Rental Housing Journal Metro September 2016

Rental Housing Journal Metro

September 2016

3. The VIP Tour of How to Easily Set the Perfect Marketing Budget & Strategy for your Apartment Complex 4. Creating an Annual Operating Budget for Your Multifamily Property 5. "And a wonderful time was had by all."

6. Chasing Economic Trends in Multifamily Can Be a Downfall 7. Multifamily NW Presents: SPECTRUM 8. Spectrum Classes 10. Spectrum Exhibitors

13. The Scoop On How Pet DNA Testing Fixes Your Apartment Poop Problem 14. The Risk and Rewards of Owning NNN Investments 19. Dear Maintenance Men – Do's, Dont's, Doors and Droughts

Portland/Vancouver

www.rentalhousingjournal.com • Professional Publishing, Inc

Published in association with: Multifamily NW; Rental Housing Association of Oregon; IREM & Clark County Association

Budgets; Don't Just Update That Spreadsheet

2Q16 Market Overview Multifamily Housing Update

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h, September… my favorite time of year –warm days, cool nights, back to school, turning leaves – and all that ruined with the prospect of dealing with budgets! With the crazy schedules that fall brings it can be awfully tempting to just increase everything by the obligatory 2 to 3% and call it a day, especially if you are budgeting for multiple properties. Yet, I’ve learned the hard way that accuracy and usefulness can plummet after a couple of years of that budgeting method.

Portland, OR Payroll Job Summary Average Payrolls Annual Change RCR 2016 Forecast RCR 2017 Forecast RCR 2018 Forecast RCR 2019 Forecast

1,142.7m 33.3m (3.0%) 31.6m (2.8%) 30.3m (2.7%) 25.5m (2.2%) 13.4m (1.1%)

RCR 2020 Forecast Unemployment (NSA)

12.8m (1.1%) 5.1% (June)

2Q16 Payroll Trends and Forecast Job creation in Portland MSA continued at a steady pace in the spring, rising at a robust 33,300-job, 3.0% pace, on point with the 2.9% compound annual growth rate ob-served since 2012. Hiring by manufacturers was consider-ably weaker (-100 jobs in 2Q16, down from +2,100 in 1Q) but faster annual job gains totaling 4,200 in consumer and socially funded sectors (construction, retail and govern-ment) were more than offsetting. Meanwhile, the tech sector continued to chalk down significant year-on-year gains, most notably among software publishers (3.5%), computer system designers (5.3%) and semiconductor fabricators (2.8%). Metals manufacturing was the sole sector experiencing material job losses (-6.7%), reflecting the effects on export sales of a strong dollar.

Seasonally-adjusted data were less sanguine, perhaps signaling that an inflexion point is reached. This series shows only a 900 job April to June advance, down sharply from 8,500- and 10,800-job gains during 1Q16 and 4Q15. continued on page 12 Professional Publishing Inc., PO Box 6244 Beaverton, OR 97007

m u r t Sp e c

continued on page 22

Multifamily NW Pres ents

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-BE YOUR OWN HERO-

pectrum is the largest rental housing educational conference and trade show in Oregon. It will be held September 22nd at the Oregon Convention Center in Portland from 8:00am to 4:00pm. Spectrum is the premier annual educational conference for rental housing ownership, management and maintenance. This year’s show features a bustling trade show floor of both local and national exhibitors. The event draws over 1,200 attendees and offers 28 unique education workshops. Everyone looks forward to Spectrum addressing the needs and issues of our region’s rental property owners, onsite leasing agents, portfolio managers and maintenance professionals.

Spectrum 2016 will feature a superhero theme and include a cast of costumed characters to entertain attendees throughout the day. We are excited to PRSRT STD US Postage PAID Portland, OR Permit #5460

kick off the conference with a general session featuring national speaker Linda Edgecombe who will discuss how you can be your own hero.

The Spectrum curriculum focuses on the current market with several sessions dedicated to timely issues such as: hoarding, leasing in a tight market, customer service, habitability issues and more! We are bringing back crowd favorite classes including the always popular Mock Trial sessions from Warren Allen LLP. This year, Spectrum offers outstanding courses on leadership and communication, including: “#Superfresh Ideas for Leadership & Team Motivation,” “Customer Service Best Practices,” “Becoming an Asset/Portfolio Manager” and more!

For rental property owners, Spectrum has many outstanding workshops, includ-

ing: “Single-Family Form Management” and “CyberSafe – protecting your data.”

Spectrum’s maintenance offerings include: “Finding Money in Maintenance” and “Are You Ready for the Big One? – Dealing with Catastrophic Events.”

Don’t miss this exciting day! See the full list of classes and register for the 2016 Spectrum show at www.multifamilynw. org. Admission to Spectrum includes lunch, workshops and access to the amazing trade show floor. Attendance is $100 for members and $150 for non-members.

Most Spectrum classes qualify for Continuing Education Credit for Oregon Broker’s and Property Manager Licenses.

SPECTRUM is brought to you by Multifamily NW. continued on page 7

Text REALESTATE-ROI to 44222 to receive a digital copy of this year's Real Estate Opportunities in Investing (ROI) Finding Investing Success in Today's Housing Market

Rental Housing Journal Metro

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Rental Housing Journal Metro ¡ September 2016

Rental Housing Journal Metro

The VIP Tour of How to Easily Set the Perfect Marketing Budget & Strategy for Your Apartment Complex

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ongratulations, you are the marketing manager of the best portfolio or property manager of the best community in town, or it’s not. You have new construction in lease-up, or you have an older community that wants to stay on top. Even if you are the world’s best property manager you still may have no clue how you’re going to get your units toured by hot, qualified prospective renters that are ready to lease a unit from you today.

And, no matter how cool your communities are, if people don’t know about them at the precise moment they are looking to lease, you will never hit your occupancy goals. Getting units leased is what apartment marketing should be all about, it’s not about what you think is cool, it’s about getting units leased, on budget and ahead of schedule.

While the apartment marketing industry is filled with strategies and ideas, it’s easy to get flustered by all the things you “should” be doing to help get your property leased and yourself inducted into the Hall of Fame at your management company. Ultimately, it all comes down to planning and budget. I have personally helped nearly 1000 different properties get their units leased ahead of schedule and below budget. So allow me

to be your tour guide, pull back the velvet curtain on what apartment marketing pricing really looks like and what you can actually expect for your apartment marketing dollar spend.

Here are a few tips for navigating that elusive apartment marketing budget bas well as what marketing strategy will not only cost a fraction of the others, it will get you the most units leased and the highest rents in the shortest time, sound good?

I thought you would say that; so fasten your seatbelt I am about to start the tour:

Our first stop is apartment marketing math The first question your regional or property owner will always ask the property or marketing manager is, “Do you know what your property’s marketing budget is?” Usually that’s when they see the manager’s eyes get as big as saucers as they reply, “I have no idea! That’s what I thought you were here for.”

At MultiFamily Traffic we have seen hundreds of portfolios develop their own internal “marketing math” to figure out what each property should be spending on apartment marketing. Although I can’t share what our clients spend directly, I can tell you that the math adds

up very closely at all of them. Below is the basic spend levels we see at property management companies.

New apartment communities in leaseup: Working on hundreds of new community lease-ups, I can tell you the average marketing budget is about $275/unit for lease-up properties. This includes ILSs, SEO, Google PPC Campaigns, Internet/ Website Costs (hosting, website plugins, etc.), Special Website Enhancements/ Upgrades, Email Services, Customer Surveys, Tracking Services, Referral Fees, Promo Supplies (brochures, pens, balloons, etc.), Special Promos, and social activities for residents.

Established apartment communities: For those properties that have been occupied more than two years and have solid occupancy, we see management companies allocating around $175/unit Internet/ Website Costs (hosting, website plugins, etc.), Special Website Enhancements/ Upgrades, Email Services, Customer Surveys, Tracking Services, Referral Fees, Promo Supplies (brochures, pens, balloons, etc.), Special Promos, and social activities for residents.

Tour stop #2 is how to get 90% of the way there for $30/unit While this may seem like a lot, remember new and emerging properties and older ones alike are looking to capture new renters with an audience that has absolutely no idea who they are. That is where many mistakes are made. Often times communities follow bad advice and focus all of their efforts on their website content and Facebook pages, that is great if you are Taylor Swift or Kanye West and people are already interested in you, but when was the last time you decided to go hang out on your dentist’s website or Facebook page? You don’t. It’s no different for apartments. You need to have renters find you on Google or via advertising at the precise moment they are looking to rent and apartment. Any money you spend on building up “good will” like events and on page content will produce far less in terms of leases if any. Honestly having your property show up on Google when someone searches “Apartments in Anytown USA” will bring you 90% of the bang you need form your entire marketing budget and a 200-unit community can do an SEO campaign for $30/unit. continued on page 15

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Rental Housing Journal Metro

Creating an Annual Operating Budget for Your Multifamily Property

By Theresa Bradley-Banta

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multifamily real estate annual operating budget allows you to compare the actual financial performance of your property to your long-range projections for future income and expenses.

It’s important to prepare an annual income and expense forecast for your property whether you manage it yourself or if a professional third party management company manages it for you.

Important: Do not prepare an annual operating budget for your multifamily property or apartment building and then file it away and ignore it. This article will give you some great ideas for using a budget to your advantage.

Benefits of Creating an Annual Multifamily Investment Property Budget A budget allows you to establish or identify: • Performance targets.

• A baseline for property management reviews.

• Income and expense projections based on market drivers and assumptions.

• Capital improvements planning and projections.

• Problems that need to be resolved.

Importantly, a budget can help you maximize profitability and avoid unforeseen major repairs and expenses.

Third Party Property Manager Performance Baseline The best use of a property budget is to track how your manager is performing.

Ask your third party property manager to prepare an annual budget forecast with side-by-side comparisons of actual vs. budgeted income and expenses.

This budget then establishes a baseline for your property manager’s performance reviews. It’s a great idea to have regular meetings with your manager to review these comparisons. How are they doing in meeting projections? What can be done to course correct when and if your targets are not being met?

Some of the items to review are: Multifamily Property Income: • Vacancies against leasing projections: Is your manager on target for leasing new units or maintaining the average occupancy rate in your market?

• Lease renewal (rollover) projections: These are leases that are due for renewal during the budget period. Make initial contact with residents no later than 60 days prior to lease expiration.

If there is not a renewal commitment from your tenant there should be a follow up in 45-days.

• Future profit projections from increased revenue: This could include rent increases, laundry revenue increases, the introduction of a utility reimbursement program (tenant pays utilities), etc. Where are you able to increase revenue at your property?

• Future revenue projections from new sources: Where can you find previously untapped revenue? Can you charge for amenities such as parking, storage, recycling or business/entertainment centers? Can you install vending machines in your common areas?

• Cash flow projections: With accurate cash flow projections you’ll be able to make strategic decisions about the allocation of revenue for improvements.

• Replacement reserves: Determine what percentage of gross scheduled income can be put aside for future use. For example, you might want to hold back 5%

continued on page 16

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Rental Housing Journal Metro · September 2016

President: John Sage Vice President: Phil Owen President Elect: Ron Garcia Secretary: Lynne Whitney Treasurer: Elaine Elsea

John Sage, RHA Oregon President

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Past President: Elizabeth Carpenter Office Manager: Cari Pierce

President’s Message

10520 NE Weidler, Portland, OR 97220 (503) 254-4723 • Fax (503) 254-4821 info@rhaoregon.com • www.rhaoregon.org

“And a wonderful time was had by all.”

hose of you who attended our annual picnic at Oaks Park will know what that statement is all about. I saw many of you enjoying the warm, not too hot, day with your kids and grandkids.

Riding the train or Ferris wheel, eating ice cream cones and just having a great time being together. Many thanks go out to the Picnic Committee and Chair Alita Dougherty for putting together a wonderful event. Without their efforts this event wouldn’t be as great as it is every year.

There have been so many different events this summer from the political conventions to the Olympics that have made the time fly so quickly. I was reminded several times this past month about the passage of time. My daughter has been touring colleges to figure out where she wants to go. Seems like only a short while ago I was showing her how to clean her room, oh wait that was yesterday!! They grow up so fast don’t they? Our world today moves much more quickly than any of us seem to be prepared for.

I can remember talking with new property owners who were just starting to get their feet wet in our industry several years back. I remember all of the concerns that they had; and now they are seasoned owners with their third property in the works.

They are very involved in RHA Oregon, because they want to know the best practices, and how to avoid the pitfalls.

My question to you would be: “Are you involved?” Time is short and timing is critical. Our industry is at a critical juncture in Oregon and elsewhere in this country. We provide a service to our tenants, providing quality housing for them and their families. Again the question is: ”Are you involved?”. Are you keeping abreast of the changes going on at the state and local government levels that effect how you do business? Are you com-

Rental Housing Journal Metro · September 2016

municating with your government representatives? Are you involved with RHA Oregon, by attending trainings, meetings, or volunteering?

Since this is an election year we are all getting bombarded by ads, flyers, and all kinds of media dealing with politics.

It can get overwhelming and tedious at times. We all know those who want to share their opinions about the current state of our country, state or city. Usually, I enjoy this kind of discourse. However, when I ask the questions, “Did you vote in the last election?” and the answer is “No”,

it’s like finger nails on a chalkboard. Why, why, why, would you want to express your thoughts, or would I need to hear, on something that you don’t even feel concerned enough about to get involved in?? If it is of a concern to you, then get involved no matter how small that involvement might be. Remember the expression “The straw that broke the camel’s back”?

Well, someone had to place the last straw there, didn’t they?

So I urge you to get involved. Check out what is going on at the state and local levels of government. A few years from now you may look back on, “A wonderful time that was had by all.” And that time could be the time that you were involved with a wonderful organization. There are many opportunities for you to get involved with RHA Oregon. You can serve on a committee, on the board, or volunteer to help at the office. If you are interested please contact the RHA Oregon Office at 503-254-4723.

Sincerely, John Sage President RHA Oregon Stegmann Insurance Agency Inc.

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Rental Housing Journal Metro

Chasing Economic Trends in Multifamily Can Be a Downfall

By Ellen S. Calmas, www.rentalhousingjournal.com

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e borrow and build when cash is cheap and times are robust, and deal with the consequences when things take a turn for the worse.

The result can be an oversupply of inventory when the economy takes a turn and demand for new units goes south. Concessions are often viewed as the remedies that bind renter demand and market supply with competitive pricing, but at what cost to overall market health?

Is it too cynical to question the intentions of a prospective renter who tours a unit simply because they saw a good deal?

Probably not. While everyone likes a bargain, more often than not – especially in competitive secondary markets, renters who opt in with concession savings soon fall out of good favor with late payments, skips and evictions. It’s not a hard and fast rule, but not one that’s all that disputable either when you look at trends with lower B and C properties that tend to attract renters with finances stretched so far that “free” is an addiction they just have to go for.

Let’s take a minute to review options to up front concessions: • Lower rent – not attractive on a lot of levels to community operators but can achieve the same bottom line attraction to prospective renters.

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• Amenities – throwing in the stuff that really doesn’t cost the community as much as a month of rent but has high perceived value to prospects like better parking options, access to the fitness club at off hours, gas or coffee cards.

• Automated rent delivery services – The prospective renter targeted for a free month is the same buyer looking to improve their rent paying experience. Options like rent from payroll are effective substitutes and time savers for the person whose accustomed to going to the local check casher.

In all there’s no hard and fast rule on the impact of concessions other than to

say they detract from competition on the points that matter most in property management: offering a quality product, a safe community, and maintenance and services when needed. MultiFamily Executive recently offered insights on the impact of boom and bust economies on how property companies profit and the calculated tradeoffs considered with concessions to maintain NOI and asset value.

multifamily, NPS Rent Assurance. Life is good when we achieve our mission of making payment assurance the catalyst for improved economic occupancy among hard working individuals who need help securing a place to live.

By Ellen S. Calmas Ellen Calmas is Co-Founder and Executive Vice President at Neighborhood Pay Services, the company that pioneered the only payroll direct deposit platform for

Rental Housing Journal Metro · September 2016

m u r t Sp e c

Multifamily NW Pres ents

-BE YOUR OWN HERO-

T hank you to our 2 016 S p e c t ru m S p o n s o r s Lanyards Kennedy Restoration – Booth # 79

Classroom Ball Janik LLP – Booth # 132 Energy Trust of Oregon – Booth # 45

Lunch Grow Construction – Booth # 59 Lifetime Exteriors – Booth # 61

Digital Program Advertising AER Fitness – Booth # 86 Ball Janik LLP – Booth # 132 Energy Trust of Oregon – Booth # 45 J.R. Johnson, Inc. – Booth # 88/89 Northwest Bank – Booth # 56 Safe Sidewalks LLC – Booth # 41

Registration Wave G – Booth # 75/76 Cash Booth Waste Recovery System – Booth # 80 Breakfast J.D. Fulwiler & Co. Insurance Zillow – Booth # 94

Exhibitor Pus All Aspects Renovations – Booth # 117 ApTee LLC – Booth # 99 Ball Janik LLP – Booth # 132 BrightView Landscape Services – Booth # 87 Coin Meter Company – Booth # 48/49 Commercial Fire Protection – Booth # 68/69 ePremium Insurance – Booth # 25 Kennedy Restoration – Booth # 79 Retriever Towing – Booth # 103 SERVPRO of Gresham/Oregon City/ Sandy – Booth # 36 Waste Management of Oregon – Booth # 127 Waste Recovery Systems – Booth # 80 WaterBear Restoration – Booth # 114 ZipEco Recycling & Waste – Booth # 32

Coffee On-Site – Booth # 149 Pioneer Pest Management – Booth # 66 Shout-Out Fresh Aire Office Fragrancing & Deodorizing – Booth # 83 Charging Station On-Site – Booth # 149 Exhibitor Spotlight AER Fitness – Booth # 86 ApTee LLC – Booth # 99 Scavenger Hunt Fresh Aire Office Fragrancing & Deodorizing – Booth # 83

Rental Housing Journal Metro

Upcoming Calendar 9/26/2016 9/28/2016 9/29/2016 10/3/2016 10/4/2016 10/7/2016 10/12/2016 10/14/2016 10/24/2016 10/25/2016 10/26/2016 10/27/2016 10/28/2016 11/1/2016 11/1/2016 11/3/2016 11/7/2016 11/8/2016 11/10/2016 11/11/2016 11/14/2016 11/15/2016 11/16/2016 11/18/2016 11/21/2016 11/21/2016 12/2/2016 12/9/2016 12/12/2016

continued on page 8

Client Trust Accounts (Corvallis) Fair Housing 2016: Violations Can be Unintentional, What you Need to Know (Medford) Fair Housing 2016: Violations Can be Unintentional, What you Need to Know (Roseburg) Low Income Housing Tax Credit (Portland) CAMT: Appliances Part I & II (Portland) Welcome to Property Maintenance (Portland) CAM: Marketing (Portland) It's the Law - The Newest Clauses: Fine Tuning Your Rental Agreements (Portland) EPA Lead-Based Paint Renovation Certification 8-Hour (Portland) Fair Housing Basics with a Historical Perspective (Portland) CAM: Property Maintenance for Managers (Portland) OSHA/Safety Prep (Portland) Cruel and in Property Damage Restoration (Portland) Maintenance Tips, Tricks & Pitfalls (Portland) New Hire (Portland) Forms and Notices (Portland) Oregon Landlord Tenant Law Part I (Portland) CAMT: Plumbing Part I & II (Portland) Maintenance Boot Camp for Spanish Speakers (Portland) It's the Law - Time to Part Ways: Terminating the Tenancy (Portland) Client Trust Accounts (Portland) Fair Housing 150 (Portland) Prism Educational Conference (Eugene) Washington Landlord Tenant Law Oregon Landlord Tenant Law Part II (Portland) EPA Lead-Based Paint: Renovation, Repair - REFRESHER (Portland) General Fair Housing (Portland) It's the Law - Cutting Edge Topics: A 2016 Retrospective (Portland) EPA Lead-Based Paint Renovation Certification 8-Hour (Portland)

Multi-Unit Efficiency Upgrades and maintenance for multiple unit apartment complexes • Electrical upgrades

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• Security lighting

• Ongoing service maintenance

• Door call systems

• Voice data

• Communications wiring • Electric heat upgrades & installation

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Rental Housing Journal Metro

2 016 Spect rum Clas ses

#Superfresh Ideas for Leadership & Team Motivation

Empower people and communities to build resilience for the next disaster.

#Superfresh Ideas for Marketing & Leasing

• Preparedness capital, Community Ready Planning, Competence Development • Discussion of a “Next Step” for your community once you hit your Prepared supplies goals

What steps do your prospects take to find you? Do they search online? Drive by? Are they referred by a friend? Once they find you, how is their decision making process influenced? And lastly, once they become a resident, what are you doing to create brand advocates? Understanding the Customer Experience Lifecycle will help to identify gaps in your marketing and leasing efforts as well as highlighting opportunities and potential breaks in the system.

What you will learn: • The Customer Experience Lifecycle and how to identify touchpoints • How to identify marketing/leasing and customer service tactics to support a positive customer experience • Resources for execution and monitoring

Are You Ready for the Big One? Dealing with Catastrophic Events This course is designed to provide awareness, instruction and tools on how to better equip yourself, your immediate circle of influence, and your greater community on best practices to getting prepared to survive should any major disaster hit our city, region or country.

This course will include: • Preparedness education on the science of the Cascadia • Earthquake threat • Threat awareness and assessment and preparing for various levels of loss

Avoid Leaseup Kryptonite (Competing with New Product) Today we look into how to market your older property versus a newer product.

Knowing your surrounding comps and how to turn the negative into positive.

How to spin your property in a positive way towards your future prospects and your clients wants.

Be the Guardian of Your Galaxy: CPTED Crime prevention through environmental design (CPTED) is a multi-disciplinary approach to deterring criminal behavior through environmental design.

CPTED strategies rely upon the ability to influence offender decisions that precede criminal acts. Generally speaking, most implementations of CPTED occur solely within the urbanized, built environment.

Specifically altering the physical design of the communities in which humans reside and congregate in order to deter criminal activity is the main goal of CPTED. CPTED principles of design affect elements of the built environment ranging from the small-scale (such as the strategic use of shrubbery and other vegetation) to the overarching, including building form of an entire urban neighborhood and the amount of opportunity for "eyes on the street".

Creative Leasing Strategies

FLAME ON – Dealing With An Apartment Fire

Customer Service/Interactions with Tenants (Best Practices)

FIRE! The word no one wants to hear.

Based on years of experience, J.R. Johnson, Inc. presents an in-depth look at what you should and should not do after a fire occurs. The goal of this class is to better equip you with the knowledge of what can be moved, removed, and cleaned. As you navigate this harrowing task, you must be informed to avoid removing crucial evidence indicating the origin of the blaze.

This is your chance to see and learn what happens (and needs to happen) after the flames have been extinguished.

CyberSAFE This course will help you to understand security compliance considerations, social engineering, malware, and various other data security-related concepts. In this course, you will explore the hazards and pitfalls and learn how to use technology safely.

Fair Housing 101 - The Basics This class will provide an overview of federal, state and local fair housing laws that applies to managers, maintenance staff and other professionals that have direct or indirect contact with residents or applicants. We will discuss day to day examples of fair housing and bias.

We will also discuss reasonable accommodation, domestic violence, confidentiality and more!

Finding Money in Maintenance Ever wonder if there are opportunities at your property to increase revenue or decrease expenses that you aren't thinking about? Well for many properties there are some places that are not specifically noticed that have great opportunities for increased expense control through simple inspections and systematic analysis which will help your team to take control of these areas. There are other revenue sources as well that might be available to your property if you know what to look for. This session will highlight these areas and discuss how to go about capitalizing on them.

Get Out Your Cape! Becoming an Asset/Portfolio Manager It's not as hard as you think, it's harder!

Learn the skills that are needed to make the leap from Community Manager to Portfolio Manager.

Habitability Battles: Seeing the Whole Chess Board You’ve seen it before: Your tenant has sent you a 562 word, single paragraph, all capitalized, unpunctuated e-mail complaining about the condition of the premises and the trauma you’ve injected into his life. You’re accused of being a slumlord, causing the tenant to suffer everything from hangnails to halitosis, and being the root of all evil. Buried in the visceral stream of consciousness are statutory citations and references to tenants’ advocates’ websites. Now, learn how the statutes and law provide ample opportunities to push back against misguided tenants and gain control over difficult situations. continued on page 9

Spect rum Commit t ee Chair

Beth Stogsdill RentSafari

Co-Chair

Staff Liaison

Ashley Carrico Rogers Multifamily NW

Brandy Guthery Pinnacle Property Management Dan Addis Income Property Management Erik Aldridge HD Supply Shelly Hillman The Management Group Sabrina Paulson For Rent Media Solutions

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Staff Liaison

Kristen Davies Multifamily NW

Melinda Pursley J.R. Johnson, Inc. Shay Ricar Coast Real Estate Services Elee Schneider WPL Associates Leilani Stone Pinnacle Property Management Ed Winkler Fresh Aire Office Fragrancing and Deodorizing Service

Rental Housing Journal Metro · September 2016

2 016 Spect rum Clas ses Mock FED Trial: Marijuana Meets the Magistrate Watch how a seasoned landlord deftly navigates the eviction process, as she seeks to evict an audacious, yet foolhardy, marijuana user. Based upon a multitude of real-life experiences – along with a healthy dose poetic liberties – this mock trial is a great primer on how crazy things can get in the courtroom. As the trial unfolds before you, you’ll learn about courtroom procedures, termination notices, winning strategies… and you’ll get in some good laughs along the way.

kind of service animals should you allow? Come learn the basics of reasonable accommodations and modifications, including discussion of case scenarios and basic design requirements. Through discussion and participation, participants will learn how to respond to reasonable accommodation requests.

Resident Retention Brilliance in a Flash Save the Day - Office Staff to the Rescue! Maintenance Tips

Discussion of new changes to criminal screening criteria in applications based on recent ruling by HUD and the implications of requests to overturn denials based on criminal convictions.

As a property manager, you want ensure that your office team and maintenance team work effectively together. What would your maintenance team ask of you, the property manager? How can you help the maintenance department and your residents by helping your office team understand a maintenance person’s day?

Reasonable Accommodations (Fair Housing)

Sidekick or Superhero? Interviewing for the Best Fit

When should you ask for verifications?

How many times can a resident ask for a reasonable accommodation?

Is there a sample checklist of items allowable when it comes to reasonable modifications? What are the most common Fair Housing complaints? What

Learn tips and tricks for conducting meaningful interviews to help you identify candidates who have both the technical and soft skills to best your open position. I will provide you with a top ten tips for conducting interviews, as well as some open-ended general questions that

Oregon Landlord Tenant Law Updates

will help your interview go beyond yes/no questions and encourage your applicants to be candid. I will also provide you with a list of questions you should and should not ask during the interview process.

Single Family Form Management & Proper Use Join Erlin Taylor, A&G Rental Management LLC, for an in-depth review of using single family forms in your business. Learn proper usage, best practices, and unique features of single family forms. The discussion will also include ways to use other forms within the Single Family Management.

The Hoarding Epidemic Hoarding has recently been labeled a disability and as such, it needs to be addressed differently than it has been addressed in the past. This session will explore steps property managers and landlords can take to avoid a fair housing violation.

We will look at the following.

1. What is hoarding and how to recognize a hoarder; 2.

How to proceed in a hoarding situation;

Rental Housing Journal Metro

3.

How to communicate with your hoarding tenant; and 4. Developing with health and safety issues and dealing with general hoarding issues.

Time Management Today we will discuss morning meetings, developing a schedule for your employees throughout the week and scheduling flex time, how to maintain your move in calendar. Working with the office staff on how they can help manage move ins and relief some of those move in aches and pains.

Top Ten Things Your New Hire Should Know Washington Landlord Tenant Law Updates This course creates an interactive environment in which attendees can get specific questions answered on real-world situations that they encounter. The class begins where all tenancies begin—with the rental application. Then, by chronological succession, it takes you through rental agreements, various addendums, and special circumstances. Finally, it covers end-of-tenancy scenarios with the corresponding termination notice to serve, and explains refunding deposits and abandoned property rules.

continued on page 10

Information Resources From the Multifamily NW website to regular communications and monthly newsletters we keep our members informed on the industry. Our biannual Apartment Report gives you the latest rent and vacancy data to stay competitive.

Professional Rental Forms Multifamily NW offers a full suite of Single-Family and Multifamily rental forms that are reviewed quarterly by a committee of experts and legal counsel. With over 100 different forms, we have you covered!

Professional Development Property Management has many facets. Whether you manage single-family or multifamily we are here to provide great opportunities for Leasing, Marketing, Financial Management, Forms Training and more! Nationally Recognized Designations through NAA are a great way to show your management expertise in the industry.

Legislative Action Government & Public Affairs Committee meets monthly to discuss the current issues facing the industry and provide support on behalf of our members. Legislative Alerts are regularly provided to members so that all are informed and ready for action.

Commitment to Charity Charity Events are a very important part of the Multifamily NW agenda. Annual golf events support housing charities around the state and the Service Committee hosts charity drives and events throughout the year.

Networking Opportunities Multifamily NW offers regular networking events throughout the year. It’s the perfect chance to connect with your peers to learn the tips and tricks that make your job easier.

Annual Events With 8 large annual events and counting, Multifamily NW is second to none for educational and networking resources. We offer great sponsorship opportunities to promote your business and are committed to promoting Members Using Members (MUM).

16083 SW Upper Boones Ferry Road, Suite 105, Tigard, OR 97224  503-213-1281  503-213-1288  info@multifamilynw.org MultifamilyNW.org

Rental Housing Journal Metro · September 2016

9

Rental Housing Journal Metro

2 016 Spect rum Ex hibitors

21St Century Towing.............................129

Brightview Landscape Services..............87

Executive Coatings & Contracting.......137

J2 Building Consultants........................122

Advanced Reporting..............................130

Bugaboo Pest Control.................... 105/106

Exercise Equipment Northwest........ 54/55

Jc Carpet Cleaning.................................. 58

Aer Fitness................................................ 86

Cadet Manufacturing.............................. 70

Ferguson Facilities Supply......................85

John's Waterproofing Company............141

Affinity Home & Design........................ 16

Cash Booth - Waste Recovery Systems.... 80

Finnmark Property Services..................65

Kennedy Restoration..............................79

All Aspects Renovations........................117

Certified Mold Cleaning & Restoration..... 121

For Rent Media Solutions.....................120

Lifetime Exteriors...................................61

All-Clean! Softwash................................135

Clear Water Construction Services....... 97

Forensic Building Consultants.............154

Lovett Inc.................................................139

Alliance Flooring....................................119

Coin Meter Company........................ 48/49

Miller Paint Company............................. 47

Alpha Impressions................................... 42

Commercial Fire Protection.............. 68/69

Fresh Aire Office Fragrancing & Deodorizing Service............................ 83

Amazing Exteriors.................................... 6

"Compaction and Recycling Equipment, Inc."..................... 62

G&C Distributing.................................... 31 Grow Construction.................................. 59

Myhre Group...........................................118

Conservice The Utility Experts............134

Handytrac................................................. 34

Cort Furniture.......................................... 39

HD Supply Facilities Maintenance... 77/78

National Association Of Residential Property Managers Greater Portland Chapter....................... 43

Criterion Brock....................................92/93

HD Supply Property Improvement Services............................. 53

National Credit Systems.......................... 24 Noappfee.com......................................... 138

Home Forward.......................................150

Northwest Bank........................................56

Housing Authority Of Washington County................................ 22

Northwest Clean Source.........................95

Ibi Building Consultants......................... 98

Northwest Playground Equipment......125

American Leak Detection....................... 51 Apartment Advantage............................113 Apartments.com......................................101 Apollo Drain & Rooter Service......... 37/38 Aptee Llc.................................................... 99 Assurant...................................................131 Background Investigations..................... 46 Ball Janik Llp...........................................132 Barker Martin........................................... 33 Bath Fitter.................................................. 73 "Bemrose Consulting, Inc."....................116

Csc Serviceworks...................................... 40 Deacon Corp............................................108 "Direct Digital Service, Inc."................... 30 Easy Media................................................ 26 Energy Trust Of Oregon......................... 45 Entrata....................................................... 23 Epremium Insurance............................... 25

Indigo Paint & Contracting..................128 Interstate Roofing....................................110 J.r. Johnson Inc................................... 88/89

"Minol, USA"............................................. 15

Northwest Pest Control Inc.................... 21 Nw Tree Specialists.................................112 On-Site......................................................149 Orcascleaning..........................................44 Otis Elevator............................................29 Pacific Breeze Products................. 123/124 Pacific Screening.....................................60 Paul Davis Of Portland/Vancouver...............................143 Pg Long Floorcovering.......................63/64 Pioneer Pest Management..................... 66 Portland Construction Solutions........ 100 Portland Lighting................................ 81/82 Pro Drain & Rooter Service...................115 Rainmaker................................................133 Real Estate Mold Solutions..................... 50 "Realpage, Inc."......................................... 71 Recycle At Home...................................... 27 Redefyne Moving & Storage..................96 Rental Housing Maintenance Services.............................35 Rentping...................................................109 Retriever Towing.....................................103 "Safe Sidewalks, Llc"................................41 Servpro Of Gresham/ Oregon City/Sandy................................... 36 "Servpro Of Hillsboro/Forest Grove, Yamhill And Tillamook Counties".......111 Servpro Of NW Portland and Lake Oswego/West Linn..................................84 Servpro Of Tigard/Tualatin...................140 Sherwin-Williams............................... 90/91 Snugs Services.........................................104 Squires Electric......................................... 67 Summit Cleaning and Restoration...... 126 "Tenant Technologies, Inc."....................74 The Detail Difference...............................28 Topline Counters.....................................142 Transunion................................................ 57 Tri-County Towing.................................. 52 Valet Waste...............................................107 Wash Multifamily Laundry Systems....102 Waste Management Of Oregon...........127 Waterbear Restoration............................114 Wave G.................................................. 75/76 Wilmar....................................................... 72 "Yardi Systems, Inc."...............................144 Zillow Group............................................. 94 Zipeco Recycling & Waste...................... 32

10

Rental Housing Journal Metro ¡ September 2016

Rental Housing Journal Metro

IT’S JUST SMART BUSINESS

“ ” “ JUST SMART BUSINESS IT’S ” “ ” IT’S JUST SMART BUSINESS We’ll save over $16,700 in utility bills each year because we upgraded to a new energy-efcient,

water-cooled chiller that keeps our 382,000 square-foot building at a consistent temperature all day. Plus, Energy Trust of Oregon gave us over $47,900 in cash incentives just for upgrading.

Marty Rowe, director of facility services We’ll save over $16,700 in utility bills each year because we upgraded to a new energy-efcient, Holladay Park Plaza Assisted Living, Portland, Oregon

water-cooled chiller that keeps our 382,000 square-foot building at a consistent temperature all day. Plus, Energy Trust of Oregon gave us over $47,900 in cash incentives just for

+

upgrading.

Marty Rowe, director of facility services Get moreHolladay from yourPark energy.

Plaza Assisted Living, Portland, Oregon We’ll save over $16,700 in utility bills each year because we upgraded to a new energy-efcient, To learn more visit www.energytrust.org/multifamily water-cooled chiller that keeps our 382,000 square-foot building at a consistent temperature or call 1.877.510.2130.

all day. Plus, Energy Trust of Oregon gave us over $47,900 in cash incentives just for

Serving customers of Portland General Electric, upgrading.

Pacific Power, NW Natural and Cascade Natural Gas.

+

Rowe, director of facility services Get moreMarty from your energy.

Holladay Park Plaza Assisted Living, Portland, Oregon To learn more visit www.energytrust.org/multifamily or call 1.877.510.2130.

CASE STUDIES ABOUT MULTIFAMILY PROPERTIES

Trust has helped hundreds of multifamily property owners and managers get more from their energy Serving customers ofEnergy Portland General Electric, by saving them thousands in operating costs and improving their bottom lines.

Pacific Power, NW Natural and Cascade Natural Gas.

+

Get more from your energy.

To learn more visit www.energytrust.org/multifamily CASE STUDIES ABOUT MULTIFAMILY PROPERTIES or call 1.877.510.2130.

Energy Trust has helped hundreds of multifamily property owners and managers get more from their energy saving them thousands in operating costs and improving their bottom lines.

Serving customers ofbyPortland General Electric,

Pacific Power, NW Natural and Cascade Natural Gas.

CASE STUDIES ABOUT MULTIFAMILY PROPERTIES Energy Trust has helped hundreds of multifamily property owners and managers get more from their energy by saving them thousands in operating costs and improving their bottom lines.

Rental Housing Journal Metro · September 2016

11

Rental Housing Journal Metro

2Q16 Market Overview ...continued from page 1 Occupancy Rate Summary Occupancy Rate (Reis) 95.1% RED 50 Rank 29th Annual Chg. (Reis) -1.2% RCR YE16 Forecast 94.7% RCR YE17 Forecast 95.9% RCR YE18 Forecast 96.5% RCR YE19 Forecast RCR YE20 Forecast

96.0% 95.3%

2Q16 Absorption and Occupancy Rate Trends Space demand was soft as renters absorbed 292 vacant units in 2Q16, according to Reis, fewest in any quarter in four years. RCR’s in-sample forecast for 2Q was 406 units. Unusually small supply was partly at fault as developers completed only 349 new units, the smallest inventory add in nearly three years. But households still had plenty of fresh product to choose from — 5,600 units were added to inventory over the previous five quarters — suggesting a degree of lost momentum.

At the end of the day, occu-pancy was statistically unchanged sequentially at 95.1% but 120 basis points lower than the year-earlier period.

Axiometrics surveys of stabilized, larger same-store prop erties found a brighter picture. Occupancy averaged 95.5%in 2Q16, but down -120 bps YoY, as well.

Class-C (96.5%) posted the highest level for the 21st consecutive quarter, followed by classes-B (95.7%) and –A (94.1%), which like-wise was low-man on the pole for the same 5-year period.

RCR’s statistical analysis finds that inventory and job growth are the largest influences on metro absorption. Both factors are expected to contribute to healthy demand through 2018, with about 9,300 units absorbed during the three-year period. Occupancy should increase to the 96%area by 4Q18, as a result, before receding again in the out years as a period of slow or no job growth ensues.

Effective Rent Summary Mean Rent (Reis) Annual Change RED 50 Rent Change Rank RCR YE16 Forecast RCR YE17 Forecast RCR YE18 Forecast

$1,049 7.6% 2nd 5.5% 5.5% 5.3%

RCR YE19 Forecast RCR YE20 Forecast

3.7% 2.6%

2Q16 Effective Rent Trends After a sluggish winter quarter rent trends warmed up in the spring. Average effective rent increased $15 (1.4%) sequentially, according to Reis, up from 1Q16’s 5-year low$7 (0.6%) advance. The yearon-year comparison dipped from 9.0% to 7.6% nonetheless, but Portland dropped only one place in the RED 50 rankings; slipping from 1Q16 #1 to second. Classes-B&C were largely responsible as asking rents rebounded from 1Q’s rare –0.2% sequential decline to a robust 1.2% advance. Class-A stayed the course adding a 1.2% sequential gain in 2Q16 after 1Q’s solid 1.3% gain.

Axiometric’s comparison of stabilized same-store proper-ties recorded a 9.3% y-o-y increase, boosted by a season ally-aided 4.3% sequential quarter gain (PORT posted a 7.5% surge in 2Q15).

Class-B was strongest, notching a 10.6% y-o-y hike for the 11th consecutive quarterly lead; classes-C and –A followed at 9.2% and 4.3%, respectively.

RCR used metro income (+), occupied stock (+) and inven-tory (-) growth and Baa bond yields (-) as independent variables to specify a 94.5% ARS (S.E.=0.6%) rent forecast-ing equation. The model generates a constructive forecast calling for 5%+ annual gains though 2018.

By contrast, Reis project 3.7% and 2.7% gains in 2017 and 2018. But an economic downturn in 2019 will weigh on rents, too, holding gains to 2% - 3% in the forecast out-years.

Trade & Return Summary $5mm+ / 80-unit+ Sales Approximate Proceeds

12 $334mm

Average Cap Rate (FNM) Average Price / Unit Expected Total Return RED 46 ETR Rank

5.2% $146,924 7.8% 8th

Risk-adjusted Index RED 46 RAI Rank

4.62 26th

2Q16 Property Markets and Total Returns Sales velocity was on even keel during 2Q16 as investors closed on 12 properties valued at $5 million or more, com-parable to 13 sales recorded during each of the prior two quarters. Proceeds totaled $334.2mm, down from$412.5mm and $409.8mm during 1Q16 and 4Q15, respec-tively, largely due to a heavier concentration of suburban class-C/B– properties in the mix. Likewise, the average price per unit declined –22.6% sequentially to $146,924, the lowest level in more than one year. Third quarter sales through August appear to be moderately slower but the $/unit metric recovered to the 2016 metro norm at $185,658.

Cap rates were sharply divided between modern urban infill assets and suburban value adds. Luxury recent con-struction infill continues to trade in the low-4% area, while suburban properties are priced to generate mid-5% yields, higher than most larger West Coast metropolitan areas.

We elected to maintain a 4.7% market purchase cap rate proxy that balances infill and suburban norms. At this level, model derived rent and occupancy point estimates and a terminal cap rate of 5.5%, we estimate that an investor in a PORT asset would expect to earn a 7.8% annual IRR over the course of a 5-year hold, R46 #8. Above average model standard errors (i.e. unforecastable events) hinder risk-adjusted returns, on which basis PORT ranks group #26.

By Daniel J Hogan

Director of Research djhogan@redcapitalgroup.com 614-857-1416 Office 1-800-837-5100 Toll Free

continued on page 17

Advertise in Rental Housing Journal Metro Circulated to over 6,000 apartment owners, on-site and maintenance personnel monthly.

Call 503-221-1260 for more information www.rentalhousingjournal.com 12

Rental Housing Journal Metro · September 2016

Rental Housing Journal Metro

The Scoop On How Pet DNA Testing Fixes Your Apartment Poop Problem

By John-Triplett, www.rentalhousingjournal.com tenance crew to pick up, creating extra work and cost.

• The pet poop problem can affect your whole apartment community and pit tenant neighbor against tenant neighbor.

• Your city government may decide your pet waste is polluting the local watershed - which the Environmental Protection Agency will confirm - and decide to fine the landlord, not the tenant.

P

ets are a way of life in rental housing and if you want your rentals fully leased, pet owners are a key tenant demographic you want to keep.

Look just at Millennials: 76 percent are pet owners and a majority are renters.

You might have laughed at first at this headline on how pet DNA testing could fix your apartment property’s pet poop problem.

But here is the reality.

• Your tenants may be leaving pet poop lying around for you and your main-

Unreasonable burden on landlords?

In Chicago, the city had been reviewing an ordinance that would allow city inspectors to fine landlords and property owners who didn't pick up dog poop on their property up to $500. Cherie Travis, former director of Animal Care and Control and the owner of a pair of two-flats in Chicago where she allows pets, told the Chicago Tribune, "I have multiple units — I can't check every day. That's an unreasonable burden to place on landlords.

"The result of this ordinance, admittedly unintentional, is that landlords will not rent to people with dogs. If a tenant cannot find an apartment with a dog, they will either move out of the city or they'll surrender their dog. Those are the two choices," Travis told the newspaper. She suggested the ordinance be retooled to "keep the responsibility on the dog owner, which may or may not be the property owner."

So a growing number complexes are finding a company that handles the ing necessary to fix the problem.

of apartment solution in a pet DNA testpoop pick-up

How can you make the tenant responsible for the pet poop?

Here is how it works: Your tenants swab the inside of their dogs’ mouth and provide you that sample DNA for you to send to a company in Knoxville, Tennessee called Poo Prints. When you find poop

in the yard that a tenant failed to pick up, you can send a sample to the company and they will identify the offending dog so you can then take it up with the tenant.

“The number one thing for apartment complexes is, ‘How they can clean up the property and make people responsible?’ for their dogs,” said Ernie Jones, sales manager for BioPet Laboratories, which manages the Poo Prints program. He said some have tried cameras, but that is a continued on page 18

See you at Spectrum!

Stop by Metro’s booth to see how Portland’s Multifamily Waste Reduction program can make your work a little bit easier.

Oregon Convention Center Thursday, September 22, 2016 8 a.m. to 5 p.m.

Multifamily Resource Line: 503-823-7224 Online: www.portlandoregon.gov/bps/multifamily Email: multifamily@portlandoregon.gov

Rental Housing Journal Metro · September 2016

13

Rental Housing Journal Metro

The Risks and Rewards Of Owning NNN Investments

By Cliff Hockley, President, Bluestone & Hockley Real Estate Services

A

s real estate investors retire, many choose to reposition their assets out of management-intensive investments (such as apartments, office buildings, storage, and mobile home parks) and into lower maintenance single-tenant NNN investments.

As a result of the aging Baby Boomer Generation, there is a growing appetite for NNN investments, and many retail businesses are taking advantage of this

demand to expand their national footprint. Businesses such as fast food restaurant franchises (Chick-Fil-A), mobile carrier storefronts (T Mobile), convenience stores (7 Eleven), pharmacy chains (Walgreens), and numerous banks are using this financial energy to help fund their growth. More stores mean better distribution, more sales, better purchasing power and more advertising efficiency, all things that growing retailers see as plusses. Be-

Natural gas is comfortable, clean burning and affordable. It’s also in high demand, which makes Natural gas is comfortable, clean burning and incorporating natural gas service into your next affordable. It’s also in high demand, which makes project the right move. After all, buildings are Natural gas is comfortable, clean into burning incorporating natural gas service your and next easier to sell and lease when they come with affordable. also in high demand, which makes project theIt’s right move.

After all, buildings are the amenities tenants want.clean And burning NW Natural is Natural gas is comfortable, and easier to sell and lease when they come with incorporating natural gas service into your next affordable. also in high demand, which makes the amenities tenants want.

And NW Natural is project theIt’s right move.

After all, buildings are

incorporating natural gaswhen service into yourwith next easier to sell and lease they come Natural gas is comfortable, clean burning and project the right move. want.

After all, buildings are is theaffordable. amenities tenants And NWwhich Natural It’s also in high makes easier to sell and lease whendemand, they come with natural gas service into your next theincorporating amenities tenants want. And NW Natural is project the right move. After all, buildings are easier to sell and lease when they come with the amenities tenants want. And NW Natural is

fore plunging in to purchase these attractive offerings, investors should take time to understand the companies they plan to start this long term landlord/tenant relationship with.

Risks NNN tenants come in one of three ownership styles: corporately owned, franchise owned and operated, or locally owned and operated. Sometimes this

standing by with the incentives, and the technical and engineering guidance to make standing by with the incentives, and the adding natural gas to your next project more technical and engineering guidance to make affordable. Call 503-220-2433 to connect standing by with the incentives, andmore the adding natural gas to your next project with one of our experts, or find out more technical Call and 503-220-2433 engineering guidance to make affordable. to connect at nwnatural.com/multifamily. standing by with the incentives, and the with one of our experts, or find out more adding natural gas to your next project more technical andCall engineering guidance to make at nwnatural.com/multifamily. affordable.

503-220-2433 to connect

adding natural gasexperts, to your next project with one of our or find outmore more

standing

by Call with 503-220-2433 the incentives, and the affordable. to connect at nwnatural.com/multifamily. technical and engineering guidance to with one of our experts, or find outmake more adding natural gas to your next project more at nwnatural.com/multifamily. affordable. Call 503-220-2433 to connect with one of our experts, or find out more at nwnatural.com/multifamily.

*Renter preference acquired from a 2014 Market Strategies International discrete choice modeling study.

An 80% preference for gas was reported among Portland tenants paying $1,200+ in monthly rent. For more details visit nwnatural.com/multifamily. **Limited incentives available and distributed on a first come, first served basis. *Renter preference acquired from a 2014 Market Strategies International discrete choice modeling study.

An 80% preference for gas was reported among Portland tenants paying $1,200+ in monthly rent. For more details visit nwnatural.com/multifamily. **Limited incentives available and distributed on a first come, first served basis.

10695_NWN_MultiFamily-Rental_Housing_Journal-Builder_SNAP.indd 1

*Renter preference acquired from a 2014 Market Strategies International discrete choice modeling study.

An 80% preference for gas was reported among Portland tenants 1paying $1,200+ in monthly rent. For more details visit nwnatural.com/multifamily.

10695_NWN_MultiFamily-Rental_Housing_Journal-Builder_SNAP.indd **Limited incentives available and distributed on a first come, first served basis. *Renter preference acquired from a 2014 Market Strategies International discrete choice modeling study.

An 80% preference for gas was reported among Portland tenants paying $1,200+ in monthly rent. For more details visit nwnatural.com/multifamily. **Limited incentives available and distributed on a first come, first served basis. *Renter preference acquired from a 2014 Market Strategies International discrete choice modeling study.

10695_NWN_MultiFamily-Rental_Housing_Journal-Builder_SNAP.indd 1 An 80% preference for gas was reported among Portland tenants paying $1,200+ in monthly rent. For more details visit nwnatural.com/multifamily. **Limited incentives available and distributed on a first come, first served basis.

10695_NWN_MultiFamily-Rental_Housing_Journal-Builder_SNAP.indd 1

10695_NWN_MultiFamily-Rental_Housing_Journal-Builder_SNAP.indd 14

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3/9/15 3/9/15

distinction is not initially clear. Investors need to know who in this chain is guaranteeing the rent, and that answer will determine the risk involved.

Depending on the type of business and their product line, many of these retailers face competition from the internet. Online based retailers appeal to consumers with their ease of access. Operationally they can offer more products with less overhead than brick and mortar retailers. To compete, established retailers have launched their own online stores with the benefit of in-store pickup. This is a potential advantage over online retailers who levy shipping charges. Retailers without a strong online presence like Radio Shack, and K-Mart for example, have lost market share to the likes of Target and Walmart who have made the decision to have a two-pronged marketing plan, with both brick and mortar and internet stores.

Clothing stores have the added volatility of being trend dependent. They can be popular one day and outdated the next. A style that impresses on the runway or in LA may not fly off the shelves in suburban Portland, leaving the retailer with a glut of unwanted goods and a loss on the balance sheet. Clothing stores with just-in-time inventory control systems have a better chance of adjusting to changes in fashion than those that order a year ahead.

Restaurant chains and franchises shoulder different risks, both from outside competition, and from within their own operations. The location of the restaurant factors heavily into this. Does the area have a larger lunch crowd or dinner crowd? Are there many competitors?

A location on a crowded ‘restaurant row’ may not be bad, since people tend to flood those areas in search of food. If a chain is placed beside a local favorite with a similar concept, however, it may not do as well since some national restaurant chains suffer from the perception that they carry lower quality ingredients than smaller local businesses.

There are grounds for this. Due to their distribution model, food used in large chains can spread nationwide, and contaminated food can result in highly publicized recalls (witness Chipotle.) Due to this and other health concerns, public sentiment regarding fast food has changed in recent years, and as restaurants innovate to meet the demands of a new consumer, investors may question if they will sustain a long term lease. One way to figure this out is to track the per store sales volume. QSR Magazine regularly rates such restaurants.

Research and Resources Investors should pay close attention to all aspects of an investment. Though NNN investments seem deceptively simple and turnkey, investors should prepare for the possible eventuality of a tenant turn. Pay attention to market rental rates. If one 12:57 PM tenant does not succeed at that location, 12:57 PM will another tenant pay the same national rental rate for that location? Even though NNN investments are considered less volatile, the NNN investor should have 3/9/15 12:57 PM a contingency plan if a store closes and/

3/9/15 12:57 PM

continued on page 21

Rental Housing Journal Metro · September 2016

3/9/15 12:57 PM

Rental Housing Journal Metro

The VIP Tour ...continued from page 3 Stop #3 chicken and egg apartment marketing I need to fill my vacant units, but I have no money to help get them leased. Sound familiar? We call this chicken and egg marketing and it is something we are very familiar with. I’m here to tell you, to lease the units at your property you have to crack many eggs. However, if you focus on the biggest yolk for your buck first you can get your cost down. But you will need to spend something. Make sure your apartment marketing budget is used wisely and can be tied tightly to the specific rental goals you have set for the property.

That pool party budget could buy you 2 months of a Google AdWords campaign, which one is going to get potential renters to call the leasing office? There is nothing more frustrating and costly than burning thru your property’s entire marketing budget only to find that you have been doing things that aren’t getting units leased and that you have to start over again. So do it right the first time and work strategies that lease units, period.

Stop #4 Know your limits.

This is one of the most important things to know in apartment marketing, especially if you appointed or self-appointed digital marketing gurus within your company telling you to try a new “fad” every week. If you’re a marketing manager or property manager trying to get units leased, you may only have a specific amount of budget to allocate to apartment marketing programs. In a pinch, you may also be able to beat your apartment marketing budget by cutting back on other marketing strategies that aren’t working. If you are working with 2 or more ILS’s you may want to think

about focusing only on the one the brings you the most results.

Tour stop #5 set your goals and hold your programs and vendors accountable.

Now, think about what you’re actually trying to accomplish. Its sounds silly but constantly ask yourself, will doing this get the phones in the leasing office to ring?

If you have been doing something, ask yourself “is this making my phones ring” It is funny how the “gurus” scatter when you tell them the radio ad did not make the phone ring once or all the great new website content and the property is still buried on page 5 of Google. Hold your programs and vendors accountable. If they don’t bring in traffic, dump them.

AA full-service full-service painting painting company company with with over over aa decade decade of of experience. experience.

About the author: Matt Easton is EVP of Multifamily Traffic and a leading speaker on how to use SEO and digital marketing to lease apartments. For a decade, MultiFamily Traffic has helped hundreds of properties sign millions of leases. Matt Easton can be reached at 303-803-7372 or www.multifamilytraffic.com

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Rental Housing Journal Metro · September 2016

15

Rental Housing Journal Metro

Creating an Annual Operating Budget ....continued from page 4 of all scheduled revenue or you can allocate a certain dollar amount annually per unit in your property.

Multifamily Property Expenses: • Projections for lowering current expenses: Are your mechanical systems operating at peak efficiency? You may be able to lower utility bills with systems that operate efficiently. Can you contest your current property tax payment amount?

• Review third-party vendors and service providers: Conduct annual reviews of your property vendors such as services that provide lawn care, cleaning, trash removal and property insurance. Let them know they will be up for annual review for cost and service. Do your service providers have pending increases?

• Utilize the know-how of your service providers: Ask your vendors for efficiency/cost saving suggestions (property improvements or services they can provide) and budget accordingly.

• Property management: Review all fees such as leasing, maintenance and on-site management (if applicable).

Are you satisfied with the performance of your manager? Are their fees as projected?

Most multifamily and apartment building management software programs will generate a budget-to-actual income and expense report for comparison. Ask for this report. A budget is nice but you must compare it to the actual property financials.

16

Investment Property Analysis Assumptions (Drivers) Using the following or similar assumptions, you or your property manager can project all income and expenses over a 12-month period beginning with the current month. You can change these variables at any time. It’s a good idea to run several scenarios using both conservative and aggressive assumptions.

The following assumptions are used for example only. You will need to determine your own variables based on your particular investment market.

• Vacancy (7%) • Income Growth (5%) • Expense Growth (3%) • Cap Rate (7%) • Expense Ratio (40-45%) These assumptions will help you determine the best and worst case scenarios and will assist you in planning budgets for the long term. You can create 24-month, 36-month or 48-month projections using assumptions. For example, you can predict your property value over the long term at different cap rates and net operating income. This can help you set targets for increasing revenue and lowering expenses.

For national averages read or download the National Apartment Association 2015 Survey of Operating Income & Expenses in Rental Apartment Communities at this link.

Investment Property Capital Improvements Planning and Projections In addition to predicting regular, recurring expenses your budget should include projections for major capital improvements. For example, you might want to

paint your common areas (halls, stairs, entry, mail room, laundry, etc.) every three years.

Planning for long-term improvements allows you to stagger the improvements over time. By doing this you can avoid surprise expenses. These funds are commonly referred to as replacement reserves and include: • Common area improvements such as new paint, lighting, vinyl, carpet, parking lots and driveways.

• Major building systems repair or replacement such as windows, roof, boiler and air conditioning.

• Individual unit upgrades.

A Final Note on Your Annual Operating Budget Use your annual operating budget as a tool. Plan to hold quarterly budget re-

views with your property manager and/ or your team at the very minimum. An annual budget can drastically maximize your profits when used as designed.

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Rental Housing Journal Metro · September 2016

Rental Housing Journal Metro

2Q16 Market Overview ...continued from page 12

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continued on page 20 Rental Housing Journal Metro · September 2016

17

Rental Housing Journal Metro

The Scoop On How Pet DNA Testing ...continued from page 13 huge ongoing expense that requires employees to monitor. And sometimes the video is grainy and hard to see.

“One of the biggest advantages is, it takes away the denial from the tenant about whose dog left the poop on the property,” Jones said. “And it helps avoid the neighbor vs. neighbor accusations about whose dog was responsible for the poop.”

Poo Prints has more than 1,750 apartment properties in the program across the country. “We are growing steadily, adding three to six properties a day. We will be at 2,000 properties by the end of the year,” Jones said.

Who bears the cost of the pet poop program?

So how does the business model work for the company and the apartment properties?

“The business model is a startup fee – the dog registration – and the poop processing is profitable at the start,” for us, Jones says. His profitability declines as the residents and the complex keep things cleaned up, but it is never 100% and there are still cases of poop violations his company will handle.

“The main objection for apartments is the start-up costs. If a complex has 100 dogs at $40 per dog to get started, then that is $4,000 that has to come from somewhere that is usually not in the property’s budget,” Jones said.

However, “once a program is in place, it creates increased occupancy,” he said. “It is just in the beginning and the immediate rollout that is sometimes an issue. In terms of rollout when people want it, it takes about a year in an existing complex to get the program in place.”

“Typically the pet owner bears all the cost,” Jones said, and “not the apartment complex itself. Typical start-up cost is $40 to $60 per resident dog. Some apartments have to ‘grandfather’ in existing pet owners and gradually start the program with new residents and when leases come up for renewal.”

Tenant fines are typically the way apartments handle the violations when poop is found. One Chicago complex fines tenants $250 for the first violation, and $350 after that that, according to the Chicago Tribune.

Depending on different state regulations, apartment managers may not be able to use the word “fine” when they discover the offenders and want to assess a penalty. Apartment owners will need to check their state regulations on wording for how they can assess a monetary penalty. For instance, “Oregon is tight on how they let the apartments charge tenants for violations,” Jones said.

they produce huge quantities of bacteria, including E-coli. “

Other pet facts from BioPet Laboratories: • Dog waste has been ranked as the #6 consumer complaint.

• The EPA ranks dog waste as an environmental problem equal to toxic chemicals and oil spills.

• According to one study, which has its critics, an average dog has twice the carbon footprint of an SUV. • One dog dropping contains 3 billion bacteria. Because it does not evaporate, the poop goes into the air and ground water, creating major contamination.

• Studies have shown that waste from 100 dogs, in one day on a river bank,

can contaminate the water for 1 mile downstream.

The EPA classified pet waste as a dangerous pollutant. And this doesn’t come from folks jumping on the “green” bandwagon; this classification was made nearly 20 years ago, according to Animal Wellness Magazine.

In 1991, the Environmental Protection Agency classified dog waste as a "nonpoint source of pollution," which puts it in a category with oil and toxic chemicals.

According to the EPA, a single gram of dog waste can contain up to 23 million fecal coliform bacteria, which is capable of causing cramps, diarrhea, intestinal illness and kidney disorders in people, according to a story in the Knoxville News-Sentinel. continued on page 23

The environmental issue around pet poop In addition to keeping apartment grounds clean, there are issues with the Environmental Protection Agency from a water pollution and safety concern. “Dog waste is thousands of times” more polluting than you may think, Jones said.

“The average person today thinks of dog waste as simply a nuisance when they step in it. They are also under the assumption that it simply turns into fertilizer, as other waste,” the company said in a release. “In fact, dog waste is not fertilizer and does not simply deteriorate; instead, dog waste is the most contaminated waste of any animal. Their bodies have adapted over the years to digest any type of foods; as such,

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Rental Housing Journal Metro · September 2016

Rental Housing Journal Metro

DEAR MAINTENANCE MEN: Do's, Dont's, Doors and Droughts

By Jerry L’Ecuyer & Frank Alvarez

Dear Maintenance Men: I am not new to the industry but regret not paying more attention to my rental units. Can you give me a quick Do’s and Don’ts for maintaining the property?

Brian Dear Brian: Great Question, as you might be aware, could lead to quite a long list! However, here are some of our favorites.

Pest Control 1: Avoid allowing residents to use contact paper on walls, cabinets, shelves or drawers. Roches love to bed and breed under the contact paper.

2: Contract with a pest control company for a monthly service.

3: Through the pest control company or your local apartment association: Educate your residents on how to avoid bed bugs.

4: Recycle using only proper recycling containers. Loose recycling material attracts all sorts of unwanted pests.

Plumbing 1: Educate your residents on how to properly use a garbage disposal unit.

2: Hydro jet the building’s kitchen and main lines at least once a year. Best time is the month of October just before the heavy cooking holidays of November and December.

3: Do a walkthrough of the property inspecting faucets, supply lines, sink and bath drains. Check the water heater and its straps, gas connections and flue.

4: Locate and mark the main four inch sewer cleanout.

5: Replace any main water line “GATE” valve with a “BALL” valve.

Dear Maintenance Men: My rental property is located in a drought prone state. What can I do to make my building my water friendly?

Matt Dear Matt: A few pointers that may help put you on the right track.

Plan and Design: 1: Determine the hot and cold zones (shade and full sun) 2: Select plants and ground cover according to the hot and cold zones.

3: Choose an irrigation system designed to minimize evaporation. (Drip irrigation or low volume sprinkler heads.)

Soil Improvement: 1: Turning over plant beds regularly will improve water retention and reduce wasteful runoff.

Rental Housing Journal Metro · September 2016

2: Determine the type of soil you have and mix in mulch and other additives to improve water usage and soil richness.

Appropriate Maintenance: With an efficient, water-wise landscape you can keep it growing strong by following a few simple steps each week.

1: Mow 2: Weed control 3: Test the soil regularly. (Soil testers can be found at any home improvement store) 4: Fertilize 5: Prune

Dear Maintenance Men: I have a problem with a sticky bedroom door. If I try to open the door quickly it sticks and if I’m gentle it opens just fine.

But as you can imagine, I only remember to open it gently after my hand slips off the knob. Is this an easy fix?

Gary Dear Gary: This can be an easy fix. Nine out of ten times the hinge is loose on either the jamb or the door. Tighten all the hinge screws and if a screw spins freely; change it with a bigger screw with more bite. Next try “adjusting” the hinge. Replace a regular hinge screw with a long 3 inch screw that will reach through the door jamb and

into the rough framing. Gently tighten the screw, pulling the hinge and door jamb tighter against the rough framing and pulling the door with it. Next, if that does not work completely, “adjust” the latch side of the jamb by using long screws through the jamb into the rough framing. This should create just enough space to allow the door to swing open without incident.

Bio: If you need maintenance work, consultation or management for your building or project, please feel free to contact us. We are available throughout Southern California. For an appointment please call Buffalo Maintenance, Inc. at 714 956-8371 and JLE Property Management, Inc. at 714 7780480 Jerry L'Ecuyer is the owner of JLE Property Management, Inc. & Buffalo Maintenance, Inc. and is a licensed contractor & real estate broker. He is currently on the Board of Directors, Chairman of the Education Committee & President of the Apartment Association of Orange County. Jerry has been involved with apartments as a professional since 1988 and can be reached at (714) 778-0480 or jerry@JLE1.com.

Frank Alvarez is the Operations Director for Buffalo Maintenance, Inc. He has been involved with apartment maintenance & construction for over 18 years. He is also a lecturer & educational instructor. Frank can be reached at (714) 956-8371 Frankie@JLE1.com Please view our web sites at: www.JLE1.com www.BuffaloMaintenance.com

19

Rental Housing Journal Metro

2Q16 Marketing Overview ...continued from page 17

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Rental Housing Journal Metro · September 2016

Rental Housing Journal Metro

Risk and Reward ...continued from page 14 or does not stay the full term of its lease or chooses not to exercise its renewal options. An investor should understand the content of the leases, if it is NN, NNN, or ground leases, what renewal options are offered, and what the tenant obligations are given those lease terms. Each one has a different impact on the bottom line.

Lease terms are also an interesting issue.

Is it better to have a long term 15 to 30year lease, or a shorter term lease? When are lease increases scheduled? Every year?

Every five years? Every ten years? In addition to the timing of the lease increases, the percentages of increase must also suit both the business and the landlord.

Differences could vary from two percent every year to ten percent over ten years. A landlord needs to understand the brand

and how much money each store needs to make in order to stay open. Only then can they determine if the tenant will continue to perform. An experienced broker or asset advisor may help interpret the intricacies of a lease and the suitability of the property.

For landlords who prefer to delve into the research themselves, the following are some sources for determining per store revenue that can serve as benchmarks for store profitability: • Retailer Daily offers comparable retail store sales data.

• QRS Magazine rates the sales of chain restaurants.

• Wikinvest offers a handy tool to analyze sales per square foot.

Other resources include trade associations, who often compile industry data and distribute publications applicable to a given market. Their annual surveys generally feature statistics on member retailers by sales volume, square footage, trade area size, and store type.

If the tenant is a publicly traded company, investors have the ability to review their annual report. Whether posted on their company website, a business news site, or provided by request, the annual report may not necessarily provide their average sales per square foot but it may give enough clues to reach an estimate.

For demographic insights, try The United States Census Bureau. The Retail Trade Economic Data features sales by industry, annual survey results, as well

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Return on Investment An investor may like a property, like the tenant, but if the investment fails to make a return, both of those feelings may change.

The property needs to generate enough cash on cash return to remain a sound investment. Consider the cap rate. Does the property require 30% or 50% down to make the deal cash flow?

Not everyone has the time or acumen to understand the nuances of the finances. A motivated broker will run the financial analysis, and provide comparisons of other like properties. Double-check the numbers with a banker or CPA. Lastly, a property manager can translate the lease details and handle that end of the business.

Location, Location, Location Every company thrives in a specific environment. Retailers have a list of required criteria for their chosen locations.

The highest demand is for locations in major metro areas with a high traffic count. Second and third tier locations can be profitable as well depending on the retailer and their target market. Smaller markets, however, also run the risk of lower demand and less room to share.

For example, the only fast food restaurant in a newly developed area will likely have booming sales the first year, and gradually less as other chains move in around it to capitalize on the new market. If the services grow faster than the population, the same investor who once had a monopoly on the area’s fast food, may quickly regret the decision to invest in the third tier.

Financing Once an investor has vetted a tenant and property, it may come as a surprise to learn that obtaining financing is not the same for all NNN properties. Corporately owned stores are easier to finance than stores owned and operating by a franchisee. Stores that are run by franchisees with fewer than ten stores make financial institutions nervous as well.

Finally, NNN investments with short term leases are much harder to finance than locations with longer term (ten years plus) leases. In order to adjust for the risk, financial institutions might ask for higher down payments or higher fees and interest rates.

The Rewards Choosing a NNN property with a responsible tenant who makes the most profitable use of the space will pay off in the long run. A good product in a great location can still fail without sound and responsible management. Learn about the company, its structure and sales, and if all factors align, the investment will likely be a safe, long term, low maintenance profit maker.

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Rental Housing Journal Metro

Budgets; Don't Just Update That Spreadsheet ...continued from page 1

The first thing to determine is what you are specifically budgeting for. Is this budget being used for only your personal projections? Or are you using this budget as you prepare a property for sale? Is it possible you might need this budget for refinancing or even for meeting ratios for your current loans? These different needs can make a big difference in how you approach the budgeting process.

Over time I learned the hard way in my other businesses that a simple increase to cover “cost of living increases” might only not be accurate, but may also keep me from looking at areas in my business that I needed to reevaluate. Now I use a zero based budget for all my businesses. I start at the very beginning and build from the ground up each year. I know that sounds like a lot of work but it gives you the ability to examine your income potentials and opportunities for cutting expenses against your historical numbers. All major service contracts should be competitively re-bid to ensure that the best price

possible is secured. If you have multiple properties or if you are a member of a local REIA make sure you use this leverage as a negotiating tool with your vendors.

This should be effective for insurance, screening, trash, landscaping, security, cleaning, painting, advertising, etc.

Speaking of historical numbers, budget time is a great time to look at your past trends in turnover. How many move-ins, move-outs have you had in each month or season? Has this happened year over year or was last year different? What may have caused the differences? How should you plan for these? Some things to expect might be the summer rush or the winter fall off. Many property owners see an increase in move-in and move out in the summer while children are out of school and the weather is good for moving only to see a complete slowdown in the winter.

Some property owners even go so far as to write their leases to expire in the summer so if the tenant leaves it will be easier to fill the property. It also doesn’t hurt to look

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at current vacancies and rents in the area to see how you compare. There will be future articles on this subject but suffice it to say these can show areas of opportunities or challenges. For the budgeting process it can give you a more accurate picture for your projections.

The seasonal changes will lead to changes in other income like application fees, and expenses such as turnover costs. The other seasonal variable will be utility costs. Many utility companies publish rates or estimates of rates for the upcoming year. You will want to ensure that you use these more accurate numbers when budgeting. With these projections you can avoid the shock of budgeting for a generic 3 percent increase in water/sewer charges when the utility provider had forecast a 10 percent increase. Some companies try to combat the seasonal effects in utilities by using accruals. I personally hated accruals in college and still hate them today so I attempt to get my projections as accurate as possible.

Keeping a journal in a separate worksheet of your spreadsheet file is incredibly

helpful. It should contain all items that need to be budgeted during the year is helpful so that they aren’t forgotten the next time a budget is written. For example, a new permit may be required in October that was originally not budgeted for.

Once realizing this, add it to the list, so it is not forgotten the following year.

One critical mistake I’ve made it the past is completing the budget and then not actually using it. Using it does not mean running actual-to- budget reports every month and bemoaning the fact that we didn’t get it perfect. It does mean that when there are substantial variances to the budget, an analysis must be done on how to improve operations at the property or possible adjustments required for next year’s budget.

Rebecca McLean is a rental owner, Executive Director at National REIA, and Assistant Vice President at Greater Cincinnati Northern Kentucky Apartment Association.

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Rental Housing Journal Metro · September 2016

Rental Housing Journal Metro

The Scoop On How Pet DNA Testing ...continued from page 18 the only proven way to make that happen is with DNA detection.”

As for its effect on the watershed, waste from 100 dogs could add enough bacteria to temporarily close a bay and watershed areas within 20 miles to swimming and shell fishing, the EPA estimates.

Seattle watersheds example of dog poop problem All solutions begin with excrement pickup. If you are among the 38% of dog owners who scoff at this duty, according to a story in the Los Angeles Times, consider what DNA tests revealed about the bacteria in Seattle watersheds: Although 90% or more of it comes from animals in general, some of them wild, fully 20% of it is traced back to the guts of dogs, according to the newspaper. The EPA’s Clean Water Campaign puts it, "If you think picking up dog poop is unpleasant, try swimming in it.”

Cities are going to start leaning on the big apartment complexes from an environmental standpoint to clean up their grounds to stop the runoff contamination. Dense urban areas are a particular problem.

“Dog waste draws rodents, rodents draw feral cats,” Jones said.

His company said in a release, “One other major issue seldom understood is that rats eat dog waste: the more left on the ground, the greater the rat population and also the diseases they can pass on.

Many major cities have reported a large increase in rat numbers in parallel with the growth of their dog population. This is not about whether someone doesn’t like to pick up their dog’s dropping. This is a social responsibility and about protecting the environment.”

Current compliance systems not working Dog waste can be disposed of properly, the company says, but not by the present system of compliance.

“Every community has tried signs and public information programs. Some have even spray-painted the waste to show its prevalence. None of these methods have worked,” the company said in the release.

“Dog owners must be accountable. And

Do tenants try to beat the system?

Jones said apartment complexes have issues with tenants who try various means to avoid the DNA fee, such as hiding dogs to avoid registering their pet during a rollout.

One tenant with a white bulldog came up with another plan to beat the system.

Jones tells the story of one property in the program that kept picking up poop and getting “no matches” and could not figure out what was going on.

The mystery was solved when they found out that a tenant who had registered his white bulldog bought a second, almost identical, white bulldog he did not register. He walked them one at a time so most people could not tell which dog was which. Eventually it was discovered that the second white bulldog turned out to be the source of the “mystery poop.”

If a property finds poop what happens next?

All the poop samples come into the company headquarters in Knoxville from across the country.

Jones estimates they get 700 to 1,000 poop samples a month from around the country.

The U.S. Postal Service delivers all the samples in special-leak proof bottles with a special solution that protects and preserves the DNA. Apartment property managers say the DNA testing works to solve the problem "We use it as a sales tool. It's something we knew we'd implement right at the

beginning,'' Kris Tomlinson, property manager at the Residences at Fountainhead in west Tempe, a 320-unit apartment complex that opened about a year ago, told the Arizona Republic.

Violators are assessed a $250 fine. Tomlinson said the program has proven an effective deterrent, as only one person has been assessed the fine in the past year.

"We told them it was their dog, charged the $250 fine. They weren't happy, but then they tell their friends because they're (upset)'' he told the newspaper.

Resources: Dogs and the environment http://www.latimes.com/nation/la-oe-lewis-dogs-environmentalism-20141102-story.html Pollution fact sheet on animal waste http://www.stormwatercenter.net/Pollution_Prevention_Factsheets/AnimalWasteCollection.htm Poo Prints http://www.pooprints.com/ Dog owners beware http://www.smithsonianmag.com/smart-news/ dog-owners-beware-dna-dog-poop-could-usedtrack-you-down-180958596/?no-ist Dog waste etiquette http://animalwellnessmagazine.com/poopscoop-101/ Tempe apartments getting the scoop http://www.chicagotribune.com/news/local/politics/ct-chicago-dog-waste-removal-met-051920160518-story.html Did you step in doggie doo? Nab the culprit. http://www.knoxnews.com/business/did-youstep-in- dog g ie- doo-knox v ille s-poopr intscan-help-nab-the-culpr it-2c5ea43d-8c296be3-e053-010-370263141.html

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Rental Housing Journal Metro · September 2016

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Rental Housing Journal Metro

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Rental Housing Journal Metro ¡ September 2016