Signs of Trouble
It is challenging enough to own and manage multifamily assets in this era when rental increases are marginal and expenses such as real estate taxes, property insurance, utilities, payroll, and other variable costs continue to increase. Dealing with rent delinquencies only makes matters worse.
In Search of Feasible Deals
New volatility in the debt financing markets and the long upward trend in operating and construction costs are among the topics worrying apartment owners and developers, according to industry leaders participating in Apartment Finance Today’s Leadership Roundtable.
Tulsa, Okla.—The rents are going up at Highland Crossing Apartments. The new garden apartments started to lease last July with monthly rents averaging 72 cents per square foot.
Raising the Bar
Property managers weigh such factors as occupancy rates and competitors’ pricing when setting rents, but the process often can be informal, sometimes combining market factors with a manager’s gut instinct. Enter revenue management software.
Princeton Finds Opportunity in Portland
Portland, Maine—Princeton Properties Management, Inc., has hardly raised the rent at its apartment properties here since 2001. Annual rent growth has ranged between 0 percent and 2 percent.
New York City’s New Frontiers
New York City—On the Far West Side of Manhattan, a vast stretch of old warehouses and defunct railyards is about to turn into an extension of Midtown.
Condominium Tidal Wave Hits Providence
Providence, R.I.—Standing in Waterplace Park, next to the slender canal of the Woonasquatucket River, a visitor to Providence could probably look up and see most of the more than 1,000 apartments and condominiums now planned or under construction here.
Mixed-Income Goes Hollywood
Hollywood, Calif.— Legacy Partners broke ground on a new apartment tower in the heart of Tinseltown in February.
Rising Rents in the Bay Area
Limited new supply, combined with continuing solid demand, is creating healthy performance for Oakland apartment properties in 2007.
The Perfect Storm
Condominiums have been good to Savannah.