Colorado RHJ May 2018

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Rental Housing Journal Colorado

Mayl 2018 - Vol. 10 Issue 05

Contents 2. Real Estate Exit Strategies 3. Dear Maintenance Men 6. Accommodating Disabled Tenants in Your Rental Property

DENVER • COLORADO SPRINGS • BOULDER

www.rentalhousingjournal.com • Professional Publishing, Inc

Monthly Circulation To More Than 7,000 Apartment Owners, Property Managers, On-Site & Maintenance Personnel

Potential for Higher Returns Lures New Buyers, Generating Comp. Supply of For-Sale Listings Remains Tight, Boosting Prices

4 Outdoor Flooring Options for Rentals

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amaged or worn outdoor flooring, pavement and surfaces can be responsible for making your property look poorly kept. These surfaces can also endanger the safety of your tenants as cracks, holes and general wear make it easier to slip, trip and fall. Our expert contractors have provided a breakdown of common materials for outdoor flooring. We have included the pros and cons of each material to help you choose what works best considering your design preferences, pricing, weather-resistance and overall longevity. 1 - Natural stone is a beautiful outdoor flooring option Natural stone can present unique variegations in a variety of colors, which results in a beautiful, one-of-akind accent in your outdoor space. It can be custom-cut to be arranged accordingly to a preferred pattern and look, with irregular shapes being used for meandering mosaics and modular stones being used when a more regular and symmetrical appearance is desired.

Professional Publishing Inc., PO Box 6244 Beaverton, OR 97007

PRSRT STD US Postage P A I D Sound Publishing Inc 98204

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Marcus Millichap National Report – Manufactured Housing Research

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ffordable housing need bolsters operations. Manufactured home communities are benefiting from rising single-family home prices

and escalating apartment rents that are creating a shortage of affordable housing alternatives. This is especially prevalent in urban areas with strong employment gains, such as Salt Lake City or Denver. In these two metros, vacancy in manufactured home parks posted triple-digit drops to average below 2 percent. The lack of new communities and the redevelopment of older parks also contribute to a tightening vacancy rate as displaced tenants seek alternative placements for their homes. An aging population benefits manufactured home parks. During the next 10 years nearly 18 million additional people will reach age 65. Many of these seniors will move

to resort or retirement manufactured home communities, many of which are in the Sunbelt. The number of people age 65 and older will continue to swell through 2045 as the baby boomer generation ages. This bodes well for age-restricted communities. Operations tighten across the nation. During 2017, vacancy in all subregions reached a 10-year low, boosting rent growth and raising NOI. These factors combined with higher cap rates than many other real estate product types are intensifying competition for manufactured home communities and pushing prices up. ...continued on page 4

Save Money and Water in Apts.

By John Triplett Rental Housing Journal

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ow to save money and water in apartments is the passion of entrepreneur Richard Lamondin Jr., who has founded a company to take on the challenge of both saving water and helping apartment owners, landlords and property managers make their apartment communities more green and eco-friendly. In an interview with Rental Housing Journal, one entrepreneur, who is in the middle of a large 10-property project in Dallas to help the Dallas-Fort Worth area with water conservation, talked about his passion and his company. The project is expected to save multifamily properties there an estimated 108 million gallons of water this year alone. The company is expecting to save two billion gallons of water over time.

How leaking toilets are key to saving money and water in apartments “My brother and I grew up with a father who is a real estate developer, so we basically grew up on construction sites,” said Richard Lamondin Jr., CEO of Ecosystems. “But we are also environmentalists. We began researching the water situation here in the U.S. and found that 20 percent of all toilets in the U.S. right now are leaking as much as 200 gallons of water a day. “I can go on with the numbers, but homes waste one trillion gallons of water every year. So while we're trying to find solutions on the grand scale, a lot of times what's being overlooked is the basic building block of water usage in apartment communities, which is the bathroom,” he said. Seattle and Atlanta two of highest cost cities Atlanta, Georgia and Seattle, Wash-

ington have some of the highest water rates in the country at $325.52 and $309.72 per month for a family of four, respectively, according to a Michigan State University study. “These rates are based on 100 gallons (378.54 liters) of water per person per day including water, sewer and storm water for 5/8 inch (15.875 mm) meters. It is likely these rates will rise as the cost of providing water increases.” The Michigan State University study, called “Affordable Water In the U.S. – A Burgeoning Crisis,” says “If water rates continue rising at projected amounts, the number of U.S. households unable to afford water could triple in five years, to nearly 36 percent.” So Lamondin said it's actually a growing problem not just for apartment owners but “pretty much anyone paying their water bill right now because of our aging infrastructure and certain stress...continued on page 4

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