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News and Events

An Oversaturated Flex Space Market Could Easily Deflate

via GlobeSt.com The flex office market already looks like it will see a comeback. Indicators range from the resurrection of WeWork into a publicly held company through a SPAC to a deal with JLL to market and lease co-working spaces in 38 locations across seven U.S. cities. A JLL survey of 2,000 office workers showed that two-thirds want to work from different locations, suggesting that after a pandemic, there may be multiple places as good as, or better sounding, than another day at home. Read More..

Gov. Newsom announces plan to pay rental housing providers 100% of rent owed

via CAANet.org Gov. Newsom today announced his intent to pay rental housing providers 100% of rent that’s gone unpaid because of COVID-19. “This is certainly welcome news, and we applaud Gov. Newsom for his commitment to making rental housing providers whole,” said Tom Bannon, chief executive officer of CAA. “Many of our members have provided housing for more than a year without compensation. We thank the governor for understanding the difficulties that both tenants and rental property owners have endured during the pandemic.” Read More..

May Becomes One of Best Months for Rent Collection During Pandemic

Via CoStar.com The number of U.S. apartment dwellers paying full or partial rent increased from April to May to one of the best figures during the pandemic, a signal of increasing recovery from the economic hardship since the onset of the health crisis. Roughly 80% of renters paid full or partial rent payments by May 6, according to the latest rent payment data from the National Multifamily Housing Council. The Washington-based apartment advocacy and research group surveyed 11.7 million rented units throughout the United States. Read More..

SoCal industrial boom may prompt tighter air quality regulations

via TheRealDeal.com Southern California’s industrial market has been surging, but that has come at a cost to the environment. Warehouse operators may soon have to meet new air quality regulations or pay hefty fines for their emissions, according to the Los Angeles Times. Regional air quality officials on Friday are set to vote on a suite of rules aimed at reducing emissions from trucking and warehousing operations in the area, according to the report. Read More..

Apartments Have Stabilized Earlier Than Expected

via GlobeSt.com In Q1 2021, the US multifamily market stabilized a quarter earlier than expected, according to a new report from CBRE. While vacancy rose by 20 basis points to 4.7% in the quarter, the average rent rose 0.4%. That was the first quarterly rent increase since the pandemic began. Still, the average rent was down 4.2%, and vacancy was up 50 basis points compared to a year ago. Read More..

TOMORROW LIVE at 11AM – Extreme Makeover: Apartment Edition

via AptMags.com WHEN: 11:00 A.M. – 12:00 P.M. on Friday, April 30, 2021 Please join us for another informative session of the Southland’s Top Property Managers and our panel of expert, Southern California-based, property managers who will be discussing how YOU can best succeed in today’s pandemic-challenged leasing market and lease your vacant units promptly and to the most qualified tenant applicants. Learn the leasing philosophies and techniques deployed by today’s top professional property managers during what will certainly be an exciting session we are calling “EXTREME MAKEOVER: Apartment Edition.” Read More..

Industrial Rents Hit Record High in Q1

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..

Apartment Concessions Decline as New Leasing Stabilizes

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..

Housing Rents Pick Up After Eight-Month Lull

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..

Where Apartment Rents Are and Are Not Rebounding

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..

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