Best Multifamily Bets for 2009
overall revenues essentially flat.MinneapolisCurrent Performance: Occupancy of 95.2%, Annual Rent Growth of 3.9%Minneapolis ends 2008 with occupancy in good shape and rent growth registering at a healthy pace. Ongoing construction is minimal, with permits for only 1,800 units issued during the past year. To remain among the nation’s top tier performers during 2009, then, the metro just has to avoid meaningful job loss, and economic forecasters are anticipating only minor backtracking in the employment tally.PittsburghCurrent Performance: Occupancy of 97.5%, Annual Rent Growth of 3.6%Pittsburgh has quietly become one of the healthiest apartment markets across the country over the past couple…
Market Report: Bright Spots
on surplus land already owned by these districts. In fact, it has just broken ground for the second phase of Casa del Maestro, which will consist of a three-story building with 30 units in San Mateo, and plans to start another 60 units elsewhere in the fall. Target rents for teachers are 50 percent or less of the market rate. The for-sale market on the Peninsula continues to move product, Dorfman reports. In fact, the developer just entitled a 1,600-unit project in north San Jose. Three different architecture firms will be designing the six buildings in this walkable community, which…
Special Report from IBS: Building Industry Is in Love with Green on Valentine’s Day 2008
By Teresa O’Dea Hein, Managing EditorOrlando, Fla.–While red is traditionally associated with Valentine’s Day, green is the color of the day here at the 64th annual convention and exposition of the International Builders’ Show in Orlando, Fla., sponsored by the National Association of Home Builders (NAHB). Even though seminars on green building technologies and marketing strategies are part of the entire four-day conference, today has been designated as Green Day. It featured the launch of NAHB’s National Green Building Program as well as the introduction of the U.S. Department of Energy’s Builders Challenge program, a keynote speech by noted green…
USA Technologies & Coinmach Launch Credit Solution for Multifamily Laundry Market
By Teresa O’Dea Hein, Managing EditorMalvern, Pa.–USA Technologies has introduced eSuds Credit, an online laundry service for the nation’s multi-housing laundry industry. eSuds Credit enables residents in multifamily housing to go online to see what washers and dryers are available in their shared laundry facility, pay for their laundry services with a credit or debit card, and also be notified via email, PDA or cell phone when their wash or dry cycles are complete.This system has already been installed by Coinmach in Potomac Place Tower, a high-rise apartment community in Washington, D.C.“Many Potomac Place residents appreciate how the online service…
Southeast Steady Performers
t was already a fairly conservative construction pace.Farther south and west, Memphis employers are forecast to add 11,000 positions by year’s end, a 1.6 percent increase, according to a third-quarter Apartment Research Report from Marcus & Millichap. Builders will deliver approximately 200 new apartments to the Memphis area by year’s end, reports Marcus & Millichap. Metrowide vacancy should decline 20 basis points to 10.5 percent by year’s end, as modest additions to supply will be met by increased demand related to the metro’s employment growth. Asking rents are forecast to increase 1.9 percent to $650 per month, according to the…