via GlobeSt.com The industrial sector kicked off the year with surging demand outpacing supply for the first time since the first quarter of 2019 and record-high rents hovering at $6.90 per square foot nationally, according to a new report by Cushman & Wakefield. The first quarter of 2021 showed market absorption of 82.3 million square feet (msf), the most space ever absorbed in a first quarter of any year reported by Cushman & Wakefield and a number that’s up 78.2% over the 46.2 msf reported in the same period last year. Read More..
News and Events
via GlobeSt.com After a seasonal lull in December, multifamily applications and move-in volumes are all up for a third consecutive month, according to MRI Software. In March, traffic hit higher levels than it did in summer 2020. March’s traffic hit roughly 140% of March and February from that year. Call volumes associated with leasing also hit volumes not seen since last summer. Online applications grew faster than overall application volumes, showing that online leasing is taking hold. Overall applications were more than 140% over February’s numbers. Online applications were nearly 200% of March 2020. Read More..
via GlobeSt.com Rent growth in the nation’s 50 largest housing markets saw its first uptick since the pandemic began in March. Rents grew 1.1% year-over-year, according to the realtor.com Monthly Rental Report. Still, rental markets in pricey high-tech hubs like San Jose, San Francisco and Seattle continue to struggle. The US median rent, which is calculated by averaging the median rent of the 50 largest metros, averaged $1,463 in March. Previously, rent growth had slowed from 2.2% in July 2020 to just 0.6% in February 2021. Read More..
via GlobeSt.com In March, as GlobeSt.com reported, Apartment List’s national index jumped by 1.1%, which was its largest monthly increase going back to the beginning of 2017. That doubled historical growth in the month. In the previous three years, March’s year-over-year rent growth was 0.6%. In addition, the rent growth in March knocks out COVID’s declines in Apartment List’s index. The index recently started growing ahead of seasonal trends seeing improvement in both pricey coastal markets and smaller cities that have grown popular through the pandemic. Read More..
via Bisnow.com After more than a year of coronavirus pandemic life and its repercussions, a looming threat has been the growing amount of rent debt. The exact amount of back rent owed statewide is not known, but estimates have ranged from $400M to $1.7B. The city of Los Angeles is accepting applications through April 30 for up to $235.5M of rent relief provided as part of the December federal stimulus bill. The funding will be awarded to qualified applicants via a lottery-style system, with preference given to applicants who make less than 30% of the area median income, or $33,800 a year for a family of four. Unlike the previous round of rent relief, this time landlords are able to apply on behalf of their tenants. Read More..
via Urbanize.city Earlier this month, the Los Angeles City Council voted to instruct city staff to draft an ordinance which would expand the adaptive reuse ordinance citywide - on the condition that any new housing created is restricted to moderate-income households. Now that policy could be revised once again in an effort to provide shelter to the region's unhoused residents. A motion introduced earlier this week by Councilmembers Paul Koretz and Mike Bonin calls for the Departments of City Planning and Building and Safety to report on the feasibility of amending the adaptive reuse ordinance to include transitional and permanent supportive housing developments. Read More..
via TheRealDeal.com The city of Los Angeles is launching its $235.5 million rent relief program on March 30, opening applications for both landlords and tenants. While the pool of funds is twice as large as the city’s last rent relief program, city officials expect it will not be enough to meet demand, according to the L.A. Times. Read More..
via GlobeSt.com After several months of decline, Los Angeles apartment rents held stable in February, according to research from Apartment List. Average rents stood at $1,511 for a one-bedroom apartment and $1,982 for a two-bedroom. While rents have stabilized, they are down 8.3% year-over-year. “It’s likely that this is signaling a real stabilization in rents. Although rent growth was flat, it’s worth pointing out that this is the first month since February 2020 where rents in L.A. didn’t drop,” Rob Warnock of Apartment List, tells GlobeSt.com. “After a full year of steady declines, it’s possible that the pandemic-driven rent drop has run its course and that next month we’ll see rents in L.A. start to tick back up.” Read More..
via GlobeSt.com US District Judge John Barker in Texas has ruled that an eviction moratorium put in place by the Centers for Disease Control and Prevention last year and then extended until March is unconstitutional. The ruling does not affect states’ eviction moratoriums. Read More..
via AptMags.com ATTORNEY CRAIG MORDOH joins us LIVE! Join us online for a live webinar and Q&A session with Craig Mordoh, the Apartment Association of Greater Los Angeles’ General Counsel and one of the area’s top landlord and eviction attorneys. YOU DON’T MISS THIS IMPORTANT UPCOMING, NEW WEBINAR – THIS IS YOUR CHANCE TO GET YOUR LEGAL QUESTIONS ANSWERED BY CALIFORNIA’S TOP LANDLORD ATTORNEY…ALL FOR FREE! Learn about when and how you can evict your problem tenants, how Senate Bill 80 and Assembly Bill 91 work and whether it will all be over by June 30, 2021, and the many legal strategies YOU... Read More..