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L.A. Apartment Rents Down 6% Since the Start of the Pandemic

via GlobeSt.com

Apartment rents in Los Angeles have declined 6% since the start of the pandemic, according to research from Apartment List. In September alone, rents fell 1.1% in the market. While this is a significant decrease, Los Angeles ranked 11th in the US for its drop in rents.

“As the recession deepens and remote work settles in, many renters have new expectations for what they want out of a home,” Rob Warnock, research associate at Apartment List, tells GlobeSt.com. “Obviously there is a need for cheaper housing, but also a desire for more physical space that might inspire renters...

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Rent Payment Struggles Continue

via multihousingnews.com Recent reports detail a downward trend in residential rent collections as stakeholders seek solutions.

More than six months into the coronavirus pandemic, multifamily trade groups and advocates are worried about the cascading effects of falling rent payments.

While some reports have found that collections haven’t dropped as drastically as many had feared, numbers are still down from the same time last year. And with federal rent relief measures stalled in Congress, the expiration...

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Single-Tenant Net Lease Finds Stability Through Pandemic

via GlobeSt.com Single-tenant net lease properties are finding stability through the pandemic—making them a standout in the retail market. Investors are taking note. A new report from Colliers International forecasts that investment-grade triple-net tenants should produce higher leveraged returns for investors over the next several years, and investors are actively seeking and competing for these opportunities. These properties will remain particularly popular for 1031 exchange investors as well. As a result, Colliers is predicting cap rate compression in this market, although it will depend on the sector, location and the tenant quality. Read More..

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Apartment Rents Have Dropped in Nearly Half of the Top 100 Markets

via GlobeSt.com Rents are declining in markets across the country. A new national apartment rent report from the Apartment List shows that rents have declined in 41 of the top 100 markets in the country since the onset of the pandemic in March. San Francisco, New York and Seattle have seen the steepest decline in rental rates, with 17.8%, 11.6% and 9.9% drops in average rent, respectively. This has cleared all of the rent growth from the last year in those markets. Read More..

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100,000 Restaurants On Track to Close This Year

via GlobeSt.com At least 100,000 restaurants will close this year because of the pandemic, the National Restaurant Association recently predicted. Perhaps more surprising, the association also found that 60% of operators said their total operational costs, as a percent of sales, are higher than they were before COVID-19. Further, on average, restaurant operators say their staffing is just 71% of typical levels. Read More..

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Most Retailers Have Now Struck Agreements with Landlords on Back Rent

via GlobeSt.com Retailers have struggled to pay rent through the pandemic, and as a result, the retail market has been among the sectors with the lowest rent collections in the commercial real estate. In June, one-third of retail tenants had paid 75% of rent, but in July, that number doubled, with two-thirds of retailers paying only 65% of rent, according to a retail survey conducted by NRF and PJ Solomon. Read More..

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The Power of INC: Tax Savings During Times of Economic Uncertainty

via EventBrite.com Discover if incorporating is right for you, which entity you should select, and more... About this Event Speaker, Tony Watson, is an Enrolled Agent who focuses on providing personalized financial guidance and tax preparation services to individuals and businesses. As a federally licensed tax practitioner, Tony helps his clients make sound financial decisions and works to ensure all eligible deductions are received when preparing taxes. Should a client need assistance with audits, collections, or appeals, Tony is empowered by the U.S. Department of Treasury to represent taxpayers before all administrative levels of the Internal Revenue Service. In addition to his one-on-one client work, Tony Watson is the keynote speaker for Robert Hall & Associates. He speaks on various tax related topics at over 100 engagements throughout California each year. His dedication to his clients and expertise in the field of taxation lead him to win the Glendale Reader’s Choice Award for Best Tax Preparer in 2016. Read More..

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Contracts Seminar: The Most Common Mistakes in Lease Contracts

via AirCRE.com Join us for the first virtual AIR CRE Contracts Strategy Seminar. This highly informative presentation and Q&A on the nuances of correctly using the lease contracts, will be presented by AIR CRE Contracts experts Bryan Mashian and John Pagliassotti. Normally, the only the way to access this information is to attend a live, half-day seminar in Southern CA, which is $199, but now, anyone can join this streamlined session online, via Zoom. Read More..

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Eviction Wave Still at Sea: Will It Make Land?

via MultiHousingNews.com Paul Fiorilla of Yardi Matrix sheds light on how the multifamily industry continues to brace for an increase in missed rent payments. The eviction moratorium announced this week by the Trump administration ended fears of an immediate wave of evictions. But the eviction ban, in effect through the end of the year, merely postpones the inevitable problem if double-digit unemployment rates persist and federal aid remains stalled in the U.S. Senate.

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Tenants Get Creative as They Look to Exit a Lease

via GlobeSt.com If a store can’t survive, a buyout may be the best option. If a landlord thinks a tenant can survive after the COVID economic crisis passes, they’re usually motivated to work on payment plans, according to Luis Martinez-Monfort, founding partner of law firm Gardner Brewer Martinez-Monfort. “The appetite to work through forbearance from both the tenant and landlord is pretty high because I don’t think landlords believe, dependent upon the type of tenant they have, that there’s someone who’s immediately going to backfill a space,” Martinez-Monfort says. Read More..

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