days 7-3/10-7 techs too!?
Come in from 7 a.m.-7 p.m. to renew your lease. We?re open for you!

15) News Paper -?Great News! It?s time to renew!"
Put this in the headline of a newspaper?like the daily paper or make your own from a print shop program. I thought it would be great to get the Sunday paper with the coupons and do this with!

16) Mylar Balloons
Get some cute Mylar balloons from the dollar store and attach the renewal letter. Give this to the resident either in person or tie to the door.

17) Drive Thru Rent Payment (Two Birds with one stone)
I love this one a lot. Make sure you have all your renewal notices ready to go in the morning. Stand at the entrance to your community and collect rents. Be sure to hand out some breakfast items with a Thank you for paying rent. Have your renewal letter attach to the breakfast items and give to the resident as they leave. Let them know you hope they stay. Be sure to advertise this a week before rent is due.

18) Sunglasses or Field Glasses
?we?re looking for you to renew? attach to the letter.

19) Turn a Candy Bar Into a Renewal Notice
example: 100 grand bar, ? You are worth more than a 100 grand? renew today! You can even make a customer renewal letter wrapper by going to:

http://desktoppub.about.com/od/candywrappers/l/bl_cwbaby.htm

There are templates here for you to use. Side note this works and is a lot of fun!

20) Renewal Party
A theme party; example a murder mystery dinner is a lot of fun and you can have the papers ready for them to sign. They get dinner, entertainment and you get a renewal!

21) Hang Around
Saw this on multifamily pro and loved the idea! Get some colorful hangers ( Drycleaners-Great way to start a bussiness partnership, dollar store, or walmart) atach a note that says "We Love For You To Hang Around another year!"

Now the point is to make personal contact with the resident (just like when we go out marketing). So deliver the items personally and if the resident is not home leave a note saying they have a package at the office. Once they come in give them the renewal notice and see if you can get them to renew.. Once the resident renews don?t forget to send them a Thank You Card. It would even be nice at the six month period to send another Thank You Card ( maybe with a loto ticket or a free appetizer from a local restruant) for being a great resident!

Jolene Sopalski
Leasing Specialist
WRH Realty Serivces
www.wrhrealty.com
Jolene.Sopalski@gmail.com

Perspective: Household Size & Apartment Demand

Tue, 03 Aug 2010 00:00:00 +0000

But there are some potential concerns in this forecast. For one thing, a sluggish employment recovery for echo boomers may keep many of them ?doubled up? with roommates (or in their parents? homes) for some time to come. And there is the question of whether homeownership rates will rise in the intermediate term.

And there is still another concern beyond these: household size may be increasing. This raises the question of whether larger households will ?soak up? much of the relevant population increase, resulting in fewer new household formations. Let?s investigate.

For most of the past 60 years, the average household size has been declining. Following World War II, there was an average of about 3.56 persons per household. Households began to get smaller at a rapid clip in the second half of the 1960s, dropping to an average of just 2.62 in 1989.

Beginning in 1990, household size seemed to rise a bit before tapering off again; by 2000 it had fallen back to the 2.62 mark. Since then, it has inched lower, reaching 2.57 in 2009. It?s too early to conclude that household size is now increasing; we?ll know more when the 2010 Census is released next April.

Household Size Declines

One key factor behind the postwar trend in the average U.S. household size has been the drop in the number of adults (those at least 18 years old) per household. At the beginning of the postwar period there were 2.5 adults per household. By 1969, the number fell to 2.05.

Thereafter, the number of adults per household declined more slowly, edging down to 1.91 in 2003 before starting to rise a bit. That trend was offset at first by the 1946-1964 baby boom and the consequent increase in the number of children (under 18) per household: from 1.12 in 1947 to 1.24 in 1964. After that, however, the number of children per household dropped sharply, falling to 1.00 by 1973.

The baby boomers may have had another effect on the average size. At first, this decline in the number of adults per household was more evident in nonfamily households (unrelated individuals living in the same housing unit and people living alone) than in family households.

But beginning in the early 1970s, the average number of adults in nonfamily households began to rise?from a low of 1.16 to a level of 1.33 in 1994. Since then, it has changed little. The increase was likely caused by the entry of baby boomers into the housing markets starting in the late 1960s?and the fact that young people are more likely to have roommates than are older people.

There is one other clear determinant of the average size of households: the number of people living alone. For more than 60 years, the share of single-person households has risen sharply, tripling from just 9.2 percent in 1950 to 27.5 percent in 2008. By comparison, the share of married couples with children?once regarded as the ?traditional? household?peaked at 44.3 percent in 1957 and has fallen to just 22.0 percent in 2009.

The share of single-person households dipped a bit in 2009 to 27.0 percent. In the past, these dips were offset within a few years. There is good reason to think that there is once again pent-up demand for household formation, particularly among young adults this time, too.

Last year, 29.4 percent of adults 18-34 years old were living at their parents? (or parent?s) home, the highest share ever for the years in which we have data. This is well above the 27-28 percent range that prevailed during the past quarter century. The total number of young adults living with parents is a record 20.3 million. If an economic recovery brings the share down even to 28 percent, that still would mean an additional 950,000 households, most of whom would be renter households.

The increase in household size seen in 2009 seems to have been driven in large part by a pickup in the number of young adults living with a parent. That was surely caused by the Great Recession and is likely to be reversed as the economy recovers. To be sure, if the recovery remains weak and job gains small, this pent-up demand will manifest itself at a slower pace. But there is every reason to think that a better economy will push household formation rates back up.

Thus, NMHC?s tentative conclusion: increasing household size may not be among the industry?s big concerns once the pent-up demand from the echo boomers is released into the market.

(Mark Obrinsky is chief economist and vice president of research at the National Multi Housing Council in Washington, D.C.)

Nevada State Apartment Association Now The Statewide Affiliate For The National Apartment Association

renee@fierrocommunications.com (Fierro Communications) — Mon, 02 Aug 2010 00:00:00 +0000

For Immediate Release Contact: Renee Roberts

August 2, 2010 (702) 385-7300

(702) 300-6574

renee@fierrocommunications.com

NEVADA STATE APARTMENT ASSOCIATION NOW THE STATEWIDE

AFFILIATE FOR THE NATIONAL APARTMENT ASSOCIATION

North & South Have One Voice Legislatively - Power in Numbers

Previously the Southern Nevada Multi-Housing Association and only serving Las Vegas, the Nevada State Apartment Association (NSAA) is now officially the statewide affiliate for the National Apartment Association (NAA).

"I'm thrilled the NSAA now represents the entire state of Nevada," said Michael Fazio, executive director of the NSAA. "Legislatively, there is power in numbers; and now the north and the south will have one voice. At this time, we are actively pursuing teaching educational classes and hosting social networking events in Northern Nevada."

The NSAA is hosting its first educational event in Northern Nevada, in Reno, followed by a special meet and greet on August 17, 2010. Participants will learn how to effectively handle Fair Housing matters including discrimination complaints which are on the rise in large part due to the ease with which a resident or prospective resident may file administrative complaints with the government.

Since January 2009, the NSAA's membership has experienced exponential growth going from 32,000 member units to 44,000 member units. The NSAA is expecting an even more significant increase in its membership in its new statewide role.

The NSAA's primary obligations to its members and the industry are legislative support, education and community outreach. The NSAA has extensive government affairs objectives. The Association's top priority is to serve its members in all legislative issues. The NSAA educates its members on government activity happening at the Federal, State and Local levels working closely with the NAA. Through monitoring and communicating potential legislative dangers to its members, the NSAA strives to protect Nevada's apartment assets and integrity.

The NSAA offers a variety of educational programs throughout the year for its members to fit the needs of rental property owners, mid to upper-level management company executives, property supervisors, maintenance supervisors and on-site personnel. The Association is also dedicated to making a significant difference in the communities in Nevada and focuses on several projects to assist local non-profit organizations. The NSAA holds several outreach projects including food drives, clothing drives, auctions, community improvement projects and aiding less fortunate families.

In addition, the NSAA has an extensive calendar of activities, meetings and social gatherings designed to provide its members with the opportunity to build business and personal relationships including several dinners with discussions of current issues facing the multi-housing industry.

* * *

The Nevada State Apartment Association (NSAA) is a non-profit organization that provides the Nevada multi-housing industry with legislative support, education and community outreach to benefit its membership and the communities they serve. The NSAA is devoted to supporting the diversity, integrity and ever-changing environment of the multi-family industry. The NSAA also strives to promote the highest level of professionalism with established standards and practices throughout every segment of the multi-family industry, including management, marketing, maintenance and suppliers. For more information about the NSAA, visit http://www.nvsaa.org or call (702) 436-7662.

SEE THE OFFICIAL PRESS RELEASE HERE