The Landlord Times - Metro - Ma y2013 by Professional Publishing, Inc

Professional Publishing, Inc www.TheLandlordTimes.com

METRO

PORTLAND & VANCOUVER

Vol. 17 Issue 5

Published 17 Years

May 2013

MONTHLY CIRCULATION TO MORE THAN 20,000 IN PORTLAND/VANCOUVER APARTMENT OWNERS, PROPERTY MANAGERS, ON-SITE & MAINTENANCE PERSONNEL Published in association with: METRO Multifamily Housing Association; Rental Housing Association of Oregon; IREM & Clark County Rental Association

Obama Administration Renews Funding for 19 More Homeless Projects in Alaska, Idaho, Oregon & Washington State $2 million in HUD Continuum of Care funds awarded recently is over & above $68.4 million in renewal funding awarded to 408 Alaska, Oregon & Washington homeless projects in March, 2013 U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan recently awarded an additional $2,070,603 in renewal funds to 19 homeless projects in Alaska, Idaho, Oregon and Alaska in a second round of renewal grants under HUD's Continuum of Care. Recently's awards will ensure these HUD-assisted local homeless assistance projects remain operating in the coming year. The renewal funds announced recently are over and above the $68,351,206 in renewal funds awarded to 408 homeless projects in Alaska, Idaho, Oregon and Washington awarded in March, 2013. HUD will make a third round of Continuum of

Care funding to support selected new projects later this year. "We know these modest investments in housing and serving our homeless neighbors not only saves money, but saves lives," said Donovan. "These local programs are on the front lines of the Obama Administrations efforts to prevent and end homelessness as we know it once and for all." "Even with an improving economy times remain as tough as ever for those without a place to call home," said HUD Northwest Regional Administrator Mary McBride. "These funds help hard-working local organizations keep their doors open and Continued on page 9

Apartment Industry Outlines Tax Reform Principles for Congress Tax reform must be comprehensive and take special care not to harm the thousands of businesses involved in multifamily real estate nor the 35 million Americans who call an apartment home. This was the focus of testimony by the National Multi Housing Council (NMHC) and the National Apartment Association (NAA) before the House Committee on Ways and Means recently. Representing NMHC and NAA, Thomas Moran, Chairman and Managing Partner of Moran & Company, testified on the need to meet the housing needs of what the Harvard Joint Center for Housing Continued on page 15 Page 3

U.S. Home Value Appreciation Rate Slows in First Quarter, But Values in Some Local Markets Remain at a Boil

PRESIDENT'S MESSAGE Page 6

Unsustainably High Appreciation Continues in Phoenix, Las Vegas and California, But National Moderation Could Indicate Stabilization, According to First Quarter Zillow Real Estate Market Reports The national housing market showed signs of moderation in the first quarter after months of robust and largely unsustainable annual home value appreciation. The Zillow速 Home Value Index (ZHVI) [i] rose to $157,600 as of the end of the first quarter, up 5.1 percent yearover-year and 0.5 percent from the fourth quarter of 2012, according to the first quarter Zillow Real Estate Market Reports[ii]. Professional Publishing, Inc PO Box 30327 Portland, OR 972943327

Current Resident or

PRSRT STD US Postage PAID Portland, OR Permit #5460

In March, U.S. home values rose for the 16th consecutive month, though last month represented the second straight month of slowing annual appreciation. Underscoring this slowdown, home value appreciation in the first quarter was 0.5 percent compared to 2.1 percent in the fourth quarter of 2012. Historically, housing markets can expect annual home value appreciation of roughly 3 percent, according to Zillow research. Looking ahead, the Zillow Home Value Forecast[iii] shows national home values increasing by 3.2 percent through March 2014, an annual appreciation rate more in line with historic norms. But in some local markets, home values continue to rise at a breakneck pace. Five metros covered by Continued on page 18

PRESIDENT'S MESSAGE Page 10 Chapter 29 Institute of Real Estate Management

IREM AND CCIM TAKE KEY COMMERCIAL REAL ESTATE ISSUES TO CAPITOL HILL Page 14

Clark County Rental Association

PRESIDENT'S MESSAGE

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The Landlord Times - Metro • May 2013

MULTIFAMILY NW President • Paul Hoevet Past President • Jeff Denson Vice President • Pam McKenna Secretary • Kirsten Bailey Treasurer • Chris Hermanski

PAUL HOEVET

16083 SW Upper Boones Ferry Road, Suite 105, Tigard, OR 97224 503-213-1281, 503-213-1288 Fax www.multifamilynw.org

President's Message

Multifamily NW President

Hello everyone. I just can’t believe that we have a quarter of 2013 already behind us. With the coming of nicer weather, everyone seems to be up in spirits and preparing for the summer season. Out on sites, the grounds are finally green, the flowers are going in the planting beds, the covers are coming off the pools, and exterior maintenance and upgrade projects are starting to pick up steam. It is a busy and exciting time of the year. Multifamily NW has also been very busy. We have sworn in our new Board member Janine Lind from Guardian Real Estate Services. Janine brings both experience and new perspective to the organization as she fills a seat that was vacated by Jay Olson. I wish to welcome Janine and also thank Jay for his contributions to the Association. There are many Multifamily NW events that coming up. The committee volunteers have been working diligently to plan and execute events that continue to grow in attendance as well as quality. I would like to thank them for their dedication to our Association. The ACE Awards will be held on May 16th at the Portland Art Museum. It will be a wonderful evening

that celebrates the best of the best in Property Management. This year’s event boasts nominees from more companies than ever, as well as our first ever After Party. There are still seats available for ACE, so make sure you don’t miss it. On June 25th there will be the first ever Mid-Willamette Valley Putt-Putt Golf Tournament held at Best Little Roadhouse Restaurant in Salem. Proceeds from the event will go support the Willamette Humane Society. The 27th Annual Multifamily Charity Golf Tournament is slated for July 11th at Langdon Farms. There are sponsorships and foursomes left for this event but they are going quickly. Come and help support our largest charity event of the year. This year’s proceeds will be donated to White Shield Center, Hope Lift, and Northwest Housing Alternatives. The 2013 Southern Willamette Valley Charity Golf Tournament will be held on August 22nd at the Emerald Valley Golf and Resort. Sponsorships are sold out for the event but foursomes are still available. And finally, Spectrum Exhibitor Registration opened on May 3rd. This year’s show will be held on September 19th and promises to be the

biggest and best Educational and Tradeshow Conference yet. When we all participate and attend these events it helps to make our Association stronger. We prioritize education which makes us better at what we do, we network which helps us have one voice and we publicly acknowledge the success of our peers which shows those outside the

industry that we strive to be the best and that we get to have fun at the same time. I look forward to seeing you all at these events and wish to thank you for supporting Multifamily NW. Enjoy.

Multifamily NW 2013 Events: MARK YOUR CALENDAR! May 13, 2013 9:00 AM - 2:00 PM ELEVATE: New Hire Class May 15, 2013 12:00 PM - 1:00 PM PDX Monthly Luncheon: How to Maximize Apartment Ownership in Current Market Conditions-and Flourish-When the Market Changes May 20, 2013 8:00 AM - 5:00 PM Lead-based Paint Certification May 21, 2013 9:00 AM - 12:00 PM Fair Housing with Nadeen Green: Ad-ing to Your Fair Housing Knowledge -

May 21, 2013 1:00 PM - 5:00 PM ELEVATE: Oregon Landlord/ Tenant Law Part 2 May 22, 2013 9:00 AM - 1:00 PM ELEVATE: Leadership and Supervisory Skills May 23, 2013 9:00 AM - 1:00 PM ELEVATE: Risk Management May 27, 2013 8:00 AM - 12:00 PM ELEVATE: Kitchen & Bath Plumbing May 29, 2013 8:00 AM - 12:00 PM ELEVATE: Project Management

visit www.multifamilynw.org for more dates

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The Landlord Times - Metro • May 2013

DZ &

What Were You Thinking Moments! By Dana Brown and Zach Howell

DANA BROWN AND ZACH HOWELL

Spring is here! Do we welcome and expect everything to fall into place or do we prepare for our residents and protect our asset. Margo Manager - Dana, our phone traffic at the property has been great, We have been setting appointments like crazy. The problem, no one is showing up for the appointments to tour. Dana: Margo Manager, When was the last time that you walked your property? I would guess it has been awhile! MM: Dana, it has been awhile, I have been very busy and I depend on my team to ensure everything looks great. D: Margo Manager, really, “What Were You Thinking?” As Manager, it is one of your responsibilities to walk you site, preferably weekly, as a lot can change in a week. The appointments are being missed probably as a result of driving onto the property and not receiving a GREAT First Impression! Every season brings a list of items that need to be prepared for and reviewed with your teams. Margo, this is a great training tool to do

every quarter with your team, maintenance and office staff. I suggest making a checklist for your team; this is a teachable moment and an opportunity to set clear expectations. Your community should be crisp and clean, look great to your prospective & current residents. Residents should also feel confident that you can handle any situations. Here is my check list: 1. Preventative Maintenance – Take care of any property issues before they become a BIG property issue and expense 2. Landscaping a. Broken sprinkler heads – Cost money b. Water main breaks – what to look for in financials and property c. Over grown during winter, liability issues – what do they look like d. Moss 3. Curb appeal a. Painted red & Yellow curbs – Nothing worse than chipping paint b. Dead flowers removed –Is this how we take care of our property, drive bys think so! c. Balloon string removed from A-Boards – What does this say about us???? Lazy

4. Pool a. What to do to get ready to open your pool for the season b. Pool Furniture – Remember, it has been sitting for a year 5. Office a. Brighten up to match the season b. Do a spring clean – it makes a difference to you and customers 6. Property Walk a. Tour Route b. Models c. Globes free of cob webs and dirt d. Trash receptacle areas Here is a list to get you started and add to the list. MM: Dana, you are right. We sometimes just get busy in our daily operations and we forget to review the things that are so important for us to do our jobs and represent the property and company in a professional manner. D: Thank you Margo Manager, now you can get some expert ideas from Zach, this is just part of what he teaches his teams to be successful and limit liability on many levels. Zach, what is your check list? Z: I believe in being proactive rather than reactive. If you can prevent fires from happening, then you will waste less time fighting fires. So,

how do we prevent the “proverbial” fires from starting? Two words: Preventative Maintenance. A solid PM program should be seasonally based. In the Summer months our properties are used differently than in the Winter. So being that Summer is coming let’s look at a proper Summer PM checklist and its benefits. Obviously, if you have a pool then Memorial Day is the deadline for getting it in line. As for the other items, sometimes they can slip your mind as your focus turns to the outdoors. Remember your HVAC systems are going to be ramped up and at the least filters should be changed. Ideally, an annual preventative maintenance schedule should be implemented on these larger components to ensure proper functionality and to extend the life of the component. The next big one is irrigation. Whether it’s your maintenance staff or your landscaper, a full irrigation test and inspection should be done to ensure that heads are present and pointed in the proper direction. Don’t forget about the annual items either, such as; gutters, drainage, crawl spaces, moss growth and curb appeal preparation. With regard to curb appeal, I agree with Dana’s point -- curbs painted, water features Continued on page 5

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The Landlord Times - Metro • May 2013

Amendment to Rental Agreement M056 OR-WA

D&Z

About the Form: This form is a quick and easy way to record and update the Rental Agreement on changes affecting the tenancy. The Amendment to the Rental Agreement can record a legal name change of tenants, show the addition or removal of minor occupants in the dwelling, state a change in rent due date, record change in tenant vehicles as well as a customizable space to explain other changes to the tenancy.

AMENDMENT TO RENTAL AGREEMENT DATE __________________________________________ PROPERTY NAME / NUMBER ___________________________________________________________________________________________________________________________________________________________________ RESIDENT NAME(S) ___________________________________________________________________________

___________________________________________________________________________

and all others. UNIT NUMBER ___________________________________ STREET ADDRESS ___________________________________________________________________________________________________________________________________________________________________________ CITY ___________________________________________________________________________________________________________________________________________________ STATE ___________________________________ ZIP _____________________________________________________________

...continued from page 4

working, new bark in the beds, and flowers popping will bring in new perspective residents. Don’t forget this is the prime leasing season too. Lastly, take a walk around the areas that you don’t normally go, but children will find as the sun comes out and they have more time to explore. Behind buildings and on the edges of our sites there are always hazards that residents and their children can find and possibly hurt themselves. That is why we have to find them first and take care

of them now. Remember that as property managers, we are responsible for the preservation of the asset physically and financially, but it is also our responsibility to decrease potential liability and possible future legal issues. This is why preventative maintenance programs are important to do at least twice a year as the major seasons turn. Take a couple hours do a proper inspection, take care of the outstanding issues stop a future fire and enjoy the sunshine.

LEGAL NAME CHANGE

Resident identified as ________________________________________________________________________________ on the Rental Agreement has shown proof of legal name change to Owner/Agent. Resident’s new legal name is:________________________________________________________________________________ c

ADDITION OR REMOVAL OF MINOR OCCUPANTS

Resident(s) are adding or removing the following minor occupants to the Rental Agreement: c Add c Remove Name_____________________________________________________________________________________ Date of Birth__________________________________________________

c Add c Remove Name_____________________________________________________________________________________ Date of Birth__________________________________________________ c Add c Remove Name_____________________________________________________________________________________ Date of Birth__________________________________________________ c

CHANGE OF VEHICLE

Resident(s) are deleting and/or adding a vehicle to the Rental Agreement: Delete: Make_____________________________________________ Model_____________________________________________ Color______________________________ State___________________ Plate #______________________________________ Add: Make__________________________________________________ Model_____________________________________________ Color______________________________ State___________________ Plate #______________________________________ c

RENT DUE DATE CHANGE

Rent due date on the Rental Agreement is listed as the ________________________ day of the month. New rent due date is the ________________________ day of the month. c

OTHER

Details of change to the Rental Agreement: ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

ALL RESIDENTS AND OWNER/AGENT MUST SIGN THIS AMENDMENT FOR IT TO BECOME EFFECTIVE. EXCEPT AS AMENDED, RENTAL AGREEMENT REMAINS IN FULL FORCE AND EFFECT. X

_____________________________________________________________________________________

RESIDENT

_____________________________________________________________________________________

RESIDENT

_____________________________________________________________________________________

RESIDENT

_____________________________

_____________________________________________________________________________________

_____________________________

_____________________________________________________________________________________

_____________________________

_____________________________________________________________________________________

DATE

X X X

RESIDENT

_____________________________________________________________________________________

ON SITE

RESIDENT

OWNER/AGENT

Residents are parties to a Rental Agreement dated _________________________________________ for the unit identified above. Residents and Owner/Agent agree to make the following change(s) to the existing Rental Agreement (check all that apply):

_____________________________

DATE

_____________________________

DATE

_____________________________

DATE

_____________________________

DATE

MAIN OFFICE (IF REQUIRED)

Advertise in the Landlord Times - Metro Circulated to over 20,000 Apartment owners, On-site, and Maintenance personnel monthly. Call 503-221-1260 for more information. The Landlord Times - Metro • May 2013

RENTAL HOUSING ASSOCIATION OF GREATER PORTLAND

President • Elizabeth Carpenter Past President • Phil Owen Vice President • Robin Lashbaugh Secretary • Lynne Whitney Treasurer • Jon Moon Office Manager • Alita Dougherty Member Services • Cari Pierce Bookkeeper • Pam Van Loon

10520 NE Weidler Portland, OR 97220 (503) 254-4723 • fax (503) 254-4821 info@rhagp.org http://www.rhagp.org

The path to neutrality. As President of the Rental Housing Association of Greater Portland (RHAGP), I’d like to express my appreciation to Tina Kotek, Speaker of the House, for joining us at the April 17th dinner meeting. The hot topic of discussion was House Bill 2639, known as the Housing Choice or the Section 8 bill.

President' s Message

In the April 15, 2013 press release from the Rental Housing Association of Greater Portland, we announced our neutrality regarding HB2639. This may be a surprise to some of our members. We are not saying we support making Section 8 mandatory. Section 8 is currently a voluntary, federally subsidized program, and it should remain a choice to participate or not. But what does ‘mandatory Section 8’ really mean? In the context of

May 2013 MAY 15 - DINNER MEETING – HOME BUILDERS ASSOCIATION ATTORNEY PANEL: BENNETT, MARK, SCHNEIDER MAY 16 - BROWN BAG LUNCH TENANCY MATTERS RHAGP CONFERENCE ROOM 11:30 AM PRESENTER: JEFF BENNETT, ATTORNEY MARY 21 - VENDOR HAPPY HOUR – RHAGP CONFERENCE ROOM 4:30 PM - FREE

MAY 30 - MOLD CLASS – 6:30 PM PRESENTER: MIKE GARDNER & ED WHITE STANDARD TV & APPLIANCE MAY 29 - PREMIUM MEMBER WORK SESSION – 11:30 AM RHAGP CONFERENCE ROOM MAY 30 - FAIR HOUSING CLASS 11:30 AM PRESENTER: MARCIA GOHMAN RHAGP CONFERENCE ROOM MAY 30 - MEMBER INFO/MENTOR SESSION – 6:00 PM TO 8:00 PM RHAGP CONFERENCE ROOM NO CHARGE

CALL RHAGP FOR MORE INFORMATION AND TO REGISTER FOR EVENTS 503 254-4723 OR WWW.RHAGP.ORG/CALENDAR-EVENT

HB2639, mandatory means: (1) Landlords will no longer be legally able to state “no Section 8 applicants” in ads (2) Landlords will not be legally able to deny an application based solely on Section 8 status.

Mandatory means that if an applicant wants to submit an application, landlords and property managers will be legally obligated to consider the application. In his HB 2639 testimony before a legislative hearing, Portland City Commissioner Nick Fish reiterated, “This bill does not require a landlord to rent to someone with a voucher. It only requires that landlords treat voucher-holders like they do you and me, and process their application through normal screening criteria.” This bill requires you to accept the application, not necessarily the applicant. Landlords, under HB2639, will retain the right to deny a Section 8 applicant if they fail to meet any of your rental criteria*. Written rental

ELIZABETH CARPENTER RHAGP President

criteria is crucial. So why did we go neutral? The writing is on the wall. We believe mandatory Section 8 will happen. The City of Portland is likely to put forth their own version of a mandatory program participation bill should HB2639 fail to pass. Our fear is that: (1) Other bills may not include a mitigation fund. (2) Other bills may not seek a federal waiver to allow the Oregon program latitude on issues of importance to landlords, like shortening inspection times. (3) Other bills may not establish an advisory committee to share best practices and measure the effectiveness of the program and assure equal landlord involvement in the committee. And we fear, if the City of Portland creates a law, other cities and counties may follow suit. Each of those laws may be different. Continued on page 5

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The Landlord Times - Metro • May 2013

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President's ...continued from page 6 The Future: It is important for the Rental Housing Association of Greater Portland to continue having a voice in Salem. Going neutral is a strategic way to stay in the game. Speaker Kotek takes the RHAGP’s neutrality on this bill very seriously. Tina Kotek shared at the April dinner meeting, “I want folks from this organization to be on the advisory group as we move forward” and “My promise to you is I will keep listening.” This kind of attention to landlord concerns as the program

grows in the next two years should be considered a win for RHAGP. *For help with screening criteria, refer to RHAGP form ‘101 Applicant Criteria & Screening Policies’, and form ‘213 Addendum’ for criteria specific to you and your property. Or call the office at 503-254-4723 or visit www.rhagp.org.

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ualifying prospective renters can seem especially challenging when you must establish their eligibility to rent based upon income. While it is necessary to determine if callers and visitors can qualify to rent at your community, coming right out and asking someone for their annual income can be perceived as an invasion of privacy. (Would you like a total stranger to ask: “How much money do YOU make?”) Recently the following question on this subject came up:

Q: We are a tax credit property with certain income restrictions, but not everyone who calls or stops by is aware of this. I try to find out about monthly or annual income right away because I don’t want to waste their time or mine. However, I am getting the impression that people are embarrassed or put off by my line of questioning. What’s the best way of figuring out if people are income-qualified without offending them?

A: Whether your community has income restrictions or not, every community has a set standard or policy for qualifying prospective renters based on their income. Whether someone must make three times the monthly rental rate or make no more than a specific amount annually, everyone who applies to rent must qualify “financially” in some way. As such, there is no need to treat anyone differently or label someone as “unqualified.” It’s all a matter of using effective communication so that everyone will understand what the criteria is to qualify at your community. Rather than saying, “I need to know how much money you make,” you could take another approach. Perhaps after you have established a rapport with the phone caller or visitor you could say something like this: “I need to let you know that our community has certain income restrictions, based upon the number of people in your family. For a household of four, your income may not exceed $32,000. Does this work for you and your family?”

By offering the qualifying criteria up front, you are helping each prospective renter make an informed decision about their eligibility to rent at your community. In addition, you are showing respect and consideration for their privacy, as well as preserving their dignity. Would you want to be treated any differently? If you have a question or concern that you would like to see addressed next month, please ASK THE SECRET SHOPPER by making contact via e-mail. Your questions, comments and suggestions are ALWAYS welcome! ASK THE SECRET SHOPPER Provided by: SHOPTALK SERVICE EVALUATIONS Phone: 425-424-8870 E-mail: joyce@shoptalkservice.com Website: www.shoptalkservice.com Copyright © Shoptalk Service Evaluations

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STATE AK

Obama ...continued from front page services flowing to help homeless families and individuals put a roof over their heads and stability and opportunity back into their lives." The projects awarded renewal funding recently include: HUD's Continuum of Care grants are awarded competitively to local projects to meet the needs of their homeless clients. The grants fund a wide variety of programs from street outreach and assessment programs to transitional and permanent housing for homeless persons and families. HUD funds are a critical part of the Obama Administration's strategic plan to prevent and end homelessness. While the Fiscal Year 2012 funds awarded today are not impacted by the automatic across-the-board budget cuts under sequestration that began March 1st, Donovan cautioned that future budget cuts may reverse significant reported declines in homelessness: "During this challenging budget climate, we must make certain that we don't balance our books on the backs of our most vulnerable citizens. When we make even modest investments in these programs, we see a measureable decline in homelessness." HUD's Continuum of Care grants announced today will continue offering permanent and transitional housing to homeless persons as well as services including job training, health care, mental health counseling, substance abuse treatment and child care.

PROJECT Alaskan AIDS Assistance Association / AK500 - REN - 6-Plex Project

CITY

FUNDING

Anchorage

$115,689

Alaska Total

Continuum of Care grants are awarded competitively to local programs to meet the needs of their homeless clients. These grants fund a wide variety of programs from street outreach and assessment programs to transitional and permanent housing for homeless persons and families. In 2010, President Obama and 19 federal agencies and offices that form the U.S. Interagency Council on Homelessness (USICH) launched the nation's first comprehensive strategy to prevent and end homelessness. Opening Doors: Federal Strategic Plan to Prevent and End Homelessness puts the country on a path to end veterans and chronic homelessness by 2015 and to ending homelessness among children, family, and youth by 2020.

ID ID

Boise City Housing Authority / ID-500 REN - Landmark Project Idaho Housing and Finance Association / ID-501 - REN - Family Promise Transitional Housing Idaho Housing and Finance Association / ID-501 - REN - Freedom LZ Transitional Housing Idaho Housing and Finance Association / ID-501 - REN - Your Way Home Transitional Housing

Boise

$7,850

Boise

$43,122

Boise

$45,452

Boise

$79,537

Idaho Total OR OR

Oregon State Health Authority / OR-503 REN - Central Oregon CoC Washington County Department of Housing Services / OR-506 - REN - SPC TRA Homeless Families Renewal OR16C706004 Clackamas Women's Services, Inc. / OR507 - REN - Permenant Supportive Housing Project for Survivors of Domestic and Sexual Violence

HUD's mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD is working to strengthen the housing market to bolster the economy and protect consumers; meet the need for quality affordable rental homes: utilize housing as a platform for improving quality of life; build inclusive and sustainable communities free from discrimination; and transform the way HUD does business. More information about HUD and its programs is available on the Internet at www. hud.gov and espanol.hud.gov. You can also follow HUD on Twitter at @HUDnews or on Facebook at www.facebook.com/HUD. or sign up for news alerts on HUD's News Listserv.

WA WA WA WA WA WA WA WA

King County / WA-500 - REN - Sobering Support Center Low Income Housing Institute / WA-500 REN - One Heart Center YWCA of Seattle-King County-Snohomish County / WA-500 - REN - Transition Into Permanent Project (TIPP) Benton and Franklin Counties Department of Human Services / WA-501 - REN Shelter Plus Care YWCA of Spokane / WA-502 - REN - YWCA DV SS #2 FY2012 Pierce County / WA-503 - REN - Bridges Village Pierce County / WA-503 - REN - Manresa Apartments Yakima County / WA-507 - REN - YNHS PSH1 WA0189B0T071104 Yakima Neighborhood Health Services / WA-507 - REN - 904 Transitional Housing WA0186B0T071104 Columbia River Mental Health Services / WA-508 - REN - New Dreams Two Second Step Housing / WA-508 - REN Story Street II

$175,961

Portland

$16,301

Hillsboro

$87,372

Oregon City

$59,837

Oregon Total WA

$115,689

$163,510

Seattle

$624,566

Seattle

$398,285

Seattle

$167,867

Kennewick

$89,739

Spokane

$91,645

Tacoma

$35,197

Tacoma

$37,429

Yakima

$10,769

Yakima

$49,106

Vancouver

$79,261

Vancouver

$31,009

Washington Total

$1,614,873

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Metro Apartment 2008 The Landlord TimesManager - Metro â&#x20AC;˘ October May 2013

INSTITUTE OF REAL ESTATE MANAGEMENT

President • Christina DuCote’, CPM, RPA President Elect • Cammie Allie, CPM, ARM Vice President-Member Services • Kimberly Fuhrer, CPM Vice President-Communications • Jocelyn Burmester, CPMC Vice President Education • Kathi Pearce, CPM Vice President-Finance • Stephanie MacPherson, CPMC IREM Chapter #29 11575 SW Pacific Hwy Suite 210 Tigard, OR 97223 (503) 228-0002 (503) 406-2003 fax

IREM and CCIM Take Key Commercial Real Estate Issues to Capitol Hill 240 Meetings with Legislators from 28 States Focus on Carried Interest, Internet Sales Tax Fairness, and Lead Paint in Commercial Buildings

Some 320 members of the Institute of Real Estate Management (IREM®) and the CCIM Institute recently visited Capitol Hill to raise awareness of key issues affecting the commercial real estate industry. IREM® and CCIM Members representing 28 states and the District of Columbia held 240 meetings with their respective senators, representatives and their staffs to raise awareness of the industry’s legislative positions on: • Carried Interest • Internet Sales Tax Fairness • Lead Paint in Commercial Buildings CARRIED INTEREST Issue Highlights: A carried interest is designed to act as an incentive for a general partner to maintain and enhance the value of a given real estate property so that the operation of the property is a value-added proposition. The carried interest of the general partner(s) historically has been taxed at capital gains rates, just as the limited partners’ gains are

taxed at capital gains rates. IREM and CCIM Position: IREM and CCIM Institute oppose any proposal that would eliminate capital gains treatment for any carried interest of a real estate partnership. Action Urged: IREM and CCIM Institute urge Congress to oppose an increase to the tax treatment of carried interest for real estate partnerships. The real estate sector continues to recover from a devastating recession. Making changes that would further hinder the flow of capital into real estate markets will prolong the weakening of our economy. INTERNET SALES TAX FAIRNESS Issue Highlights: Under current law, purchases made online are subject to sales tax through what is known as a use tax. Consumers who live in states with a sales tax are legally obligated to report and pay sales taxes on ALL purchases made online, although the majority of them are unaware of this obligation, and very few pay this sales tax. Conversely,

brick and mortar retailers are required by law to collect the tax on behalf of the state. This inequity is putting some stores out of businesses because online retailers are not paying the same rate in taxes. IREM and CCIM Position: IREM and CCIM support consistent state/ local sales/use taxes for economically equivalent transactions in the state or locality in which the goods are delivered. IREM and CCIM support a level playing field for local in-store retailers and remote merchants (including Internet merchants). IREM and CCIM believe that local and state governments should enforce existing taxes rather than create new ones. IREM and CCIM firmly oppose any new programs that would impose taxes on the cost of such services, such as fees and other costs associated with the purchase and ownership of real estate. Action Urged: IREM and CCIM Institute urge Congress to support H.R. 684 and S.336 to modernize our nation’s tax policy and provide equity between online and brick-and-mortar retailers.

LEAD PAINT IN COMMERCIAL BUILDINGS Issue Highlights: The Toxic Substance Control Act includes a provision that requires the EPA to create and implement guidelines for renovation activities that may create a risk of lead exposure in public and commercial buildings constructed before 1978. After being subjected to lawsuits about the EPA focusing only on residential properties, the EPA is now working on the commercial issue. IREM and CCIM Position: IREM and CCIM support broad regulatory reform such as that pursued by Congress and the concept of greater accountability of agency rule makers to elected officials. As well, both organizations support a viable substitute to the legislative veto considered unconstitutional by the Supreme Court and also endorse the need to shift the burden of proof in justifying agency regulations toward the agency. Action Urged: IREM and CCIM Institute urge Members of Congress Continued on page 11

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IREM ...continued from page 11 to be increasingly aware of capricious rule-making. As well, the organizations and are now working to identify senators and congressmen willing to issue a letter asking the EPA to ensure that it has identified an actual hazard and its target population before proceeding with any such regulation.

Membership includes qualified professionals in all disciplines of commercial investment real estate, including brokers, leasing professionals, investment counselors, asset managers, appraisers, corporate real estate executives, property managers, developers, institutional investors, commercial lenders, attorneys, bankers, and other allied professionals. Of the approximately 125,000 commercial real estate practitioners nationwide, 9,000 currently hold the CCIM designation, with an additional 6,000 candidates pursuing the designation. Founded upon the principles of education, networking, and ethical practice, the CCIM Institute, as an affiliate of the 1.2 million-member NATIONAL ASSOCIATION of Realtors®, helps shape policy and legislation affecting the industry and safeguards the interests of commercial investment real estate practitioners.

ABOUT THE CCIM INSTITUTE The CCIM Institute is an affiliate of the NATIONAL ASSOCIATION of Realtors®, (NAR). The Institute confers the Certified Commercial Investment Member (CCIM) designation through an extensive curriculum and experiential requirements. The CCIM designation was established in 1969 and is recognized as the mark of professionalism and knowledge in commercial investment real estate.

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ASK THE ENERGY EXPERT MARK WHITNEY, PGE Lighting Specialist

LEDs Lead The Way to Lighting Energy Savings

I am seeing more in the marketplace about LED lights. Is this a proven technology and what applications make sense for multifamily properties?

A: Light-emitting diode, or LED, technology has made great strides in the past two years. The technology is proven and prices have dropped. With typical estimated energy savings ranging from 50 to 80 percent, LEDs can be an excellent option for multifamily common areas where lights are on for several hours per day. Examples include lobbies, hallways, elevators, service areas, landscaping and outdoor lighting. LEDs are particularly good for directional lighting such as recessed cans and track lights.

An investment in LEDs can pay for itself in only two to five years through energy savings. Because LEDs can last up to 10 years, the maintenance savings from not having to replace burned-out lamps also can be significant. Features and benefits of LED lighting You can purchase LEDs in various shades of high quality white light as well as in different colors for signage or decorative accents. The advantages of LEDs include: • Much lower energy use • Ability to aim light precisely and achieve full brightness instantly • Many are dimmable • Good color rendering; interior areas are warm and inviting

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• Rugged and durable; don't "break" like bulbs and can handle vibration • Cool to the touch; don't emit infrared heat or ultraviolet light • No mercury • Extremely long-life means big maintenance savings Some characteristics of existing LEDs that could limit their application are that they are sensitive to heat; they are heavier than incandescent or compact fluorescent lamps; and they may not be compatible with some existing dimmers. Retrofit options Depending on your fixtures, you might be able to replace your existing directional lamps with appropriate LED lamps. Or you can purchase new fixtures or upgrade-conversion kits. Either way, you will likely find an efficient LED option that is right for you.

PGE’s Energy Experts offer a free consultation – you could win free lights! If you’d like to learn whether LEDs could benefit you, PGE offers a free, no-obligation energy-efficiency consultation. We’ll help you identify savings opportunities in lighting and throughout your properties, tell you about Energy Trust of Oregon cash incentives that can reduce your payback time, and even connect you with contractors if you like. If you sign up by May 31, 2013, you’ll be automatically entered to win one of ten lighting upgrades of up to $1,000.* Sign up at PortlandGeneral.com/LightSavings or call 800-822-1077. *See sweepstakes terms and conditions at PortlandGeneral.com/ LightSavings If you have questions you’d like to have answered in future “Ask the Energy Expert” columns, please e-mail Sarah.Pagliasotti@pgn.com.

The Landlord Times - Metro • May 2013

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President's Message May is upon us. The school-year will soon be over and summer vacation season is fast approaching. This is the time of year when more of our tenants will begin looking for new digs. This results in increasing turnover into the summer. Unfortunately the risk of losing good tenants goes up. Although we should respond quickly to any tenant complaint year round, it is especially important this

time of year to be seen as responsive and caring. We want to ensure our renters recognize that we value them as tenants in our properties. This would be a great time to do walk-throughs. We need to do the spring-time baseboard and wallheater cleaning. We could take a few minutes to check out the yards—are they getting overgrown? Should the back fence be replaced? Does the

house need a new coat of paint or a new roof or gutters cleaned? Should we schedule major maintenance projects for summer’s improved weather? Use this visit as an opportunity to improve your relationship with your tenants. This doesn’t actually have to be something you do personally. Assign your handyman or a yard person to do it—but coach them first. If you don’t feel they are up to the task, do it yourself. After all, you are the one with a vested interest in the property and the maintenance of it. You have the most at stake. Take care to do the best for your properties and tenants. As I write this the legislative session in Olympia appears to be heading into overtime, otherwise known as “special session.” When you read this, our legislators will probably

still be flailing away with the budget numbers. It is imperative that you learn how any impending changes will impact us. The best way to do this is to keep informed of the legislative changes. Read relevant articles in industry newsletters and attend trainings when offered. This upcoming season is generally good for the residential housing industry. Tenants and managers/ owners both have increased opportunities for improving their situations. Do your best to make sure the changes you experience are improvements.

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The Landlord Times - Metro • May 2013

Apartment ...continued from front page Studies research suggests is up to seven million new renter households this decade. “Like many other small businesses, the apartment industry has a considerable stake in tax reform. In addition, we provide homes for millions of Americans covering the entire socioeconomic spectrum," said Moran. "An estimated 300,000 to 400,000 units a year must be built to meet expected demand; yet just 158,000 apartments were delivered in 2012 – not enough to even replace the units lost every year to demolition and obsolescence." To meet the ongoing demand for rental housing, the apartment industry asks Congress to: • Ensure that tax reform is comprehensive and does not reduce corporate taxes at the expense of small businesses. • Maintain the current treatment of carried interest to help offset the considerable financial risks in real estate. • Retain the 100 percent deduction for business interest. • Protect the Low-Income Housing Tax Credit program, which is responsible for more than 2.4 million affordable apartment homes. • Respect the estate tax legislation enacted as part of the American Relief Act of 2012. • Modify the section 179D Energy

Efficient Commercial Buildings Tax Deduction to enable more properties to qualify for the incentive. “The apartment industry builds vibrant communities by offering housing choice, supporting local small businesses, creating millions of jobs and contributing to the fabric of communities across the country. In fact, apartment homes and our 35 million residents contribute $1.1 trillion annually to the economy and help support nearly 26 million jobs,” Moran added. For more than 20 years, the National Apartment Association (NAA) and the National Multi Housing Council (NMHC) have partnered on behalf of America’s apartment industry. Drawing on the knowledge and policy expertise of staff in Washington, D.C., as well as the

advocacy power of 170 NAA state and local affiliated associations, NAA and NMHC provide a single voice for developers, owners and operators of multifamily rental housing. Apartments and their 35 million residents support more than 25 million jobs and contribute $1.1 trillion to the economy. To learn more about apartments, visit www.weareapartments.org. For more information, contact: NMHC at (202) 974-2300 or info@nmhc.org or www.nmhc.org. NAA at (703) 797-0616 or carole@naahq.org or www.naahq.org/ governmentaffairs.

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The Landlord Times - Metro • May 2013

Not Exactly As Seen On TV Don’t let TV’s ‘World’s Worst Tenants’ on Spike TV dictate how you manage your properties. Most of us have seen depictions of landlords on TV and in movies as illimitable in their abilities of ridding of delinquent tenants. Landlords who implement the methods that these shows illustrate for entertainment purposes could find themselves in big trouble. It is absolutely against Landlord-Tenant Law to use “force” to evict a tenant. Locking your tenant out or shutting

off the utilities to the unit is very illegal. Using “unofficial” notices to terminate the tenancy is also illegal. An example of an “unofficial” notice would be a 24-hour notice to vacate for an unauthorized pet or noise disturbances. These poor property management practices are not only illegal, immoral, and dangerous, they are also wrecking havoc on the efforts that good landlords have made in combating a negative image.

Landlords can continue making efforts towards combating the ill effects that a reality show “eviction specialist” creates by developing effective habits not only in the manner in which we communicate with our tenants, but also by handling tenant issues in a timely fashion. When’s the last time you did a complete inspection of your rental properties from top to bottom, inside and out? Be proactive and maintain control of your investments. Schedule a complete inspection with your tenants at least every 6 months. In the interim, who can you count on to keep watch of your property and notify you of concerning behavior when you aren’t around? The neighbors! Employ a couple of the property’s neighbors to contact you if they witness any curious behavior. Let them know that worst case scenario, their testimony may be needed if the information they relay to you ends up in eviction court. To appease some of the neighbor’s possible apprehension, send them a thank you note and include a small gift like a coffee gift card. This is an inexpensive, thoughtful, investment for a potentially large return. Another habit landlords should develop is selfeducation. Make time to understand and learn how and when to use your states specific legal rental notices

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Rental Housing Association of Greater Portland www.RHAGP.org What Is Radon? CLASS Thursday May 9, 2013 6:30pm-8pm at RHA Office 10520 NE Weidler Portland OR 97220 Taught by Steve Tucker, Cascade Radon What is Radon? Where does it come from? Why is it a health risk? How do you test? What is the cost of testing? What creates elevated radon levels? Mitigation techniques and the cost thereof. Radon-Resistant New Construction (RRNC) and new radonrelated building codes. Come have all your questions about Radon answered by a professional. $25.00/Member, $35.00/Non-Member

when addressing a tenant issue or terminating a tenancy. Depending on the state, there may only be a few different types of termination notices available to landlords. Issuing the wrong termination notice and technicalities are the two most common reasons landlords lose eviction cases. Not only would your case lose in front of a judge, but you could also be liable for damages to the tenant! The bottom line is never stoop to the level of land lording that the entertainment medias portray. Those extreme acts are unlawful and violating. Are there some bad landlords out there? Of course there are. But there are also bad tenants. The only thing that these landlord-tenant dramas achieve is perpetuating that negative image of landlords. Unlike the actors in ‘World’s Worst Tenants’, leave your anger, frustration, and disparity at the door when dealing with tenants. The only way to lawfully evict a tenant is to go to court, plain and simple. Hussa is a Licensed Property Manager, Continuing Education Provider and Principal at Smart Property Management in Portland, OR. She can be reached with questions or comments at Katie@SmartPM.co.

Landlord Education Classes Call 503/254-4723 Post Tenancy Matters CLASS Thursday May 16, 2013 11:30am at RHA Office 10520 NE Weidler Portland OR 97220 Taught by Jeffrey Bennett, Attorney at Law Abandonements, Final Accountings and Collections. Once your tenant has vacated, a whole new set of obligations and rights kicks in. Learn how to handle abandoned personal property, correctly serve final accountings, and analyze your collection options. 1 Continuing Education Credit Hour $35.00/Members, $45.00/non-members

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The Landlord Times - Metro • May 2013

Number of Improving Housing Markets Holding Steady in April Following seven consecutive months of gains, the list of improving U.S. housing markets remained virtually unchanged in April, with 273 metros on the National Association of Home Builders/First American Improving Markets Index (IMI), released today. This total reflects a net reduction of one market since March and again includes entrants from all 50 states and the District of Columbia. The IMI identifies metropolitan areas that have shown improvement from their respective troughs in housing permits, employment and house prices for at least six consecutive months. Five new markets were added to the list and six markets were dropped from it this month. Newcomers included the geographically diverse locations of Macon, Ga.; Portland, Maine; Rocky Mount, N.C.; Eugene, Ore.; and Jackson, Tenn. “The stability in the improving markets list this month is encouraging, with three quarters of all metros tracked by our index considered on the upswing as the housing recovery spreads to parts of every state,” said NAHB Chairman Rick Judson, a home builder from Charlotte, N.C. “In some markets, the main thing

that’s holding back a recovery is a relatively thin inventory of homes for sale, which could be resolved if builders had easier access to credit for building homes and putting people back to work.” “After a strong run-up through late 2012 and early 2013, the number of improving markets is holding steady at a high level,” said NAHB Chief Economist David Crowe. “We can expect to see more gradual gains going forward as challenges related to increased demand kick in – including everything from tightened supplies of developable lots and labor to the rising cost of building materials.” “With 75 percent of the country seeing measurable improvement in housing market conditions, the outlook is definitely brightening for local economies this spring,” noted Kurt Pfotenhauer, vice chairman of First American Title Insurance Company. The IMI is designed to track housing markets throughout the country that are showing signs of improving economic health. The index measures three sets of independent monthly data to get a mark on the top improving Metropolitan Statisti-

cal Areas. The three indicators that are analyzed are employment growth from the Bureau of Labor Statistics, house price appreciation from Freddie Mac and single-family housing permit growth from the U.S. Census Bureau. NAHB uses the latest available data from these sources to generate a list of improving markets. A metro area must see improvement in all three measures for at least six consecutive months follow-

ing those measures’ respective troughs before being included on the improving markets list. A complete list of all 273 metropolitan areas currently on the IMI, and separate breakouts of metros newly added to or dropped from the list in April, is available at www. nahb.org/imi. www.nahb.org

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U.S. Home ...continued from front page Zillow experienced year-over-year appreciation of more than 20 percent: Phoenix (up 24 percent), Las Vegas (up 22.3 percent), San Jose (up 22.1 percent), San Francisco (up 21.4 percent) and Sacramento (up 20.1 percent). "The national housing market has rebounded strongly over the past year. But the sometimes dramatic home value run-ups experienced during these months were never expected to be sustainable, and recent slowdowns are indicative of a market that is slowly finding its natural level," said Zillow Chief Economist Dr. Stan Humphries. "Looking forward, we expect annual home value appreciation to continue to slow, as more inventory comes up for sale. But pockets of very rapid appreciation will remain, a troubling sign of volatility and a potential future headache as affordability is compromised and homes begin to look much more expensive to average buyers. This affordability issue may become acute in many markets in a couple years once mortgage rates begin to return again to normal levels." Further underscoring the unevenness of the recovery, seven of the top 30 metro markets covered by Zillow saw a decline in home values in the first quarter. The New York metro saw a decline of 0.3% in home values after three consecutive quarters of positive appreciation, the first quarterly decline in that metro since the first quarter of 2012. Chicago saw the

greatest home value depreciation, with values falling 1.4% in the quarter after a flat fourth quarter of 2012. Foreclosure rates rose in the first quarter compared to the fourth quarter, likely because of a seasonal acceleration after the traditionally slow holiday period. A total of 5.11 out of every 10,000 homes were foreclosed upon in the first quarter, down 1.3 homes per 10,000 from the fourth quarter, and down 2.4 homes per 10,000 year-over-year. In the rental market, national rents rose 0.9 percent in the first quarter compared with the fourth quarter, and were up 4.9 percent over the first quarter of 2012. The Zillow Rent Index (ZRI)[iv] stood at $1,290 at the end of March. About Zillow: Zillow, Inc. (NASDAQ: Z) operates the largest home-related marketplaces on mobile and the Web, with a complementary portfolio of brands and products that help people find vital information about homes, and connect with the best local professionals. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow's Chief Economist Dr. Stan Humphries. Dr. Humphries and his team of economists and data analysts produce extensive housing data and research covering more than 350 markets at Zillow Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price

Expectations Survey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow Home Value Index over the next five years. The Zillow, Inc. portfolio includes Zillow.com®, Zillow Mobile, Zillow Mortgage Marketplace, Zillow Rentals, Zillow Digs™, Postlets®, Diverse Solutions®, Buyfolio™, Mortech™ and HotPads™. The company is headquartered in Seattle. Zillow.com, Zillow, Zestimate, Postlets and Diverse Solutions are registered trademarks of Zillow, Inc. Buyfolio, Mortech, HotPads and Digs are trademarks of Zillow, Inc. [i] The Zillow Home Value Index is the median Zestimate® valuation for a given geographic area on a given day and includes the value of all single-family residences, condominiums and cooperatives, regardless of whether they sold within a given period. It is expressed in dollars, and seasonally adjusted. [ii] The Zillow Real Estate Market Reports are a monthly overview of the national and local real estate markets. The reports are compiled by Zillow Real Estate Research. For more information, visit www.zillow.com/research. The data in Zillow's Real Estate Market Reports is aggregated from public sources by a number of data providers for 929 metropolitan and micropolitan areas dating back to 1996. Mortgage and home loan data is typically recorded in each county

and publicly available through a county recorder's office. All current monthly data at the national, state, metro, city, ZIP code and neighborhood level can be accessed at www.zillow.com/local-info/ [iii] The Zillow Home Value Forecast uses data from past home value trends and current market conditions, including leading indicators like home sales, months of housing inventory supply and unemployment, to predict home values over the next 12 months for the nation and for more than 250 markets across the country. [iv] The Zillow Rent Index is the median Rent Zestimate (estimated monthly rental price) for a given geographic area on a given day, and includes the value of all single-family residences, condominiums, cooperatives and apartments in Zillow's database, regardless of whether they are currently listed for rent. It is expressed in dollars.

Advertise in the Landlord Times - Metro Circulated to over 20,000 Apartment owners, On-site, and Maintenance personnel monthly. Call 503-221-1260 for more information.

Zillow Home Value Index

Metropolitan Areas

United States New York Los Angeles Chicago Dallas-Ft. Worth, Texas Philadelphia Washington DC Miami-Fort Lauderdale, Fla. Atlanta Boston San Francisco Detroit Riverside, Calif. Phoenix Seattle Minneapolis-St. Paul, Minn. San Diego St. Louis Tampa, Fla. Baltimore Denver Pittsburgh Portland, Ore. Sacramento, Calif. Orlando, Fla. Cincinnati, Oh Cleveland Las Vegas San Jose Columbus Charlotte

Q1 2013 $157,60 0 $343,70 0 $439,40 0 $159,80 0 $132,70 0 $186,90 0 $328,40 0 $159,00 0 $117,00 0 $321,70 0 $563,20 0 $84,700 $210,10 0 $165,60 0 $280,10 0 $180,50 0 $396,80 0 $126,20 0 $117,60 0 $222,20 0 $234,20 0 $111,70 0 $237,10 0 $241,60 0 $130,80 0 $122,10 0 $110,90 0 $138,80 0 $676,10 0 $127,50 0 $136,80 0

Quarter-Over-Quarter Change

Zillow Home Value Forecast

Year-Over-Year Change

Bottom in Home Values

Change in ZHVI, Q1 2013Q1 2014

0.5%

5.1%

2011 Q4

3.2

-0.3%

1.2%

No Bottom

-1.2

5.5%

14.9%

2012 Q1

11.1

-1.4%

-0.2%

2013 Q3

-1.5

1.2%

5.7%

2011 Q4

3.5

-0.6%

0.3%

2013 Q3

0.2

1.2%

6.6%

2011 Q1

1.2

4.1%

12.1%

2011 Q4

4.9

2.3%

3.5%

2012 Q3

1.7

0.8%

4.9%

2011 Q4

0.7

6.4%

21.4%

2012 Q1

10.5

4.1%

13.1%

2011 Q3

4.4

6.0%

16.3%

2012 Q1

17.2

4.7%

24.0%

2011 Q3

10.6

3.5%

10.1%

2012 Q1

7.8

3.1%

10.6%

2012 Q1

3.6

5.5%

17.1%

2012 Q1

8.8

-1.2%

1.0%

2011 Q4

-0.3

3.4%

9.9%

2011 Q4

3.7

0.0%

3.0%

2012 Q1

0.2

2.5%

13.1%

2011 Q2

3.1

-0.2%

2.1%

2008 Q4

0.9

2.8%

10.4%

2012 Q1

4.0

7.1%

20.1%

2012 Q1

15.6

3.8%

10.8%

2012 Q1

5.3

-0.3%

0.0%

2013 Q2

1.1

1.0%

2.0%

2012 Q1

0.9

7.1%

22.3%

2012 Q1

7.5

6.8%

22.1%

2009 Q2

9.7

0.6%

3.4%

2012 Q1

1.3

-0.7%

2.0%

2011 Q2

-0.6

The Landlord Times - Metro • May 2013

ON-SITE-NW SEATTLE

VALLEY, METRO, ARIZONA APT. NEWS

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The Landlord Times - Metro • May 2013

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