Rental Housing Journal Utah September 2016

September 2016 - Vol. 8 Issue 9

Rental Housing Journal Utah

2. President’s Message – Why You Should Donate to the UAA PAC 3. Director’s Message – The Value of Being a UAA Member 4. Ask the Attorney – Now the Tenants Want to Work Things Out

UPCOMING EVENTS General Membership Meetings Ogden .................................... Sept 27th 7pm Salt Lake ............................. Sept 29th 7pm

EVENTS PAC Luncheon.................................................Oct 12th (TopGolf, Murray)

www.uaahq.org/uaa-pac

www.uaaGeneralMembershipMeetings.com

Landlord Legal Cruise ................. Jan 8th-Jan 15th

Good Landlord Class Washington Terrace..... Sept 15th 8:30am Salt Lake........................... Sept 10th 6:00 pm www.GoodLandlordingTraining.com

www.uaahq.org/cruise

RC Allure of the Seas, Western Caribbean

www.rentalhousingjournal.com • Professional Publishing, Inc Official Publication of The Utah Apartment Association Utah’s Leading Advocate for the Rental Housing Industry – 888-244-0401 – WWW.UAAHQ.ORG

Salt Lake County Announces New Initiative With The Road Home

by Paul Smith

Economic Conference Highlights Growth & Challenges in Rental Market

By Taylor Smith

T

T

he Utah Apartment Associhe Utah Apartment Association, in conjunction with ation recently received the IREM, hosted the 2016 Fall following letter that we were Economic Forecast on September asked to share with you.

13, 2016. The program featured several interesting speakers who “Dear Salt Lake County presented the results of intensive Landlord: study of the future of the rental market in Utah. Below are some Salt Lake County is workhighlights from the presentation.

ing with a broad spectrum of our community to provide housing solutions that meet the needs of all members of our community, including landlords.

This year, the State of Utah, Salt Lake County, Salt Lake City and private donors have joined forces in an unprecedented way. I’m reaching out to you to ask for

Professional Publishing Inc., PO Box 6244 Beaverton, OR 97007

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continued on page 6

James Wood

units built in the last 6 years are equal to the 4,000 units that were Economics Professor – built in the previous 110 years University of Utah from 1900-2010.

This year has seen the highest However, Dr. Wood noted that number of building permits for apartments in the last 25 years. In- “We are not currently overbuilddeed, one area of Downtown Salt ing, but we are shifting people toLake City has doubled the num- wards apartments as the aggregate ber of apartment units since 2010, continued on page 5 meaning that the 4,000 apartment

UAA PAC Fundraising Success

R

ecently the UAA successfully raised more than $15,000 for our the UAA PAC at our annual Reverse Trade Show & Business to Business exchange, which gave an opportunity for vendors to meet one on one with property managers and executives to showcase their products and services.

The amount of money raised from this event is astounding and has broken all previous records. continued on page 7

Text REALESTATE-ROI to 44222 to receive a digital copy of this year's Real Estate Opportunities in Investing (ROI) Finding Investing Success in Today's Housing Market

Advertise in Rental Housing Journal Utah Circulated to over 6,000 apartment owners, on-site and maintenance personnel monthly.

Call 503-221-1260 for more information

Utah Apartment Association 448 E Winchester St Ste. 460 Salt Lake City, UT 84107 Ph: (801) 487-5619 Fax: (801) 484-8649 www.uaahq.org

President’s Message Why You Should Donate To The UAA PAC 1 - Keeping landlord/ tenant rights balanced

We believe rights should be equal which means judicial (court) remedies should be equally required and available for both parties. We Peter Harradine, AIT, CAM aren’t asking to make the laws Board Chair “pro-landlord” at the tenants beUtah Apartment Association cause that will inevitably create a backlash. All we ask is to be treatne of the most important ed fairly and let the facts (which functions of the UAA is are usually pro-landlord) speak for representing your interthemselves. ests and rights to governments around the state. Here are some 2 - Preventing sales tax of the biggest reasons you should on rent consider donating to the UAA PAC Some surrounding states require to ensure that we can continue to property managers to collect sales fulfill this vital mission. tax on rent, an administrative nightmare that also makes housing less affordable.

O

Increase Your Laundry Room Capacity by as much as 50% And Save Up To 50% on Utility Costs

3 - Preventing excessive fees

UAAPAC has worked to ban inspections fees, reduce business license fees, and has fought any fee created to take more of your hard earned income.

5 - Preventing a sales tax on services

Almost every year, government officials propose a 6-7% tax on property management services as well as the services property managers use, such as legal services and advertising. UAAPAC works 4 - Stopping unnecessary to protect you from such a law. regulations No matter what kind of rental UAAPAC fights unnecessary homes you have or how many you regulations by proactively pushing have, the UAA is here to help you. laws that limit what government Let’s all work together to make can regulate. Examples include sure it stays that way. preventing regulation on sub-metering and who must pay utilities, preventing application fee bans, and preventing funding city staff off property inspections.

Publisher Will Johnson – will@propubinc.com Designer/Editor Kristin Flores – kristin@propubinc.com

Advertising Sales Will Johnson – will@propubinc.com Terry Hokenson – terry@propubinc.com Larry Surratt – larry@propubinc.com

Rental Housing Journal Utah is a monthly publication published by Professional Publishing Inc., publishers of Real Estate Opportunities in Investing & Real Estate Investor Quarterly

www.rentalhousingjournal.com The statements and representations made in advertising and news articles contained in this publication are those of the advertiser and authors and as such do not necessarily reflect the views or opinions of Professional Publishing, Inc. The inclusion of advertising in this publications does not, in any way, comport an endorsement of or support for the products or services offered. To request a reprint or reprint rights contact Professional Publishing Inc. PO Box 6244 Beaverton, OR 97007. (503) 221-1260 - (800) 398-6751 © 2015 All rights reserved.

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Rental Housing Journal Utah · September 2016

Utah Apartment Association 448 E Winchester St Ste. 460 Salt Lake City, UT 84107 Ph: (801) 487-5619 Fax: (801) 484-8649 www.uaahq.org

Director’s Message

The Value of Being a UAA Member

L. Paul Smith, CAE Executive Director Utah Apartment Association

I

n September a UAA member called me with an issue they were having with the local health department. They had a tenant move in who was a clean freak, and immediately upon move in demanded all the vents be cleaned. All vents were above grade (meaning in the ceiling, not in floors).

The landlord said it was their practice to change filters every quarter, and had for the past ten years, but that if the tenant wanted the vents cleaned they were welcome to pay for it themselves.

Instead, the tenant called the county health department who sent the landlord a letter stating they had to clean the vents.

So I called that inspector. She stated under the “properly maintain” provisions of the code she interpreted that to mean the health department could require landlords to clean vents if a tenant complained.

I disagreed, so I called her boss, whom I have built a relationship with. He agreed with me, that health departments don’t have authority to require vent cleaning, and reversed his inspector’s action.

The moral of this story is that because this landlord was a member of UAA and sought help this issue was headed off before it could become a vent cleaners marketing piece. Can you imagine all tenants getting a postcard from a vent cleaner teaching them that all they needed to do to get free vent cleaning was call the health department – and their landlord would be forced to do it?

That is what we are here for. Give us a call if you have any issues like this. Not only can we protect you; your bringing it to us may help protect other landlords too.

Text 51WAYS to 44222 to receive the FREE e-book 51 Ways to Increase Your Rental Property Cash Flow (And 10 Ways To Ruin It) Rental Housing Journal Utah · September 2016

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Rental Housing Journal Utah

Ask the Attorney Now the Tenants Want to Work Something Out

By Jeremy M Shorts Utah Eviction Law Q: We’ve filed an eviction with the court and now the tenant wants to work something out.

What should I do?

A: The first thing you should do is contact your attorney immediately and let them know your tenant would like to work something out.

While you may want to work it out on your own, there are challenges that will arise if you just, for example, accept a payment to resolve the issues. Your attorney will be able to communicate with you and the

tenant to come up with a plan to get it resolved.

Whether you have an attorney or not, any agreement between you and the tenant to resolve the issue should be in writing and should be filed with the court. Keep in mind that most often you will have two issues with your eviction that you need to resolve.

First, the issue of what is owed.

Accepting any kind of payment without something in writing describing the agreement can create

huge problems with your eviction case and may cause it to be thrown out.

Second is the issue of possession of the property. Make sure that you agree on possession in writing as well. Whether it is an agreement on a move out date or an agreement that the lease will continue, make sure you clarify in writing which party will either gain or maintain possession of the property.

Without agreeing to this in writing, you are setting yourself up for

potentially having to start all over once your tenant fails to comply with your agreement.

Finally, each case is different and should be carefully reviewed by your attorney. Be thorough so they have all the information they need to represent you well.

Jeremy Shorts, Esq. Utah Eviction Law Phone: 801-610-9879 Fax: 801-494-2058 Email: info@utahevictionlaw.com

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Rental Housing Journal Utah

Econimic Conference Highlights ...continued from page 1 construction of apartments and new home construction is producing about the same number of units as we are seeing an increase in new households.” What is driving this increased demand? Good economic condition and increasing employment (Utah County had job growth of 6% last year, which is remarkable) coupled with fair demographic conditions has led to an average annual population growth rate of 3.1%, one of the highest in the country.

Professor Wood noted that a large portion of that growth is occurring in a highly concentrated area. “The twenty-five mile stretch from Midvale to Pleasant Growth represents a high growth corridor that accounts for 40% of the job growth state wide. Naturally apartment construction in that area will also be the hottest part of the market as well.”

However, there are two dangers that the housing market faces. The first is that while more than 70% of the homes sold last year were considered affordable for somebody with an average area income, the barriers to qualify for home loans remain high, especially for millennials who are therefore forced to stay renters. If that shifts suddenly it could have very dramatic re-

sults. Second, Dr. Wood noted that “wages aren’t high enough to support as much housing as we need” and affordable housing is becoming a pressing issue all along the Wasatch front.

Patrick Bodnar

Investment Sales Broker – CBRE At the Economic Conference Patrick Bodnar from CBRE unveiled the maiden Greater Salt Lake Area Multifamily Market Report. This report will be updated and published twice a year and includes information on market growth, average rents, vacancy rates and other information that will be extremely valuable to the industry as a whole.

According to the report “the multifamily market in the Greater Salt Lake area—Salt Lake, Utah, Davis and Weber Counties—is experiencing strong construction and rental growth due to pent up demand that is now beginning to be met. For the seven years following 2009, the multifamily market in Utah has seen significant yearover-year improvement with falling vacancy rates and climbing rental rates. Coupled with continued growth of new construction projects, the Greater Salt Lake area has increased its total unit count

by 16,673 since 2011. With almost 9,000 units under construction, and potential starts over the next 12 months of over 10,500 units, developers in Utah have continued to introduce apartment communities to the market, outpacing typical expectations.

Utah typically absorbs approximately 2,500 units per year, a growth rate of about 2%. Careful and thoughtful review of multifamily market data suggests that over the years, demand has outpaced supply and Utah is now “catching up,” providing the overdue supply Utah has been lacking.

Investors and developers will continue to enjoy a healthy multifamily business climate with relatively minimal change over the next 12 months while it continues to ‘catch up’ with demand.”

Patrick noted an interesting trend in his presentation. “Older units surprisingly have higher vacancy rates right now. Part of that is because they are becoming transitional rentals as people move up the property ladder, from B properties to A properties, and then from C properties to B properties.”

This means that although a large number of high end units are being built, it is because that is where a lot of the pent up demand is and

any kind increase in the rental supply will help to stabilize the whole market.

Moving forward Patrick predicts that “In the next eighteen months or so things will begin to stabilize and correct slightly, which may mean that rent growth begins to decline slightly and vacancy rates level off.”

To get a copy of this report, contact the UAA at info@uaahq.org or stop by the UAA office.

Chris Kyler

CEO Utah Association of Realtors Chris Kyler was is one of the lobbyist for the Utah Apartment Association. He has been described as one of the smartest lobbyist in Utah, which he compares to being called “one of the tallest buildings in Tooele.” His presentation included a review of the legislative and government affairs challenges which have been faced by the Utah Apartment Association and the housing industry over the last several years, including recent attempts to raise the number of days it takes to do an eviction and decrease the ability of landlords to receive compensation as part of the eviction process. continued on page 6

Advertise in Rental Housing Journal Utah

Circulated to over 6,000 apartment owners, on-site and maintenance personnel monthly.

Call 503-221-1260 for more information

Rental Housing Journal Utah · September 2016

5

Rental Housing Journal Utah

The Road Home ...continued from page 1

your help and to share a specific program that offers benefits to all stakeholders.

Salt Lake County is collaborating on a new initiative with The Road Home. With support from private funders, The Road Home will offer a temporary subsidy with services for individuals who are currently living in the shelter or on the streets.

Each of these individuals will have a dedicated case manager to help them gain income to cover the full cost of their rent over time. The will receive assistance with the cost of moving into housing, getting and keeping jobs that cover the cost of their rent, and ongoing case management to help smooth their transition to self-sufficiency. Wherever possible, the program will also match individuals with roommates to help make housing even more affordable.

will offer a benefit to property owners like you. Rent money is supplemented for a time period, there is a low turnover in tenants, and dedicated case managers can be called on should issues with tenants arise. We know that the solution must work for everyone involved with short- and long-term housing solutions in order for our community to be a leader in successfully addressing the issue.

If you are interested in participating in this initiative, please contact Michelle Flynn at The Road Home at (801) 330-1824 or by email at mflynn@theroadhome.org.

The Utah way is for everyone to come together on a solution that benefits our community. I look forward to having you as a valued partner in that effort.

Sincerely,

Landlords are an important stakeholder in housing solutions and we want to work with you to ensure that the initiative works for everyone. I believe that participating in this program

Ben McAdams, Salt Lake County Mayor

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Rental Housing Journal Utah · September 2016

Rental Housing Journal Utah

Economic Conference Highlights ...continued from page 1

Rental Housing Statistics in Utah 1/3 of

Of all the renters in Utah:

Utah Residents are renters (that’s more than 1,000,000 people!)

   

19% are Senior Citizens 25% live alone 18% are ethnic minorities 15% live in a household of five or more people

Where do tenants live?

Renter Occupied housing units by County: •Salt Lake 134,000 •Washington 16,400 •Utah 53,200 •Cache 14,400 •Weber 25,800 •Other 41,700 •Davis 24,500

UAA Pact Fundraising ...continued from page 1 However, we still have quite a ways to go to get the $100,000 goal for 2016. And we need that money now more than ever to insure that your business is protected against laws which would either intentionally or unintentionally hurt it at the local and state level.

One way you can help is to donate directly to the UAA PAC, either by sending a check or making a donation when you pay your dues.

You should also consider attending the UAA Government Affairs Committee fundraiser from 10:30 AM – 3:00 PM on October 12th at TopGolf in Midvale. Topgolf is a new premier golf entertainment complex where the competition of sport meets your favorite local hangout. You can challenge your friends and family to addictive point-scoring golf games that anyone from the hopeful pro golfer to your neighbor’s 7-year-old kid can play year-round. Just picture a 240-yard outfield with dartboard-like targets in the ground. The closer to the center or “bull’s-eye” you get and the farther out you hit your microchipped balls, the more points you receive.

Score even bigger with Topgolf’s extensive food and beverage menu that is sure to impress even the pickiest foodies. It’s not golf – it’s Topgolf.

The event will includes presentations from elected officials and lobbyists on the issues and the purpose and importance of the UAAPAC.

The schedule will be: 31% Single Family homes

37% Apartment Communities

25% Duplex or Multifamily Homes 7% Basement Apartments Rental Unit Type Apartment Homes Single Family Rentals Duplex Units Triplex/Fourplexes Basement Apartments

Total

Percent

113,000 95,000 46,000 32,000 23,000

37% 31% 15% 10% 7%

Data courtesy of the US Censes Bureau and Utah Office of Economic Development Images used under creative commons license, courtesy of Wikimedia and thenounproject.com UAA Last updated March 31, 2016

He also expressed concern for the future as increasingly political decisions at both the state and federal are being taken out of the hands of legislators and elected officials. Instead they are being made by unelected government officials or the courts. “I am okay with a legislator who takes the time to listen to me and then says ‘no’. That’s fine” Says Kyler. “They are ultimately responsible to the people for their decision. But those who are unreasonable and unresponsive to the public should not be allowed to make such important political decisions.”

The UAA PAC is hugely important said Kyler. “We don’t buy votes.

But we do carefully study candidates and their voting record to ensure that we use your limited resources to maximum effect to ensure that those who understand your industry and sympathize with your interests have a fighting chance to obtain or keep office.”

his Grandfather who once said “look after the buildings and they will look after you.”

His presentation focused on two important topics. First, he extolled the importance of education and ethics as the cornerstone of being a good Real Estate agent and Property Manager, recommending that the audience check out www.irem. org for more information on professional development.

His second theme was describing the strange rental and housing market in his hometown. “Show me a housing market that has been as politically manipulated as that in my Vancouver” said Williams, “and I will show you a market that is heading for disaster.” Vacancy rates in Vancouver are below 0.5% and is the third most unaffordable housing market in the world. While 70% of homes sold in Utah last year were considered affordable by somebody making the average state income, only 10% of those in Vancouver are considered affordable.

William McCarthy Williams then cautioned us that IREM National Senior similar problems could occur here Vice-President or anywhere else in the world if we William McCarthy is a 3rd Gen- allow political influence to trump eration property manager and de- “proven market fundamentals.” veloper from Vancouver, British Colombia. He is fond of quoting Rental Housing Journal Utah · September 2016

yy 10:00 AM Networking yy 10:30 AM – Noon Speakers and Presentation yy Noon Lunch yy Noon – 3:00 PM TopGolf

Sponsorship levels

yy Single attendee $125 yy Director’s Circle $500 (Includes 2 attendees) yy Executive’s Circle $1,000 (Includes 3 Attendees)

What’s Included

yy Learn more about pressing issues and how the UAA Government Affairs Committee and the UAAPAC protect your industry yy Lunch for all attendees yy Up to 3 Hours of TOPGOLF, a team game even nongolfers can get into, at new state of the art facility yy Life time membership at “Top Golf ” for all attendees yy Bottomless soda, water, and ice tea all afternoon yy A great opportunity to learn, eat, network, and socialize

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Rental Housing Journal Utah · September 2016