Rental Housing Journal On-Site September 2017

Page 1

Rental Housing Journal On-Site

September 2017

3. Two Washington State Landlord Associations Announce Merger 5. The Story of a Multifamily Investment Winner 6. 3 Low-Cost Incentives to Gain Property Management Training Completion

7. Seattle, Portland Tops in Rental Applications Approval Rates 9. Investing in Human Capital 11. 8 Big Housing Changes Driverless Cars Could Bring 13. Renter Demand for Houses Puts Upward Pressure on Prices

14. Study Shows Consumers Continue to be Too Optimistic with Anticipated Home Value 17. 3 Ins and Outs of Subletting You Probably Didn't Know

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

Risk In The New Washington State Squatter Law

What Is A Landlord To Do Now In Seattle? 3 Actions A Landlord Can Start In Seattle With Without Using Criminal Background Checks By David Pickron

W Rob W. Trickler

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continued on page 20

5 Keys To Investing In Emerging Multifamily Markets By Vinney Chopra

I

think it is critical to a multifamily investor to choose the “right” multifamily apartment complex to acquire. One of the most critical aspects of this is to find the right emerging markets. I am diligent in my exploration of opportunities in markets where jobs and local economies are expanding. I will take six months to a year to do the research to determine an emerging market. What is one key? I follow the jobs. What are emerging multifamily markets?

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any of you may have heard that the Governor signed Senate Bill 5388 into law and that law, commonly known as the squatter’s bill, took effect on July 23, 2017. It sounds great, but I want to encourage our members to be cautious. This was a bill that the Washington Landlord Association, formerly the Washington Apartment Association, supported on behalf of the Rental Housing Association of Washington, who has been working on it for years. Its origins were in the Yakima area. Unfortunately, in my opinion the bill was not ready, and when I pointed out a flaw in the language, I was told that the coalition partners agreed that it needed to be fixed. But before we could get the proposed fix language on the table the bill got pushed out to the floor and passed as is. The new law is supposed to work as follows. A property owner may continued on page 22

hat can a landlord or property manager do to protect themselves now that there is a new ordinance coming in Seattle that bars landlords from using criminal background checks in screening tenants? The Seattle City Council has passed an ordinance 8-0 to bar landlords from using criminal records to screen tenants based on past arrests or criminal convictions, with the exception of sex offenders. Rental Housing Journal asked one of the foremost authorities in the country

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