Rental Housing Journal Colorado
October 2015 - Vol. 7 Issue 10
2. Winter is Coming! 6. Dear Maintenance Men
www.rentalhousingjournal.com • Professional Publishing, Inc
DENVER • COLORADO SPRINGS • BOULDER
Monthly Circulation To More Than 7,000 Apartment Owners, Property Managers, On-Site & Maintenance Personnel
Prepare Rental Properties For The Winter Season
2Q15 Market Overview Multifamily Housing Update Denver, Colorado
Payroll Job Summary Total Payrolls Annual Change 2015 Forecast 2016 Forecast 2017 Forecast 2018 Forecast Unemployment (NSA)
1,383.2m 42.0m (3.1%) 42.5m (3.4%) 34.2m (2.5%) 32.6m (2.5%) 31.3m (2.2%) 3.8% (July)
2Q15 Payroll Trends And Forecast The pace of payroll job growth decelerated during the second quarter, declining from 1Q’s blistering 15-year high 50,900-job, 3.9% year-on-year performance to a 42,000-job, 3.1% pace. Weakness in the oil and gas sector was probably at the bottom of it as headcount growth in the related wholesale trade, transportation and business service sectors declined from 4Q14’s peak 12,250-job, 3.5% annual rate to a 4,900job, 1.4% pace. Otherwise, job creation rates carried on at a brisk clip, most notably in construction, tech services and health care. Seasonally-adjusted payroll and CPS data suggest a more significant slowdown. The former recorded only a 100job sequential quarter payroll job gain
By Scott Matthews, Director, Strategic Accounts, The Home Depot
F
all is a great time to prepare properties for the colder months ahead, which may help prevent or offset costly repairs and high utility bills caused by harsh winter weather. Before winter hits, take steps to ensure that the property is ready for the elements with this must-have checklist. 1. Stock up. Property managers – especially those handling procurement – should prepare for colder months by
purchasing winter products, such as salt and ice melt, in bulk before the season changes. Buying in bulk not only saves time and money but also gives property managers peace of mind as they look ahead to potential extreme weather.
As a best practice, ensure exterior seals are strong where building materials meet, like where siding stops and brick begins. Encourage tenants to notify of any drafts or noticeable gaps in their units to prevent soaring utility bills.
2. Seal gaps. Thoroughly examine roofs, siding, doors and window frames for damage and drafts. Repair damages immediately and seal around doors and windows with caulking, weather stripping, or a door sweep to help keep warm air in and cold air out.
3. Protect pipes. Install heat cables and pipe insulation to prevent freezing pipes as temperatures drop – espe-
5 Lessons For Winter Property Survival
we have all seen it. With that said, there are some properties that seem to escape the inevitability of decay, waste, and death. So, how do they do it? Are they special in some way? What are those operators doing to extend the life of those properties, or, at least, lessen the effects of time in order to retain value? These operators understand the following 5 lessons and keep them at the top of their preventative maintenance approach.
PRSRT STD US Postage P A I D Sound Publishing Inc 98204
...continued on page 2
Professional Publishing Inc., PO Box 6244 Beaverton, OR 97007
...continued on page 8
A
Lesson One: Gutters and drains are key.
s Darwin concluded, “It’s the survival of the fittest.” If we hope to preserve our property over the long term, there are simple truth’s we must accept and actions we must
take in order to ensure the viability and value of the physical assets under our stewardship. The simple truth is that as soon as a property is built, it begins the process of dying. It’s a harsh truth, but
Advertise in Rental Housing Journal Colorado Circulated to over 7,000 apartment owners, on-site and maintenance personnel monthly.
Call 503-221-1260 for more information
When gutters, downspouts, and ground drains are neglected, they begin killing your buildings. These compo...continued on page 7
Rental Housing Journal Colorado
2Q15 Market Overview
...continued from page 1
in 2Q, smallest in five years, while the Current Population Survey posted the smallest y-o-y total employment increase in four years. RED Capital Research specified a 98.4% adjusted-R2 (S.E.=0.3%) payroll forecasting equation using two lags of the dependent variable, the rates of growth of U.S. GDP and payrolls and metro personal income as independent variables. The model projects a moderate deceleration of job creation rates but not to the degree suggested by recent seasonally-adjusted CES and CPS data. Annual gains are expected to slow only to the low– to mid-30,000 job range for the duration of the 5-year forecast. Occupancy Rate Summary Occupancy Rate (Reis) 95.0% RED 50 Rank 39th Annual Chg. (Reis) -1.0% RCR YE15 Forecast 94.0% RCR YE16 Forecast 94.2% RCR YE17 Forecast 93.8% RCR YE18 Forecast
93.7%
2Q15 Absorption And Occupancy Rate Trends Apartment demand softened during the second quarter as tenants inked leases on a net of 937 vacant units, according to Reis, the lowest level of space absorption since 3Q13. The decline could not be attributed to a surfeit of supply as developers delivered 1,768 units to market, up from 1,553 and 1,445 in the prior and year-earlier quarters, respectively. As a result, metro occupancy fell 40 basis points sequentially and 100 bps year-over-year to 95.0%. Axiometrics surveys of 439 large stabilized same-store properties recorded 95.9% average occupancy, up
10 bps y-o-y. Occupancy in each class exceeded 95%, led by class -C (96.7%), followed by classes-B (95.7%) and –A (95.4%). Arvada/Broomfield submarket posted the highest occupancy (97.4%) and Denver-Central the largest y-o-y gain (2.3%). New properties absorbed about 14 units per month, equating to a 16-month lease-up period to stabilization. RCR specified a 92.8% ARS (S.E.=0.4%) absorption model using inventory, payroll and home price growth as independent variables. It forecasts strong absorption averaging 5,502 units per year through 2020. But our supply model projects even heavier supply (6,269/yr.), yielding moderate occupancy rate attrition below 94% by 2017. Effective Rent Summary Mean Rent (Reis) Annual Change RED 50 Rent Change Rank RCR YE15 Forecast RCR YE16 Forecast RCR YE17 Forecast RCR YE18 Forecast
$1,006 5.9% 4th 4.6% 3.7% 3.5% 3.5%
2Q15 Effective Rent Trends Reis surveys recorded faster rent growth during second quarter, as rents increased $14 (1.3%) sequentially, up from $7 (0.7%) in 1Q15. Rent growth averaging $19 (1.5%) among class-A units was largely responsible: class-B&C space notched only a $6 (0.6%) average gain. Still, year-on-year trends decelerated, slowing from 7.2% in 1Q to 5.9%. Axiometrics surveys recorded a faster 11.8% y-o-y increase at stabilized properties, down moderately from 12.5% during the prior quarter. Class-C properties nicked the fastest same-store
Advertise in Rental Housing Journal Colorado Circulated to over 7,000 apartment owners, on-site and maintenance personnel monthly.
Call 503-221-1260 for more information
growth (13.3%), followed closely by class-B (11.8%) and class-A (9.3%) assets. Aurora and Westminster submarkets chalked down the fastest advances (15% each), while supply challenged Central (4.5%) and Downtown (6.3%) posted the smallest average gains. The RCR rent model employs payroll growth, home appreciation and vacancy rates as independent variables to reach a 96.4% ARS (S.E.=0.7%). The model foresees gradual rent growth deceleration through 2016 to about the 3.5% level followed by a steady diet of mid– to high-3% gains for the duration of the forecast. Rents increase at a 3.7% compound annual rate, ranking 8th fastest among the RED 46. By contrast, Axio project rent growth of 4.1% per year. Trade & Return Summary $5mm+ / 80-unit+ Sales 19 Approx. Proceeds $898.0mm Avg. Cap Rate (FNM) 5.6% Avg. Price/Unit $167,976 Expected Total Return 7.9% RED 46 ETR Rank 7th Risk-adjusted Index 4.20 RED 46 RAI Rank 32nd
2Q15 Property Markets And Total Returns After a torrent of closings in the six months ended in March when 61 deals were consummated for proceeds of $2.4 billion the Denver market took something of a breather during the spring quarter. Buyers acquired 19 properties April to June, fewest since 2Q14, for to-
Rental Applicant Screening Pre and Post Move Out Inspection Video Taped Reports Eviction Support
National Coverage for Most Services
2
By Daniel J Hogan Director of Research djhogan@redcapitalgroup.com 614-857-1416 Office 1-800-837-5100 Toll Free
...continued on page 4
PROFESSIONAL PROPERTY MANAGEMENT SUPPORT COMPANIES
Licensed, Bonded and Fully Insured
w w w. r e n t a l h o u s i n g j o u r n a l .c o m
tal proceeds of about $897 million. A total of 5,346 units exchanged hands at an average price of $167,976, boosted by the sale of a 1,206-unit asset at an average price of $211,028. By way of comparison, transaction volume totaled 8,375 units during 1Q15 at an average price of $121,245. The average age of traded properties was unchanged at 30 yrs. and the mean price per square foot fell moderately from $156 to $152. Class-A suburban projects traded at caps in the low-5% area. Infill “A” properties commanded mid-5% yields. Class- B/B+ assets were valued in the 5.5% to 6.25% range, while older classB-/C communities were priced to 6%7% yields. Cap rates appeared to drift higher during the spring as investors grew wary of fully-capitalizing unusually rapid rent growth. Consequently, RCR chose to raise the generic class-B+ rate 15 bps to 5.4%. Employing this purchase yield, a 6.1% terminal cap rate and model derived rent and occupancy point estimates we conclude that an investor would expect to earn a 7.9% total return from a generic Denver asset, ranking 7th highest among the RED 46.
Special Events Vacation and Emergency Coverage for Staff Security Evening and Weekend Patrol
PO Box 33950 Northglenn CO 80233 (303) 993-4871
Rental Housing Journal Colorado · October 2015
Rental Housing Journal Colorado
Winter is Coming Have a plan!
Army. It’s also important to make sure that your whole team has contact information for all team members, in case of emergency. • Prepare staff and residents for emergencies. Make sure everyone knows what to do in case of emergencies during business hours and after. Office Hours and emergency contact information, including emergency and utility information, should go out to all residents and posted on the office door as well as voice mail.
I
t’s budget season for property manager and everyone is scrambling to get them done accurately and on time, while managing everything else that goes on daily on our properties. But, we can’t forget cold weather and freezing conditions are coming. Although, we have had a hot long summer into fall, we need to be prepared for cold weather. Prepare for the worst and hope for the best!
Here are some best practices for to help ease the process and headache.
Prepare the residents. • Staff should be prepared with all emergency situations and how to navigate all emergencies. Winter can bring fires, floods, freezing pipes, and freezing branches that can fall on buildings. All staff should know how to handle all of these situations. Be prepared with phone numbers for after hours emergencies for restoration companies, electricians, tree removal and landscaping companies, and help organizations like The Salvation
• Publish and distribute an information booklet of emergency plans and reminders. For example: in the event of a power outage, remind resident not to use stoves or space heaters that do not automatically shut off if tipped over. Avoid candles and make certain that residents have working flashlights and batteries. Another important plan to include is fire evacuation.
Make certain to walk your property and note potential areas of concern – IE sidewalks, parking lots or stairway that might freeze over, etc. Include those in your plan. Everyone hopes that none of these emergencies will occur, but they do happen. The best way to overcome, minimize damage and keep residents as happy as we can will come from BEING PREPARED! By Dana Brown Dana Brown has worked in all facets of the property management and rental housing industry for over 30 years. She is a national speaker and trainer who consults with both property management companies and industry service providers. You may reach Dana at: danabrown3321@gmail.com
ON-SITE-NW SEA
VALLEY, METRO, ARIZONA APT.
Salsbury Indu
ATTRACT & RETAIN QUALITY TENANTS! Innovative Solutions to Update Your Units (For Much Less $$ Than You Think)
Feb, Apr, Jun, Aug, Oct, Dec
REFRESH the cabinets with a 1 Day Tune-Up. Our exclusive process repairs & restores existing cabinets.
REDOOR for 40-60% less than a new kitchen. A modern new look in 1-2 days - perfect for painted cabinets.
REFACE the cabinets while keeping the existing boxes Transform the space without the expense of new cabinets.
ON
VALLEY, METRO, ARIZONA APT
Salsbury Indu
After Redooring
New Cabinets, Countertops, Accessories & Much More
Free Consultations! info@denverkitchentuneup.com
303.721.1393 kitchentuneup.com Each Kitchen Tune-Up franchise independently owned & operated.
Rental Housing Journal Colorado · October 2015
Jan, Mar, May, Jul, Sep, Nov,
1010 East 62nd Street, Los Angeles, CA 90001-1598 Phone: 1-800-624-5269 • Fax: 1-800-624-5299
Octoberp September Advertise in Rental Housing Journal Colorado p
Before
The Industry Leader in Quality Circulated to over 7,000 apartment owners, on-site and maintenance personnel monthly.
1/8 Page 4 7/8” x 3 5/8”
Call 503-221-1260 for more information
On-Site4
bw
3
Rental Housing Journal Colorado MARKET OVERVIEW 2Q15 DENVER, COLORADO MARKET OVERVIEW MARKET OVERVIEW OVERVIEW |||| 2Q15 2Q15 |||| DENVER, DENVER, COLORADO COLORADO MARKET 2Q15 DENVER, COLORADO
2Q15 Market Overview
MARKET OVERVIEW || 2Q15 | DENVER, COLORADO MARKET MARKET OVERVIEW OVERVIEW | 2Q15 2Q15 || DENVER, DENVER, COLORADO COLORADO
...continued from page 2
97.0% 97.0% 97.0% 97.0% 96.5% 96.5% 96.5% 96.5% 96.0% 96.0% 96.0% 96.0% 95.5% 95.5% 95.5% 95.5% 95.0% 95.0% 95.0% 95.0% 94.5% 94.5% 94.5% 94.5% 94.0% 94.0% 94.0% 94.0% 93.5% 93.5% 93.5% 93.5% 93.0% 93.0% 93.0% 93.0% 2012 2012 2012
2012
DENVER Effective Rent Trends DENVER DENVER Effective Effective Rent Rent Trends Trends
RED 46 AVERAGE AVERAGE RED RED 46 46 AVERAGE RED 46 AVERAGE DENVER (REIS/RCR) DENVER DENVER (REIS/RCR) (REIS/RCR) DENVER (REIS/RCR)
95.0% 95.0% 95.0% 95.0%
94.0% 94.0% 94.0% 94.0%
2013 2013 2013 2013
2014 2014 2014 2014
2015f 2015f 2015f 2015f
94.2% 94.2% 94.2% 94.2%
2016f 2016f 2016f 2016f
93.8% 93.8% 93.8% 93.8%
2017f 2017f 2017f 2017f
2018f 2018f 2018f 2018f
93.7% 93.7% 93.7% 93.7%
2019f 2019f 2019f 2019f
93.8% 93.8% 93.8% 93.8%
2020f 2020f 2020f 2020f
97.0% 97.0% 97.0% 97.0% 96.5% 96.5% 96.5% 96.5% 96.0% 96.0% 96.0% 96.0% 95.5% 95.5% 95.5% 95.5% 95.0% 95.0% 95.0% 95.0% 94.5% 94.5% 94.5% 94.5% 94.0% 94.0% 94.0% 94.0% 93.5% 93.5% 93.5% 93.5% 93.0% 93.0% 93.0% 93.0%
YoYRent RentTrend Trend YoY Rent Trend YoY
Average Occupancy Average Occupancy Average Average Occupancy Occupancy
DenverOccupancy Occupancy RateTrends Trends Denver Denver OccupancyRate Rate Trends
Denver Occupancy Rate Source: Reis History, RCR RCR Trends Forecasts Source: Source: Reis Reis History, History, RCRForecasts Forecasts Source: Reis History, RCR Forecasts
13% 13% 13% 11% 11% 11% 9% 9% 9% 7% 7% 7% 5% 5% 5% 3% 3% 3% 1% 1% 1%
2012 2012 2012
2013 2013 2013
2014 2014 2014
7.5% 7.5% 7.5% 7.5% 7.0% 7.0% 7.0% 7.0% 6.5% 6.5% 6.5% 5.6% 5.6% 5.6% 6.5% 6.0% 6.0% 5.6% 6.0% 6.0% 5.5% 5.5% 5.5% 5.5% 5.0% 4.6% 4.6% 5.0% 5.0% 4.6% 5.0% 4.6% 4.5% 4.5% 4.5% 4.5% 4.0% 4.0% 4.0% 1Q12 2Q12 4.0%1Q12 1Q12 2Q12 2Q12 1Q12 2Q12
YoY Growth Trend YoY Growth Trend YoY Growth Trend
ABSORPTIONS ABSORPTIONS ABSORPTIONS ABSORPTIONS COMPLETIONS COMPLETIONS COMPLETIONS COMPLETIONS
2014 2014 2014 2014
2015f 2015f 2015f 2015f
2016f 2016f 2016f 2016f
2017f 2017f 2017f 2017f
2018f 2018f 2018f 2018f
2019f 2019f 2019f 2019f
6.2% 6.2% 6.2% 6.2%
5.2% 5.2% 5.2% 5.2%
5.8% 5.8% 5.8% 5.8%
6.1% % 6.1 6.1% 6.1%
6.0% 6.0% 6.0% 6.0%
4Q12 4Q12 4Q12 4Q12
1Q13 1Q13 1Q13 1Q13
2Q13 2Q13 2Q13 2Q13
3Q13 3Q13 3Q13 3Q13
4Q13 4Q13 4Q13 4Q13
1Q14 1Q14 1Q14 1Q14
M OUNTA NTAIN IN RR REGI EGION ON M OU M OU NTA IN EGI ON DENVER FANNIE DUS DENVER DUS DENVER FANNIE DUS M OU NTAFANNIE I N R EGI ONB+ TRADES DENVER OBSERVED DENVER B+ DENVER OBSERVED B+ TRADES TRADES DENVEROBSERVED FANNIE DUS 5.8% DENVER OBSERVED B+ TRADES 5.8% 5.8% 5.8%
5.4% 5.4% 5.4% 5.4%
5.4% 5.4% 5.4% 5.4%
5.6% 5.6% 5.6% 5.6%
5.3% 5.3% 5.3% 5.3%
2Q14 3Q14 4Q14 1Q15 2Q14 2Q14 3Q14 3Q14 4Q14 4Q14 1Q15 1Q15 2Q14 3Q14 4Q14 1Q15
2Q15 3Q15 2Q15 2Q15 3Q15 3Q15 2Q15 3Q15
NOTABLE TRANSACTIONS NOTABLE TRANSACTIONS Property Name (Submarket) Property Property Name Name (Submarket) (Submarket) Property (Submarket) Horizons Name at Rock Creek (Boulder County) County) Horizons Horizonsat at Rock Rock Creek Creek (Boulder (Boulder County)
Property Class/ Property PropertyClass/ Class/ Type (Constr.) Type Property Class/ Type (Constr.) (Constr.) Type (Constr.) A/ GLR (1998) AA- // GLR GLR (1998) (1998)
Approx. Date of Approx. Approx. Date Date of of Transaction Transaction Approx. Date of Transaction Transaction 17-Apr-2015 17-Apr-2015 17-Apr-2015
Total Price Total Total Price Price /// (in millions) (in Total Price / (in millions) millions) (in$254.5 millions) $254.5 $254.5
Carmel Bear Creek (Lakewood-South)
B+ / GLR (1996)
27-Aug-2015
Avana onat the Platte (Englewood/Sheridan) Avana Platte (Englewood/Sheridan) Horizons Rock Creek (Boulder County) Avana on on the the Platte (Englewood/Sheridan) Bella Terra at City City Center (Aurora-Central) Bella at (Aurora-Central) Avana on the (Englewood/Sheridan) Bella Terra Terra atPlatte CityCenter Center (Aurora-Central) Marqat at RiNo (Denver—Downtown) Marq Bella at (Denver—Downtown) City Center (Aurora-Central) MarqTerra at RiNo RiNo (Denver—Downtown) Carmel Bear Creek (Lakewood-South) Carmel (Lakewood-South) Marq at Bear RiNo (Denver—Downtown) Carmel Bear Creek Creek (Lakewood-South)
B+ GLR (1998) (2009) B+ A- //// GLR GLR B+ GLR(2009) (2009) B- / GLR GLR (2009) (1979) BB+ B- /// GLR GLR(1979) (1979) A- / MR MR (2014) AB(1979) A-///GLR MR(2014) (2014) B+ / GLR (1996) B+ (1996) A-// GLR MR (2014) B+ GLR (1996)
19-May-2015 19-May-2015 17-Apr-2015 19-May-2015 15-Jun-2015 15-Jun-2015 19-May-2015 15-Jun-2015 16-Jun-2015 16-Jun-2015 15-Jun-2015 16-Jun-2015 27-Aug-2015 27-Aug-2015 16-Jun-2015 27-Aug-2015
RED Capital Capital Research || September September 2015 RED RED Capital Research Research | September 2015 2015
RED Capital Research | September 2015
2016f 2016f 2016f
2017f 2017f 2017f
3.7% 3.7% 3.7%
3.5% 3.5% 3.5%
3.5% 3.5% 3.5%
2018f 2018f 2018f
2019f 2019f 2019f
1Q20f 1Q20f 1Q20f
Denver Home Price Trends Denver Denver Home Home Price Price Trends Trends
12% 12% 12% 9% 9% 9%
7.2% 7.2% 7.4% 7.2% 7.4% 7.4%
3% 3% 3%
6.5% 6.5% 6.5%
6% 6% 6%
5.4% 5.4% 5.4%
4.4% 4.4% 4.4%
4.2% 4.2% 4.2%
0% 0% 0%
3% 3% 3% 0% 0% 0%
U.S. FHFA HPI U.S. U.S. FHFA FHFA HPI HPI
2012 2012 2012
2013 2013 2013
2014 2014 2014
DENVER FHFA HPI DENVER DENVER FHFA FHFA HPI HPI
2015f 2015f 2015f
2016f 2016f 2016f
2017f 2017f 2017f
DENVER S&P C-S HPI DENVER DENVER S&P S&P C-S C-S HPI HPI
2018f 2018f 2018f
2019f 2019f 2019f
1Q20f 1Q20f 1Q20f
Source: BLS, BEA Data, RCR Forecasts Source: Source: BLS, BLS, BEA BEA Data, Data, RCR RCR Forecasts Forecasts
4% 4% 4%
4.6% 4.6% 4.6% 4.6%
3Q12 3Q12 3Q12 3Q12
3.6% 3.6% 3.6%
13% 13% 13% 11% 11% 11% 9% 9% 9% 7% 7% 7% 5% 5% 5% 3% 3% 3% 1% 1% 1%
-3% -3% -3%
Denver Payroll Employment Trends Denver Denver Payroll Payroll Employment Employment Trends Trends
Source: eFannie.com, RCR Calculations
6.0% 6.0% 6.0% 6.0%
2015f 2015f 2015f
6% 6% 6%
1Q20F 1Q20F 1Q20F 1Q20F
DenverCap Cap RateTrends Trends Denver Denver CapRate Rate Trends Source: eFannie.com, RCRCalculations Calculations Source: eFannie.com, RCR Denver Cap Rate Source: eFannie.com, RCRTrends Calculations
5.6% 5.6% 5.6% 5.6%
4.6% 4.6% 4.6%
9% 9% 9%
-3% -3% -3%
2013 2013 2013 2013
DENVER AXIOMETRICS SAME-STORE DENVER DENVER AXIOMETRICS AXIOMETRICS SAME-STORE SAME-STORE
Source: S&P Case-Shiller and FHFA Home Price Indices and RCR Forecasts Source: Source: S&P S&P Case-Shiller Case-Shiller and and FHFA FHFA Home Home Price Price Indices Indices and and RCR RCR Forecasts Forecasts
12% 12% 12%
$63.8 $63.8 $254.5 $63.8 $37.6 $37.6 $63.8 $37.6 $72.5 $72.5 $37.6 $72.5 $48.3 $48.3 $72.5 $48.3
Price Price Price /// per unit per unit Price / per unit per unit $211,028 $211,028 $211,028
$201,899 $201,899 $211,028 $201,899 $123,684 $123,684 $201,899 $123,684 $240,864 $240,864 $123,684 $240,864 $215,402 $215,402 $240,864 $215,402
Estimated Estimated Estimated Cap Rate Cap Rate Estimated Cap Rate Cap Rate 5.5% 5.5% 5.5%
$48.3
$215,402
5.6%
5.5% 5.5% 5.5% 5.5% 6.4% 6.4% 5.5% 6.4% 5.7% 5.7% 6.4% 5.7% 5.6% 5.6% 5.7% 5.6%
YoYGrowth GrowthTrend Trend YoY Growth Trend YoY
Units (T12 Months) Units (T12 Months) Units Units (T12 (T12 Months) Months)
Average Cap Rate Average Cap Rate Average Average Cap Cap Rate Rate
10,000 10,000 10,000 10,000 8,000 8,000 8,000 8,000 6,000 6,000 6,000 6,000 4,000 4,000 4,000 4,000 2,000 2,000 2,000 2,000 000 02012 2012 2012 2012
DENVER (REIS/RCR) DENVER DENVER (REIS/RCR) (REIS/RCR)
5.9% 5.9% 5.9%
DenverAbsorption Absorption andSupply Supply Trends Denver Denver Absorptionand and SupplyTrends Trends
Source: Reis History, History, Forecasts Denver Absorption andRCR Supply Trends Source: Source: Reis Reis History, RCR RCRForecasts Forecasts Source: Reis History, RCR Forecasts
Sources: Reis, Inc., Axiometrics and RCR Forecasts Sources: Sources: Reis, Reis, Inc., Inc., Axiometrics Axiometrics and and RCR RCR Forecasts Forecasts
RED 46 AVERAGE RED RED 46 46 AVERAGE AVERAGE
3.2% 3.2% 3.2%
3% 3% 3%
2.7% 2.7% 2.7%
2.4% 2.4% 2.4%
4% 4% 4% 2.3% 2.3% 2.3%
2% 2% 2%
2.1% 2.1% 2.1%
2.1% 2.1% 2.1%
2% 2% 2% 1% 1% 1%
1% 1% 1% 0% 0% 0% -1% -1% -1%
3% 3% 3%
US GDP GROWTH US US GDP GDP GROWTH GROWTH
2012 2012 2012
2013 2013 2013
2014 2014 2014
US JOB GROWTH US US JOB JOB GROWTH GROWTH
2015f 2015f 2015f
2016f 2016f 2016f
2017f 2017f 2017f
0% 0% 0%
DENVER JOB GROWTH DENVER DENVER JOB JOB GROWTH GROWTH
2018f 2018f 2018f
2019f 2019f 2019f
1Q20f 1Q20f 1Q20f
-1% -1% -1%
The information contained in this report was prepared for general information purposes is not intended asinformation legal,purposes tax, accounting oras legal, financial advice, or The informationonly containedand in this report was prepared for general only and is not intended tax, accounting or financial The The information information contained contained in in this this report report was was prepared prepared for for general general information information purposes purposes only only and and isis not not intended intended as as legal, legal, tax, tax, accounting accounting or or financial financial advice, or recommendations to buy or sell currencies or securities or to engage in any specific transactions. Information has been gathered from third advice, or sell or or in specific Information has gathered from recommendations to or sell currencies securities or to engage in any specifi advice, or or recommendations recommendations to to buy buy orbuy sell currencies currencies or securities securities or to to engage engageor in any any specific transactions. transactions. Information has been been gathered from third third c party sources and has not been independently verified or accepted by RED Capital Group. RED makes no representations or warranties as to the accuparty party sources sources and and has has not not been been independently independently verified verified or or accepted accepted by by RED RED Capital Capital Group. Group. RED RED makes makes no no representations representations or or warranties warranties as as to to the the accuaccuracy or completeness ofInformation the information, assumptions, orgathered conclusions presented in the report. RED cannot be held responsible for any errors transactions. has analyses been from third party and not racy analyses in report. cannot be for any racy or or completeness completeness of of the the information, information, assumptions, assumptions, analyses or or conclusions conclusions presented presented in the the report. RED RED cannotsources be held held responsible responsible forhas any errors errors or misrepresentations contained in the report or in the information gathered from third party sources. Under no circumstances should any inforor misrepresentations contained in the report or in the information gathered from third party sources. Under no circumstances should any inforor misrepresentations contained in the report or in the information gathered from third party sources. Under no circumstances should any inforbeen independently verifi ed or accepted by RED Capital Group. RED makes no mation contained herein be used or considered as an offer or a solicitation of an offer to participate in any particular transaction or strategy. Any mation mation contained contained herein herein be be used used or or considered considered as as an an offer offer or or aa solicitation solicitation of of an an offer offer to to participate participate in in any any particular particular transaction transaction or or strategy. strategy. Any Any reliance upon this information isis solely and exclusively at your own risk. Please consult your own counsel, accountant or other advisor regarding your reliance and at own risk. consult own counsel, advisor regarding your reliance upon upon this this information information is solely solely and exclusively exclusively as at your your own risk. Please Please consult your youror owncompleteness counsel, accountant accountant or or other other advisor regarding your representations or warranties to the accuracy of the informaspecific situation. Any views expressed herein are subject to change without notice due to market conditions and other factors. specific specific situation. situation. Any Any views views expressed expressed herein herein are are subject subject to to change change without without notice notice due due to to market market conditions conditions and and other other factors. factors. tion, assumptions, analyses or conclusions presented in the report. RED cannot be held responsible for any errors or misrepresentations contained in the report Capital Research | September 2015 RED Capital September 2015 RED Capital Research Research Septembersources. 2015 or in the information gatheredRED from third|| party Under no circumstances should any information contained herein be used or considered as an offer or a solicitation of an offer to participate in any particular transaction or strategy. Any reliance upon this information is solely and exclusively at your own risk. Please consult your own counsel, accountant or other advisor regarding your specific situation. Any views expressed herein are subject to change without notice due to market conditions and other factors. ...continued on page 5
Advertise in Rental Housing Journal Colorado Circulated to over 7,000 apartment owners, on-site and maintenance personnel monthly.
Call 503-221-1260 for more information w w w. re n t a l h o u s i n g jo u rn a l .co m
Publisher Will Johnson – will@propubinc.com Designer/Editor Kristin Flores – kristin@propubinc.com
Advertising Sales Will Johnson – will@propubinc.com Terry Hokenson – terry@propubinc.com Larry Surratt – larry@propubinc.com
Rental Housing Journal Colorado is a monthly publication published by Professional Publishing Inc., publishers of Real Estate Opportunities in Investing & Real Estate Investor Quarterly
www.rentalhousingjournal.com The statements and representations made in advertising and news articles contained in this publication are those of the advertiser and authors and as such do not necessarily reflect the views or opinions of Professional Publishing, Inc. The inclusion of advertising in this publications does not, in any way, comport an endorsement of or support for the products or services offered. To request a reprint or reprint rights contact Professional Publishing Inc. PO Box 6244 Beaverton, OR 97007. (503) 221-1260 - (800) 398-6751 © 2015 All rights reserved.
4
Rental Housing Journal Colorado · October 2015
Denver-Central
$1,016
Denver-Downtown
$1,172
Denver-Far Southeast
$870
$753
$844
Aurora-North
$709
$795
5 -90
$775
$811
4.6%
3.2%
2.6%
-60
Golden / Wheat RidgePhysical Vacancy
$858
$956
11.4%
1.8%
2.9%
110
$924 Change
$801
2Q14
Lakewood-South
5.8%
3.5%
12.4%
4.7%
Littleton
North Glenn / Thornton
11.8%
2.7%
12.1%
3.9%
12.1%
2.4%
Westminster Metro
$984 $874 $877 $848 $950
2Q15 10.0% 6.4% 3.3% 5.4% 2.3%
15.4%
3.9%
3.3%
-60
$1,076
9.3%
2.7%
2.1%
-60
$978
11.9%
3.8%
3.3%
-50
4.8%
3.7%
5.8%
210
11.8%
2.1%
6.8%
470
5.9%
4.0%
5.0%
100
$919 $948
650 bps 170 bps 60 bps 150 bps
$1,006
-10 bps
bps FOR 100 MORE INFORMATION ABOUT RED’S RES
Aurora-South
$1,031
$1,127
9.3%
3.1%
4.1%
$1,016
$1,034
1.9%
5.6%
5.9%
30 bps
Denver-Downtown
$1,172
$1,202
2.6%
7.4%
8.7%
130 bps
Denver-Far Southeast
$819
$870
6.3%
5.0%
4.4%
-60 bps
$1,518
$1,572
3.6%
13.3%
17.1%
380 bps
Denver-Northeast
$958
$1,026
7.2%
3.8%
5.9%
210 bps
Denver-South
$841
$870
3.4%
3.1%
7.2%
410 bps
Denver-Southeast
$829
$863
4.1%
2.1%
1.4%
Douglas County
$1,115
$1,165
Englewood / Sheridan
$775
$811
4.6%
3.2%
2.6%
-60 bps
Golden / Wheat Ridge
$858
$956
11.4%
1.8%
2.9%
110 bps
Lakewood-North
$801
$924
15.4%
Lakewood-South
$984
$1,076
9.3%
Littleton
$874
$978
11.9%
North Glenn / Thornton
$877
$919
4.8%
Westminster
$848
$948
11.8%
2.1%
6.8%
470 bps
$950
$1,006
5.9%
4.0%
5.0%
100 bps
Metro
4104 11 -70
Englewood / Sheridan
Denver-Central
Denver-North
4.1% 4.5%
3809 11 210
0%
$778
Aurora-Central-Southwest
4 30 11 130 15 -60
-70 bps
Daniel J. Hogan Director of Research djhogan@redcapitalgroup.com +1.614.857.1416 office +1.800.837.5100 toll free 9%
Aurora-Central-Southeast
$948 1.4% $1,006 2.8%
8%
$980
$848 2.1% $950 3.7%
7%
$872
$1,115
Westminster $863 Metro $1,165
6%
Arvada / Broomfield
$829
Douglas County
$978 5.9% $919 7.2%
5%
$1,249
Denver-Southeast
$874 3.8% $877 3.1%
4%
$1,181
$841
Lakewood-North Change
2Q15
Arapahoe County
Denver-South
$811 5.9% $956 8.7% $924 4.4%
7.2% North Glenn / Thornton $870 3.4%
3%
2Q14
$958
6.3%
2%
Submarket
Denver-Northeast
$775 5.6% $858 7.4% $801 5.0%
$1,076 3.6% 13.3% 17.1% Rental Housing$984 Journal Colorado
1%
Effective Rent
$1,518
0%
Submarket Trends (REIS) SUBMARKET TRENDS (REIS)
Lakewood-North $870 Lakewood-South $1,572 Littleton $1,026
$819
Denver-North
MARKET OVERVIEW | DENVER, COLORADO 2Q15 Market| 2Q15 Overview ...continued from page 4
Englewood / Sheridan 1.9% $1,034 Golden / Wheat Ridge 2.6% $1,202
FOR MORE INFORMATION ABOUT RED’S RESEARCH CAPABILITIES CONTAC 4.5%
3.7%
2.8%
Daniel J. Hogan3.3% 3.9%
-90 bps
Director of Research 2.7% 2.1% djhogan@redcapitalgroup.com 3.8% 3.3% +1.614.857.1416 office 3.7% +1.800.837.5100 toll5.8% free
-60 bps -60 bps -50 bps 210 bps
THE FACE OF LE
RED Capital Group, LLC RED Mortgage Capital, LLC RED Capital Marke 10 West Broad Street, Columbus, Ohio 43215
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
How much does the job pay?
r
© 2015 RED Capital Grou
THE FACE OF LENDING
RED Capital Group, LLC RED Mortgage Capital, LLC RED Capital Markets, LLC (Member FINRA/SIPC) RED Capital Par FOR MORE INFORMATION ABOUT RED’S RESEARCH CAPABILITIES CONTACT:
How much Daniel J. Hogan
10 West Broad Street, Columbus, Ohio 43215
redcapitalgroup.com +1.800.83
© 2015 RED Capital Group, LLC
SHOULD
Director of Research djhogan@redcapitalgroup.com +1.614.857.1416 office +1.800.837.5100 toll free
it pay?
Help us find the answer!
THE FACE OF LENDING
RED Capital Group, LLC RED Mortgage Capital, LLC RED Capital Markets, LLC (Member FINRA/SIPC) RED Capital Partners, LLC
Take our 4 minute salary study survey
10 West Broad Street, Columbus, Ohio 43215
redcapitalgroup.com +1.800.837.5100
© 2015 RED Capital Group, LLC
www.RHJsalary.com Advertise in Rental Housing Journal Colorado
Call 503-221-1260 for more information Or check us out at www.rentalhousingjournal.com Rental Housing Journal Colorado · October 2015
5
Rental Housing Journal Colorado
Dear Maintenance Men By Jerry L’Ecuyer & Frank Alvarez
Dear Maintenance Men: Being part of the Baby Boom generation and staying active means I should know a bit more about “Aging in Place”. Can you explain this term and how it might affect my apartment community?
Bob & Joann
Dear Bob and Joann: Baby Boomers are 25 percent of the population and the first of the Boomers turned 65 in 2011 and the last will turn 65 in 2029. We heard on the radio the other day that 85 is now the new 75 and so on down the line. That is a large healthy aging group! They are not going to go quietly into a nursing home which means as apartment owners & managers; we need to prepare for this group. Aging in place means bigger showers with wider doors, taller toilets, grab bars and bath sinks that will accommodate wheelchairs. This does not mean turning our units into institutions; there are many stylish accommodations to fit a number of needs. For example a grab bar capable of supporting 250 pounds does not need to look like it came out of a hospital. Grab bars come in a variety colors and designs. Many will double as towel bars and be virtually invisible to their primary purpose unless needed. A larger shower stall also will look opulent and practical at the same time. Replace old two handle faucets in the kitchen and bathroom for
single handle or touch faucets. Consider installing anti-skid flooring in the bathroom and tub/shower area. A few other items might be contrasting color edging for the counter tops along with rounded edge and corners. Replace all door knobs with lever handles for ease of use. This is a small sample of the things you can do to stay competitive in a growing market while not making changes that younger generations would find objectionable.
Dear Maintenance Men:
I am starting my planning for a major kitchen cabinet remodeling project in my rental units. However, I am having a difficult time making material and design decisions. What recommendations can you give?
Dear Allen,
Allen
When doing a kitchen or bath material selection, cohesive and functional design is important. Kitchen and bath rehabs are some of the most expensive work you can do in an apartment unit and proper planning is a must. In order to appeal to a larger segment of the population, try to keep the interior color scheme to neutral earth tones. Cabinetry quality varies greatly. Don’t let the cabinet fronts fool you. Manufactures designed their cabinets to look good at first glance. Keep in mind, being in a rental environment, the cabinets also need to hold up to abuse. Look at the actual construction of the cabinet box or frame. There is no need to use cus-
tom cabinets to fit your existing layout. The use of prefabricated modular cabinetry can greatly reduce the time and cost to have a finished kitchen or bathroom. Using real wood cabinet fronts with 3/8” plywood sides is essential for durability. The drawer fronts and sides should be connected with a dovetail or other positive lock construction. Drawers that are held together by nails will not hold up to tenant abuse, nor will particle board constructed cabinets. On a side note; if you are gutting the kitchen or bathroom, use this time to relocate and add more electrical outlets and under cabinet lighting.
Dear Maintenance Men: I have a conundrum! My roof is in good shape, however I have a mystery leak or to be more precise I have a moving mystery leak. In other words, when it rains, the roof does not always leak in the same place. This is driving me crazy.
Sam Dear Sam: A good roofing troubleshooter is worth their weight in gold. Here at Dear Maintenance Men, we love a good mystery! First things first; have your building inspected by a reputable roofing company or roofing inspector. The inspection will eliminate non-issues and help point you in the right direction and may even solve the leak mystery. The amount and intensity of rain will contribute too many roof leak mysteries. Often a light rain will cause a leak
in an area that would not leak in a heavy or prolonged rainstorm. The reason is material swell. A light rain is not “wet” enough to swell surrounding wood or roofing material and cut off the leak. Mind you, this is still a leak that needs fi xing. The deep penetration of water in a heavy or wind driven rainstorm will cause a leak by sheer volume that would not have leaked in a light rainstorm. Roof flashings are a common source of leaks that drip far from the source of the water intrusion. A roof flashing can be found were the roof material meets a transition area such as a chimney, a wall, a pipe or other structure. Shifted or lifted composite shingles or roof tiles will cause water to come into contact with the felt paper under the roofing material and a break in the felt or roofing paper will cause a leak. Debris on the roof, valley, top caps, gutters etc can form water dams and cause leaks. Watch overhanging trees as well as they can damage the roof and cause leaks. Bio: Please call: Buffalo Maintenance, Inc for maintenance work or consultation. JLE Property Management, Inc for management service or consultation Frankie Alvarez at 714 956-8371 Jerry L’Ecuyer at 714 778-0480 CA contractor lic: #797645, EPA Real Estate lic. #: 01460075 Certified Renovation Company Websites: www.BuffaloMaintenance.com & www.ContactJLE.com www.Facebook.com/BuffaloMaintenance
CONSULTING & FINANCING ● Specialist in commercial real estate ● 20+ years of experience helping business owners, investors ● Work with clients nationwide ● Short or long term projects/speaking ● Remote or face-to-face (will travel) ● Excellent professional references
www.sizzlinghotbusiness.com tami@sizzlinghotbusiness.com
Advertise in Rental Housing Journal Colorado Circulated to over 7,000 apartment owners, on-site and maintenance personnel monthly.
Call 503-221-1260 for more information
w w w. r e n t a l h o u s i n g j o u r n a l .c o m 6
Rental Housing Journal Colorado · October 2015
Rental Housing Journal Colorado
5 Winter Lessons ...continued from page 1 nents are at the top of the most wanted list when it comes to the destruction of your physical property. When they are clean and clear of debris, they will redirect and remove thousands of gallons of rainwater per year. To find the estimated amount of rainfall at your property use the following equation: (total sq’ of roof surface X 0.6 X annual rainfall). Here is a common property example from one of the properties in my portfolio in Portland, OR. It’s a 100 unit property with 10 buildings. Each building has a roof surface of approx. 2000 sq’. Using the annual rainfall for Portland (37.2”/yr), we can estimate that over 446, 000 gallons of water per year is landing on nearly all surfaces of my property, but mostly on the roofing. Without clean and functioning gutters, downspouts and ground drains all of that water is pouring into your building envelope somewhere. Whether it’s damaging the roof sheeting, deteriorating the fascia, pouring down the siding, splashing over the side and causing splash back on the underside of the siding, or simply creating standing water throughout the property, it will cause you problems. The obvious solution is to give your rain drain system the attention it deserves. I recommend 3 cleaning and line jettings per year. Starting in March, I want to get all the residual debris out from the previous winter. Then in August/September I want to get them all clear for the upcoming Fall and Winter leaf drop, then I will do one final clean and jet in December/January to get rid of all the leaves and debris that was just dropped over the past 90 days.
largest water drains on our sites are our irrigation systems. These systems were designed, initially, to get things growing fast at the time of development. Green grass, healthy trees, and bushes that can be trimmed and shaped make the property look good and help with the initial lease up and aggressive marketing that it takes to get the property performing well financially. But, over time, grass takes root, trees and bushes become mature and native plants and trees stabilize, leaving much of our irrigation systems unnecessary. Take this opportunity to do an in depth irrigation audit and determine areas that no longer need to be watered. Some areas may need different approaches, such as drip systems rather than the more common sprinkler heads which use far more water. If possible, remove entire zones in areas that have little or no grass, heavily shaded areas, or areas that appear to be heavily saturated. Taking advantage of these savings will not only save you money but eliminates the need for future maintenance and possible damage and repairs as well.
Lesson Four: Don’t forget about crawl spaces. Although often forgotten, neglected crawl spaces can be can serious problems. They may be too cold and wet under the units, or too warm and wet above the units. Take the opportunity to get a visual on these areas. Here is where to focus; lower crawlspaces should be clean and dry. Check the vapor barrier to be sure there are no tears in the barrier, no standing water or
stains of previous water stains from the previous winter. Also, be sure to inspect all plumbing pipes that are within 5 feet of the outer foundation wall to be sure they are insulated. As for the upper crawl space, take a few minutes in each building to look for potential problems that add to excessive moisture issues and ultimately mold. Check fan exhaust venting to be sure it is positively connected to the exterior of the building, be sure that intake baffling is in place (you should see some outside light coming in where the bird block and intake vents are located), so that clean air can come into the crawl space and help push the moist, stagnant air out the top of the system. Last, be sure insulation is in place all the way out to the edge of the roof. As long as the baffles are in place this will ensure proper insulation for the units below.
Lesson Five: Emergencies are going to happen. Be proactive by implementing and practicing emergency plans with your team. If there is an after-hours call, does every member of your team know what to do? Setting up emergency response protocols, such as pre-approved vendors for restoration, plumbing, carpet extraction, and leak locators to deal with the problems, and hotels restaurants, or even the Red Cross to deal with the residents. Have a centralized location at the site that has a list of all these vendors, utility shut off locate maps, valve keys, fire panel directions,
and emergency protocols for fire, flood, and blood, but also natural disasters, terrorist threats, gang violence, and even domestic violence. When emergencies occur everything is chaotic, be sure your responding site staff are trained, prepared, and are level headed so they can assume the leadership role your residents expect and deserve. Zach Howell, CAMT, UPCS, LEED GA Director, Apartment Maintenance Institute Zach carries a Psychology degree from Oregon State University. He is a nationally Certified Apartment Maintenance Technician, LEED GA, and Certified UPCS inspector carrying more than a decade of experience within the multifamily housing, development, and construction industries. Zach is a valued advocate for the Apartment Maintenance trade, serving as Subject Matter Expert for the National Apartment Association, Training Director for The Apartment Maintenance Institute, Community Education Faculty Member at Portland Community College, and 2014 Apartment Community Excellence “Oregonian Civic Award” Recipient. He can be contacted via email: Zach@aminstitute.net
Lesson Two: Sealant matters. The sealant (caulk) that is protecting your windows and siding material joints is like the sentry guarding the castle gate. At first he is strong, flexible, dependable, and nearly unbeatable. However, he gets weaker over time, and, depending on his location, is constantly under attack and beaten down. Eventually, he fails and must be replaced. The truth of the matter is that even the best sealants on the market have a manufacturer’s recommended useful life of around 3-5 years. This means that if your property was built before 2013 and hasn’t had the sealant removed and replaced then your property is under siege, and there is nothing protecting the critical access points that could become an open gate for water, mold, dry rot, and building failure. Within the industry there is a push given the construction defect litigation environment that is prevalent to implement sealant replacement schedules every 4-5 years with a focus on the horizontal surfaces, especially those that are not flashed with metal. This increased focus on the sealant will not only prolong the life of the material components, it will eliminate interior envelope damages. Since all surfaces and potential points of intrusion are being reinforced on a regular basis, the life span of the envelope materials, and ultimately the value and future capital needs to retain the value of the property is preserved.
Lesson Three: Irrigation is key to NOI. We all know water is very expensive. What we sometimes forget is, one of the Rental Housing Journal Colorado · October 2015
7
Rental Housing Journal Colorado
Prepare Rental Properties ...continued from page 1 Property managers can also program smart thermostats to send reminders for filter changes or extreme temperature alerts. 6. Clear gutters. Remove debris from gutters to ensure proper drainage around the property. The fall and spring seasons are the best times to clean gutters, and property managers should take this one at least two times per year. Improper drainage can damage landscaping and the property’s foundation and cause snow and ice to build up in the winter months.
cially for pipes exposed to outside air or on exterior walls. Remind tenants to let faucets drip overnight during extreme cold to keep pipes from bursting and causing water damage. Repairing burst pipes can cost more than $600 – depending on where the pipe is located and the extent of the damage, so take the necessary steps to avoid the additional outof-pocket cost.
Drain and flush the hot water heater to get rid of sediment build-up. If it’s time for an upgrade, choose a model that’s compliant with the latest efficiency requirements enacted in April of this year. 5. Install programmable thermostats. Wi-fi enabled thermostats offer customizable convenience by enabling users to control temperatures from their smart phone. Some models even sense when a unit is occupied, delivering comfortable temperatures when it is in use and saving energy and money when no one is home.
4. Check the water heater. Ensure units on the property are in good condition with thorough inspections.
7. Protect the landscaping. The steps to winterize your landscape largely depend on your location. In milder climates, like the West Coast or Deep South, you can protect your outdoor plants by applying mulch or protective fencing and verifying that the freeze sensor on the irrigation system is working properly. In colder climates, drain water from the irrigation system so pipes and sprinklers don’t burst underground. There are three common techniques to winterize irrigation systems – manual, automatic and compressed air blow-out methods – so property managers should review the options to determine which can best protect their landscape.
9. Create a severe weather kit. Prepare for the worst by assembling a severe weather kit before the season hits, including generators, batteries, flashlights and a First Aid Kit. Also include snacks, water and other essential supplies. 10. Help residents prepare. Encourage tenants to report maintenance issues immediately and share tips to help them get ready for the winter season. Let them know that they play a huge role in keeping the unit intact during the colder months. By Scott Matthews, Director, Strategic Accounts, The Home Depot Scott is responsible for managing national accounts and e-commerce while overseeing business-to-business relationships. During his 25 years at The Home Depot, he has served in a variety of roles and capacities, including Regional Pro Sales Manager, District Manager and Store Manager.
8. Defend against moisture. Keep outdoor fabrics and surfaces safe from the winter elements with a moisture blocking spray or sealant. Use the product to protect walkways, wood and other outdoor surfaces before the harsh weather arrives.
ARIZONA, ALASKA, CALIFORNIA, COLORADO, DELAWARE, FLORIDA, GEORGIA, ILLINOIS, INDIANA, KANSAS, KENTUCKY, MASSACHUSETTS, NEVADA, NEW JERSEY, NEW YORK, NORTH CAROLINA, OHIO, OREGON, PENNSYLVANIA, TEXAS, UTAH, WASHINGTON, WASHINGTON D.C., WEST VIRGINIA & MORE.
5 REASONS TO USE RENTEGRATION
1. Access - Rentegration.com is a web based, access to forms generation, archives, property management database, basic accounting, vendor ordering and other services. 2. Rental and Lease Forms - Unlimited use forms. All Rentegration.com forms are created by attorneys and/or local rental housing associations. OR-RTG-20 Oregon
CHECK-IN/CHECK-OUT CONDI
TION REPORT
TENANT(S): __________________ ____________________________________ _________48-H ADDRESS: ___________________________ ___ OUR NOTICE O OF ENTRY OR-RTG-24 _________ Oregon ____________UNIT: ___UNI ______________ CITY: ___________________________ ________ STATE: TE: ________TENA : _____________ ZIP: NT(S) _______________ _________ ___ __________ ADDR Rating
Scale = (E)Excellent (VG) Very Good PET AGREEMENT
WA-RTG-40 Washing
ESS: __________ _______________ _______________ _______ D (G)Good (F)Fair DATE:________ F)Fairr CITY: F)Fai (P)Poo (P)Poor _______________ : _______________ ____________ UNIT: _______________ UNI _________ ___________ STATE In Out S TE:: __________ In Out ZIP: _________ BEDROOM
IN Out TENANT INFORMATION LIVING AREAS TENANT(S): ____________________________________________________ DATE:________ A ATE:________ KITCHEN ADDRESS: ____________________________________________________ UNIT: _________ Walls Walls CITY: _________________________________________ STATE: ATE: __________ ZIP: _________ A
3
Walls alls
48-HOUR NOTICE OF O F ENTRY R
Pursuant to RCW 59.18.150, this is your 48 hour notice that g the dwelling unit your landlord or their and premises located Refrigerator agents will be _______________ at (Address) Blinds/Drapes _______________ Rods _______________ 1) Type _______________ Breed _______________ Size ______ Age __ W Weight ___ Color ____ Name ________ WA-RT Ice Trays G-20 _____ Washin _____ gton _____ Rods _____ Vaccinations: Yes____ No____ License Number: ______________ _____________ on Floor CHECK-IN/C Shelves/Drawer between the hours Weight ___ Color ____ Name ________ 2) Type _______________ Breed _______________ Size ______ Age __ W Floor HEC of K-O (Date) and UT CONDITION Vaccinations: Yes____ No____ Carpet/Vinyl/Wo License Number: ______________ od Disposal REPORT(Time) . (Time) (Time ime) Light Fixtures Weight ___ Color ____ Name ________ 3) Type _______________ Breed _______________ Light Fixtures Size ______ Age __ W DishwasherTENANT(S): __________ The entry will occur Vaccinations: Yes____ No____ License Number: ______________ Doors/Woodwo Doors/W Doors/ _____oodwork rk _____ for the following purpos _____ ADDRESS: _____ _______________ __________ Doors/Woodwork __________ __________ _____e:__________ Counter Tops Additional Security Deposit Required:$ _______________ __________ Locks ___________ _______________ _____ CITY: __________ _______________ Locks _______________ _______________ ________UN _______________ __________ IT: __________ Cabinets _____________ __________ _____ __________ AGREEMENT ____ Ceilings STATE: _____ _______________ Rating ___ ZIP: _____ Scale = (E)Excellent Ceilings ____________ __________________ Tenant(s) enant(s) certify that the above pet(s) are the only pet(s) on the premises. T Tenant(s) Sink (VG) Very Good Electric Outlets (G)Go od (F)Fair (P)Poo understands that the additional pet(s) are not permitted unless the landlord gives ten Electrical Outlets IN r Out ant(s) written permission. Tenant(s) pets in theLIVING premises enant(s) agree to keep the above-listedFloor In Landlord AREAS Out Garbage subject to the following terms and Cans conditions: KITCHEN In Windows Out Walls Phone BEDRO Windows
Stove/Racks
DESCRIPTION OF PET(S)Blinds/Drapes
TV Antenna/Cable
1) The pet(s) shall be on a leash or otherwise under tenant’s control when it is outside the Blinds/Drapes Window s tenant’s dwelling Fireplace unit. Blinds/Drapes 2) Tenant(s) enant(s) shall promptly pick up all pet waste from the premises promptly. Cleanliness 3) Tenant(s) for the conduct of their pet(s) at all times. enant(s) are responsible Rods 4) Tenant(s) enant(s) are liable for all damages caused by their pet(s). Floor 5) Tenant(s) rental enant(s) shall pay the additional security deposit listed above and/or their BEDROOM agreement as a condition to keeping the pet(s) listed above. 1 Carpet/Vinyl/Woo BEDROOM 2 d 6) Tenant(s) enant(s) shall not allow their pets to cause any sort of disturbance or injury to the Walls Light Fixtures Walls other tenants, guests, landlord or any other persons lawfully on the premises. Windows report to landlord any type of damage or injury 7) Tenant(s) caused by enant(s) shall immediately Windows Doors/Woodwork their pet. Blinds/Drapes 8) This agreement is incorporated into and shall become part of Blinds/Drapes the rental Locks agreement exe -cuted between the parties. Failure by tenant to comply with any part ofCeilings this agreement Rods shall constitute a material breach of the rental agreement. Rods Floor
_____________________________ Light Fixtures Landlord
Floor
Electrical Outlets
______________________________ Garbage Cans Tenant enant Light Fixtures ______________________________
Windows enterin
MethodStove/R of Servic ackse: Refrigerator
Personal Service:
additional day for
Ice Trays
T Toilet
Shelves/Drawer
Locks
Ceilings
TV Antenna/Cable
Tenant enant
Doors/Woodwork
Locks
Ceilings ©2011 NO PORTION TION of this form may be reproduced without written permission. Electrical Outlets
Fireplace
Cleanliness
Electric Outlets
BEDROOM 1
Walls
Windows
l
Fan (Exhaust) Dishwas
her
Counter Tops
Electric Outlets Cabinets Sink Light Fixtures Floor Windows Essential Services
8
Blinds/Drapes Plumbing
Heating
Electricity
Hot Water
BEDROOM 2 ©2009 PORTION of this SmokeNO Detectors form may Walls
from the database. The modules are all integrated and work together. For example, a customer can use the rent-roll function to identify all delinquencies, apply fees, and create eviction forms with a few simple clicks of the mouse. BlueIndustry PMS 280/Gray PMS Partner 7543 Exclusive of:
PMS 280/PMS 7543 over color
Walls Window s Post
and Mail:
Blinds/Drapes
compliance if served by
Tub/Shower ub/Shower Disposa Floor
for each • unit, property and company. Per- only forms generation will save time and Logos are provided on the CD in all three forms: all black, to white, or inproperty PMS 280 Blue/PMS 7543 Gray spot money or 4/color applications. over other methods. Mid and small fect for mid andreversed small size managPlease see below for specific use examples. ers and independent rental owners, who size property managers and independent • No other colors are acceptable for use for the logo. neither have the need or budget for larger, rental owners can manage their entire busi• No altering of the logo is allowed. If you have a special circumstance that requires something not ness at aforfraction more expensive provided on software. the CD, please call NTN NA TIO NAL HEADQUAR TERS 1.800.228.0989 assistance. of the cost of other soft• Logos should not be put over a busy background. ware and forms. 4. Management Database - Rentegration. BLACK com is an easy to use, database driven soft- WHITE (with 40% gray circle)
OM 3
Walls
BATH ATH A TH ROOM Towel Bars Towel
* Add Sink & Vanity Vone
Rods
*
post and mail. mail
Floor Light Fixtures Doors/Woodwork Locks Ceilings Electric Outlets Smoke Detector
s
sales@rentegration.com Doors/Woodwork
ton
5. Value - Large property management
- Owners and
Color forand National Tenant Networkthat Logouse Rentegration.com for companies managers can Standards track income expense
BATH ROOM
Towel Bars
Sink & Vanity
Toilet
Tub/Sho
be reproducedwer without
written permission.
www.Rentegration.com
503-933-6437
Rental Housing Journal Colorado · October 2015