Rental Housing Journal Colorado
August 2017 - Vol. 9 Issue 8
2. My Multifamily Investing Philosophy and How I Do It 4. Dear Maintenance Men - Faucets, Storage and Vacancies
DENVER • COLORADO SPRINGS • BOULDER
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Security Deposits and Everything You Need to Know About Them
Unprecedented Demand Staving Off Apartment Market Slowdown Sacramento, Phoenix, Las Vegas, Raleigh-Durham and Jacksonville Named Top 5 Markets for Multifamily Investment
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en-X Commercial, the nation's leading online real estate digital marketplace, today released its latest U.S. Multifamily Market Outlook, including the top five "Buy" and "Sell" markets for multifamily real estate assets. The report shows that while fundamentals have begun to soften, demand across the apartment market remains strong due to positive demographic trends that continue pushing millennials and other Americans to forgo homeownership in favor of renting. The report pinpoints Sacramento, Calif., Phoenix, Las Vegas, RaleighDurham, N.C., and Jacksonville, Fla., as the five markets where investors should
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ecurity deposits. Every professional property management company requires them but some property managers don’t know the full legal picture. While it’s commonly understood that normal wear-andtear is acceptable, 26% of renters have reported that their security deposit has been withheld at some point during their life as a tenant. So what types of violations are more than a quarter of renters being cited for?
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Security deposit laws are complicated and vary from state to state. Normal wear-and-tear isn’t always easy to identify. Typically, disputes between a tenant and property manager are settled in court if the tenant thinks the basis of a withheld security deposit is simply normal aging. In Wisconsin, for example, laws prohibit property managers from retaining deposit funds to cover carpet cleaning. However, a separate fee can be required after the renter surrenders the apartment. Collecting that fee may require a lawsuit or a trip to small claims court. Renters in Washington are obligated to return their apartment or rented home to the same condition as they continued on page 4
consider buying multifamily properties. Favorable demographic trends are on full display in these regions, where employment stands at record or nearrecord levels, and a combination of high demand and light supply pipelines are bolstering rent levels. The Ten-X analysis also identifies New York City, San Francisco, San Jose, Calif., Washington, D.C., and Oakland, Calif., as markets where investors may consider selling multifamily assets. These mostly major markets seeing an onslaught of new supply pushing up vacancies and rents may already have reached their peaks, leaving them vulnerable to diminished returns for continued on page 5
Rising Rents Lead to Increased Homeless Population If New York metro rents grow five percent, 3,000 more people will be forced into homelessness
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ising rents in the nation's booming urban areas are creating crisis levels of homelessness that will continue or even accelerate as rents rise, Zillow® research has found. The connection between homelessness and increasing rents is especially strong in places that are already facing rapidly growing homeless populations: New York, Los Angeles, Washington, D.C. and Seattle. A five percent increase in New York rents over the next year would force almost 3,000 more people into homelessness, according to a new
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Real Estate Opportunities in Investing (ROI) Finding Investing Success in Today's Housing Market