Rental Housing Journal On-Site June 2017

Rental Housing Journal On-Site

June 2017

3. Seattle Wants To Require Landlords Give Tenant Vote Information 4. 5 Root Causes for U.S.'s Depressed Homeownership Rate: New Study 5. National Home Values Surpass Peak 6. Mortgage Payments are Unaffordable in Half of America's Largest Markets

7. 3 Things Proactive Property Managers Want to Know About Roofs 8. Dear Maintenance Men - Disaster Preparedness, Remodeling and Rehabbing 9. Apartment Demand Continues

11. Update Your Home's First Impression 15. Consumers Who "Want to Buy" Outpace Those Who "Need to Buy" 20. Do I Have To Pay For Tenant Housing While I Fumigate Apartments?

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

Seattle Company Buys Echo Lake Apartments in Shoreline

Win, Win

Improving Cash Flow for Renters and Property Managers

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ncreasing acceptance of digital card payments is a giant leap forward for convenience and efficiency In this era of digital payment for everything from groceries and plane tickets to city taxes and medical bills, the industries who have been early adopters have created a competitive dynamic over those who have not. One of the latest industries to expand their acceptance to electronic payments is the apartment rental industry.

According to a survey by the National Multifamily Housing Council, almost 80 percent of renters would prefer to pay rent with a credit or debit card

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Seattle company has bought the Echo Lake Apartments, a 289-unit apartment complex in Shoreline, Washington, according to a release.

Security Properties and Intercontinental Real Estate Corporation ("Intercontinental") announced the purchase of the property, which also has almost 9,000 square feet of retail built in 2009.

This brings Security Properties holding to 18 assets in the Puget Sound region. The asset was purchased in the fourth joint venture between Security Properties and Intercontinental.

"Echo Lake Apartments falls right in line with our strategy of buying in the best micro-location in a submarket,” Davis Vaughn, Director at Security Properties, said in the release.

“With direct access to Echo Lake Park, this asset has a significant competitive advantage in its setting

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continued on page 21

5 Ways Managers Can Perk Up Employees This Summer

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uman resources managers report workers may feel less productive in the summer and want more flexible schedules, while fewer companies offer flexible schedules, according to a new research.

In addition to wanting more flexible schedules in the summer, employees also want the ability to leave early on Fridays, a more relaxed dress code, and events such as company picnics.

However trends involving those employee desires have reversed since 2012, according to the survey from Office Team, a Robert Half company.

Now fewer companies are offering these benefits with a decline in flexibility of hours and leaving early continued on page 17 Advertise in Rental Housing Journal On-Site

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Call 503-221-1260

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Rental Housing Journal On-Site · June 2017

Rental Housing Journal On-Site

Now Seattle Wants To Require Landlords Give Tenants Voter Information

By The Editors, www.rentalhousingjournal.com

T

he Seattle City Council is proposing another ordinance putting yet another requirement on landlords in the city this time to provide information to tenants about how to register to vote and how to update voter registration information.

Under a new ordinance proposed this week, landlords would have to provide new tenants with voter-registration information. Landlords are already are required to give tenants a packet of information on housing laws that’s prepared by the city’s Department of Construction and Inspections, according to reports.

The Rental Housing Association of Washington has already sued the City of Seattle over other ordinances that place a burden on landlords, and the association says in a tweet this is just one more.

“How many more pieces of paper will Seattle require landlords to give renters? Will notebooks be provided? the association asked in a tweet.

According to a summary by City Council central staff, voter turnout is lower among people who have moved recently. They cite census data that says only 21 percent of those who have lived

in their current residence for less than a year reported voting.

Ordinance to require landlords to give tenants voting information The ordinance states, “Currently, landlords are required to give tenants and prospective tenants a summary, prepared by the Seattle Department of Construction and Inspections (SDCI), that provides information on the state and City landlord tenant laws. This legislation will require that SDCI include information about how to register to vote or update voter registration information in these summaries and landlords will be required to provide this information

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to tenants. Studies have shown that voter turnout is lower among people who have recently moved. Providing information to tenants at the time they are entering a new rental agreement may increase voter participation among tenants who have recently relocated.

“Landlords must distribute written summaries of rights and voter registration forms, prepared or distributed by the Seattle Department of Construction and Inspections, to tenants and prospective tenants when a rental agreement is offered,” the ordinance states.

It’s too early to tell how long the new information would be, but the standard Washington State voter registration

form, which includes information on how to register to vote and update voter registration, is two pages long—or just one page front and back, according to Curbed Seattle.

The SDCI “Information for Tenants” document, an overview of landlords’ and tenants’ rights and responsibilities, is currently 15 pages long, or eight front and back. That doesn’t include other papers required by state building code, which depend on which building it is— but those are required by the state, not the city, according to reports.

In the lawsuit already filed against the city over the prior ordinance on movein fees, the Rental Housing Association of Washington said, “Taking legal action against the City of Seattle is an action not taken lightly, but one which was deemed necessary by our Board of Directors to protect the legal rights and interests of our membership, RHAWA Executive Director, Melany Brown, said in a release.

“Our preference is to work proactively with government, but the impacts of this ordinance on small, independent landlords is too great to ignore.”

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Rental Housing Journal On-Site

5 Root Causes for U.S.'s Depressed Homeownership Rate: New Study

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espite steadily improving local job markets and historically low mortgage rates, the U.S. homeownership rate is stuck near a 50-year low because of a perverse mix of affordability challenges, student loan debt, tight credit conditions and housing supply shortages.

That's according to findings of a new white paper titled, "Hurdles to Homeownership: Understanding the Barriers" released today in recognition of National Homeownership Month at the National Association of Realtors® Sustainable Homeownership Conference at University of California, Berkeley.

Led by a group of prominent experts, including NAR 2017 President William E. Brown, NAR Chief Economist Lawrence Yun and Berkeley Hass Real Estate Group Chair Ken Rosen, today's conference addresses the dip and idleness in the homeownership rate, its drag on the economy and what can be done to ensure more creditworthy households have the opportunity to buy a home.

"The decline and stagnation in the homeownership rate is a trend that's pointing in the wrong direction, and must be reversed given the many benefits of homeownership

to individuals, communities and the nation's economy," said Brown, a Realtor® from Alamo, California.

"Those who are financially capable and willing to assume the responsibilities of owning a home should have the opportunity to pursue that dream." One of Brown's main objectives as president of NAR is identifying ways to boost the homeownership rate in a safe and responsible way.

The research, which was commissioned by NAR, prepared by Rosen Consulting Group, or RCG, and jointly released by the Fisher Center for

Real Estate and Urban Economics at the University of California, Berkeley Haas School of Business, identifies five main barriers that have prevented a significant number of households from purchasing a home. They are: Post-foreclosure stress disorder: There are long-lasting psychological changes in financial decision-making, including housing tenure choice, for the 9 million homeowners who experienced foreclosure, the 8.7 million people who lost their jobs, and some young adults who witnessed the hardships of their family and friends.

While most Americans still have positive feelings about homeownership, targeted programs and workshops about financial literacy and mortgage debt could help return-buyers and those who may have negative biases about owning.

Mortgage availability: Credit standards have not normalized following the Great Recession.

Borrowers with good-to-excellent credit scores are not getting approved at the rate they were in 2003, prior to the period of excessively lax lending standards. Safely restoring lending requirements to accessible standards is key to helping creditworthy households purchase homes.

The growing burden of student loan debt: Young households are repaying an increasing level of student loan debt that makes it extremely difficult to save for a down payment, qualify for a mortgage and afford a mortgage payment, especially in areas with high rents and home prices. As NAR found in a survey released last year, student loan debt is delaying purchases from millennials and over half expect to be delayed by at least five years. Policy changes need to be enacted that address soaring tuition costs and make repayment less ...ontinued from page 18

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Rental Housing Journal On-Site · June 2017

Rental Housing Journal On-Site

National Home Values Surpass Peak The median home value across the country is now $198,000, 1 percent higher than peak value hit in April 2007, according to the April ZillowÂŽ Real Estate Market Reports

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ational home values have surpassed the peak hit during the housing bubble and are at their highest value in more than a decade, according to the April ZillowÂŽ Real Estate Market Reportsi. The median home value in the U.S. is now $198,000, 1 percent higher than peak value hit in 2007.

Home values across the country rose 7.3 percent since last April, the strongest rate of appreciation in more than 10 years. Seattle, Dallas and Tampa reported the greatest home value growth over the past year. Home values in Seattle rose almost 12 percent, to a median home value of $432,300.

Dallas and Tampa home values rose 11 percent year-over-year.

When the housing market crashed a decade ago, home values plummeted and it has taken about 10 years for median home values to reach prior peaks. However, some markets' median home values recovered more quickly than others. Among the 32 largest U.S. metros, 10 markets saw their median home value exceed prior bubble peaks more than a year ago, while 17 have yet to regain peak value.

"Now that the typical U.S. home is worth more than ever, people may

be tempted to ask if we're in another national housing bubble," said Zillow Chief Economist Dr. Svenja Gudell.

"We aren't in a bubble, and won't be entering one anytime soon. There are big differences between the market then and the market now: Then, loose credit, speculation and overbuilding were ingredients in a recipe for disaster.

Now, healthy home buyer demand is being driven largely by a stable economy and demographic tailwinds, which is exactly what we would expect in a healthy market. Supply has been slow to catch up to this demand, which is causing home values to grow at a

Rental Housing Journal On-Site ¡ June 2017

faster clip than we might otherwise expect. Beyond that, the market's fundamentals look largely healthy.

Homes are largely more affordable in most markets today than they were prior to the bust, and will remain so for the foreseeable future, even if mortgage rates rise. Americans clearly continue to see the value in homeownership, especially young Americans, which bodes well for the future."

Median rent across the nation rose 0.7 percent since last April, to a median payment of $1,412 per month. Seattle, Sacramento, Calif. and Los Angeles

reporting the greatest year-over-year rent appreciation among the 35 largest U.S. metros. Rents in Seattle are up 6 percent to a Zillow Rent Indexii (ZRI) of $2,114. Rents in Sacramento are up almost 5 percent, while Los Angeles rents are up 4 percent.

One of the greatest hurdles for home shoppers this summer will be low inventory. There are 8 percent fewer homes on the market than a year ago, with Minneapolis, Columbus, Ohio and Seattle reporting the greatest drop.

There are 27 percent fewer homes on the market than a year ago in Minneapolis and Columbus, and 20 percent fewer in Seattle.

In April, mortgage ratesiii on Zillow ended at 3.83 percent, the lowest month-ending rate since October 2016.

Mortgage rates in April hit a high of 3.88 percent in the first few weeks of the monthiv, with the month low at 3.74 percentv. Zillow's real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgages site and reflect the most recent changes in the market.

...ontinued from page 19

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Rental Housing Journal On-Site

Mortgage Payments are Unaffordable in Half of America's Largest Markets

Monthly payments for the median-valued U.S. home require 16% of the median income.

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uying the typical home listed for sale in more than half of the nation's 35 largest markets will require a greater share of income than the median-valued home required historically, according to a new ZillowÂŽ analysisi.

One reason this home shopping season is so difficult for buyers is that the homes available for sale are generally more expensive than the median home value of all homes in the same market.

As home prices recovered and surpassed the peak values reached during the housing bubble, concerns about housing affordability also returned, despite low mortgage rates keeping monthly payments relatively affordable. The large down payments that come with high prices are a significant barrier to homeownership, and the monthly payments are taking up a larger share of income as well.

Nationally, mortgage payments on the median home for sale require 20 percent of the median income.

"Homes have gotten so expensive in many major cities that even with low mortgage rates, monthly costs for homes that are currently for sale are starting to be unaffordable," said Zillow

Chief Economist Dr. Svenja Gudell.

"Down payments are a top concern for today's homebuyers, but the reality is that monthly costs are becoming unaffordable as well. Low inventory is pushing sticker prices higher, and when mortgage rates start to rise, monthly payments will be driven further into unaffordable territory."

Los Angeles homebuyers have to spend the highest share of income on mortgage payments – the typical home for sale would require 46.8 percent of the median income. In the years leading up to the housing bubble, Los Angeles homebuyers would have had to spend 35.2 percent of their income on mortgage payments for the typical home.

Cleveland homes for sale are more affordable than homes were historically.

The median list price of about $144,000 would require 12.7 percent of the median income for monthly mortgage payments. In pre-bubble years, paying the mortgage on the typical Cleveland home required 20 percent of the median income.

...ontinued from page 20

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Rental Housing Journal On-Site ¡ June 2017

Rental Housing Journal On-Site

3 Things Proactive Property Managers Want To Know About Roofs

By John Triplett, www.rentalhousingjournal.com

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ultifamily property managers have two interests at heart - they don’t like their roofs to leak and they don’t want to spend any more money on them than they have to, according to a multifamily roofing expert “Regular maintenance and a good roofing contractor can help. If, for example, property managers have their roofs walked at least annually, and preferably semi-annually, the roofer can verify all roofing penetration areas are water-tight and sealed as needed,” Eric Skoog, owner of Sunvek Roofing in Phoenix, said in an interview with Rental Housing Journal. “Also, on pitched roofs, valleys need to be cleaned out so water or snow can move quickly off the roof, resulting in less chance of damage and water entry.

“I think quite often, building owners mistake maintenance with roofing cost.

Our experience is that if you maintain a roof – meaning having someone go up there periodically, do minor repairs, check the roof to make sure everything is in good shape, you are much more likely to be able to extend the life of that roof than you are by ignoring it in order to save money until it leaks,” he said.

Especially that is the case with flat roofs.

“Very typical on multifamily roofs, you will have mansards, eaves or porch covers on the exterior and a flat roof in the central area simply because it is a less costly way to build initially, and you hide most of the roof,” Skoog said.

“You typically have larger, flat, expanses of roof to deal with. And those flat roofs are going to be some form of roll product – which is either self-adhered, heat-sealed, or some form of adhesive – or maybe spray polyurethane foam,” he said.

His company installs self-adhered systems, TPO (thermoplastic polyolefin) and spray polyurethane foam.

“With foam roofs you do have the issue that they need to be periodically coated. It is much less expensive to maintain than replace. With a roll product you have the issue that seams can pop open, sealant can come loose, and you can have water entry.

“If those roofs are periodically checked and maintained you can defer the need for major investments in restoring them.

“Additionally, with any flat roof system you should be able to coat it at some point and extend the useful life, thereby saving significant sums of money rather than letting that system deteriorate to a point where you need to replace it.

“It is much more cost effective to maintain, coat and restore a roof than to ignore, repair and replace a roof.

And of course your tenants tend to be happier when they don’t have water leaking in their unit,” he said.

Cost of an annual roof walk for preventive maintenance?

The cost of a roof walk check is going to vary depending on the size of the apartment complex. If you have a number of buildings, the unit investment is going to be lower.

“But I think for a typical, 12-unit multifamily building, which might be either two or three stories, it would be reasonable, semi-annually, to have somebody walk the roof, check the penetrations, assess the need for repairs and/or replacement or restoration for $500 to $1,000,” he said.

The larger the number of units, the more cost effective it could be. It could

get down to as little as $50 per unit dependent on the type of roof system, he said.

“The ideal client for us is one who is proactive. They want to maintain their building. They want to keep their tenants happy. And they see the value of having a roof system that keeps water, snow and ice out because that is much cheaper than having to come back and fix it,” he said.

He gave an example of how it worked at an apartment complex he replaced the roofs on several years back.

“The complex had roughly 450 units, so we had hundreds of tenants to deal with. The complex consisted of 20 buildings. We did one building, then moved to the next, and so on through the complex. The property management company was very good to work with.

We sent notice in advance saying, ‘We will be on building A, starting this date, we expect it will take a week to 10 days.’

They would then send a notice to the tenants and post a notice on every door.

Plus they sent digital communication, either text or email to every one of the tenants so everyone would know that we were coming. ...continued on page 23

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Rental Housing Journal On-Site · June 2017

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Rental Housing Journal On-Site

DEAR MAINTENANCE MEN

By Jerry L'Ecuyer & Frank Alvarez

Rehabbing Rentals, Fencing and Smokers Dear Maintenance men: I am aware of having a disaster preparedness kit for my family, however, what do I do for my apartment building?

Jason Dear Jason: A quick list of what should be in your family disaster preparedness kit: Flashlight with batteries, canned goods, a Gallon of water per person, a knife, Meds and blankets at minimum.

Now this works ok for a family, but may not be appropriate for an apartment building. The residents may very well shelter in place during a disaster and be fine. What may be in danger is your property! Start with a bit of preventive disaster maintenance.

1. Locate the main water shut-off valve and any minor shut-off valves. Make sure the valves are in working order. If they are gate valves, it might be time to upgrade them to ball valves.

Old gate valves are notorious for breaking valve stems at the moment you need them to work.

2. Locate and clearly mark the main electrical panel.

3. Locate and mark the main sewer clean-out. Run a mainline snake or hydro jet at least once a year.

(A Friday evening main back-up is a disaster.)

4. Locate and mark the main gas or fuel oil shut-off valve.

5. Write down and post this information in a public area

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of your apartment building, including emergency phone numbers and how to get hold of management. Alternatively; Post this information on the inside of a kitchen cabinet door in each rental unit.

Dear Maintenance Men: I am starting my planning for a major kitchen cabinet remodeling project in my rental units. However, I am having a difficult time making material and design decisions. What recommendations can you give?

Allen.

Dear Allen, When doing a kitchen or bath material selection, cohesive and functional design is important. Kitchen and bath rehabs are some of the most expensive work you can do in an apartment unit and proper planning is a must. In order to appeal to a larger segment of the population, try to keep the interior color scheme to neutral earth tones. Cabinetry quality varies greatly.

Don’t let the cabinet fronts fool you.

Manufactures designed their cabinets to look good at first glance. Keep in mind, being in a rental environment, the cabinets also need to hold up to abuse. Look at the actual construction of the cabinet box or frame. Keep in mind; you do not need to use custom cabinets to fit your existing layout. The use of prefabricated modular cabinetry can greatly reduce the time and cost to have a finished kitchen or bathroom.

Using real wood cabinet fronts with 3/8” plywood sides is essential for

durability. The drawer fronts and sides should be connected with a dovetail or other positive lock construction.

Drawers that are held together by nails or cabinets built with particle board will not hold up to tenant abuse.

On a side note; if you are gutting the kitchen or bathroom, use this time to relocate and add more electrical outlets and under cabinet lighting.

Dear Maintenance Men: The weather is getting warmer and I have just finished rehabbing my building’s landscaping. When is it the best time to have my automatic sprinklers scheduled to turn-on?

David Dear David: According to landscape experts, the best time turn on the sprinklers is between 5:00 a.m. and 6:00 a.m.

This allows the water time to soak in and then allows the sun to dry out the landscape to avoid rot & disease. That being said … we personally like our sprinklers to activate between 2:30 & 5:00 AM. This time period is after the bars close and before the early birds leave for work. Avoiding resident interaction with working sprinklers lessens the chance of sprinkler heads being kicked or damaged.

Also most of the kids are still asleep and

we all know how they love to run through your sprinklers, flower, plants etc. Also, adjust your sprinklers to not spray across sidewalks or onto parked cars. It is also a good idea to install your timer in a locked location or very high on an exterior wall.

Bio: If you need maintenance work or consultation 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 Frank Alvarez is licensed contractor and the Operations Director and co-owner of Buffalo Maintenance, Inc. He has been involved with apartment maintenance & construction for over 20 years. He is also a lecturer & educational instructor and Co-Chair of the Education Committee of the Apartment Association of Orange County as well as being Chairman of the Product Service Counsel. Frank can be reached at (714) 956-8371 Frankie@BuffaloMaintenance.com For more info please go to: www.BuffaloMaintenance.com Jerry L'Ecuyer is a licensed contractor & real estate broker. He is currently on the Board of Directors and Past President and past Chairman of the Education Committee of the Apartment Association of Orange County. Jerry has been involved with apartments as a professional since 1988.

Rental Housing Journal On-Site · June 2017

711 Powell Ave. SW, Suite 101 Renton, WA 98057 (425) 656-9077 • (425) 656-9087 (fax) admin@wmfha.org

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Executive Director - Jim Wiard Board President - Becky Sanders Vice President - Sheri Druckman Treasurer - Laura McGuire Secretary – Melissa Downs Vice President of Suppliers Council - Rob Pendleton Immediate Past President - Brett Stevens

Apartment Demand Continues

emand for apartment living is increasing in our state and region, due to increased inmigration, demographic changes, and changes in consumer preferences.

Population growth and a higher propensity to rent will continue to create a need for more apartment supply.

Apartment demand is growing and the industry needs to keep up. However, producing enough new apartments to meet demand requires new development approaches, better public policy, more incentives and fewer restrictions.

Rent control and other similarly poor policies limits the incentive to invest in new apartment housing, slows the production of new supply and exacerbates housing affordability challenges. Instead, we support policies which focus on enabling greater development of housing as the solution to affordability and supply concerns.

The number of apartment renters is at an all-time high, and the growing demand for apartments is making it challenging for millions of families nationwide to find quality rental housing that is affordable at their income levels.

We are experiencing fundamental shifts in our housing dynamics, as more people are moving away from buying houses and choosing apartment living instead. This increased apartment

demand means a critical need for 4.6 million new apartments nationally, at all price points, by 2030.

As our population grows, this puts a strain on the existing housing supply.

A variety of housing options will be critically needed to meet the diverse needs of our communities.

Currently, nearly 39 million people live in apartments across the country, and the apartment industry is quickly exceeding capacity. In the past five years, an average of one million new renter households were formed every year, which is a record amount.

And it will take building an average of at least 325,000 new apartment homes every year to meet demand; yet, on average, just 244,000 apartments were delivered annually from 2012 through 2016.

The increased demand for apartments is due in large part to: • Delayed house purchases. Life events such as marriage and children are the biggest drivers of home ownership. In 1960, 44 percent of all U.S. households were married couples with children. Today, it’s less than one in five (19 percent), and this trend is expected to continue.

• The aging population. People ages 65-plus will account for a large part of population growth

going forward across all states.

Research shows older renters are helping to drive future apartment demand. Baby Boomers and other empty nesters are trading single-family houses for the convenience of rental apartments.

More than half of the net increase in renter households over the past decade came from the 45-plus demographic.

• Immigration. International immigration is assumed to account for approximately half (51 percent) of all new population growth in the U.S., with higher growth expected in the nation’s border states.

There will also be a growing need for renovations and improvements on existing apartment buildings in addition to building new stock. These renovations will provide a boost in jobs (and the economy) nationwide.

Nationally, 51 percent of the apartment stock was built before 1980, which translates into 11.7 million units that could need upgrading by 2030.

Building a new apartment community requires developers to find significant funds from outside investors and loans from banks. If the potential rents do not cover the costs of operating the building or cost of the debt, a bank will not make the loan and the apartment won’t be built. The rising

costs of land, materials and labor mean higher and higher price points to make a project viable.

We need new apartments at all price points to meet the demands of all types of rental households. Increasing funding for programs that support housing affordability and cutting red tape will help lower price points and create more apartments that are affordable to more Americans.

The Seattle metro area is expected to need 98,228 new apartments by 2030 to keep up with local demand, according to a new study commissioned by the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA). This growth would increase economic activity in Seattle.

It’s important to note that in the Seattle area: • An average of 5,884 investmentgrade units were built annually between 2011 and 2016, according to data from Axiometrics.

Seattle will need to average 7,016 new units (5+ properties) per year in the coming years to meet the expected demand.

• The Seattle metro area will need all types of apartments and at all price points to be built. ...continued on page 22

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Rental Housing Journal On-Site · June 2017

Rental Housing Journal On-Site

A

Update Your Home's First Impression

home's curb appeal is its first impression, so how can homeowners make sure that it is a good one? This month's 'Your Home's First Impression. Is It a Good One?' spotlight from Houselogic.com, the comprehensive website for homeowners from the National Association of Realtors®, features six articles and a video containing information, tips and advice on how to get and keep a home's facade in its best shape possible.

Here are HouseLogic's tips for how homeowners can make sure their home is not the eyesore on the block.

5 Reasons You'll Regret Painting Your Brick House. Some homeowners may by eager to paint over their home's red and orange brick exterior, but while it may be visually appealing now, it could end up causing significant damage to the home down the road. Check out HouseLogic's list of reasons why painting a brick

home is a bad idea, including that paint traps moisture inside the brick, and when that moisture freezes and thaws, it can cause erosion and damage a home's structural integrity.

9 Unexpected Ways Paint Can Reboot Your Curb Appeal. Homeowners should not think that upgrading their home's curb appeal costs an arm and a leg; a simple bucket of paint can dramatically transform a home's exterior. Look at HouseLogic's tips for using paint to update a home's facade, such as painting a faux runner up the exterior front steps.

Are You Marking One of These 7 Landscaping Mistakes?

Most homeowners have a clear idea in their mind of how they want their front lawn to look but tend to stumble on the execution. Read HouseLogic's list of landscaping mistakes, including only planting one type of flower, which

causes a garden to be dull and lifeless during all other seasons except for when the plant is in bloom.

Lighting Tricks Designers Use for Awesome Curb Appeal. After spending time and money creating a home's curb appeal, it would be a shame if no one could appreciate it the moment the sun goes down. Check out HouseLogic's advice on creating an outdoor lighting plan, with tips like making sure that the lights are shining upward to help highlight architectural features and to stick to warm light, so that the home is highlighted and not the lights themselves.

Top 9 Curb Appeal Plants for Along Your Foundation. Concrete foundations do an important job, but they do not do much to improve a home's curb appeal. HouseLogic recommends planting large, colorful flowers, such as rhododendrons, which can grow up

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How to Choose New Windows and not Worry You're Wasting Money.

Outfitting a home with new windows is an expensive and risky project; the wrong type of windows will stick out like a sore thumb and dramatically affect a home's curb appeal, and not in a good way. Look at HouseLogic's suggestions for picking out the right windows for a home, including choosing the right materials and style.

Front Door Paint Ideas for Curb Appeal. Sometimes a small change is all a home needs for a quick reboot. Check out this video from HouseLogic on how homeowners can update their front door with a pop of color and improve the home's curb appeal.

For more information on making a home spick and span for summer, visit HouseLogic.com.

HouseLogic is a free source of information that helps consumers make smart, confident decisions about all aspects of home ownership. Made possible by Realtors®, the site helps owners get the most value and enjoyment from their existing home and helps buyers and sellers make the best deal possible.

The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

MEDIA COMMUNICATIONS For further information contact: Jane Dollinger, 202/383-1042 jdollinger@realtors.org National Association of Realtors http://www.HouseLogic.com

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Rental Housing Journal On-Site

Seattle Company Buys ..continued from page 1 as excellent financial performance for its investors. Since its founding, Security Properties has acquired or developed over 66,500 residential units at a cost of over $3.35 billion. Security Properties maintains a focused multi-family strategy supported by integrated teams of professional acquisition, development, construction, investment, and property management specialists. For more information, visit www.securityproperties.com

over other apartments in the area.

Once we execute our business plan, we will be able to fully capitalize on the location by offering renters a high-end product adjacent to a lake that will be unmatched in Shoreline," Vaughn said.

Apartments close to employers Echo Lake Apartments, in the Seattle suburb of Shoreline, offers convenient access to major employment, transportation, retail and recreation.

Twenty minutes south of Echo Lake is Seattle's Central Business District, the Pacific Northwest's largest employment center accounting for over 300,000 jobs. Twenty minutes to the north sits Boeing's Everett Factory. The factory employs over 40,000 workers producing Boeing’s largest aircraft, according to the release.

The location offers a wide range of transportation options as mass transit, SR 99 and I-5 are all easily accessible.

The site is located directly on the rapid ride "E Line", neighboring the Shoreline Park & Ride and blocks from the Aurora Village Transit Center. Echo Lake is also adjacent to SR 99 and a 5-minute drive to I-5, offering direct routes north to Everett and south into the Seattle CBD. Additionally, the future Shoreline Light Rail Station site is less than 5 minutes southeast of the property, according to the release.

The property is situated in a unique setting along the shores of Echo Lake.

Immediately next to the resident clubhouse lies the 12-acre Echo Lake Park with expansive green space, boating, fishing, picnic areas, and a lake trail that connects into the 24-mile

About Madrona Ridge Residential

Interurban Trail.

Living at Echo Lake also provides residents access to Shoreline's top performing schools. The highly desired Shoreline School District is rated 9/10 by greatschools.org and #10 on the Niche.com 2017 list of Best School Districts in Washington, according to the release.

Apartments good long-term for investors "Seattle is a dynamic market and we are excited about the employment drivers in the area,” Jessica Levin, Senior Director, Acquisitions for Intercontinental, said in the release.

“Upon the execution of our business plan, residents will benefit from an upgraded living experience with premier access to nearby retail, leisure and recreational amenities. This compelling combination makes Echo

Lake Apartments an excellent long term investment for our investors."

Allen Logue, Associate Director, Acquisitions for Intercontinental added, "Intercontinental is excited to expand its Seattle area portfolio with our sixth acquisition. Echo Lake Apartments benefits from a 'first ring' suburban location exhibiting strong market fundamentals and close proximity to major arterials and public transportation nodes."

The property will be managed by Security Properties-affiliate Madrona Ridge Residential.

About Security Properties Security Properties is a national real estate investment, development, and operating company headquartered in Seattle, Washington. For more than 47 years, Security Properties has provided quality housing to its residents as well

Madrona Ridge Residential is the affiliated property management firm of Security Properties, created to increase the value of its real estate holdings by more closely managing its assets. Operating throughout the Western U.S., Madrona Ridge Residential is committed to delivering exceptional service to its apartment communities and residents. Services include property, construction and compliance management services that create positive living environments for residents and build value for clients.

About Intercontinental Real Estate Corporation Intercontinental Real Estate Corporation is an SEC registered investment adviser with deep expertise in real estate investment, finance, development, construction management and asset management. Since 1959, Intercontinental has managed, developed, and owned over $10 billion in real estate property. Today, Intercontinental owns and manages a portfolio in excess of $6.0 billion for its clients. Intercontinental balances its portfolio both by robust property mix and by geographic diversification, while actively seeking opportunities to invest in both core and core plus, as well as value-add development projects. Visit www.Intercontinental. net for more information.

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Rental Housing Journal On-Site

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Rental Housing Journal On-Site · June 2017

Rental Housing Journal On-Site

Is It Time to Upgrade Your Technology?

by Mary Girsch-Bock

I

f your property management business is currently using the latest and greatest technology, congratulations! But for those of you still using technology from years ago, it’s time to start to take advantage of the benefits that today’s technology can bring to your business, and to your applicants and tenants. If you’re not sure where to start, here’s a quick list of items you may want to investigate in your quest to bring your property

management business into 2017.

Online photos and virtual tours.

Remember years ago when searching for a home, you were presented with a photo of the outside of the home. If you wanted to see more, you contacted an agent, who took you on a tour. Those days are long gone, but sadly, some property management companies continue to offer potential tenants a very brief glimpse of an available property, and nothing more. Savvy property

management businesses know that viewing apartments and homes online is vital to their business. The more information you can offer applicants online, the higher likelihood that they will fill out an application, which brings us to my next suggestion…

Online rental applications. You have a great inventory of photos and virtual tours that potential tenants can access at any time. A website visitor finds a property that he or she absolutely

loves. The next logical step would be to fill out an application – preferably an online application. One of the biggest advantages of offering online applications is the ability to channel the excitement that web visitors may experience when looking at your available properties. Do you really want them to have to stop and request an application, or worse, come into your office to complete the application?

Chances are they will simply move on to another property that does offer that capability.

Online rent payment capability. Let’s face it , why wouldn’t you want a system in place that makes it easier for your tenants to pay their rent – and pay it on time. Today, checks have been widely replaced by online payment systems.

Don’t force your tenants to write a check, and certainly, don’t force them to have to write a check and mail it!

Make it easier on them, and on your property management business, and make online rental payment a reality in 2017.

Make your property management business technologically savvy in 2017 by investing in these tech benefits that will reduce paperwork and make your tenants happy.

41

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Rental Housing Journal On-Site

Do I Have To Pay For Tenant Housing While I Fumigate Apartments?

by Richard Montgomery

A

n apartment building owner has to fumigate apartments due to termites and wants to know how to handle the issue as well as the tenants.

Here are several things to consider say blogger Richard 'Monty' Montgomery.

Reader Question: I need termite fumigation. ​I own property in located in Florida, where termites are a big part of the pest population. I will be selling the five unit building soon, and four units are rented currently. Two of the four units have leases expiring in July. The property has to be tented to exterminate the little buggers. When they fumigate, the building must be empty.

• Do I have to pay for these four tenants who have pets to stay somewhere?

• Do I make the reservations for them or do they?

• How ​do I control the costs for it?

• Do I have to send them a letter in regards to this?

• How does it work?

Monty’s Answer:​The answer will assume that your leases do not contain any pest abatement language.

Otherwise, your contract documents

you will only have to deal with two occupied units. You re-rent after fumigating. You need to talk with your tenants to make a plan.

would provide much of the information you seek. Amending your leases to include a pest abatement clause may improve the property’s marketability.

Be certain the lease contains language that conforms with all the state and local building and health laws. Because each state’s laws are different, consulting an attorney practicing in your state is the practical solution to implement the additional lease clause.

According to the website Sciencing. com, the discovery of termites has occurred in every state except Alaska.

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experience significant termite damage.

Because you have no pest clause in your lease, you have to create a plan to fumigate apartments based on timing, legal requirements, tenants’ circumstances, the cost to implement fumigation, and more.

Here things to consider if you have to fumigate apartments: • Coordinate the fumigation when the fewest tenants occupy the building. Vacant units may reduce your costs. As an example, July is right around the corner, are the tenants with their leases expiring, moving out? If they are moving out, and you have a current vacancy,

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• ​Negotiate a daily room rate allowance. A four-day fumigation duration, a hotel room, plus a daily meal allowance per occupant per day, provides you with a perperson per-day cost. Writing a letter in itself is likely not enough information to prepare a tenant for this event. Perhaps a letter that explains your plan and asking for a time to meet and discuss it, or meeting first and then a follow-up letter to confirm the agreement.

How long will your structure be tented? Do they offer a guarantee?

Will pets be affected on re-entry?

Tenants will be interested in gathering this kind of information.

• Ed Smith, of RE/MAX Coastal Properties in Destin, FL, stated, “The prices for fumigation can vary widely. I would suggest that the landlord call two trusted local real estate brokers for recommendations. Based ...continued on page 23

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5 Ways to Perk Up ..continued from page 1 on Fridays. Also the most common employee behavior that managers see is employees not planning well for vacations.

"It's natural for employees to get distracted when the weather's nice and thoughts turn to plans outside the office,” Brandi Britton, a district president for OfficeTeam, said in a release.

“But savvy companies maintain staff productivity and morale by embracing summer in the workplace. "Letting employees modify their schedules, leave early on Fridays or dress more casually when it's hot out are easy ways to keep them loyal and engaged," she said in the release.

Which if any benefits are offered at your company?

Additional managers survey findings • More than one-third of HR managers (34 percent) feel workers are less productive during the summer months. Another 34 percent said there's no change in on-the-job performance.

• Not planning well for vacations (32 percent) and unexpected absences (22 percent) were identified as the most common negative employee behaviors at this time of year, ahead of dressing too casually (19 percent), sneaking in late or leaving early (15 percent), and being mentally checked out (12 percent).

3. Venture out. Holding meetings outdoors or while taking a walk is a great way to get fresh air while accomplishing business objectives.

4. Have some fun. Plan an ice cream break, picnic or group outing.

Employees will appreciate being able to relax and bond with colleagues in a non-work setting.

5. Dress down. Allow staff who aren't customer- or client-facing to wear more casual attire, as long as it doesn't detract from work. You might even consider instituting themed Fridays where Hawaiian shirts or sports apparel are encouraged.

About the Research The surveys of HR managers and workers were developed by OfficeTeam. They were conducted by independent research firms and include responses from more than 300 HR managers at U.S. companies with 20 or more employees, and more than 380 U.S. workers 18 years of age or older and employed in office environments.

About OfficeTeam OfficeTeam, a Robert Half company, is the nation's leading staffing service specializing in the temporary placement of highly skilled office and administrative support professionals.

The company has 300 locations worldwide.

5 Ways Managers Can Perk Up Employees This Summer 1. Perk up. Give employees more control over how they spend their time by offering flexible schedules and occasionally letting them leave early on Fridays. Just make sure policies are clear so business can continue as usual.

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Rental Housing Journal On-Site

5 Root Causes ...continued from page 4 burdensome.

Single-family housing affordability: Lack of inventory, higher rents and home prices, difficulty saving for a down payment and investors weighing on supply levels by scooping up single-family homes have all lead to many markets experiencing decaying affordability conditions. Unless these challenges subside, RCG forecasts that affordability will fall by an average of nearly 9 percentage points across all 75 major markets between 2016 and 2019, with approximately 5 million fewer households able to afford the local median-priced home by 2019. Declining affordability needs to be addressed with policies enacted that ensure creditworthy young households and minority groups have the opportunity to own a home.

Single-family housing supply shortages: "Single-family home construction plummeted after the recession and is still failing to keep up with demand as cities see increased migration and population as the result of faster job growth," said Rosen. "The insufficient level of homebuilding has created a cumulative deficit of nearly 3.7 million new homes over the last eight years."

Fewer property lots at higher prices, difficulty finding skilled labor and higher construction costs are among the reasons cited by RCG for why

18

housing starts are not ramping up to meet the growing demand for new supply. A concentrated effort to combat these obstacles is needed to increase building, alleviate supply shortages and preserve affordability for prospective buyers.

"Low mortgage rates and a healthy job market for college-educated adults should have translated to more home sales and upward movement in the homeownership rate in recent years," said Yun. "Sadly, this has not been the case. Obtaining a mortgage has been tough for those with good credit, savings for a down payment are instead going towards steeper rents and student loans, and first-time buyers are finding that listings in their price range are severely inadequate."

Added Rosen, "A healthy housing market is critical to the overall success of the U.S. economy. Too many wouldbe buyers have been locked out of the market by the factors found in this study, and it's also one of the biggest reasons why economic growth has been subpar in the current recovery."

Today's homeownership event in Berkeley brings together leading housing economists, policy experts, real estate practitioners and public officials to discuss current market conditions, housing policy, improving access to credit, affordable housing options and inequality.

Along with Brown, Yun and Rosen, the notable list of speakers are: Katherine Baker, California State Assembly, 16th district; Matt Regan, senior vice president of public policy, Bay Area Council; Chuck Reed, former San Jose Mayor and special counsel, Hopkins & Carley; David Bank, senior vice president, Rosen Consulting Group; and Jim Gaines, chief economist, Texas A&M University Real Estate Center; Additional speakers are Joel Singer, CEO and state secretary, California Association of Realtors®; Nancy Wallace, co-chair, Fisher Center for Real Estate & Urban Economics and professor, UC Berkeley Haas School of Business; Laurie Goodman, co-director, Housing Finance Policy Center, Urban Institute; Carol Galante, I. Donald Terner Distinguished Professor of Affordable Housing and Urban Policy; faculty director, Terner Center for Housing Innovation; Co-Chair of Fisher Center for Real Estate and Urban Economics; and former FHA Commissioner; John C. Weicher, director, Center for Housing and Financial Markets at the Hudson Institute, and former FHA Commissioner.

to the economy in 2016, representing a 1.8 percent bump to GDP, if homebuilding returned to a more normalized level consistent with the historical trend. The third paper – published later this year – will highlight a series of creative policy ideas to promote safe, affordable and sustainable homeownership opportunities.

The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing over 1.2 million members involved in all aspects of the residential and commercial real estate industries.

Information about NAR is available at www. realtor.org. This and other news releases are posted in the "News, Blogs and Video" tab on the website.

SOURCE National Association of Realtors http://www.realtor.org http://www.prnewswire.com/news-releases/5root-causes-for-uss-depressed-homeownership-rate-new-study-300471630.html

"Hurdles to Homeownership: Understanding the Barriers" is the second of three papers scheduled for release in 2017 by RCG. Among the findings of the first white paper, "Homeownership in Crisis: Where Are We Now?," released earlier this year, RCG estimated that more than $300 billion would have been added

Rental Housing Journal On-Site · June 2017

Rental Housing Journal On-Site

National Home Values ...continued from page 5 Metropolitan Area

United States New York/ Northern New Jersey Los Angeles-Long Beach-Anaheim, CA Chicago, IL Dallas-Fort Worth, TX Philadelphia, PA Houston, TX Washington, DC Miami-Fort Lauderdale, FL Atlanta, GA Boston, MA San Francisco, CA Detroit, MI Riverside, CA Phoenix, AZ Seattle, WA Minneapolis-St Paul, MN San Diego, CA St. Louis, MO Tampa, FL Baltimore, MD Denver, CO Pittsburgh, PA Portland, OR Charlotte, NC Sacramento, CA San Antonio, TX Orlando, FL Cincinnati, OH Cleveland, OH Kansas City, MO Las Vegas, NV Columbus, OH Indianapolis, IN San Jose, CA Austin, TX

Zillow Home Value Indexvi (ZHVI) $198,000 $414,800

Year-over- Year ZHVI Change

Zillow Rent Index (ZRI)

Year-over- Year ZRI Change

Year-over-Year Inventory Change

Peak ZHVI

Percent Fall from Peak ZHVI

7.3% 8.0%

$1,412 $2,380

0.7% -1.7%

-7.7% -15.7%

$ 198,000 $ 445,200

0.0% -6.8%

$604,400

6.0%

$2,655

4.2%

-11.3%

$ 604,400

0.0%

$209,200 $207,300

6.3% 11.1%

$1,622 $1,574

-1.7% 3.0%

-10.6% 4.7%

$ 247,000 $ 207,300

-15.3% 0.0%

$217,300 $174,100 $383,300 $250,700

4.7% 2.4% 3.6% 8.4%

$1,564 $1,543 $2,117 $1,847

-0.4% -2.6% -0.2% -1.4%

-13.5% 6.2% -17.0% 4.5%

$ 230,600 $ 175,800 $ 427,600 $ 305,200

-5.8% -1.0% -10.4% -17.9%

$177,100 $422,300 $848,400 $139,900 $324,600 $233,200 $432,400 $244,800

7.3% 7.2% 5.0% 10.4% 6.6% 6.1% 11.8% 8.5%

$1,340 $2,357 $3,354 $1,172 $1,768 $1,311 $2,114 $1,577

3.0% 3.7% -0.2% -0.1% 2.7% 1.9% 6.1% 3.2%

-3.7% -18.9% -11.1% -17.7% -16.7% -0.1% -20.4% -27.3%

$ 177,100 $ 422,300 $ 848,400 $ 157,100 $ 403,900 $ 273,500 $ 432,400 $ 244,800

0.0% 0.0% 0.0% -10.9% -19.6% -14.7% 0.0% 0.0%

$537,200 $149,100 $183,900 $259,800 $366,000 $136,300 $361,300 $172,000 $363,700 $158,800 $204,400 $151,500 $132,600 $157,000 $220,700 $162,100 $137,600 $997,600 $270,200

5.7% 5.5% 10.9% 3.7% 9.4% 4.8% 6.4% 7.7% 8.4% 5.2% 10.0% 6.5% 4.4% 6.4% 9.7% 4.9% 5.4% 3.8% 7.8%

$2,457 $1,140 $1,353 $1,717 $1,998 $1,065 $1,808 $1,254 $1,727 $1,327 $1,402 $1,254 $1,148 $1,259 $1,248 $1,298 $1,187 $3,460 $1,692

2.8% 0.1% 2.5% -0.9% 0.4% -5.2% 3.8% 0.9% 4.6% 1.1% 3.1% 1.4% 1.1% 1.5% 1.0% 1.1% -0.3% -1.2% -0.8%

-18.0% -13.0% -13.0% -18.0% -4.4% -8.2% 4.7% -13.6% -18.4% 5.6% -13.3% -17.4% 3.8% 3.3% 24.9% -26.5% -18.3% -16.9% 20.5%

$ 543,600 $ 158,900 $ 214,300 $ 289,100 $ 366,000 $ 136,300 $ 361,300 $ 172,000 $ 420,800 $ 158,800 $ 256,300 $ 151,500 $ 145,400 $ 159,500 $ 304,700 $ 162,100 $ 139,900 $ 997,600 $ 270,200

-1.2% -6.2% -14.2% -10.1% 0.0% 0.0% 0.0% 0.0% -13.6% 0.0% -20.2% 0.0% -8.8% -1.6% -27.6% 0.0% -1.6% 0.0% 0.0%

Zillow® is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place they call home, and connecting them with the best local professionals who can help. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow's Chief Economist Dr. Svenja Gudell. Dr. Gudell and her team of economists and data analysts produce extensive housing data and research covering more than 450 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. Launched in 2006, Zillow is owned and operated by Zillow Group (NASDAQ: Z and ZG), and headquartered in Seattle.

Zillow is a registered trademark of Zillow, Inc. 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, visitwww.zillow.com/research/. The data in Zillow's Real Estate Market Reports are aggregated from public sources by a number of data providers for 928 metropolitan and micropolitan areas dating back to 1996. Mortgage and home loan data are 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/ and www.zillow. com/research/data. i

The Zillow Rent Index (ZRI) 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. iii

Rates for a 30-year fixed mortgage.

Month highs occurred on April 3rd, 5th and 10th. iv

v

Month low occurred on April 18th.

The Zillow Home Value Index (ZHVI) is the median estimated home value 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. vi

https://www.zillow.com

ii

Advertise in Rental Housing Journal On-Site Circulated to over 20,000 apartment owners, on-site and maintenance personnel monthly.

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Mortgage Payments Are Unaffordable ..continued from page 6 Metropolitan Area United States New York/Northern New Jersey Los Angeles-Long Beach-Anaheim, CA Chicago, IL Dallas-Fort Worth, TX Philadelphia, PA Houston, TX Washington, DC Miami-Fort Lauderdale, FL Atlanta, GA Boston, MA San Francisco, CA Detroit, MI Riverside, CA Phoenix, AZ Seattle, WA Minneapolis-St Paul, MN San Diego, CA St. Louis, MO Tampa, FL Baltimore, MD Denver, CO Pittsburgh, PA Portland, OR Charlotte, NC Sacramento, CA San Antonio, TX Orlando, FL Cincinnati, OH Cleveland, OH Kansas City, MO Las Vegas, NV Columbus, OH Indianapolis, IN San Jose, CA Austin, TX Zillow® is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place they call home, and connecting them with the best local professionals who can help. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow's Chief Economist Dr. Svenja Gudell. Dr. Gudell and

% Income Spent on Mortgage - List Price, Q1 2017 20.0% 29.3% 46.8% 18.5% 22.9% 15.1% 21.6% 20.2% 30.1% 17.8% 26.7% 40.2% 14.2% 27.9% 22.5% 24.7% 18.4% 39.6% 13.1% 21.5% 17.3% 27.3% 12.9% 27.6% 22.6% 29.1% 22.5% 23.2% 14.6% 12.7% 16.1% 22.8% 16.3% 14.5% 39.3% 22.9%

% Income Spent on Mortgage - ZHVI, Q1 2017 15.9% 26.9% 43.3% 14.9% 15.2% 14.9% 13.1% 18.6% 22.2% 13.1% 24.0% 42.6% 11.6% 25.9% 18.8% 25.5% 15.4% 35.5% 11.9% 17.1% 16.4% 23.2% 11.3% 25.2% 14.2% 25.7% 13.2% 18.2% 12.0% 11.6% 11.5% 19.2% 12.5% 11.4% 43.3% 18.3%

% Income Spent on Mortgage - ZHVI, 1985-2000 21.0% 29.7% 35.2% 22.8% 20.4% 20.0% 15.3% 22.3% 20.0% 19.1% 26.2% 38.3% 16.6% 26.5% 21.3% 25.2% 18.4% 34.1% 16.1% 18.7% 21.4% 21.9% 15.5% 22.5% 18.3% 28.6% 17.7% 20.4% 19.3% 20.0% 20.1% 25.9% 20.0% 20.8% 36.0% 18.9%

her team of economists and data analysts produce extensive housing data and research covering more than 450 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. Launched in 2006, Zillow is owned and operated by Zillow Group (NASDAQ: Z and ZG), and headquartered in Seattle.

Market Survey® provided by Freddie Mac. We considered the median value of all homes in a given market – even those not listed for sale – and the median price of those actually listed for sale.

Zillow is a registered trademark of Zillow, Inc. i For mortgage affordability, Zillow assumed a 20 percent down payment and a 30-year, fixed-rate mortgage at prevailing mortgage rates pulled from the Primary Mortgage

https://www.zillow.com

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Win, Win ..continued from page 1 online or by smartphone. The industry is responding to these digital changes and is reaping the benefits of digital transactions. Over the last few years, apartment managers have taken heed to this statistic and are getting on board to implement a digital strategy.

Card acceptance by apartment managers can provide a significant increase in overall convenience and efficiency. Payments that are processed digitally eliminate clerical work, freeing up staff and saving time and money. For tenants – especially millennials – who are used to paying their bills online, paying with a debit or credit card helps them pay rent on time and allows them to budget and plan better. According to the 2015 Census Bureau Survey, one in three renter-occupied households are millennials.

Responding to this emerging trend and opportunity, Visa and Entrata, a property management software company, are making it easier for property managers to accept and process digital payments, subsequently changing how renters are choosing and preferring to pay rent. Entrata enables property management firms to accept Visa cards, which significantly reduces the number of steps it takes to process rent payments. The partnership set an industry precedent that helped broaden acceptance and implementation of electronic payments. Entrata data shows that properties using online payment technology can spend 65% less time processing rent and will decrease rent delinquencies by 50%. One property management firm, Trinity Property Consultants, has had great success with the card payment program.

As a national organization managing a geographically diverse portfolio of over 23,000 units in 13 states, Trinity was looking to increase operational efficiency. Trinity had been accepting

online payments since 2013 but they were interested in taking it to the next level by increasing adoption. Their goal in expanding acceptance to electronic payments was to establish a paperless office, with 100% of payments taken online.

Trinity estimates they have saved more than 51 employee hours a month with the increase in online payment adoption they have seen since the roll out of the Visa pilot program. By lowering the fee renters incur when using a debit card, Trinity has been able to substantially increase the number of residents paying rent electronically.

Trinity was also able to access the funds faster, than when paid by check, which has enabled better cash flow for their business. Over the year, the percentage of renters using cards to pay rose from two to 11%. Trinity reported that because of the program, they are able to focus on providing valueadded services to their tenants instead of processing checks, which has led to increased customer and employee satisfaction.

“The staff loves it when residents pay rent online. The email notifications in Entrata’s technology has created instant transparency as to who has paid and who hasn’t,” said Trinity’s VP of Marketing and Training, Carla Alicea.

As a result of all of the positive outcomes, Trinity staff across the country are now specifically trained to encourage all residents to choose to make online payments through Entrata. As early adopters, Trinity Property Consultants has benefited greatly from the convenience and efficiency of accepting electronic rental payments.

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Pay For Tenant Housing ...continued from page 16

711 Powell Ave. SW, Suite 101 Renton, WA 98057 (425) 656-9077 • (425) 656-9087 (fax) admin@wmfha.org

Executive Director - Jim Wiard Board President - Becky Sanders Vice President - Sheri Druckman Treasurer - Laura McGuire Secretary – Melissa Downs Vice President of Suppliers Council - Rob Pendleton Immediate Past President - Brett Stevens

Apartment Demand ...continued from page 9 • Seattle is ranked #11 out of 50 metro areas in terms of projected apartment demand by 2030. The ranking measures the number of rental units needed by 2030 in apartment buildings of 5 units or more.

• Seattle ranks #7 out of 50 metro areas in terms of hardest cities to add necessary new apartments, based on specific factors, including local regulations and the amount of available land to develop.

• Hoyt Research estimates that there are currently 406,028 apartments in the Seattle metro area, with residents that span the age and income spectrum.

• Seattle apartment developers, owners and property managers and their residents contribute $15.5 billion to the local economy annually.

To reach the goal of building 4.6 million apartments by 2030, government officials and private developers must come together to take action. NAA and NMHC are advocating for solutions at all levels of government that will help supply meet demand and reduce the cost of developing apartments.

The federal government can ensure sufficient funding of housing programs, enact a pro-housing tax policy, and

reform regulations that unnecessarily increase housing costs.

State and local governments have a toolbox of approaches they can take to address the apartment shortage and help reduce the cost of housing. They can: • Adopt local public policies and programs that harness the power of the private sector to make housing affordability more feasible.

• Increase public-private partnerships.

• Leverage the state-level authority to overcome obstacles to apartment construction.

• Collaborate with business and community leaders to promote apartments.

For more information regarding the need for more apartment construction and the economic benefits the housing industry contributes to our communities, visit www.WeAreApartments.org.

To learn more about how to join the Washington Multi-Family Housing Association and the National Apartment Association at a discounted new member rate, call us at 425-656-9077 or go to www.wmfha.org.

• on my experience, the bigger national firms are often the highest prices, yet not always the best. Three quotes from providers are sensible. Hugely important are the warranties.

These will vary tremendously!”

• Smith also noted that “going from four units to five units can be a factor in some rule changes,” so be confident your advisor understands this difference and researches the law.

• It may be possible is to sell the building with the termite infestation, and let the buyer deal with it. Offer the building at fair market value, less the cost of the fumigation, less an incentive to the purchaser for managing the work.

• Tenants may also be the cause of termite infestations, so understanding the impact of state law, health codes and housing regulations is such cases. Furniture has been known to house termites, unreported water penetrations, and other sources of termites’ food source, cellulose, can initiate a new colony. Most often, a landlord’s lack of diligence, ignorance of preventive measures or poor maintenance are the cause.

fumigate apartments. Make your tenants aware of the product.

• Termites can be discouraged with preventative measures such as rain gutter extensions to move water away from the foundation, construction materials that termites do not eat, decorative stone landscaping and other measures.

Now you have some talking points to help you deal with termites both in your lease document and in your building.

About the Author: Richard Montgomery gives no-nonsense real estate advice to readers’ most pressing questions through his website Dear Monty. He is a real estate industry veteran who has championed industry reform for over a quarter century. He knows real estate investing, from up-close, get-your-hands-dirty rehab to armchair investing using your self-directed IRA as your funding vehicle. In his nearly half-century in the industry, Monty has bought and sold investment properties, founded a real estate brokerage company using a non-traditional consumer driven model, run his own successful brokerage and is former CEO of Corporate Relocation Services. He is a consultant to businesses and entrepreneurs and also shares his knowledge with inquisitive readers through syndicated newspaper columns. You can ask him your real estate questions at www.DearMonty.com.

• Tenants with health related concerns in some states could resist fumigation with a letter from a physician stating the danger to their patient’s safety.

There are a variety of chemicals used in different circumstances to

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Rental Housing Journal On-Site

3 Things Proactive

...continued from page 7

`“They were also really good about including a telephone number to call so that if the tenants had any questions, they could call the property management office, or our office, and one of us would address the issue.

“Our crews went there, set up our tape lines, and did our work. First we had to replace underlayment on the tile roofs, then we did the repair work and coating to restore the flat roofs. It worked out as well as it did because the property management company was very willing to work with us to ensure their tenants were communicated with - as well as to ensure our work crews had the information they needed to do their work.

“For example, they asked the tenants to please not park in these spaces where we need the space available to get our equipment in. And we, on our part, tried to make sure the tenants were notified at least a week or two in advance that we are going to be on their building – ‘here’s what you can expect, here are the hours we will be here, if you have any questions here is who you can contact.’

“It works really well when the property management company and the roofer can work together to coordinate the work,” he said.

“We have had tenants approach our roofing crews and ask, ‘Ok that’s great you are getting the roof fixed but when are you going to come back and fix the damage inside my unit from the leaks?’

“And our guys say we really don’t know the answer to that. But, our guys

have been very good about telling the tenants we will pass the information on to the property management company because that is not typically something we do. And typically the property management company has somebody who does that type of repair,” Skoog said.

Arizona is unique because building codes vary by community.

One community might have a 2015 standard and another 2012 and a third might have 2010 and so on, so you do have some variation. “But we also have a registrar of contractors that regulates what we do and has minimum standards that we must meet. That helps to level the playing field,” he said.

In some states each community may adopt its own building codes and standard requirements. So you do have variation in requirements. Property management has to be sure and check all locally applicable codes and requirements.

“There generally is a state authority that licenses roofers. And then you will get a city business license of course.

Arizona is one of the more regulated contractor states because historically we have had a problem with fakes and frauds,” he said.

Top 3 questions property managers ask when they call a roofer No. 1 – Can we do a localized repair rather than replace the whole roof?

That is their first fear, that we are going to come back and say everything needs to be redone. And sometimes that is the case but usually we are able to do one plane or face of the roof, or in a flat roof just a section of it as far as repairs go. Our general localized repair rather than replace the whole roof?al experience with flat roofs is that if we can catch it early enough we can do roof restoration. If maintenance is deferred too long then we are looking at replacement. And there is a tremendous difference in cost.

No. 3 – How quickly can you get it done?

If it is a leak they want us there immediately to at least stop the leak and then come back when it is not raining to do the repairs.

“With the property managers that we deal with it really has been nice that for the most part they are proactive,” he said.

“They are looking ahead for their budget for next year. They want us to walk their roofs and give them our honest opinion about the condition of the roofs and what they can do to maintain them rather than having to replace them,” he said.

About Sunvek Roofing SUNVEK is owned by two brothers, Eric and Bill Skoog. Started in 2001 as Skytop, Inc., it was originally focused on new custom homes. As the residential market boomed, the company grew right along with it, hiring additional work crews as needed. Eric Skoog serves the company as President. He is a certified public accountant (CPA) and has a master’s degree in business administration (MBA). Eric previously worked in public accounting and corporate restructuring, and uses that background in guiding the company in day-to-day activities. Bill Skoog has worked in the roofing industry for almost 25 years, starting out as one of SUNVEK’s original employees. Bill serves the company as General Manager, overseeing work schedules and ensuring that materials are ordered.

No. 2 – How much will it cost?

Money is always an issue. Can it be a localized repair, and what will it cost?

you time, energy and money. Get started today.

It’s easy: 1. Call a program representative at 1-866-997-9767 or to schedule a free email on-site energy assessment.

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