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Vol. 22 Issue 2
February 2013
Published 22 Years
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PUGET SOUND APARTMENT OWNERS, PROPERTY MANAGERS & MAINTENANCE PERSONNEL
Published in association with: Washington Apartment Association, IREM & Washington Multifamily Housing Association
Thurston County Market Improves
Seattle - Apartment Insights 4th quarter results show the Thurston County market rebounding a bit after a period of decline, according to Tom Cain of Apartment Insights. The data are from his Seattle firm’s statistics and trends on 50+ unit properties in Pierce, Kitsap and Thurston counties. Pierce, Kitsap, Thurston 4Q12 VACANCY: 6.6% The market vacancy for conventional, stabilized 50+ unit properties in all three counties is 6.6%, down slightly from 6.74% last quarter. The vacancy rate was 7.02% a year ago. The vacancy rate for all properties, including those in lease-up is 7.68%. Pierce: 6.55% Pierce County's vacancy rate of 6.55% is an improvement over the 6.65% rate last quarter. A year ago it was 6.43%. Continued on page 11
6 Questions with Heather Blume The Landlord TImes recently caught up with multifamily housing veteran and blogger, Heather Blume. Here’s what Heather has to say about apartment management, teaching, her mentor, marijuana, eating lunch and relationship artistry... TLT: What is it about multifamily and rental housing that has kept you motivated and interested? HB: I love the fact that no matter the background or skill set that you bring to the table in this industry, it’s valuable. For example, I was an artist, a photographer, a playwright, a florist, a radio disc jockey, and had more than a few retail jobs in my Professional Publishing, Inc PO Box 30327 Portland, OR 97294-3327
past, but all of those skills translated in this professional world as a powerful set of abilities. Leasing was the first job I ever held where I felt like I was bring something worthwhile to the job, rather than just learning from it. Knowing that I found a place in this world where I “fit” perfectly…that was a powerful motivator for me, and still is today. TLT: What do you consider your greatest success in your career? HB: It’s cheesy, but the greatest success moments in my career are when I’m looking at a room of people, teaching something, and I can see the light bulb over one of their heads switch on. They get this look and you just know that some how you’ve been able to reframe an idea or a concept in a way that they just…get it.
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Every single one of those moments are my greatest successes, because I know it makes someone’s career better. TLT: Who was the most influential person in the early part of your career? What did you learn from them? HB: Hands down, Lisa Trosien has been my beacon in this industry. Besides being one of the most talented and smartest people I know, she’s my mentor, my guide, my friend, my cheerleader, and, when I need it, the person who sticks a pin in my ego to deflate it back down to a normal level. I took my very first class in this industry from her when I started on site, and after watching her for less than 20 minutes I knew exactly what Continued on page 9
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Expansion Moderates for Apartment Markets in January After a seven-quarter run, expansion moderated for apartment markets according to the National Multi Housing Council’s (NMHC) January Quarterly Survey of Apartment Market Conditions. For the first time since 2010, two of the four indexes – Market Tightness (45) and Sales Volume (49) – dipped below 50, though just barely. The two financing indexes show continued improvement for the 8th consecutive quarter, as the Equity Financing (56) and Debt Financing (57) Indexes remained above the breakeven level of 50. “The pace of improvement in the apartment industry is moderating, but the expansion remains solid,” said Mark Obrinsky, NMHC’s Vice President for Research and Chief Economist. “Lease-up demand is seasonally weak in January, which would fully explain the small drop Continued on page 3 Page 18 Washington Apartment Association
INCREASING COMMUNITY REVIEWS ONLINE SHOULD ON THE TOP OF YOUR... Page 14
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Chapter 27 Institute of Real Estate Management HOW TO GET STARTED IN REAL ESTATE INVESTING