Rental Housing Journal On-Site
March 2016
9. Residential Property Management – A Great Career Opportunity
3. Landlord–Tenant Q&A: Fair Housing 4. Fair Housing Facts & Tips
10. Rents to Flatten in 2016
5. Legislative Roundup 7. Dear Maintenance Men – Water Heaters, Paint Prepping and Swimming Pools 8. Ask the Secret Shopper – Ready Vacants
11. Why Buy Earthquake Insurance? 15. Maintenance Summit Education Conference and Tradeshow
www.rentalhousingjournal.com • Professional Publishing, Inc 17,000 Papers Mailed Monthly To Puget Sound Apartment Owners, Property Managers & Maintenance Personnel Published in association with Washington Association, IREM & Washington Multifamily Housing Association
4Q15 Market Overview
Commercial Real Estate Experts
Multifamily Housing Update
Seattle, WA Payroll Job Summary Total Payrolls Annual Change RCR 2016 Forecast RCR 2017 Forecast RCR 2018 Forecast RCR 2019 Forecast RCR 2020 Forecast Unemployment (NSA)
1,624.1m 45.0m (2.9%) 33.0m (2.1%) 35.5m (2.2%) 32.3m (1.9%) 23.2m (1.4%) 20.1m (1.2%) 4.7% (Dec.)
4Q15 Payroll Trends and Forecast U.S economic growth ground nearly to a halt during 4Q15, and the high flying Jet City labor market was not immune to its centripetal force. Payroll growth ebbed to a 45,000-job, 2.9% year-on-year rate, slowest since spring 2014. Much weaker expansion in the construction, manufacturing and techheavy information services sectors was principally responsible as these industries slowed to a 2,200-job collective annual growth rate from 2Q15’s 14,100job pace. Signs of softer growth in the tech services niche also were evident. By contrast, momentum accelerated in the government and socially-funded
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D
Moderate Expansion, Easing Prices Expected in 2016
espite various global and domestic hurdles hindering economic growth, steady job gains and stable leasing demand should help keep commercial real estate activity expanding in 2016, according to the authors of an annual report published jointly by Situs Real Estate Research
Corporation (RERC), Deloitte and the National Association of Realtors®. According to the report, Expectations & Market Realities in Real Estate 2016—Navigating through the Crosscurrents, commercial real estate activity is forecast to gradually grow this year with demand for space holding steady
across all commercial sectors. While commercial property values and price gains are expected to flatten after surpassing 2007 peaks in some major markets, investors will still benefit from the strong income flows generated from new and existing leases. continued on page 11
EPA Cracks Down On Lead Violations
By Jo Becker, Education/Outreach Specialist, Fair Housing Council of Oregon
L
ate last year the Environmental Protection Agency (EPA) announced it took action against 75 renovation contractors and others to protect people from harmful lead dust and debris exposure, as required by federal Lead-based Paint Renovation, Repair, and Painting (RRP) regulations. These cases show EPA is cracking down on businesses and renovators who ignore federal requirements that have been in effect for several years now. These requirements apply to many repairs and renovations done to painted surfaces in homes and daycare facilities built prior to 1978. Pre-78 properties are of concern, as they are a major source of lead exposure that can cause lead poisoning, especially in our nation’s young children. The RRP Rule, which is part of the federal Toxic Substances Control Act, is intended to ensure that owners and
occupants of pre-1978 “target housing” and “child-occupied facilities” receive information on lead-based paint hazards before renovations begin, that individuals performing such renovations are properly trained and certified, and that renovators follow specifically prescribed lead-safe work practices to reduce the potential for exposure to lead for all, including workers. Renovators are required to give the pamphlet to property owners and occupants within 60 days before starting a renovation. Housing providers, similarly, have obligations to notify residents prior to covered repairs and renovations, to share informational literature with them, including a disclosure form, and to be lead-safe certified or hire a contractor who is. To protect yourself and your investment, it’s important, that you assure the contractors you hire are in fact lead-safe
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certified and complying with the EPA’s safe work practice requirements. To learn more about what repairs are covered and what these work-safe practices are, visit http://www.epa.gov/sites/production/files/documents/renovaterightbrochure.pdf. The EPA reported that rough twothirds of the cases they recently settled involved failure to obtain EPA certification prior to conducting renovations. Over half the cases were related to violations of required safe work practice standards. The EPA states its aim in seeking penalties against RRP violators is to help deter other violations and to level the playing field for companies that do follow the law. Such fines and settlements help eliminate the financial advantage a continued on page 22
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