Rental Housing Journal Metro
February 2017
2. Handling Employee Evictions 4. Home Values Rise 7 Percent in 2016 5. Okay Landlords - It's Time to Listen Up! 6. Happy New Year Everyone! 7. U.S. Home Sales Finish Strong in 2016
8. 2017 Brings Optimism For Residental Real Estate Prospects Zillow Gives Multifamily Marketers "Boost" With Precision Targeting 9. Are Urban Areas Running Out of Millennial Renters? 10. Pending Home Sales Bounce Back 11. Pockets of Affordable Housing Exist Within the Most Expensive Markets
12. Prepared Property Managers Can Handle What Comes Down the Pipeline 13. Examining the National Boom in Market Demand for Luxury Apartments 14. Dear Maintenance Men – Caulk, Plumbing, Doors and Curtains 17. U.S. News & World Report Unveils the 2017 Best Places to Live
Portland/Vancouver
www.rentalhousingjournal.com • Professional Publishing, Inc
Published in association with: Multifamily NW; Rental Housing Association of Oregon; IREM & Clark County Association
Portland Proposes Landlords Pay to Move Evicted Tenants
Home Buyers in Expensive Markets See a Longer Wait to Break Even
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new housing proposal from the City of Portland would require landlords who raise rent more than 10 percent, to pay tenant moving costs, including costs for evicted tenants, according to several reports. The proposed ordinance would require landlords to pay renters moving costs within 14 days of sending them an eviction notice. Landlords would also have to provide relocation assistance to tenants if they raise their rent by 10 percent or more in one year, according to Oregonlive.com. The relocation assistance requirement is part of the new Portland City Council’ss first two housing proposals, submitted by Commissioner Chloe Eudaly and Mayor Ted Wheeler. Landlords would have to pay renters between $2,900 and $4,500, depending on the number of bedrooms. Commissioner Eudaly, who campaigned on promises to better protect Portland renters, has drafted the ordinance—and has the support of Mayor Wheeler, according to reports. Willamette Week first reported the new proposed ordinance. "We thought we needed to take swift action to protect renters in our housing emergency," Eudaly told the newspaper. "This is intended to protect tenants, not take rights way from landlords." continued on page 16 Professional Publishing Inc., PO Box 6244 Beaverton, OR 97007
It takes at least 1.5 years longer to break even on buying a home in the Bay Area than it did a year ago
ome value appreciation is expected to slow in some of the nation's most expensive markets, and as a result, it now takes longer to break even on a home in those markets compared to renting it. Nationally, buying a home becomes a better financial decision than renting it in just under two years, according to the Q4 2016 Zillow® Breakeven Horizoni. When home values grow quickly, home equity also accumulates faster, helping to offset and eventually recoup the large upfront costs of buying a home more quickly. But home value appreciation is
slowing down in some places, especially expensive areas like Silicon Valley and the San Francisco Bay Area. This makes building home equity a slower process, and the Breakeven Horizons in both the San Jose and San Francisco metros are nearly two years and 1.5 years longer, respectively, than they were the year before. No other major metros saw the Breakeven Horizon grow as much in a single year. Home value appreciation isn't slowing everywhere. Home values in the Washington metro, for example, are expected to grow at a faster pace over the
next year after staying largely flat recently, leading to a shorter Breakeven Horizon. Buyers in this area can now expect to break even after 3.5 years. Overall, U.S. home value growth accelerated at the end of 2016, ending the year at a 6.8 percent annual appreciation rate. At the same time, rent appreciation slowed significantly, only growing at 1.5 percent annually. These shifting dynamics can make the question of whether to buy or rent less clear in many markets. continued on page 15
Jobs For Property Managers Pay Higher Than Average U.S. Salary by John Triplett, Desert Path Marketing Group
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obs for property managers pay higher than the average salary in the U.S. at $55,380 per year and show growth potential of 8 percent through 2024, according to a release. The property managers jobs were in a list put together by CareerToolkit.com of high paying jobs that anyone can review free of charge. The salaries range from $50,000K up to $100,000 and more per year. The report chose $50,000 as highpaying since the average median wage is $36,200 per year according to the Bureau of Labor Statistics (BLS) May 2015 reports. “Employment of property, real estate, and community association managers is projected to grow 8 percent from 2014 to 2024, about as fast as the average for
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all occupations,” according to the BLS. “Job opportunities should be best for those with a college degree in business administration or real estate and for those who obtain professional credentials,” according to the BLS website. While the average salary was $55,380, there is a range among property managers and association managers, according to the survey. • Median salary - $55,380 • Salary range - $28,490 to $123,790 per year • Job growth – 8% (as fast as average) • Typical education – High school diploma or equivalent continued on page 16
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