Valley Rental Housing Journal August 17

August 2017

Rental Housing Journal Valley

3. RHA Oregon President’s Message 4. Dear Maintenance Men 5. Over-Automated Recruitment Processes can Leave Job Candidates Frustrated 6. Midyear Report – Suburban Office Challenging CBD

EUGENE · SALEM ·ALBANY · CORVALLIS WWW.RENTALHOUSINGJOURNAL.COM • PROFESSIONAL PUBLISHING, INC

Seven Sins

in Real Estate Investing

Multifamily Market Will Hit Records in 2017 as Investors Return

A

judge has ruled in Circuit Court in Portland against landlords who had challenged the city’s relocation ordinance passed earlier this year.

Judge Henry Breithaupt, a tax court judge sitting in Circuit Court, upheld the relocation assistance ordinance and ruled against the landlords’ argument that the relocation ordinance amounted to rent control and illegally sought to stop no cause evictions.

The city’s law allows tenants to collect between $2,900 and $4,500 when landlords use no-cause evictions or raise rents more than 10 percent in a year. Portland’s ordinance is set to expire in October

By John Wilhoit

W

hen the pendulum swings in real estate investing, it covers the entire reach of the pivotback and forth. Sometimes the pivot is pricing, another time occupancy, or availability of financing. Or just plain market stability. You will occasionally see a market in balance but this seems to be the exception to the rule.

Wait, hold that thought. Let’s say your assets are in a stable market, expectations are for continued stability and the asset is meeting your financial expectations.

Do you buy, hold or sell? This is where many people get that uneasy feeling. This can’t be right- stability? What an unusual thing!

Many investors so are accustomed to constant flux that when stability arrives it is unrecognizable. Granted, real estate, does not love or feel. Nor should it be treated as a family member. But very often it can require only nominal tinkering. Not to be left alone unattended, of course, but unobstructed from producing positive financial results. Following are some of the things that people do related to their real estate investments that get in the way of success.

Greed (ignoring the fairness principle). In life and real estate there is always potential for litigation. Setting this aside for a moment, staying away from the margins, some people operate under the principle that a transaction that is fair to both parties is a quality objective. Other people, not so much. Their objective is to crush, diminish, and peel the deal to the ...continued on page 3 Professional Publishing Inc., PO Box 6244 Beaverton, OR 97007

...continued on page 5

Current Economic Data Supports Multifamily Investments

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est Coast markets will dominate the top 10 on gross income growth in 2017 for the multifamily market, led by Seattle, Sacramento, Tacoma, Portland and Colorado Springs, according to the Freddie Mac Multifamily Research Group’s mid-year outlook.

Outlook authors Steve Guggenmos and Sara Hoffmann find that the multifamily market will continue to grow for the rest of 2017 and into 2018.

Although the market will continue to moderate from cyclical highs, demand for rental housing units will remain steady.

As a result, Freddie Mac is predicting that origination volume is likely to hit another record in 2017, reaching between $270 and $280 billion, according to a release.

Market uncertainty kept many multifamily investors on the sidelines in the first quarter of the year, but they are starting to return as interest rates moderate and the economy continues its steady upward trajectory.

Multifamily performance, by most measures, remained near the historical average across the nation and in most

PRSRT STD US Postage PAID Portland, OR Permit #5460

markets in the first half of 2017. While results were mixed, the overall trend remained the same High levels of new supply, slowly increasing vacancy rates, and moderating rent growth. The rest of this year will bring more of the same. Some larger metropolitan areas that saw lower-than-expected performance in 2016 – such as San Francisco, New York City, and Boston –

will continue to re-balance this year.

Freddie Mac is predicting that originations will increase and set another record this year but will be lower than originally forecasted. Higher interest rates and market uncertainty kept more investors on the sidelines during the first quarter of the year. As interest rates stabilized and ...continued on page 3

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

Rental Housing Journal Metro 16083 SW Upper Boones Ferry Rd, Suite 105, Tigard, OR 97224 503-213-1281 | Fax 503-213-1288 | www.multifamilynw.org

Form of the Month

Notice of Violation Form M040 OREGON

NOTICE OF VIOLATION DATE __________________________________________ PROPERTY NAME / NUMBER ___________________________________________________________________________________________________________________________________________________________________ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ __ ___ RESIDENT NAME(S) ___________________________________________________________________________

___________________________________________________________________________ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __

____________________________________________________________________________ __ ___ __ ___ ___ ___ ___ __

___________________________________________________________________________

___________________________________________________________________________ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __

___________________________________________________________________________ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __

UNIT NUMBER ___________________________________ STREET ADDRESS ___________________________________________________________________________________________________________________________________________________________________________ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __

Upcoming Events for August 2017

CITY ___________________________________________________________________________________________________________________________________________________ STATE T TA ZIP _____________________________________________________________ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ __ STA ___________________________________ ___ __ ___ ___ ___ ___ ___ __ ___ __ __

SAMPLE

WARNING: Your Rental Agreement, the rental rules and regulations, gulations, and the landlord-tenant dlord-tenant laws require all residents to follow basic rules to protect the safety and quiet enjoyment of all residents, prevent damage da e to property pro y and retain a quality rental community. It has come to our NATURE OF VIOLATION (check all that apply):

X

8/11/2017 8/16/2017 8/22/2017 8/23/2017 8/24/2017 8/29/2017 8/30/2017 9/6/2017 9/7/2017 9/8/2017

It's the Law: FEDs: Mastering the Evictions Process Handling Environmental Issues (Asbestos, Lead, Mold) CAMT: Heating CAM: Marketing SWV Charity Golf Tournament Winter Preventative Maintenance New Hire Landlord Study Hall: Domestic Violence Protections in Landlord/Tenant Law Fair Housing for Maintenance It's the Law: Bark and Bite: Tenant’s Requests for Service and Assistance Animals

Disturbances

X Damage to property

X Unsightly patio/balcony/porch

SAMPLE

X

nee to be cleaned clean Unit needs

dis

X Satellite dish

w dow coverings/signs cov

X Unauthorized window

X Unauthorized occupant/guest

X Other

SAMPLE _________________________________________________________________________________________________ _______________________________ ______________________________________________ Date & Time of Violation: ________________________________________________________________________________________________________________________________________________________________________________________________________________________________ SAMPLE Location of Violation:________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __ Describe Violation:____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

SAMPLE

SAMPLE

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ____ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __ __ ___ ___ ___ ___ ___ __ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __ _ __ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __ ___ __ ___ ___ ___ ___ ___ ___ ___ __ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ __

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __ ___ _ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __

Describe Cure:___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

SAMPLE

SAMPLE

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __ ___ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __ ___ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __ ___ __ ___ ___ ___ ___ __ ___

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __ ___ __ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ ___ __

SAMPLE

The violation(s) is/are (check which applies):

not te set forth above (check which applies): This notice wass served on the date

X a separate and distinct violation

Personally Perso lly on the Resident Residen att ______________________________ (time)

X a series or group of violations

If the written Rental Rent l Agreeme Agreement allows, posted on the main entrance to the dwe ng u dwelling unit and mailed first class mail

X a continuous or ongoing violation

Mailed first class mail only

resulte in the e violation(s). violation( H We hope it was simply an oversight on your part that resulted However, you are required to discontinue the conduct listed discontinu the conduct, conduct or correct the violation(s), or any reoccurrence of the conduct/ above or correct the violation(s) immediately. Failure to discontinue on of your tenancy. violation(s) listed above, may result in termination ffective for 12 months and may be renewed with a new warning prior to the end of the For a continuous or ongoing violation,, this notice willll remain effective 12-month period.

Form M040 OR Copyright © 2016 Multifamily NW ®. NOT TO BE REPRODUCED WITHOUT WRITTEN PERMISSION. Revised 2/23/2016.

that you are not complying with the following: SAMPLEattention SAMPLE

Holding tenants responsible for violations of the Rental Agreement is one of the most critical roles of a landlord or property manager. The Notice of Violation form provides an easy template to take the initiative to enforce the rules to help maintain peace and order to your property. Although this form does not terminate the tenancy, it does assertively and politely remind the tenant of the violation and creates a useful written record your response.

SAMPLE

X OWNER/AGENT OWNE ____________________________________________________________________________________________________________________

THANK YOU FOR YOUR COOPERATION OOPERAT A ION AT

ADDRESS

SAMPLE

____________________________________________________________________________________________________________________

SAMPLE

____________________________________________________________________________________________________________________

TELEPHONE ON SITE

RESIDENT

SAMPLE

____________________________________________________________________________________________________________________

MAIN OFFICE (IF REQUIRED)

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

Call 503-221-1260 for more info

rentalhousingjournal.com

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Rental Housing Journal Valley · July 2017

President: Ron Garcia Vice President: Phil Owen President Elect: Mark Passannante Secretary: Lynne Whitney Treasurer: Sandra Landis

RHA Oregon President’s Message

Ron Garcia, RHA Oregon President

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ww, August. Finally, the dog days of summer have arrived! It’s time to sit on the porch with an iced cold beverage and relax as we idle away the afternoons. We can casually take stock of our year drifting by, and dream of good times to come. Sip. Sip. (Nap.) Summertime, and the living is easy… yawn… (….Oh gee, it seems that the 2017 legislative session ended in July and HB 2004 died… No new rent control bills got passed…. How sweet is that...Yawn…)

Wait!

Wake up!

I think I was day-dreaming?? Maybe I fell off my rocker and bumped my head?

I mean, really, did that just actually occur? Is it time to freshen up that iced cold drink and celebrate? Well, hold onto that thought.

Yes, the 2017 legislative session ended in July and HB 2004 failed to pass. But if RHA Oregon members think their lawmakers are done trying to enact new restrictions on landlords, we are really living in a dream – and this one may likely become a nightmare.

The 2017 legislative session was one of the most arduous sessions ever. One thing is for sure: They have promised to revise their efforts in the 2018 short session which is really just a few months away.

Think cold snowy winter nights. In February. Very scary.

It is safe to say that with all that happened in the House and Senate this year, there is NO CAUSE to think we have STABALIZED our rental income or for us to RELOCATE our objectives to prevent RENT CONTROL. Maybe it’s no coincidence that the celebrated end of this current slack-filled season is called Labor Day. Because one thing is certain – members of The Rental Housing Alliance Oregon have a lot of work to do.

We all need to write more letters and provide more testimony. We will need to re-emphasize our points.

Bad housing policies hurt the very people they are trying to help. We all want safe and stable housing. Yet we all need to be able to articulate our concerns that restricting our efforts to run our business as professional Rental Housing Providers

... Data Supports Investments ..continued from page 1 economic growth continued, investors have become more active Due to steady economic growth and strong demand for multifamily units, rent growth is expected to be similar to 2016 levels and vacancy rates will increase more slowly than initially forecast. However, the number of construction projects are expected to peak in 2017 or early 2018, which will push vacancy rates higher. Absorption of new units in some areas will take longer than in prior years, putting some downward pressure on rent growth.

“In the first half of 2017 multifamily performance, by most measures, remained near the historical average in the majority of markets across the country,” Steve Guggenmos, Freddie Mac Multifamily vice president of research and modeling, said in the release.

Some larger metropolitan areas -- such as San Francisco, New York City, Washington, D.C. and Miami -- saw significant construction in the past year, which has pushed vacancy rates up and slowed rent growth. However, according to the Outlook, nearly two-thirds of metros will end the year with vacancy rates below their historical averages. In these areas, demand continues to outpace supply, which allows rents to keep rising.

West Coast Metros Still Tops In Multifamily Rent Growth West Coast metros still will dominate the top 10 list based on gross income growth in 2017, but more secondary markets from across the South are also poised for strong growth through the rest of the year,.

As vacancy rates remain tighter in 2017 than expected at the beginning of the year, areas including Nashville, Dallas, and Raleigh/Durham are forecast to see stronger gross income growth.

Looking beyond 2017, vacancy rates are

Past President: John Sage Office Manager: Cari Pierce

expected to continue to trend up, but the economy’s overall performance will determine the impacts to rent growth. With good macroeconomic conditions, rent growth will continue near the current pace. However, any uncertainty about the economy’s well-being could change that.

Guggenmos added, “All things considered, 2017 will be yet another good year for the multifamily market. And importantly, it will not be the market’s last strong year. Strong demand, fueled by demographic changes and lifestyle preferences, will ensure the multifamily market’s continued strength in the years ahead.”

About Freddie Mac Multifamily Freddie Mac Multifamily is the nation’s multifamily housing finance leader.

Nearly 90 percent of the rental homes we fund are affordable to families with low to moderate incomes. Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since our creation by Congress in 1970, we’ve made housing more accessible and affordable for home buyers and renters in communities nationwide.

We are building a better housing finance system for home buyers, renters, lenders and taxpayers. Learn more at FreddieMac.com.

Rental Housing Journal Valley · July 2017

is not the answer to an affordability crisis brought on by the same government that is now trying to blame us and make us pay for solutions that their bad policies created.

We all need to spend some time this month, in our “relaxed” state of mind, to learn how to talk with a single, strong and convincing voice to urge our representatives to see beyond the rhetoric and extreme cases; to enact good, stable, reasonable policies that won’t provide merely perceived protections that solve nothing except to kick the can down the road at the expense of the group (Our Group) that carries the burden to make it work.

In other words? Don’t make it so expensive or restrictive for us landlords to provide quality rentals that the only solution is to sell them to investors who will raise the rents higher!

I know - I get worked up. Maybe somebody needs to give me something cool to drink to calm down!

Hey, I have a great August idea. Let’s all get together socially, and talk through this stuff, so we can actually come together as a united organization, and have a

10520 NE Weidler, Portland, OR 97220 (503) 254-4723 • Fax (503) 254-4821 info@rhaoregon.com • www.rhaoregon.org

good time doing it. What do you think?

Join me and other members and directors of the Rental Housing Alliance Oregon at Oaks Park on August 9th for our annual Picnic! Bring the gang and enjoy the last few good days of summer with a bunch of people who all share a common goal of working hard and enjoying what life has to offer. See you there!

Ron Garcia, RHA Oregon President

Seven Sins ..continued from page 1 nth degree to benefit their side. There is nothing you can do to stop such persons from acting in this manner other than decide, if you have this option, to pass on doing business with them and seek the next opportunity to buy/sell/transact with others operating more in alignment with the fairness principle. Nothing wrong with hard/tough negotiations. But there is a line that makes the entire process near impossible. Pick your fox hole and ready for a fight. Welcome to business as usual for many.

Boredom. Why are you selling/buying? Run out of things to do? Everything re-runs on cable and the cash flow is just stable? This is why you are trading? Some owned deals are just stellar – as is – no changes necessary. Sure, there is always capital expenditures to address. Yes, bad debt and evictions occur (that’s part of being in this business). But please, do not sell for a non-business reason or to create some excitement in your life. Make a business decision, not an I-need-a-newproject decision.

Over-leverage.

Occasionally, over-leverage is a post-acquisition knowledge event. Such as what occurred often in the depths of the great-recession where many owners did not know they were over-leveraged until it was too late and the rules of the game had changed.

Pre-acquisition, it’s one thing to press the loan limits because of equity capital constraints; but there is a red line (different for every investor based on their risk tolerance).

Corruption (larceny, graft, pay offs).

Stuff happens- these things happen by design. The poor will always be with us. So will thieves and underhanded dealings.

Addressing such sometimes requires forensic accounting, other times updated security protocols and modern-day common sense. The simplest advice is to trust but verify.

Inattention. Auto accidents and bad things on property both occur based on inattention. We often refer to this as taking your eye off the ball.

Over-confidence. Heed the advice of Napoleon, a man with the greatest army of his time.

“You don’t reason with intellectuals.

You shoot them.”

Thus, regardless of your reasoning and confidence, if the decision (to buy/sell/ hold) is not your decision to make, then perhaps it is better to keep your opinion to yourself.

Presumed Liquidity. Equity is a gift not right (this is an ethereal statement).

Rental property of size, even in a “hot” market can takes months to sell. That’s one of the misnomers about multifamily; that although it is the most liquid class of commercial assets, the timing of a specific sale is difficult to gauge. Just a note that considering equity as liquidity is a presumption until a liquidity event occurs.

False expectations. Presumption killed the cat. Another quote from Napoleon: “If you wish to be a success in the world, promise everything, deliver nothing.”

We are accustomed to politicians delivering half-truths, yet they are not the only ones to stand in front of a room of people or look at you eye-to-eye and deliver promises. Best to keep your own counsel and that of those you trust. Regarding new acquaintances…time will tell.

John Wilhoit is a real estate professional specializing in residential asset management and property management.

John has an undergraduate Degree in Business and a Master’s Degree in Urban Studies. Learn more about John here.

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Rental Housing Journal Valley

DEAR MAINTENANCE MEN: Preventive Maintenance, Pipe Hammering and Sprinklers

By Jerry L’Ecuyer & Frank Alvarez Dear Maintenance Men: “Preventive Maintenance” is a term I hear a lot and don’t really understand. I do my own maintenance and fix issues as they come up and any “extra” maintenance just sounds like more work and expense! What am I missing?

Bryan Dear Bryan: On the surface “preventive maintenance” may sound like unnecessary work done in an already busy schedule. However, that could not be further from the truth. Both on a large or small scale, preventive maintenance or “PM” for short is a huge money saver not only in parts, but also in time and labor. An unplanned breakdown is never convenient. The chances are high of a breakdown happening on a Friday or weekend evening after hours. This is the time when the building is under the most pressure as everyone is home. Planning for a breakdown is the first step in avoiding an unplanned breakdown. Look at your apartment building with a critical eye and list everything that

might go wrong at some point in time.

This list would include: water heaters, hot and cold water supply lines, faucets, drains, garage door springs, heating and air conditioning, etc. At minimum you should have on hand repair parts for all the items on your list along with the tools to do the work. If you want to get ahead of a potential breakdown, figure out the estimated lifetime of each item and schedule either a service date for the item or replacement of the item before a potential breakdown. As an example: A one hundred gallon water heater without maintenance may last between six and eight years. The same water heater with yearly maintenance of cleaning out the calcium buildup in the tank, inspection of the Zinc rod and burner assembly might last as long as ten to fourteen years.

Another less extreme example might be cleaning out the main drain lines once a year before the big holiday season. It is much cheaper to have a plumber service your building on a Tuesday morning than on Thursday Thanksgiving night.

FOR

SALE

McMINNVILLE

MEADOW CREEK APARTMENTS 58 UNITS | $7,000,000

GABEJOHANSEN APARTMENTBROKER PRINCIPAL BROKER/OWNER LICENSED IN THE STATE OF OREGON

Dear Maintenance Men: My apartment building has washer and dryer hookups in each unit. One of my Residents has installed a new fancy front-loading washing machine and now the pipes are banging. This did not happen with the regular top loading machines.

Not only is the noise annoying, but also, I am worried this might cause a water line break. The resident’s love their new machine and I don’t want to tear into the walls, so what can I do to remedy the pipe banging issue?

Victor Dear Victor: The reason for the pipe hammering is because of a rapid opening and closing of a water valve. Most washing machines and dishwashers use a fast acting solenoid to control the water valve. The water starts and stops very suddenly causing the pipes to move. The new popular front loading washing machines also use a solenoid to control its water valves, but they open and close many times during the cleaning cycle, so the hammering is more noticeable and damaging. The simplest and least expensive remedy is to install what is called a “Mini-Rester” laundry hammer arrester. The “Mini Rester” is installed either at the washing machine’s hot and cold valves, or directly to the back of the machine’s inlet nipples.

The job can be done in the time it takes to un-screw the hose from the hose bib or machine and reinstall the hose back onto the machine or hose bib with the Mini Rester in between. These hammer arresters can be found at any hardware store and should be about $20.00 each. You will need one for the hot-water side and one for the cold-water side. The “Mini Rester” is designed as a single fixture remedy.

If the problem continues, a larger water hammer arrester will need to be installed.

Dear Maintenance Men: I am planning to install a new sprinkler system in the lawn area of my apartment building. How do I estimate the number of heads and how far apart do they need to be?

John Dear John: First, get an accurate measurement of the area you want to install the sprinkler system. Transfer the measurements to graph paper. Decide on a scale such as one square of the graph paper equals one foot or maybe if you have a large area, one square equals five or ten feet. Draw the dimensions of the area you are planning to irrigate. Next decide what type of sprinkler head you will be using such as

impact sprinkler (Rainbird type), brass heads or pop up, or rotary heads such as Toro offers. The manufacturer will list the water spray radius. If you want the diameter the head will cover, multiply by two. But, knowing the radius should be enough for this purpose. The spray coverage should overlap each head between 80 and 100 percent. What this means is; if the sprinkler head has a spray radius of 10 feet. Each sprinkler head should be spaced 10 feet apart. That is called head to head spacing. If you deviate greater than 80 percent, you may get dry spots at the times you need the water the most; such as during summer heat and windy conditions. Stated another way, sprinkler “A” should wet sprinkler “B” and so on. On the graph paper grid the circles should intersect and touch each sprinkler head. Don’t forget the more sprinkler heads you have the more you will need to pay attention to both gallons per minute (GPM) and water pressure supplying your sprinkler system.

The sprinkler manufacture should have a chart showing how many sprinkler heads can be controlled by one valve depending the GPM at a certain water pressure.

Recommended reading: http://www.irrigationtutorials.com If you would like to see your maintenance question in the “Dear Maintenance Men:” column, please send in your questions to: BuffaloQuestions@gmail.com 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.

503.390.6060 gabe@smicre.com www.smicre.com 4

Rental Housing Journal Valley · August 2017

Rental Housing Journal Valley

Over-Automated Recruitment Processes can Leave Job Candidates Frustrated

M

ost job candidates find value in technology but they are frustrated when it supersedes the human aspect of the job search and hiring process, according to a new study. In fact, 82 percent of respondents agree they are often frustrated with an overly automated job search experience, according to a release from Randstad. The issue is around the role technology should play in the job search and hiring process.

95 percent of workers agree technology should be used to aid the recruitment experience, not replace it.

87 percent of responde Potential employees judge a company by the recruitment and hiring experience "Employers today, and in the future, will be judged by the experience they create for prospective new hires," Linda Galipeau, CEO Randstad North America, said in the release.

"Job candidates are empowered to provide instant feedback on employers, rating a company's candidate experience just as they would rate a movie or a product.

In a tightening labor market, companies cannot afford to lose potential talent due to a poor hiring experience.

“And in a technology-driven world of talent, it's not only about how a company markets itself, but what others say about the company that has a positive impact on employer branding," she said.

What created negative impressions of potential employers?

While 91 percent of workers agreed technology has made the job search process significantly more effective, there are negative aspects as well.

Respondents named "the length of the hiring process" and "the communication level throughout the selection process," as the top two aspects of job searching that created a negative impression of a potential employer.

That impression has lasting effects, as the survey found one-third of workers who had a negative experience during the job search process will never reapply to the organization, nor refer a friend or family member to the company.

About the survey Research findings are based on an Om-

niPulse survey fielded by national polling firm Research Now on behalf of Randstad US. The survey was fielded between June 19th, 2017 and June 23rd, 2017. It included 1,200 respondents over the age of 18, and a nationally representative sample balanced on age, gender and region.

About Randstad Randstad North America is a wholly owned subsidiary of Randstad Holding nv, a € 20.7 billion global provider of HR services. Through its unique approach of delivering HR innovation with human interaction at the center, Randstad secures and manages a workforce of more than 100,000 people for thousands of clients each week. The company employs more than 6,500 recruiting experts through approximately 1,100 offices and client-dedicated locations.

Market Will Hit Records ...continued from page 1 along with the City Council’s housing emergency declaration.

“There were three things happening at the same time to put it in perspective,” John DiLorenzo Jr, the attorney representing landlords, told Rental Housing Journal.

“First of all we have a state law in Oregon that “pre-empts local governments from enacting ordinances which control rent - so it is a prohibition on rent control.

“We also have a state law that makes it clear that landlords have a right to issue no fault, or no cause, tenancy termination notices for month-to-month tenants,” he said. “The city believes that the state law prohibits it from banning no cause notices.” He explained that the city acknowledges that the state law imposes parameters on their ordinances that control rent or attempt to regulate no cause notices. They do believe that their home rule authority allows them to enact tenant relocation payment requirements, even if they tie them to rent increases or no cause notices.

At the same time HB 2004 is now dead in the legislature. “That bill was a total failure,” he said.

Relocation ordinance was disguised rent control “We argued in court that requiring landlords to pay relocation expenses that could amount to up to three times the amount of rent, when rent was raised 10 per cent or more, was tantamount to a penalty for doing what landlords have a perfect right to do under the state statute.

And was in essence was disguised rent control,” DiLorenzo said.

“The court just did not buy that argument. I think it is a good argument. And I think the Court of Appeals may be receptive to it,” he said.

City officials cheered the ruling

Jamey Duhamel, the policy director for Commissioner Chloe Eudaly who was instrumental in bringing the law forward, issued a statement, according to the Portland Mercury saying: “At a time when the legislature has so blatantly turned its backs on tenants in Oregon, it is deeply gratifying to know that the only tool available to us has been upheld in the courts. Relocation assistance helps stabilize families and we intend to make sure as many tenants as possible know about it.”

In a letter to officials, Deputy City Attorney Dennis Vannier boasted that Breithaupt “just comprehensively rejected John DiLorenzo’s challenge to the City’s relocation-assistance ordinance enacted earlier this year, and conclusively ruled for the City on every claim...,” according to the newspaper.

Landlords considering appeal “There are some complications. Under normal circumstance I would just tell you yes we are appealing. And we may in fact appeal,” he said.

“But the ordinance is set to expire on its own accord in October. So it is going to be up to our city council to decide whether they are going to renew it, or change it. They might renew it, or they might change it. And it might be a different ordinance and so the likelihood is that we will appeal.

“The appeal may be disrupted depending on what the city council in turn does.

If they allow it to expire the appeal would be moot.

In terms of whether we appeal or not, “We cannot wait until October. We have to decide within 30 days of the judgment.

And the judgment should be finalized next week. So I would say by mid-August we should know what we are going to do.”

Rental Housing Journal Valley · August 2017

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Rental Housing Journal Valley

Midyear Report – Suburban Office Challenging CBD Often-Overlooked Investment Quietly Gathers Traction; Reinventing Suburban Office Sparks Refreshed Perspective

C

BD led office recovery. Central Business District office markets garnered attention during the recovery as a variety of large companies announced relocations to downtown areas. Notable leaders in this movement included United Airlines, which moved its headquarters to downtown Chicago, and Expedia, which relocated to the Seattle

waterfront from its suburban office location. As millennials entered the workforce, access to transportation, walkability and retail topped priority lists, further benefiting CBD office demand. This noteworthy shift sparked an urbanization trend and drove increased absorption of office space.

Subsequently, CBD office rents and vacancy were quicker to recover from the Great

Key Observations CBD Improvement Tapering. While the CBD was quicker to recover from the Great Recession, improvements in office market fundamentals have begun to moderate. Vacancy remained fl at in 2016, while the pace of growth in asking rents slowed.

Demographics Favor Suburban Demand. Nearly two thirds of households already reside in the suburbs, fostering demand for office space in suburban markets. Shorter commute times entice many workers to seek employment in suburban office locations.

Suburbs Evolve to Meet Millennial Tastes. Suburban companies are seeking spaces in prime locations to cater to the lifestyle that many young pro-

fessionals enjoyed in CBD areas. As a result, many suburbs are transforming into their own urban environments with walkability, entertainment, and retail and dining options.

Suburban Absorption Strong. Net absorption has maintained a vigorous pace over the last six years, pushing vacancy down nearly 250 basis points to 15 percent since 2011 and driving steady rent growth. ■ Cap Rates and Pricing Show Suburban Upside. First year returns up to 100 basis points higher in the suburbs. Additionally, peak-to-trough pricing signals additional room for improvement in the suburbs compared with urban assets.

ties and services of urban environments.

These locations are generally more affordable than their urban counterparts while remaining attractive to employees seeking a variety of offerings that are within walking distance. Many of these areas are located on transit lines, allowing employers to draw from a broad labor force outside the urban core.

Investors shift focus. The urban core comprises approximately 31.6 percent of the total office space in major cities, but in the wake of the recession just 17.3 percent of the 2009 office transactions were in downtown areas. As the urbanization trend gathered momentum, sales of downtown office properties increased to comprise nearly one fourth of the deals in 2014. Since then, investors have once again begun to focus on suburban options, restraining downtown activity to 21.7 percent of 2016 office sales. The fl ow of capital reflects the convergence of opportunity, yield and perceptions of future growth, and it appears investors’ attention is once again moving beyond the core.

Recession than their suburban counterparts.

Suburban office gathering momentum.

Following the recession, many employers relocated to the urban core, capitalizing on reduced downtown office rents while reinforcing the trend toward urbanization. As the economic growth cycle gained momentum and office rents in core locations recovered, suburban office space once again became a more affordable alternative for many companies. Though lower costs catalyzed a shift in where companies located, tightening labor markets have reinforced the value of locating near the substantial suburban labor force featuring 70 percent of the millennial population. Though many millennials favor an urban live-work-play lifestyle, for many young adults, commute time is also a significant consideration.

Evolutionary suburban office trends.

The idea of working in an amenity-rich office location with walkable access to shopping, restaurants and other recreational activities remains attractive to many professionals and still favors urban office space. Numerous suburban office locations have become increasingly competitive, however, by clustering in walkable villages featuring many of the ameni-

...continued on page 7

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Midyear Report ..continued from page 6

Suburban Office Outlook Improving Demographics Will Shift Office Tenants and Investor Attention to the Suburbs Well-located suburban Office properties benefit from forward-looking demographics. In 2015, the majority of U.S. households, 64 percent, resided in the suburbs and that number should rise as urban millennials form families and move to larger living spaces in suburban locations. Many Office tenants are tapping into this larger workforce already located within the suburbs, enticing employees with shorter commute times and revamped Offices. Moving forward, attention should continue to shift to suburban Office space as market demographics improve and absorption remains steady.

Suburbs Dominate Household Location, Attract Tenants Office tenants seeking to capitalize on the many workers living in the suburbs have fueled net absorption of suburban Office space. As a result of robust tenant demand, vacancy has fallen nearly 250 basis points during the course of the recovery to 15 percent in the first quarter of 2017. In an effort to recruit and retain these employees, suburban tenants have been scouring the market for quality available space in locations near retail and transportation options. Subsequently, suburban Office construction has heightened during the last two years but remains far below the completions recorded during the previous cyclical peak.

Minimal completions and steady absorption signal the potential for further vacancy improvement.

Healthy demand has also spurred rent growth with the average asking rent up 7 percent from the 2008 peak. Asking rent is roughly half of the average rent in urban Office space, motivating tenants who may have been priced out of the urban core to move to the suburbs. The lower costs and relatively more land available in the suburbs have also resulted in the creation of large campuses catered to professionals. Many of these campuses offer on-site amenities like gyms or day care centers. Additionally, the cost savings allow some companies to renovate existing spaces into modern Office concepts.

during this same time. Higher returns in the suburbs and consistent tenant demand should create attractive yield dynamics, particularly for buyers attracted to value-add properties where increasing amenities and renovating spaces to cater to millennials’ tastes can increase marketable rents.

While average first-year returns higher than CBD properties are garnering attention for suburban assets, peak-to-trough pricing signals room for additional improvement. The average price per square foot for suburban assets is up 34 percent, while downtown properties are up 46 percent per square foot from trough to current peak. The lower prices in the suburbs provide potential opportunities for private investors who may have been priced out of core urban assets by institutional buyers. Additionally, as institutional foreign capital has typically gone to trophy CBD buildings, private foreign buyers are increasingly seeking out more affordable suburban properties.

Cap Rate Trends Show Upside Potential of Suburban Office Strengthening demand for Office properties compressed the average first-year returns in both suburban and core Office assets over the course of the recovery. Initial yields in CBD Office space fell about 240 basis points from peak cap rates to the high-5 percent span in March. Cap rates in suburban properties descended 150 basis points to the low-7 percent area

Suburban Case Studies Suburban Office Landscape Changing to Meet Demands of New Workforce Office markets in the suburbs are transforming to meet the live-play-work lifestyle in order to secure and retain the next generation of talent. New projects often reflect the changes that millennials have brought to office and work culture.

On-site amenities including access to recreational activities, healthcare clinics and day care centers have cropped up in many new suburban office developments, helping create the work-life balance desired by many professionals. Additionally, companies are targeting spaces with nearby access to dining, retail and entertainment, further generating the sense of community that young professionals value.

Plano Texas Brings CBD Lifestyle to the Suburbs The evolution of suburban communities into amenity-rich environments is demonstrated in Plano, Texas. Located 40 minutes outside Dallas, Plano features numerous corporate headquarters including Toyota, Alliance Data, Frito- Lay, Pizza Hut and J.C. Penney. Residential and retail offerings, such as the Shops at Legacy, are available near these campuses to further augment a work-life balance.

These types of shopping centers provide additional upscale dining and retail options to attract professionals in the area.

Many corporations are also revamping their spaces. Toyota recently moved its North American Headquarters to Plano from Torrance, California. The new campus is built with collaboration, health and efficiency in mind. All departments are internally connected and collaborative areas comprise roughly half the workspace. Employees can choose to have standing desks, some on treadmills, and large community tables. The campus also has a wide range of amenities including various dining options, a jogging track, a rock-climbing wall and a two-story gym.

For example, the Sixth Street Market is a Sunday morning pop-up that features shopping, art, brunch and yoga. Additionally, the light rail provides transportation to downtown Phoenix and Phoenix Sky Harbor International Airport.

Other companies have taken notice of the success in downtown Tempe, including State Farm, which recently built its new regional headquarters here with young workers in mind. The campus features restaurants, a fitness center and an on-site primary-care doctor’s office. Additionally, break rooms that resemble coffee houses, wine bars, standing desks and conference rooms with 360-degree video-calling capabilities bring the collaborative environment young professionals desire. The company also recognizes the importance of a sense of community and hosts a free music festival every Thursday night in downtown Tempe called Beyond the Bricks.

Tempe Arizona Engages Millennials Tempe, a suburban college town east of Phoenix, Arizona, has a live-play-work environment that attracts millennials. Several large employers are there, including Honeywell and Freescale Semiconductor.

Additionally, Insight, a b2b tech Fortune 500 company, has its headquarters within the city and JPMorgan is building a 67-acre campus. The area incorporates a large university, creating a recruiting pool for nearby companies targeting workers in the region. Tempe is filled with several high-rise residential developments that are within walking distance to local shops, dine-in establishments and events. ...continued on page 8

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Midyear Report ..continued from page 7

Contacts and Capital Markets Debt Funding Availability Remains High; Fed Pushes to Normalize Rates Monetary policy in transition.

Despite the Fed raising its benchmark short-term rate three times in seven months and signaling another rise before the end of the year, long-term rates have remained stable. The yield on the 10year U.S. Treasury bond remained in the low- to mid-2 percent range throughout the second quarter of 2017. The Federal Reserve wants to normalize monetary policy and, in addition to rate hikes, will likely start paring its balance sheet.

Sound economy a balancing act for Fed. With unemployment hovering in the low-4 percent range, the lowest level since 2007, the Federal Reserve will remain vigilant regarding the possible rapid increase

in inflation if wage growth takes off. Additionally, business confidence sits close to its all-time high. Businesses finally have the confidence to expand their footprint after years of tepid growth following the Great Recession. Office properties stand to gain significantly from this expansion with increased hiring adding to occupancy, in addition to expanding economic growth. The Fed, however, must now balance economic growth and job creation against wage growth and inflationary pressures.

Underwriting discipline persists; ample debt capital remains.

Overall, leverage on acquisition loans has continued to reflect disciplined underwriting, with LTVs typically ranging from 60 percent to 75 percent for most office properties. At the end of 2016, the combination of higher rates, conserva-

tive lender underwriting and fiscal policy uncertainty encouraged some investor caution that slowed deal fl ow, a trend that has extended into 2017. A potential easing of regulations on financial institutions, though, could liberate additional lending capacity and higher interest rates may also encourage additional lenders to participate.

By Catherine Zelkowski For information on national office real estate trends, contact: John Chang First Vice President Research Services Tel: (602) 707-9700 john.chang@marcusmillichap.com © Marcus & Millichap 2017 www.MarcusMillichap.com

The information contained in this report was obtained from sources deemed to be reliable. Every effort was made to obtain accurate and complete information; however, no representation, warranty or guaranty, express or implied, may be made as to the accuracy or reliability of the information contained herein. This is not intended to be a forecast of future events and this is not a guaranty regarding a future event. This is not intended to provide specific investment advice and should not be considered as investment advice. Sources: Marcus & Millichap Research Services; CoStar Group, Inc.; Federal Reserve; Moody’s Analytics; Real Capital Analytics; Standard & Poor’s; U.S. Bureau of Labor Statistics.

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