Rental Housing Journal Metro 3. U.S. Homeownership Rate Falls to the Lowest Level Since the 1960s 4. Property Managers Face Housing Market Conundrum 6. "The First Step and Then the Next" 8. 5 Ways to Improve Resident Relations – A Crash Course 9. Membership Has Its Privileges
August 2015 12. What Landlords Need to Know About Bed Bugs 14. Hoarding As a Fair Housing Issue: Beyond Reality TV 15. Owning a Rental Property Requires Hard Work, Patience, and Planning 16. Ask the Secret Shopper
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17. Why Work-Life Balance is the Wrong Idea 18. Dear Maintenace Men 19. Changes to the Treatment of Depreciation Effective with Your 2014 Tax Return 20. To Social Media Relevance
PORTLAND/VANCOUVER
Published in association with: METRO Multifamily Housing Association; Rental Housing Association of Oregon; IREM & Clark County Rental Association
Today’s Online Renter
Flipping Edges Out Renting As The Preferred Investment Strategy For the Third Consecutive Quarter According to Auction.com Real Estate Investor Activity Report™ Price appreciation and inventory constraints continue to dictate investor strategy uction.com, LLC, the nation's leading online real estate marketplace, today announced the findings from its Second Quarter 2015 Real Estate Investor Activity Report™, a nationwide survey of real estate investors. Survey data collected from investors bidding on properties online and at live events across the country reveals that flipping is still going strong, edging out the hold-to-rent strategy for the third consecutive quarter – a consistent trend since Auction.com began tracking investor intent. This research provides insight into real estate investment trends on both a national and regional level. "Rounding out the first half of 2015, most of the country and most investor segments performed in a manner very consistent with what we've been seeing for about a year," said Auction.com Executive Vice President Rick Sharga. "We're seeing two major trends that are driving these numbers. First, we're seeing a return of the 'mom and pop' investor in the single family rental space – smaller investors with an intimate knowledge of their local markets, who are willing to buy properties that deliver long-term returns based on monthly cashflow. Second, investors focusing more and more on flipping properties in regions where prices have rebounded from the 2008 crash and inventory of homes
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National Study Sheds Light on Changing Prospect Behaviors and Preferences By Doug Miller
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e just conducted a 2015 revisit of our landmark 2011 “Today’s Online Renter” study. The study addressed questions about how today’s online prospects shop, what drives rental decisions, what impact reviews have, the importance of social media and more. Big picture, transparency and the basics are more important than ever. • Shopping, Rental Decisions, Brand, Trust • 60.1% of apartment shoppers used a smart phone or tablet in their search (26.3% in 2011) and 78.3% visited a property’s website before contacting the office. Therefore websites must utilize Responsive Website Designs (as of April 2015 Google boosts rankings for sites with RWD) and HTML5 coding (how Apple prod...continued on page 5
Pet Smart: What You Need to Know About Being Pet-Friendly After years of prohibiting companion animals, many apartment properties now welcome pets—and the residents and ancillary income they bring with them. By Kayla Devon, Les Shaver
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fter prohibiting pets for so long, the apartment industry finally, begrudgingly, began accepting them over a decade ago. In a way, apartment owners were merely coming to terms with what had been a reality for a long time—furry creatures resided in their properties.
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In fact, Bobby Lee, president and COO of Los Angeles–based JRK Property Holdings, estimates that as many as 40% of his residents had been keeping pets in their units, even when they weren't allowed. But by eventually embracing animals, apartment companies found a way to attract residents rather than tune them out. And, in some cases,
they've found a way to make money, as well. But just saying you allow pets isn't enough. To be successful, apartment owners need to have a strategy—knowing the costs and benefits of allowing pets, what the popular amenities are, what types of pets to restrict, and the types of materials to use for a pet-resilient environment. ...continued on page 10
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