Rental Housing Journal Arizona
June 2017 - Vol. 9 Issue 6
2. Why Rents are Rising Faster in The Suburbs 3. Is It Time to Upgrade Your Technology? 4. Top Regret for Home Buyers and Sellers is Not Prepping Soon Enough 5. Win, Win: Improving Cash Flow for Renters and Property Managers
6. Apartment Pet Amenities Draw Millennial Tenants 7. Do I Have To Pay For Tenant Housing While I Fumigate Apartments? 10. Dear Maintenance Men: 11. Ask Landlord Hank
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5 Ways Managers Can Perk Up Employees this Summer
Soft Landing Or Bumps Ahead for Multifamily Investment?
by Yardi Matrix
T H
by OfficeTeam
uman resources managers report workers may feel less productive in the summer and want more flexible schedules, while fewer companies offer flexible schedules, according to a new research. In addition to wanting more flexible schedules in the summer, employees also want the ability to leave early on Fridays, a more relaxed dress code, and events such as company picnics. However trends involving those employee desires have reversed since 2012, according to the survey from Office Team, a Robert Half company. Now fewer companies are offering these benefits with a decline in flexibility of hours and leaving early on Fridays. Also the most common employee behavior that managers see is employees not planning well for vacations. "It's natural for employees to get distracted when the weather's nice and thoughts turn to plans outside the office,” Brandi Britton, a district president for OfficeTeam, said in a release. ...continued on page 9
he economic forecast for multifamily investment for the next year or two is that it is good enough to maintain occupancy, but rents may not be what people are hoping for, according to a new report from Yardi Matrix. Jeff Adler, vice president and general manager of Yardi Matrix, said in a webinar that, “We are coming in for a soft landing – driven by supply. While demand is good, we are in for a busy 12 to 24 months,” he said. “Things are getting absorbed, but not at rents people were hoping for,” Adler
said as multifamily supply will peak in 2017. “In my view the macro economic conditions are good, not great, but they are pretty good,” Adler said. “And they are generating good job growth with 150,000 to 200,000 jobs per month. This is good enough to maintain occupancy - and decent - but continued deceleration of rent growth is happening. “You can clearly see we are coming in for what I hope will be a soft landing driven by supply – not by demand. Demand is still solid. It’s mostly on the supply side. Demand is a big tailwind,
both short-term and long-term. It is still a fantastic demand story,” he said. “However, shorter-term, supply is peaking. So we are in for a bumpy 12 to 24 months. Supply surges are focused in major urban hubs. Seeing that, it is coming at the top end which we are seeing through our pre-leasing data. Things are still getting absorbed, but not quite at the rents people were hoping for. “Higher cost of debt, higher cost of land are there, rents are not going higher to bail you out so all of that has made ...continued on page 8
3 Things Proactive Property Managers Want To Know About Roofs
by John Triplett
M
ultifamily property managers have two interests at heart they don’t like their roofs to leak and they don’t want to spend any more money on them than they have to, according to a multifamily roofing expert “Regular maintenance and a good roofing contractor can help. If, for example, property managers have their roofs walked at least annually, and preferably semi-annually, the roofer can verify all roofing penetration areas are water-tight and sealed as needed,” Eric Skoog, owner of Sunvek Roofing in Phoenix, said in an interview with Rental Housing Journal. “Also, on pitched roofs, valleys need to be cleaned out so water or snow can move quickly off the roof, resulting in less chance of damage and water entry. “I think quite often, building owners mistake maintenance with roofing cost. Our experience is that if you maintain a roof – meaning having someone go up there periodically, do minor repairs, check
the roof to make sure everything is in good shape, you are much more likely to be able to extend the life of that roof than you are by ignoring it in order to save money until it leaks,” he said. Especially that is the case with flat roofs. “Very typical on multifamily roofs, you will have mansards, eaves or porch covers on the exterior and a flat roof in the central area simply because it is
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a less costly way to build initially, and you hide most of the roof,” Skoog said. “You typically have larger, flat, expanses of roof to deal with. And those flat roofs are going to be some form of roll product – which is either self-adhered, heat-sealed, or some form of adhesive – or maybe spray polyurethane foam,” he said. His company installs self-adhered ...continued on page 5
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