INFORM

INDUSTRY NEWS & MARKET TRENDS

RENTAL HOUSING ORGANIZATIONS OFFER PANDEMIC SUPPORT

The Institute of Real Estate Management (IREM), National Apartment Association (NAA), National Multifamily Housing Council (NMHC) and National Association of Residential Property Managers (NARPM) recently joined forces to launch the COVID-19 Rental Housing Support Initiative, described as “a series of solutions in key support areas to help our industry survive and thrive through the pandemic and beyond.” The project, for which Yardi is a primary sponsor, includes mental health resources and fact-based information on renting, legislative support for the industry, liability information and other tools. Find materials online at covidinitiative.rentalhousingindustry.org.

ALN REPORT SHEDS LIGHT ON MARKET TRENDS

The recently released Q4 2020 ALN Apartment Data Quarterly Metropolitan Statistical Area (MSA) Report for San Francisco-Oakland-Hayward offers fascinating insights into local population and housing trends. A few highlights: • In the MSA, median household income rose from just over $96,000 per year in 2016 to just over $114,000 per year in 2019.

• The annual change in effective rent (i.e., the monthly rate residents are charged for a 12-month lease, accounting for the available concession package) year over year in the MSA was $2,625 (-7.4%), the largest decrease out of 20 MSAs with similar populations.

• Average effective rents were down in all floor plan types, with the average effective rent for all units at $2,625 for the fourth quarter of 2020.

• 35.6% of all units were offering rent concessions; the average was 5.8 weeks free for a one-year lease.

• Class A units had an end occupancy rate of 74.9%, down 15.1%. Class D properties had the least occupancy change with a decrease of 0.3%.

CONCORD RAMPS UP ACCESSIBILITY

Concord City Council recently awarded a construction contract for a project that will add 26 ADA curb ramps (also known as handicap ramps) in locations around Concord where there currently are no ramps. The city will add minimal traffic striping and paving improvements too. Construction is anticipated to be completed in March. The project is is part of a commitment from the City of Concord to remove accessibility barriers within city right-of-way areas. See the city’s website, cityofconcord.org, for updates.

EDEN AREA BUSINESSES GET FACE-LIFTS

The Eden Upgrade Façade Improvement Program is accepting applications from unincorporated Alameda County businesses looking to upgrade their curb appeal. Up to $25,000 (with no cash match) or $80,000 with a 50% cash match is available for exterior building improvements such as signage, window and door systems, paint, lighting, landscaping and awnings. Funds are available to qualified renters and property owners with current Alameda County business licenses. Visit edenupgrade.org for more information.

PITTSBURG OFFERS FINANCIAL ASSISTANCE

The City of Pittsburg in partnership with SHELTER, Inc. has funds for rental, mortgage and utility assistance for Pittsburg residents impacted by COVID-19. Applicants must be from an eligible, low-income household. Household’s inability to pay rent, mortgage or utilities must be due to COVID-19. Please note that funding is limited. To apply online, visit shelterinc.org/renthelp. For more information, call SHELTER, Inc.’s hotline at 925.349.0571.

ALAMEDA COUNTY GETS THE LEAD OUT

Lead-paint-repair grants for owners of pre-1978 residential properties are available in Alameda County. Approved applicants are provided with free lead testing, grant funding of up to $10,000 per unit for lead hazard repairs, and more. Check the county’s website for more details. achhd.org/programs/leadfunding.htm

ZILLOW CHARGES RENTAL LISTING FEES

Many rental housing providers rely on Zillow as a platform to list vacant units. However, those services are no longer free. As of January, Zillow has stopped automatically syndicating rental properties from local MLS feeds. Property managers using third-party feed services who wish to have their listings posted on Zillow Rentals network (Zillow, Trulia and HotPads) must establish a Zillow Feed Connect agreement and pay $1-$3 per day per listing, depending on the market and the number of listings.

Zillow’s service for owners of 1-5 rental properties, Rental Manager, changed its pricing policy last year. The first listing is free, but subsequent active listings cost $9.99/week and renew automatically. Read about Zillow’s rental advertising and listing costs, as well as the benefits, at zillow.com/z/partners/advertise.