Metro Rental Housing Journal - February 2014

WWW.RENTALHOUSINGJOURNAL.COM • PROFESSIONAL PUBLISHING, INC PORTLAND/VANCOUVERPublished in association with: METRO Multifamily Housing Association; Rental Housing Association of Oregon; IREM & Clark County Rental Association

Feuruary 2014Rental Housing Journal Metro

continued on page 7

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Current Resident or

I’m going to bet that you probably haven’t heard many people say that they love being a landlord. If

anything, you’ve heard the cons, hatred, and horrific stories of doing such. But, in a world where there is so much emphasis on negativity, I’d like to bring our attention for a sec-ond to some of the positives of the property management industry. So, whether you’ve chosen to be a land-lord as a career, or have been lucky enough to have inherited the job of managing rentals, there are many benefits that go along with being in this business.

First, and probably most obvious, being a property manager creates wealth. There is no denying that owning and managing property over the long term is a great money earn-er. There will always be a demand for housing. However, the earning potential will fluctuate with the state of the economy and various condi-tions within th4 housing market. In good credit conditions, there will be a higher rate of owner occupation and increasing capital values. In more constrained times, there will be more renters with higher rents. Real estate investments are arguably the most stable and secure types of investments you can make. As prop-erty owners, you are able to use ten-ants’ money to pay your mortgage and build your equity, so that you

Love this Job

2. Social Media and Marketing

3. Property Ownership and Property Management Outlook 2014

5. Happy New Year for 2014!

6. RHAO President’s Message

8. Focus on the Prospective Resident

10. IREM Looks Back on Positive 2013 Legislative Results

11. Getting the Lead Out: Local Efforts

to Reduce Child Lead Poisoning

14. Apartments.com National Survey Reveals 2014 Moving Trends: Would Miley Cyrus Be A Wrecking Ball To Moving Plans?

15. Moisture and that horrible word “MOLD”

16. Favorable Strategies for Real Estate Investors in 2014

17. Resolve to Recycle in 2014

Payrolls in Portland will sur-pass the pre-recession peak this year as corporations

expand in the area, including some headquarters operations. Growth at Portland-based companies is partic-ularly encouraging after a handful of Fortune 500 firms relocated from the metro during the downturn to cut costs and consolidate elsewhere.

Nike, one of the metro’s most recog-nizable employers, recently idled expansion plans to pursue an even larger campus extension. The origi-nal plans would have created more than 1,000 new jobs in the market. Daimler Trucks North America, meanwhile, will consolidate opera-tions on Swan Island, adding hun-dreds of temporary construction jobs when the project breaks ground this summer. An additional 400 perma-nent white-collar jobs will be created by the expansion, supporting apart-ment operations in the area. While job growth accelerates, apartment completions will also pick up to meet demand. This year’s deliveries will be the highest in more than a decade as developers attempt to release pressure on the tight apart-ment market.

The infusion of out-of-state capital has compressed cap rates in the metro, while strong operating condi-tions have narrowed value-add opportunities to repositioning plays. To achieve outsized returns, patient local investors may find deals that require a significant capital infusion in addition to management improve-ment. Buyers willing to upgrade landscaping and units by making a moderate investment per door will target properties in Beaverton, Tigard or near downtown. Stabilized apartments will generate bids from out-of-state investors seeking arbi-trage plays. Quality listings can be

found for average cap rates near 5 percent, 50 to 75 basis points above similar properties in Northern California and 25 to 50 basis points above Seattle properties. Cooling rent growth in the primary West Coast markets will encourage addi-tional investors to adopt this strate-gy.

Portland Apartments Increasingly a Landing Spot for

West Coast Exchange Capital

Portland up 2 places:2014 rank: 10 2013 rank: 12

Market Forecast:Employment: 3.1% pConstruction: 1,000 p

Vacancy: 30 bps pEffective Rents: 3.8% p

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2 Rental Housing Journal Metro • February 2014

RENTAL HOUSING JOURNAL METRO

16083 SW Upper Boones Ferry Road, Suite 105, Tigard, OR 97224 503-213-1281, 503-213-1288 Fax www.multifamilynw.org

Pam mcKenna Multifamily NW President

Social Media and MarketingBy Pam McKenna, Multifamily NW President

Why is social m e d i a important

to your business and how does it play a role in marketing? Social media is a low cost way to communi-cate with your customers, both cur-rent and future. The number one goal of social media is to build rela-tionships and connections. Brian Solis, social media expert states, “Welcome to a new era of marketing and service in which your brand is defined by those who experience it.” Your connections and relationships help to build exposure to your com-

munity. The last time I was out of town,

we were looking for a good place for dinner. I turned to Monocle on Yelp to help with my search and found ratings from other customers as well as comments on their dining experi-ence. I was able to pull up the menus, find pricing and even read com-ments on what attire would be appropriate for the restaurant. We were pleased with the results and truly enjoyed our dinner, posting our experience on Yelp’s site.

Statistics on social media reveal how much this has integrated with our lives which includes the apart-ment industry: Facebook has over 1.19 billion active users monthly; 72% of online adults use social net-

working sites; 9 billion photos are uploaded to Facebook monthly; You Tube reaches more US adults ages 18-34 than any cable network; 60% of American adults own a smart phone; Linked In experienced 105% growth between 2011 and 2013.

Social media takes time and care-

ful strategic thought, it does not hap-pen by accident. You will need to purposefully integrate social media into all marketing and branding efforts creating a consistent and rel-evant experience for your customers.

EDUCATIONAL OPPORTUNITIES February 3, 2014 1:00 PM - 5:00 PM Oregon Landlord/Tenant Law Part I (Portland, OR)

February 7, 2014 9:00 AM - 1:00 PM NALP: Legal Aspects (Portland, OR)

February 14, 2014 12:00 PM - 1:00 PM It's the Law Lunch Time Series: Rental Agreements & Addendums - The Latest & Greatest (Portland, OR)

February 17, 2014 1:00 PM - 5:00 PM Oregon Landlord/Tenant Law Part II (Portland, OR)

February 18, 2014 9:00 AM - 2:00 PM Management of Residential Issues Part I (Portland, OR)

February 19, 2014 12:00 PM - 1:00 PM PDX Monthly Luncheon: New Rules for Healthcare (Portland, OR)

February 21, 2014 9:00 AM - 1:00 PM The Leasing Interview and Qualifying Residents (Portland, OR)

February 24, 2014 8:00 AM - 12:00 PM Mold Awareness & Remediation (Portland, OR)

February 25, 2014 1:00 PM - 4:00 PM Law & Rule Required Course [LARRC] (Portland, OR)

February 26, 2014 9:00 AM - 2:00 PM Management of Residential Issues Part II (Portland, OR)

February 27, 2014 9:00 AM - 2:30 PM Property Maintenance for Managers (Portland, OR)

February 28, 2014 9:00 AM - 1:00 PM New Hire Training - Introduction to the Industry (Portland, OR)

March 6, 2014 8:00 AM - 5:00 PM Maintenance Fair 2014 (Portland, OR)

...continued on page 5

OREGON NOTICE OF NONCOMPLIANCE M017 OR

Take advantage of this new form written for the law changes effective January 1, 2014. The Notice of Noncompliance is designed to document the seven noncompliance actions for which the Oregon Landlord Tenant Act allows a landlord to charge a fee:

•LatePaymentofautilityorservicecharge

• Failuretocleanupgarbage/rubbish/waste

• Failuretocleanuppetwaste

•Parkingviolations

• Improperuseofvehicleswithinthepremises

•Unauthorized pet capable of causing damage to persons orproperty

• Smoking inaclearlydesignatednonsmokingunitorareaofthe premisesThe new rules are that the 1st notice of the noncompliance is a

written warning with no fee assessed. Landlord must serve the 1st notice within 30 days of the noncompliance action by the ten-ant. The 2nd notice served may include a fee up to $50 for the same or similar conduct within one year of the 1st noncompli-ance. The 3rd or subsequent notice for the same or similar con-duct within one year of the 1st notice may also be up to $50 plus 5% of the current monthly rent.

Rental Housing Journal Metro • February 2014 3


By Marc Courtenay

The year 2013 will go down in the record books as a good year for both owners and managers of residential income properties.

As I wrote recently in an article titled, It’s Tough to Afford to be a Renter These Days, “Housing afford-ability doesn’t look too promising as 2014 begins. If you listen to the National Association of Realtors the opportunity to be a homeowner hasn’t been this affordable in a long time.”

If you’re looking to sell a home, 2014 may be a good year though probably not as good as 2013. But if you’re looking to buy, 2014 will like-ly be a better year than 2013.

These are just some of the expecta-tions that Jonathan Miller president and CEO of Miller Samuel, a real estate appraisal and consulting firm, shared with The Daily Ticker at Yahoo.com.

“Take home prices, which have been rising at a rate of 10%-12% — depending on which data you use, for example.” Miller says home pric-es will rise half as much in 2014 because more supply will come on to the market. “Inventory is now below

the usual six-month average, credit remains tight and unemployment and underemployment will remain high even if they’ve declined over the past year.

“How can we have price growth that we didn’t see in decades? It doesn’t make any sense,” Miller explains in the video above. About 40% of Americans have low or nega-tive equity in their homes, says Miller. “They can’t trade up, make a lateral move [or} downsize, so they sit.”

And those who have the resources and good credit to buy will find that mortgage rates are higher. This is mostly due to the Fed’s recent deci-sion to reduce its purchases of Treasuries and mortgage-backed- securities (MBS). As I’ve stated many time before, qualifying for a new loan is and will continue be harder than in recent years.

“Under the Dodd-Frank financial reform law, lenders are required to meet new underwriting standards for “qualified mortgages” (QM) if they want greater protection from lawsuits. A QM loan must have a regular schedule for payment of principal and interest and fees paid by the borrower can’t exceed 3% of

the loan amount and monthly pay-ments can’t exceed 43% of the bor-rower’s gross income” Miller explained.

The new rules “will continue to slow the momentum of improve-ment” in the housing market, says Miller. They will “bog things down for the first half of the year...an adjustment period [for rules] that is “probably a necessary evil.” The hope, of course, is that the new regu-lations will help protect the financial system from a crisis like the one in 2007-2008.

“These new rules will also impact Fannie Mae (FNMA) and Freddie Mac (FMCC) — the government sponsored enterprises that are still the backbone of the mortgage mar-ket. They buy about two-thirds of new mortgages and bundle them into mortgage-backed securities for sale in the secondary market. Fannie & Freddie will buy only mortgages that meet most of the QM criteria.

In addition, Fannie and Freddie are raising the fees they charge mort-gage lenders in exchange for guaran-teeing new loans. The increase will make Fannie & Freddie-backed loans more expensive, which will create more opportunities for private com-

panies to compete in the same mort-gage market, says Miller. That’s “tak-ing our medicine,” says Miller. To read the rest of this insightful inter-view and watch the video click here.

So 2014 looks like a more chal-lenging year for both property own-ers and managers, but don’t let that worry you. The flip side and the sil-ver-lining is that owners who have invested in areas where vacancy rates are low will still find plenty of desperate renters wanting to become residents.

For property managers, whether your region has an abundance of potential renters or a deficit, if you’re a smart competitor with the latest and best technology, software and marketing strategies, you’ll outshine your competition.

Being a big proponent of coopera-tion versus competition, I’d recom-mend that property managers net-work with their peers to learn what’s working and how to cooperate your way to success. If you help your competition by referring business to them they’ll do the same for you. Why? Sooner or later you’ll find a prospect who wants to rent in an area where you have nothing avail-able.

Property Ownership and Property Management Outlook 2014



Landing Spot...continued from front page

2014 Market Outlook

• 2014NAI Rank: 10,Up 2 Places.Portland’s low vacancy rate helped propel the market into a top-10 position.

• EmploymentForecast:Jobgrowthwill accelerate to 3.1 percent this year as 31,800 positions are cre-ated, exceeding the 30,100 jobs addedlastyear.• ConstructionForecast: Developers will ramp up construction to 3,000 rentals in 2014, an increase from 2,000 units last year.

• Vacancy Forecast: Vacancy willremain very tight in 2014, though construction will push up the rate 30 basis points to 3.5 percent.

• Rent Forecast: Rent growth willtrend above the national rate as effective rents finish the year at $1,026 per month, a 3.8 percent annual rise.

• Investment Forecast: After muchof the rent growth has been real-ized in primary markets and cap rates hover near all-time lows, some buyers will target Portland to allocate 1031-exchange capital for higher returns.

Marcus & Millichap



A few tips from experts: • Make sure your content is view-

able on mobile devices including images and videos.

• Plan ahead and map out howoften you will connect with your customers by posting fresh con-tent.

• Createcontentthatresonateswithcustomers keeping it relevant.

• Monitorandlistentocomments-social media is just people talking to people and sharing their per-spective. This can have a big impact on loyalty and purchasing decisions. If you treat your cus-tomers well they will talk about it. Don’t view negative comments as a crisis but an opportunity to respond and improve.

• Engagewithyourcustomersandlet them know you value their input.

• Havefun!Creategamesonlineora community challenge that will engage your residents. An exam-ple one community implemented included a property scavenger hunt to find a special yellow rub-ber ducky. The first resident to find the hidden duck won a $50 gift card and had their photo post-ed on the community Facebook page.

• Cross-promote with local busi-nesses suggesting ideas of places to shop, dine and play. By part-nering with your local businesses you can offer a deal of the week adding value for the residents to live at your community.

The real value of social media is in its ability to help you cultivate rela-tionships and build trust with your customers. Using social media to connect and engage with people is the most effective tool when you focus on adding value as opposed to self-promoting. Through this pro-cess you create a picture of the life-style and experience you can expect to have living at your community. David Butler from Social Media Made Easy sums it up, “Ultimately, a positive social media presence will draw in more prospective residents to visit and tour the community.”

How important is social media in our business today? What we do know is that people are connected and talking on social media in grow-ing numbers. They are sharing their experiences. The question is… are they talking about your community? If so, what are they saying? Some choose to avoid social media person-ally, but in business you need to be proactive.

Third party companies can help you manage your social media and more organizations are hiring these firms to stay on top of their commu-nity’s social media presence. This can be an effective way to manage the process, maintain consistency and improve your customer’s expe-rience.

Social Medial...continued from page 2

We have been waiting for a new beginning for some time. 2013 was good, and

much better than previous years. Let’s focus on this year as being even better. So what does “being even bet-ter” mean?

In all probability, this will mean different things to each one of us. However, I would venture to say that there will be a few items that we would nearly all appreciate. For example, what about more consider-ate tenants? How about 10% or more rent increases? How about no main-tenance or repair surprises?

There are undoubtedly more examples I could present. But are these really realistic? Could we raise all our rents by 10%? Really? Would you expect tenants to be more con-siderate of landlords? Think about how many of them are in survival mode, only one paycheck away from being unable to pay their rents. Our properties will always need mainte-

nance or repairs. A new home might have a poor roof installation and experience a slow leak that after months of soaking the attic insula-tion finally shows a wet spot on the ceiling.

The bottom line is that running our rental business could always be better. Being a landlord means being prepared for surprises. Managing rentals means knowing the laws and diligently following them. Having tenants means being sensitive to them and treating them fairly.

2014 gives us another opportunity to be better landlords, improve the quality of our tenants, our units, and our bottom lines. I’ve said this before, and I say it again, be as knowledgeable as possible, treat people with respect, and follow the law and Fair Housing laws diligent-ly. Focus on 2014 as being the best year you have ever experienced, whatever that means to each of us

Happy New Year for 2014!



President • Elizabeth CarpenterTreasurer • Jon Moon Office Manager • Cari Pierce Member Services • Teresa Carlson Bookkeeper • Pam Van Loon

elizabeth carPenter RHAGP President10520 NE Weidler Portland, OR 97220

(503) 254-4723 • fax (503) 254-4821 [email protected] http://www.rhagp.org

RHAO President’s MessageLiz Carpenter talks about changes

at the RHA and building member value.

Big changes are in store for the Rental Housing Association of Greater Portland! After a lot ofwork, your board of directors is excited to share with you in the com-ing weeks a new fresh coat of paint to the RHA, beginning with a name change to Rental Housing Alliance Oregon. Our sole goal is to increase member value and in so doing, show Oregonians the RHA is the leader in the rental housing industry.

So why change the name? Easy: The abbreviation RHA stays the same. Adding 'Alliance' keeps those who don’t know us from being con-fused with other similar organiza-tions. Rebranding will differentiate us and let us be clearer in our public

communications. The second reason is our influ-

ence is growing and so will our membership. The Rental Housing Alliance Oregon allows us to be big-ger than just Portland; we are able to serve the industry across Oregon. Rebranding allows us to talk to our members and inform them of our new services and some old services many people forgot we offer. We want to increase member value, become the one stop shop for infor-mation, education, and service to our members, and build trust that our organization is as professional as we all are in our individual busi-nesses.

You will see a new logo, updated colors, a fresh and current website that will be easier to navigate. Our greatest strengths have been educa-

tion, forms, and keeping our mem-bers current on issues before the city, the county, and the Legislature. The new website will make it easier to find information and it will do one more thing: It will show that our members are warm, professional people, who care about our commu-nities. Creating member value is making sure we as landlords are not on the defensive every time an issue comes up regarding affordable hous-ing.

We have a new slate of directors to the board. Please join me and wel-come Dana Brown, Alita Dougherty, Cathy Galuza, Katie Poole-Hussa, and Matt Schiefer. We are an active bunch of volunteers who are leading our organization into its 87th year of service! Ourboardgivesa tremen-dous number of hours of service to RHA and we would not be poised for a successful 2014 without all the foundation work the board did in 2013.

I urge you to get involved with the RHA. We are here to serve our members and make them proud. As an organization we are focused on our communities, our businesses, and how we present the industry to

the greater public. I’m confident good things are to come. Remember, since 1927, the Rental Housing Alliance has set the standard for community participation by land-lords providing affordable and qual-ity housing for Oregonians. That’s our heritage, and we’re going to buildonit!

Upcoming Class Info

Law Changes in Tenant Screening by: Marcia Gohman - National Tenant Network Tuesday February 25, 2014 at 6:30pm at Standard TV & Appliance, 3600 SW Hall Blvd., Beaverton, OR 97005. Marcia Gohman with National Tenant Network will review basic screening processes, including fair housing,protected classes, accepting applications, and screening criteria. She will cover the changes the law has made in acceptingor denying an applicant based on criminal back-ground and eviction history’s. If you have taken a class from Marcia before you know that the class will give you a lot to think about and willnotbeboring!Comelearnfromand laugh with Marcia as she shares her knowledge, experience and sto-ries about the tenant screening pro-cess. 1 Continuing Education Credit Member, $25.00 Non-Member $35.00 Register by Friday February 21, 2015 and receive a $5.00 discount on the price of the class.

Make Your Rental Business Profitable Thursday, March 13, 2014 - 06:30 RHA Office, 10520 NE Weidler St., Portland, OR 97220 Dana Brown of Full Spectrum Residential Services will show you how to improve our financial success in the rental prop-erty Industry. The cost for this class is $25.00 for members and $35.00 for non-members. Register by March 10, 2014 to receive a $5.00 discount on the price of the class. 1 Continuing Education Credit

Code Upgrades, How it Affects You Tuesday, March 25, 2014 - 06:30 Standard TV & Appliance, 3600 SW Hall Blvd., Beaverton, OR 97005 Joe Squires of Squires Electric will go over code upgrades in the Electrical Industry and how it affects you and your rentals. He will also be reviewing Electrical permits and licensing and when its required. Members $25.00 Non-Members $35.00 Register by Friday March 21, 2014 to receive a $5.00 discount on the price of the class

Terminating a Tenancy Basics - Thursday March 20, 2014 -11:30am RHA Office 10520 NE Weidler Portland OR 97220. Katie Poole-Hussa of Landlady Katie and Landlord Solutions, Inc. will present the basics of getting rid of tenants, both the good ones and the bad ones. Whether your tenants haven't paid their rent, the rental has been sold, or you see a cat in the window upon driving by your "no pet" prop-erty, Landlord Solutions will cover the common termination notices and their timelines. Join us to learn more ways to utilize the state-spe-cific termination forms that the Rental Housing Alliance Oregon has to offer. 1 Continuing Education Credit Member, $25.00 Non-Member $35.00 Register by Monday March 17, 2014 and receive a $5.00 discount on the price of the class.



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Love ...continued from front page

can increase the cash flow to buy greater properties and/or create a stream of retirement income. As a property manager, you can increase rents regularly to match current market rent rates, and your manage-ment fee based on gross rents will increase simultaneously with your client’s income. It really can be a win-win situation.

Secondly, real estate is real. Managing rentals forces you to become more knowledgeable about property upkeep and home repairs. No matter how involved you may be in caring for the actual residence, you will have to understand some-thing about repairs and mainte-nance, even if you hire out the work to be done by others. So, whether you’re lining up the contractors, or putting in your own elbow grease, you’ll notice that you are more dili-gent about ensuring quality work. Fixing up an older property, or turn-ing over a rental that had been trashed or damaged by past tenants, can instill a true sense of accom-plishment.

The third reason why I love what I do is the people. I like my tenants. I would be lying if I said that I’ve liked every resident I’ve ever rented to, but if you can hit it off initially, working with them during their ten-ancy can be quite a pleasure. Some of my tenants have even become friends as well as business acquain-tances. Providing nice, well-kept homes at affordable rates is power-ful. I’ve had the pleasure of supply-ing homes to some who otherwise wouldn’t be able to rent anywhere else based on their circumstances. Experiencing their joy of having a

place to call home fueled my passion and purpose of being a landlord. I have been able to enjoy watching many families grow together through marriage, children and other life accomplishments. And let’s not forget the hundreds of encounters with some very interest-ing people who have either inquired about a property, or the many con-tractors that I employed to perform maintenance duties -- many of whom I would have never met if I were not a property manager.

These are only a few reasons why I love being a landlord. I encourage you all to take the time to step back from the weight of the job, and ask yourself, “Why am I in rental hous-ing?” We all know that being a land-lord is complex, but I believe that if you’re able to outline the positives of the industry for yourself, then when the unavoidable negatives arise you will be able to make deci-sions based on love and not hate.

Katie Poole – Hussa is a Licensed Property Manager, Continuing

Education Provider and Principal at Smart Property Management in

Portland, OR. She can be reached with questions or comments at Katie@

SmartPM.co

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Life is full of interruptions. Yet we must find a way to strike a balance so that all the URGENT

things coming at us do not pull us away from the most important tasks at hand. In the property manage-ment industry, there are urgent owner requests, resident complaints, maintenance emergencies and employee disputes; just to name a few. While all of these issues must be handled in a prompt, professional manner, the business of renting apartments must still remain a prior-ity of the leasing office. Since inter-ruptions are so common in this industry, I am often asked for advice on how to handle these situations. I would like to respond by sharing the story of two entirely different shop-ping experiences:

When I placed my first call, I was just getting ready to hang up when the phone was answered on the sev-enth ring. The consultant spoke so quickly, that I could only make out the name of the community before

she said, “Please hold.” When she came back on the line she said, “Sorry about that. I’m working alone and the phone is ringing off the hook!” She asked how she couldhelp me, and I inquired about apart-ment availability. She said there were a couple of 2 bedrooms open, and then said, “Hang on and I’ll grab my book.” She set the phone down, without putting me on hold, and I overheard how she raised her voice to someone in the background. When she came back on the line she apolo-gized for the delay, and immediately began to quote pricing. She asked if I would like to come by, and I agreed to meet with her in an hour. The con-sultant offered directions and then asked for my name and telephone number; “in case something comes up.”

At the second place I called, the phone was picked up on the second ring. The consultant clearly identi-fied the community by name, and introduced herself. She asked for my

name early in the conversation and used it to establish a rapport with me. I could hear a telephone ringing in the background and said, “I don’t mind holding if you need to get that.” She replied, “Thanks, but that’s what I have voice mail for.” I felt like I was the reason she got out of bed that morning, as she made me feel like I was her most important business for the day! She took thetime to inquire about my needs and then described an apartment that would best meet my specific require-ments. The consultant invited me to come by to see the apartment, and let me pick a time that was most conve-nient for me.

I arrived on time, within an hour, at the first community that I called. There was a sign on the door stating that someone would be back in approximately 10 minutes. I tried the door and it was unlocked, so I went inside and began to tour the cabana while I was waiting. The leasing con-sultant returned shortly and seemed

surprised to see someone waiting. She did not remember our appoint-ment, until after I reminded her of our recent phone contact. She apolo-gized and offered me a seat, stating that there had been several mainte-nance emergencies earlier that day. In fact, she was waiting for a water heater to be delivered at any moment. The consultant did not obtain any further information from me, but recalled we had discussed a 2 bed-room. She pulled out a couple of floor plans to go over with me, but during this process the phone kept ringing, and she repeatedly answered it. She did not excuse herself when picking up the phone, and each time, I was left sitting there to wait until she finished each call. Just as we were heading out to view the apart-ment, the contractor with the water heater showed up. For a moment, the consultant seemed unsure as to what she should do. She asked the contractor to “wait a second,” and

Focus on the Prospective Resident

continued on page 9



then turned to me and explained that she was going to have to let this man into an apartment to replace a leaky water heater. She said, “It’ll only take a minute.” She offered me a seat in the cabana while I waited and told me there were soft drinks in the refrigerator. She said I should “help myself.” I waited for over 10 minutes, and then figured that I had come at a bad time. I decided to leave, and showed myself out.

At my next stop, the consultant greeted me warmly and invited me to have a seat at her desk. She pulled out a guest card she had started and handed me a packet of literature. This packet included everything from floor plans to area information. She said she had also enclosed the address and phone number of the elementary school since I had men-tioned my son was in kindergarten.

As she began to ask more specific questions about my needs, the tele-phone rang several times. The con-sultant let voice mail pick up the calls, but then she finally reached over and turned the ringer off. She said, “I don’t know about you, but that’s really distracting for me.” After we completed the guest card, she asked if I would like to see the clubhouse area before we headed out to take a look at the model. As we stood, a mail carrier came in with several packages and stated that

they were missing apartment num-bers. The leasing consultant was very kind as she explained that she was just going out to show an apart-ment. She invited him to come back in about 20 minutes or said he was welcome to leave the parcels and she would look up the apartment num-bers when we were done.

As we were walking the grounds on the way to the model apartment, the consultant was approached by two maintenance workers who had questions about a problem. She was very professional as she graciously asked them to wait, and prevented them from discussing the problem in front of me. Once we reached the model apartment, the consultant gave a flawless presentation of its many unique features and advan-tages. She was able to relate specific features as personal benefits because she had stayed focused during the qualifying portion of our visit. She remembered AND noted things that were most important to me. The con-sultant was able to make strong, confident closing attempts, since she had sought to satisfy my needs by giving me her undivided attention.

How do you make a prospective resident feel important, when you have a multitude of urgent interrup-tions crying out for your attention? Are you able to focus on the pro-

Focus ...continued from page 6

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IREM Chapter #29 11575 SW Pacific Hwy Suite 210 Tigard, OR 97223 (503) 228-0002 (503) 406-2003 fax

President - Cammie Allie, CPM • President Elect - David Genrich, CPM • Treasurer - Stephanie MacPherson • Additional Officers - Julie Muir, CPM, Traci McCauley, CPM, Kathi Pearce, CPM, Tammy Mills, ARM, Kathi Pearce, CPM, Jeanna Rae Petty, CPM, Jennifer Gerritz, CPM, Chris Pasteur, ARM • CPM Admissions Contact - Traci McConley, CPM • ARM/ACoM Admissions Contact - Tammy Mills, ARM AMO Admissions

Contact - Cliff Hockley, CPM • Education Contact - Kathi Pierce, CPM • Income/Expense Contact - Nutan Engels, CPM and Michelle Schiffer, CPM

(Chicago, Jan. 16, 2014) – The Institute of Real Estate Management (IREM®), strongly committed to leg-islative advocacy, helped to generate significant legislative advances in 2013 of benefit to its members, other commercial real estate professionals and allied interest groups. Among the most notable of these achieve-ments, some resulting from collabo-ration with the National Association Of Realtors® (NAR) and other groups, are these:

• Carried Interest Tax Treatment – IREM participates in a coalition that monitors potential changes to carried interest policy and, in addition, 318 IREM® Members lobbied the issue last April on Capitol Hill. They urged legisla-tors to vote against any initia-tives that would change tax rates in ways that potentially could discourage future commercial real estate investment, particu-larly in an already fragile mar-

ket. Through their efforts, they helped to keep carried interest rates unchanged in 2013 for indi-viduals/couples whose adjusted gross income (AGI) is below the $400,000/$450,000 level (for those who are over this AGI threshold, capital gain/carried interest rates increased slightly from 15 percent to 20 percent).

• Marketplace Fairness – IREM has been a vocal advocate for more equitable sales tax policies, such as the Marketplace Fairness Act (H.R. 684 and S. 743). This legislation would simplify and streamline the tax collection pro-cess for online retailers. Many online retailers have an advan-tage in that their tax collection is not required or regulated, while brick and mortar stores must charge and record a sales tax. This inequity encourages con-sumers to buy more products online, ignoring physical estab-

lishments.

• Last spring, IREM® Members took this issue to Capitol Hill, asking legislators to enact the Marketplace Fairness Act. Shortly thereafter, S. 743 was brought to the Senate floor for a vote and was approved 69-27. This action marked a tremen-dous victory not just for IREM® Members, but the entire property management industry. And while the legislation must clear yet another hurdle and be approved by the House of Representatives, IREM is confi-dent that the issue will continue to build positive momentum in 2014.

• Lead-based Paint in Commercial Buildings – Commercial real estate and many other industries have been concerned with this issue for quite some time. Among other initiatives in 2013, IREM®

Members appealed directly to their respective congressmen to add their names to a letter urging EPA regulators not to hastily cre-ate regulations related to the Advance Notice of Proposed Rulemaking titled “Lead: Renovation, Repair, and Painting (LRRP) Program for Public and Commercial Buildings.” As a direct result of these efforts, 51 U.S. Representatives were moti-vated to sign the EPA letter, which was sent on May 1. In a separate but related action, IREM was represented some weeks later at an EPA hearing focused on renovation, repair, and painting activities in com-mercial and public buildings.

• The EPA has until December 31, 2016 (moved back from an origi-nal date of February, 2014 for paint on the exterior of a build-ing) to finalize regulations to

IREM Looks Back on Positive 2013 Legislative Results





By Jo Becker, Education/Outreach Specialist, Fair Housing Council Serving Oregon and SW Washington

A 2013 study trumpets the efforts by over a dozen local municipalities across the

country that have enacted local lead laws.

While other lead hazards exist (occupational, recreational, etc.), most often lead poisoning is a result of ingesting lead tainted dust, paint, or soil in or around homes built before 1978. According to the National Center for Healthy Housing’s website:

Since lead hazards are more prev-alent in older and substandard hous-ing, lead poisoning is a concrete expression of the affordable housing crisis; it is more common among poor children, children of color, and those living in older housing. Responsible property management, enforceable housing quality stan-dards that are both practical and cost-effective, and increased resourc-

es are needed to protect high-risk communities and preserve the nation’s affordable housing stock.

According to said Katrina Korfmacher, Ph.D, co-author of the study, the extent of the medical and behavior damage caused by lead

poisoning coupled with “…the real-ization that the economic cost of lead poisoning in the form of medical care, special education, and criminal justice are frequently borne by local communities and taxpayers – [has] given rise to several community-

based efforts to make homes lead safe.”

The study, published in the Journal of Health Politics, Policy, and Law, found that local laws can be highly effective tools to address lead haz-ards. By way of example, the City of

Getting the Lead Out: Local Efforts to Reduce Child Lead Poisoning



IREM Looks Back ...continued from page 11

address lead-paint dust, with IREM continuing to aggressively promote regulations that it views as fair and reasonable for com-mercial and multifamily real estate.

ABOUT THE INSTITUTE OF REAL ESTATE MANAGEMENT

The Institute of Real Estate Management (IREM®) is an interna-

tional community of real estate manag-ers dedicated to ethical business practic-es, maximizing the value of investment

real estate, and promoting superior

management through education and information sharing. An affiliate of the

National Association of REALTORS®, IREM is the home for all industry pro-fessionals connected to real estate man-

agement – and the only organization serving both the multi-family and com-

mercial sectors.We believe that good management

matters, and that well-managed proper-ties pay dividends in terms of value and

in the quality of life for residents, ten-ants and customers. We believe in pro-

fessional ethics. We believe in the power of knowledge and the importance of

sharing it.IREM offers a variety of membership

types for professionals of every experi-ence level, from on-site managers to

high-level executives. Our credentials, earned by meeting high standards of

education, experience, and ethical busi-ness practices, include: Certified

Property Manager® (CPM®), Accredited Residential Manager® (ARM®), Accredited Commercial Manager (ACoM), or Accredited

Management ORGANIZATION® (AMO®).

Since 1933, IREM has set the stan-dard for best practices in real estate

management. Today, IREM® member-ship includes 19,041 individual and

580 corporate members. To learn more about IREM, call (800) 837-0706, ext. 4650 (outside the U.S. call (312) 329-

6000), or visit www.irem.org.- See more at: http://www.irem.org/

about-irem/media-resources/PR-01162014#sthash.AkWmFMcg.

dpuf

Lead ...continued from page 11

Rochester saw a 68% decline in the number of children with elevated blood lead levels since the city’s law went into effect in 2006.

“Lead safety is largely a function of maintenance – intact leaded paint is typically not hazardous unless it is disturbed and released into the envi-ronment;” according to Korfmacher. “…lead hazards are related to how owners maintain houses that con-tain lead paint… The Rochester model accepts as its premise the critical need to gain entry to the highest risk housing. This was the rationale for targeting rental hous-ing over owner occupied and for establishing a higher standard for inspection within geographically designated high risk areas.”

Visit www.urmc.rochester.edu/news/story/index.cfm?id=3823 to read

the University of Rochester Medical Center article on the study.

In an informal study of our own,

FHCO found that 37% of landlords still don’t know it has been illegal

under the federal Fair Housing Act to deny housing to an applicant simply

because there are children in the house-hold since 1988, even in pre-1978 prop-

erties. You can also find additional information on fair housing law and

familial status protection at www.FHCO.org and www.FHCO.org/fami-

lies.htm, respectively. We also offer lead-related information, including required pamphlets and disclosure

forms as well as additional lead articles at www.FHCO.org/lead.htm.

This article brought to you by the Fair Housing Council; a nonprofit

serving the state of Oregon and SW Washington. All rights reserved © 2014. Write [email protected] to

reprint articles or inquire about ongo-ing content for your own publication.

To learn more…Learn more about fair housing and /

or sign up for our free, periodic news-letter at www.FHCO.org.

Qs about this article? ‘Interested in articles for your company or trade asso-

ciation?Contact Jo Becker at jbecker@

FHCO.org or 800/424-3247 Ext. 150

Want to schedule an in-office fair housing training program or speaker

for corporate or association functions?Visit www.FHCO.org/pdfs/classlist.

pdf



spective resident and make their needs a priority? If not, you have probably lost the sale. It would be better to phone your appointments prior to their arrival and reschedule, rather than have them come out when you know you can’t give them your undivided attention. Of course this will probably cause some “incon-venience.” However, in the long run, they will appreciate your consider-ation and long remember your thoughtfulness. If you were looking for a new home, how would you want to be treated?

ASK THE SECRET SHOPPER

Provided by: SHOPTALK SERVICE EVALUATIONS

Phone: 425-424-8870E-mail: [email protected]

Web site: www.shoptalkservice.com

Copyright ® Shoptalk Service Evaluations

Focus ...continued from page 8

Advertise in Rental Housing Journal METRO

Circulated to over 20,000 Apartment owners,

On-site, and maintenance personnel monthly.

Call 503-221-1260 for more info.



CHICAGO, Jan. 27, 2014 /PRNewswire/ -- The average month-ly rental cost in the U.S. was $1,083 in Q4 2013, up 3.2 percent for all of 2013, according to Reis Inc. At the same time, demand for apartments remained strong as the nation’s apartment vacancy rate declined to 4.1 percent in the fourth quarter. In response to this news, Apartments.com conducted its annual survey of more than 1,500 renters to gain insights into their moving plans for 2014. The survey reveals both shift-ing trends in renter behavior, and a more lighthearted look at celebrity neighbor preferences.

Affordability, neighborhood and apartment size topped the list of rea-sons people said they are moving; close to half (46 percent) of former homeowners said they prefer rent-ing; and internet listing services and word of mouth were named as the top two resources for renters during their apartment search.

“This year, both economic and lifestyle factors seem to be on the minds of most renters planning to move,” said Dick Burke, president of Apartments.com. “Many helpful online tools, like Apartments.com, are available to help renters make informed and responsible decisions with highly personalized searches, online video walkthroughs, the abil-ity to post and read reviews and apps for iPhone and Android.”

Through the 2014 Moving Trends Survey, Apartments.com also learned:

• Renters who aren’t planning to move in 2014 would change their minds if they:

• Win the lottery: 51.5%

• Get a job promotion (or lose their job): 45.6%

• Move in with their significant

other (or get married, or get divorced): 20.7%

• Experience noisy or annoying neighbors: 19.5%

• Could find affordable options: 13%

• Only 12 percent of renters plan-ning to stay put in 2014 would change their minds (and move out) if Miley Cyrus moved in as their neighbor. “Apparently, most renters wouldn’t mind if guests at Miley’s parties have their hands in the air like they don’tcare!”saidTammyKotula,public relations and promotions manager, Apartments.com.

• More renters would prefer Dakota Fanning (23.4 percent) as their celebrity renter neighbor than Ashley Greene (12.9 per-cent). Also, Chris Noth (15.1 per-cent) would be preferred as a celebrity renter neighbor over Nick Jonas (8.2 percent).

•Why are people moving in 2014? And, why aren’t they?

This year, moving decisions were heavily steered by economic factors. Shopping for a less expensive apart-ment topped the list of reasons rent-ers are planning to move, while affordability topped the list for why renters are staying put. Other popu-lar responses rounding out the top five reasons for whether or not to move included renter preferences, personal tastes, job security and fam-ily issues.

Apartments.com details the top five reasons survey respondents said they are moving in 2014:1. Shopping for a less expensive

apartment: 24.6%2. Wanting to live in a different

neighborhood: 13.6%3. Looking for a bigger apartment:

12%4. Change in marital status: 11.6%5. Looking for a smaller apartment,

or to live alone: 10%

When asked to check all that apply, the top five reasons that rent-

ers said they aren’t moving in 2014:1. Can’t afford to move elsewhere:

47.3%2. Like the neighborhood they live

in: 40.8%3. Like the apartment building they

live in: 40.8%4. Have job security: 22.5%5. Like their neighbors: 12.4%

Why are previous homeowners choosing to rent in 2014? Supporting a rapidly growing trend, close to half of all renters (44.1 percent) previ-ously owned a home, up from 35.1 percent in 2013 and 33.6 percent in 2012. Interestingly, homeownership preferences are split right down the middle in 2014:

• 54 percent of former homeown-ers wish they still owned a home

• 46 percent of former homeown-ers prefer renting

• 51.2 percent of renters (who have never owned a home) prefer renting

• 48.8 percent of renters (who have never owned a home) would like

to own a home right now

• When asked to check all that apply, the majority of survey respondents see the following as benefits of renting vs. owning:

• No unexpected repairs (leaky toilet, clogged sink, etc.): 59.9%

• No or low maintenance (don’t need to shovel a driveway, cut grass, etc.): 51.4%

• Flexibility to move: 51.3%

There was a sizeable increase this year in previous homeowners who indicated that they are choosing to rent mainly because they cannot afford homeownership anymore, while the flexibility renting offers in choosing where to live remained as the number two reason for the third year in a row. Apartments.com pro-vides the top five reasons former homeowners are choosing to rent in 2014, and compares these results to its 2013 survey. The statistics indicate the economy continues to be a driv-ing factor for this group of renters:

Apartments.com National Survey Reveals 2014 Moving Trends: Would Miley Cyrus Be A

Wrecking Ball To Moving Plans?Cost and Neighborhood Top

List of Why Renters Are and Aren’t Moving, Dakota Fanning is Most Popular Choice for Celebrity Neighbor, and Miley Cyrus Wouldn’t Cause Most Renters to Move

... continued on page 19



D & Z - Don’t start the New Year with a “What Were You Thinking Moments”Moisture and that horrible word “MOLD”

It’s a new year, budgets are done, plans are made for our properties and we are excited to get going.It would be great to arrive at

work every day and assume that all is perfect on your property; after all, you haven’t heard any complaints. So, why would I go looking for prob-lems? A word of advice that can help you minimize unexpected expenses, resident heartache and court.

Suzy Manager - Dana, I was talk-ing to a peer at another property and she said her maintenance team was being proactive with historical prob-lems that occur at our property each year. I asked her for a specific exam-ple. She replied that this time of year the cold weather creates moisture which can cause mold issues. I thought, why would potentially cre-ate more problems and draw atten-tion to residents?

Dana – Suzy, the natural reaction to being proactive is to fear finding bad problems? This is a normal reac-tion, however, a regular preventative maintenance plan can prevent issues from becoming bigger much costly issues.

Moisture, and the potential of mold, is a reality in the Pacific NW.

By being proactive and checking the areas of your property that are out-of-sight-out-of-mind, you can cor-rect the problem. Check your attics, garages, and any other dark cool spaces to see if you have proper ven-tilation in place and working cor-rectly.

Zach, I know that you have been training maintenance teams for years on this, what are your suggestion and places to inspect?

Dana, when it comes to mold we have to remember that it doesn’t matter which type of mold spores we have. We must realize that one type or another is present at all times just seeking a nice place to land, live, eat, and multiply. These areas are typically damp dark areas with little or no circulation.

A good preventative maintenance plan should include walking units annually and looking for possible mold potential conditions such as furniture against walls, closets packed tight with items and doors shut, bathrooms with no functioning exhaust fans, single pane aluminum windows, dryer exhaust vents not working properly, and upper crawl spaces with improper ventilation.

These conditions are the number one source of the re-occurring growth problems caused by residents and poor building construction practices.

If you find growth in other loca-tions it may be due to a physical water leak either from the exterior (gutter or downspout) issues, or bro-ken or leaking pipes within the plumbing system.

A good rule of thumb when try-ing to disseminate between surface

growth and growth from a physical water source is to observe the color of the spores. Black, dark green, fuzzy white, or chalky white are typically surface growth and can be cleaned and sealed. When you start to see the broader spectrum of colors such as pink, yellow, blue, red, and orange there’s a good chance the source is a water leak within the wall either coming from a leaking pipe or from an exterior source.




1st Quarter 2014

George Garfield:Many investors are frustrated by today’s frothy pricing of commercial real estate. Non-institutional investors, in particu-lar, are finding themselves outbid on acquisition targets. What is your advice to these investors?

Steven Orchard and Michelle Lee:Asset values are generally high

relative to underlying fundamentals due to the ample supply of invest-ment capital in the soft economy, making distressed assets with attrac-tive prices difficult to find. Non-institutional buyers can best com-pete for mid-cap, value-add invest-ments, and are most likely to find those deals outside of primary mar-kets.

Fortunately for non-institutional buyers, more capital is coming online for mid-cap deals. Equity funds and lenders are increasingly willing to transact below their stated minimum deal size. Many are forming sub-ventures to pursue small and mid-cap opportunities. Some are working in secondary and tertiary markets in order to find yield.

These bigger platforms, however, want to accept less risk on smaller deals. As such, those looking for capital should proactively adapt to the demands of capital sources. For example, they might need to strengthen their sponsorship profile and financial capacity by securing a

co-general partner relationship. They should prepare to accept meaningful risk to their position to reassure the institutional capital provider, via such measures as personal recourse, larger equity contributions or subor-dinating their fees and returns. Our most successful clients today adjust to these shifting dynamics and make it easy for institutional money to say “yes.”

Garfield:Where should investors look for invest-ment opportunities in 2014?

Orchard and Lee:We advise our clients to look at

what they already own as their best investment opportunity instead of overpaying for new assets. Investing capital to upgrade or reposition cur-rent assets can create value and maintains a lower comparative cost basis than developing or acquiring new assets. Investors are advised to evaluate each property in their port-folio and reposition them for a long-term hold.

An owner seeking to redevelop an older property might need to use third-party, joint venture equity in concert with a bridge loan to fund their project. For example, one of our clients owns an industrial building in downtown Los Angeles that might garner $17 million if it was sold. But then the client would be hard pressed to find another suitable asset to pur-chase; a dilemma it has already

encountered. We are formulating a restructure plan in which it will con-tribute the building into a new joint venture; secure a bridge loan and venture equity; and redevelop the asset into a creative office building. Our client is thereby positioned to deliver an office building for less than could a competitor that had to purchase a redevelopment property, which allows it to drive leasing with competitive rents.

A less extensive reposition may be funded with equity from the prop-erty itself, using higher leverage fixed-rate term debt. If no additional capital investment is needed, the best strategy may simply be recapi-talizing the financing for a longer term hold. In any case, we encourage clients to plan for at least a five to seven year horizon with respect to their financing.

Regardless of the strategy that is ultimately selected, investors should evaluate individual assets and their portfolios as a whole to unlock capi-tal, value and potential profit in 2014.

Garfield:Should owners consider refinancing assets in light of today’s capital markets?

Orchard and Lee:Investors should be thinking

about debt as an asset in 2014. One has to use leverage advisedly, obvi-ously. But with debt this cheap and strong inflationary pressure looming in the long term, procuring long-

term fixed-rate debt is a smart invest-ing strategy. We helped a number of clients implement this in 2013 while rates rose approximately 100 basis points. Rates are fairly stable again today, but in light of the Fed’s taper-ing and economic growth, many experts agree rates will increase fur-ther in 2014. It’s also important to consider the relationship between net operating income and interest rates at the time of refinancing. If rates rise and NOI doesn’t, then loan proceeds are reduced. Does the owner expect interest rates to rise next year? Will the NOI on the prop-erty increase commensurately? How will this dynamic affect their ability to refinance when the existing loan comes due? Refinancing early may be a good choice, both from an eco-nomic and risk management stand-point.

Steven Orchard213.430.2528

[email protected]

Michelle Lee213.430.2533

[email protected]

George Garfield213.430.2521

[email protected]

Favorable Strategies for Real Estate Investors in 2014

ASK THE EXPERT is a Q&A with TRANSWESTERN experts and leaders. In this edition, George Garfield, Transwestern’s West president, talks to Steven Orchard and Michelle Lee, leaders of the firm’s structured finance group in the West, about strategies for non-institutional investors in

light of aggressive asset pricing, as well as current capital markets, economic and monetary conditions.



New Year’s resolutions start in January and are often for-gotten by February – with-

out making a difference in our lives. But there is an easy resolution that saves you money, will make you feel good and best of all – it doesn’t involve the bathroom scale.

Recycle more “stuff.” There are recycling options – most at no cost – for many things you might consider to be garbage and for other things you are just not sure what to do with.

For instance, TVs, computers and monitors can be recycled/reused in Washington and Oregon for free whether they are working or not.

Laws in both states require the man-ufacturers of TVs, computers and monitors to provide consumers with free and convenient recycling of these products. In Oregon it is illegal to throw them in the trash. To find free drop-off locations in your area go to:

Washington residents - www.ecyclewashington.orgOregon residents - www.oregonecycles.org

Apartment and rental housing managers do not have to get stuck with the cost of disposing of TVs and computers abandoned by tenants.

Use the E-Cycle pro-gram in your state to save money.

And it’s not just elec-tronics you can easily recycle. In Washington you can find recycling options for appliances, batteries, motor oil, plastic, metal and glass containers as well as “household hazardous waste” such as paints,

pesticides, fluorescent lights and mercury containing devices like thermostats.

To find recycling options in Washington for these household items go to the searchable recycling database (1-800-RECYCLE Online) found in the link above. For the Portland metro area in Oregon, go to www.oregonmetro.gov/index.cfm/go/by.web/id=1383.

So the next time you are trying to figure out what to do with the unwanted stuff in your house –

maybe even that bathroom scale – or stuff left behind by a tenant, look to recycle it and you’ll feel good about yourself.

If you have questions about recycling in Washington or you would like to dis-

tribute electronics recycling informa-tion to your tenants, contact Miles

Kuntz (360) 407-7157, [email protected]. In Oregon contact

Michelle Shepperd (503) 229-6724, [email protected].

Resolve to Recycle in 2014





Getting back to the preventative maintenance objectives, be sure to address all these potential condi-tions upon your annual inspection and within your Turnover checklist in order to be sure you are inspecting all mechanical and passive venting systems in the unit and around the property to ensure that air flow is functioning properly. This constant air flow is what inhibits mold growth by carrying mold spores out of the unit and buildings, and never giving it a chance to land and colonize.

Be diligent in constantly educat-ing residents regarding the things they can do to help combat mold growth. Here is a short list:

Open windows, use mechanical fans for a minimum of 25 minutes after showering or cooking, keep closet doors open, pull furniture

away from wall at least 6-12”, wipe down any condensation on windows and flat surfaces, and report any growth early in case there is a leak-ing pipe or other physical water intrusion issue.

Lastly, if you haven’t started a “Mold Log” notebook, you should. A simple list of reported mold issues, date they were reported, what you did, and who did it can really save you down the road if things do turn ugly between you and the resident and legal questions arise as to how the issue was handled.

In the end don’t be afraid of mold, be proactive, have a clear and sys-tematic plan of action, work your plan consistently every time, and document, document, document.

D&Z – "MOLD"...continued from page 18Survey Reveals...continued from page 14

• 1. Can’t afford homeowner-ship anymore: 21.5% (up from 14.2% in 2013)

• 2. Flexibility renting offers in choosing where to live: 15% (down slightly from 15.7% in 2013)

• 3. Lost home due to foreclo-sure or divorce: 13% (up from 11.2% in 2013)

• 4. To relocate for employment: 12.4% (down from 13.3% in 2013)

• 5. Because renting is more affordable: 10.4% (down signifi-cantly from 22.2% in 2013)

Who will renters share their apart-ments with in 2014? One area that seems to be a constant is renter liv-ing arrangements, which have remained nearly identical for the past three years:

• 1. Husband/wife/significant other and/or kids: 47.6%

• 2. Living alone: 42.6%

• 3. Roommate(s): 9.8%

About Apartments.com Apartments.com (http://www.apartments.com) is a leading national apartment Internet listing subscription service with more than 50,000 unique addresses repre-senting millions of rental units from managed properties, newspaper classi-

fieds and for-rent-by-owner properties. By incorporating the most relevant products to reach renters including personalized searches and highly visual ads featuring live chat, real-time rent, online video walk-through demonstra-tions, professional photography, a responsive website and iPhone and Android apps, Apartments.com creates easy access to its listings. Providing unmatched exposure to its advertisers through an intuitive name, strategic search engine placements and featured partnerships and more than 120 news-paper websites and innovative emerg-ing media, Apartments.com reaches millions of renters nationwide, driving both qualified traffic and highly-engaged renters to leasing offices nationwide. Apartments.com is a divi-sion of Chicago-based Classified Ventures, LLC. The Apartments.com network of apartment rental websites includes Apartment Home Living (http://www.apartmenthomeliving.com), a leading social media apartment website distinguished by a “live for fun” community experience, proprie-tary lifestyle matching and local living guides to help renters find their perfect place to live and Rental Homes Plus (http://www.rentalhomesplus.com), an online destination where house hunters who prefer to rent can choose from a robust inventory of houses, condos, town houses, duplexes and apartments from around the country.

SOURCE Apartments.com



Documents

Metro Rental Housing Journal - February 2014