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via GlobeSt.com Los Angeles rents have decreased nearly 7% since the start of the pandemic, placing the city somewhere in the upper-middle in terms of rent declines. Data from Apartment List shows that rents in Los Angeles have decreased 6.9%, while San Francisco—which leads the nation in rent decrease—rents have fallen 21.7% and the nation have averaged rent decreases of 1.4%. Read More..
via GlobeSt.com Outdoor retail and dining areas could be here to stay, according to panelists at a recent CREW San Diego event, which analyzed the lasting effects of the pandemic. The conversation included Howard Blackson of AVRP Studio; David McCullough of McCullough Landscape Architecture; Christopher Bittner of OBR architecture; Alyssa Muto of the environmental policy and public space in the planning department at the City of San Diego; and Penny Maus of the Port of San Diego, who served as moderator. Read More..
via GlobeSt.com Job losses, combined with the expiration of unemployment benefits, may finally be taking its toll on the apartment market. After multifamily held up reasonably well in Q2, national asking and effective rents declined at a record pace in the third quarter, falling by 1.8% and 1.9%, respectively, according to Moody’s Analytics REIS. That is the largest quarterly decline since 1999 when the company began publishing quarterly data. Before 2020, the most significant decrease occurred in Q4 2001—right after 9/11. Read More..
via GlobeSt.com Throughout the COVID-19 recession, it has been anticipated that smaller apartment owners would bear the brunt of the problems in the multifamily sector. If rent payments are late or units are empty, there are fewer apartments to spread that revenue loss over. Also, many tenants in smaller apartments are likely to have lost jobs in this recession. Read More..
via GlobeSt.com Once again, California voters have decided not expanded rent control in the state. In Tuesday’s election, voters rejected Proposition 21. Had it passed, the measure would have allowed local jurisdictions to expand rent control or create new rent control laws on almost all housing types. It was widely opposed by the commercial real estate community as well as Governor Gavin Newsom. According to data from The Associated Press, the proposition received only 40% of the votes, although ballots are still being counted. Read More..
via latimes.com California voters have again decisively rejected a bid to expand rent control statewide. The failure of Proposition 21 means that, once again, landlord groups have convinced voters that stricter limits on rent hikes are not a solution to California’s housing affordability problems. A statewide ban on most new forms of rent control will remain in effect. Read More..
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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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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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..
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..