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‘What Renters Want’ With Jessica Fiur: What Renters in Their Late 20s to Mid 30s Are Looking For
It’s an odd renter group, those in their late 20s to mid 30s. They no longer want the same things that renters in their early 20s want. After all, they think they’re too mature to go out to the bars (they’re not). But they also think they’re too cool for peace and quiet (they’re not). It’s frustrating for these renters, who are both feeling too old for the party scene, and too young to catch a 4:30 supper. Like that Britney Spears’ song “I’m not a Girl, Not Yet a Woman” (except, you know, less awful). This diverse age group…
“The Accidental Economist” with Jack Kern: The 12 Days of Rent Growth
As tempting as it is to author a little tune and a set of lyrics that would be a satire on that holiday standard song, there really is what I like to call the 12 days of rent growth. Most of the time, during the year there is a general acceptance of what drives rent and much to the disappointment of renters it isn’t always a supply and demand issue. While for now, the imbalance in availability is slightly tilted in favor of owners, some recent government releases have started to alter the trend just a little bit. So what…
‘What Renters Want’ with Jessica Fiur: 4 Things Renters in Their Early 20s Want (And 2 They Don’t)
Remember when you were little and considered chicken nuggets and a soda the epitome of fine dining? (Actually, I still do, but that’s neither here nor there.) Tastes and needs change as we get older, and the same principles apply to renting. What people in their early 20s want is completely different from what retirees want. Knowing your renters can help you target the right age group when you’re showing your apartments. In the next couple of blogs, I’ll be exploring what different age groups are looking for when they look at apartment rentals, starting with people in their early…
‘What Renters Want’ with Jessica Fiur: Anything Goes: What It Takes to Get that Lease Signed
Apartments don’t just sell themselves. You might have tons of natural light, a modern chef’s kitchen and be located near transportation, but, then again, so is your competitor’s place. So then real estate agents and developers must reach in to their bag of marketing tricks. Staging an apartment is probably the easiest, and most effective, way to hook renters. As all writers know, the most difficult thing about writing anything–book, article, grocery list–is staring down that black screen. Once something–anything–is on that page, it becomes a lot easier. Same goes for apartments. Blank walls are terrifying. Add some beautiful paintings,…
‘What Renters Want’ with Jessica Fiur: The Cooking Show Phenomenon, and How It Changed Multifamily
A few years ago, I had no idea what creme fraiche was. I didn’t know beets could be made into foam (or why anyone would want them to be. I’m actually still trying to figure this one out). Actually, to be honest, I didn’t even know how to boil an egg. Seriously. Don’t judge. But all that changed with the influx of cooking shows such as “Top Chef,” “Iron Chef,” “Diners, Drive Ins and Dives”…the list goes on. Suddenly I don’t just know how to cook, but I want to. And it’s not just me. Everyone watches these shows now,…
‘Outside the Box’ with Erika Schnitzer: How Trader Joe’s Can Be An Example to Apartment Managers
Step into a Trader Joe’s store in Manhattan and you’ll be greeted with a madhouse of customers maneuvering the tight aisles, and employees frantically restocking shelves and holding up “End of Line” signs, which keeps getting further and further away from the checkout. Yet the customers keep coming, loading their carts and waiting in line. This scene is not just at the holidays; it’s year-round. The store doesn’t have sales; instead, it offers low prices all year long. But it doesn’t sacrifice in quality, either. The produce is fresh, the baked goods look like something you’d find at a gourmet…
‘The Accidental Economist’ with Jack Kern: Divorce American Style
In the beginning it was great, like true love—so exciting and cozy. I couldn’t wait to get home, to be there, the newness of it all, the way it made me feel, all tingly inside, like a hug after a long journey. Then it started to get to me—the noise, which was a cacophony of chatter, chirps and humming. Oh how I hated the humming, even thinking once that a quick whack with a frying plan would stop it permanently, but the consequences of that were too much to consider. I really don’t know how I got sucked into this…
Effect of Home Mortgage Interest Tax Deduction on Multifamily Real Estate
By: Jeffrey A. Kohn, Esq. There have been a number of proposals to reduce or eliminate 26 U.S.C. § 163(h) of the Internal Revenue Code, which currently allows home mortgage interest to be deducted for federal tax purposes (the “Mortgage Interest Deduction”) subject to certain limitations. Currently, most taxpayers that elect to itemize may deduct the interest on their mortgages on their federal income tax returns. There are two important limitations on the Mortgage Interest Deduction: (1) the deduction is limited to interest on debts secured by a principal residence or a second home and (2) interest is deductible on only the first…
‘The Accidental Economist’ with Jack Kern: Not Your Father’s Renter Thanksgiving
I’m a second-generation American. My parents both came here from immigrant families that probably would have been denied entry if not for the fact that they arrived here around 1908. I come from a long line of renters (and a couple of very colorful characters who resided for a time at Sing-Sing and some other places for trying to make a living in some non-traditional ways). Renting was, in most respects, the norm in those days, and the vast majority of immigrant families either lived with relatives that had previously entered the country and found housing, or rented tenement flats or…
‘The Accidental Economist’ with Jack Kern: Mack the Knife
Sometimes you get to meet people in this business that really surprise you. Being on the inquisitive end of research, I’m always observational instead participative, so I notice details many would consider non-important (Probably one of my most irritating qualities). That’s why I wanted to tell you about Mack the Knife, the Chicago Chop House and how you get professional basketball players to lease from you. Picture it: Chicago, land of governors and gangsters, where a well-placed bribe is a lot like a bet, you never quite know how it’s going to turn out. Chicago in winter is unlike any…