Rental housing professionals and vendors gathered with legislators — and posed for a few pictures — during Feb. 13’s Legislative Conference at the Sheraton in downtown Sacramento. Smiling for the camera in this shot, from left: Dan McCoy, vice president operations, GSF Properties, Inc., David Jackson, district sales manager, WASH Multifamily Laundry Services; Assemblyman Henry T. Perea, 31st District; Robyn Cue, regional marketing coordinator, Winn Residential; Rosemary Lynch, executive vice president, Buckingham Property Management; and Stephanie Babb, regional director of CAA Greater Fresno. For a gallery of more photos from the conference, click here.
By MIKE NEMETH While Proposition 30 will slow the furious pace of budget cuts, California lawmakers won’t throw away the chopping block, a lawmaker projected earlier this month. Assemblyman Henry Perea, D-Fresno, said the state will continue to rein in spending, albeit with less urgency. California voters approved Prop. 30 in November, raising the state’s sales tax by a quarter cent on the dollar. It also boosted income taxes for those earning more than a quarter-million dollars per year. “If it weren’t for the proposition passing, we’d be having a very different conversation this morning about the state of our… Read More
Receive a $5 discount off the regular price on Orchard Supply Hardware’s selection of carbon monoxide detectors. Coupon offer valid in store through March 2.
Years ago, the process for an uncontested eviction took about 30 days. Now, that process takes about 45 days. Unfortunately, the process is about to take much longer and initial estimates project a 60 day uncontested eviction. I recently attended the Eviction Hub meeting in downtown Los Angeles given by the presiding judge. The Los Angeles County announced sweeping cuts to counteract a $60 million to $80 million budget shortfall. We learned that very soon — in fact, possibly beginning late this month — L.A. County will downsize its eviction courts from 25 to a five-court trial-hub system. Basically, it… Read More
Billions of dollars are trading hands as some of America’s richest investors snatch up single-family homes and place them on the rental market, Bloomberg reports. The idea: Buy distressed homes now and make money renting them out as they appreciate and go back on the market in a few years. Returns on investments in hard-hit regions, such as in Florida, could fetch returns of 6 to 8 percent, Sandeep Bordia of Barclays Plc. told Bloomberg, while places with already-high home prices — like in California — might see yields closer to 4 and 5 percent.
San Jose’s minimum wage increases from $8 to $10 next month — and apartment managers need to know how this will affect them. In addition to shelling out $2 more per hour, employers affected by Measure D will need to post – in a conspicuous place – notices of the wage increase by March 11. Click here to download the notice that needs posting in the workplace.
If the rental market is returning to the fast lane, you could say women are in the driver’s seat. Diana Olilck’s Realty Check article on CNBC.com says the housing market’s recovery doesn’t necessarily mean a rush for renters to become buyers. Pointing to demographics, the article explains the role women are playing in the apartment industry’s success — even as the housing market bounces back. Some reasons women are likely to keep renting: These days, they’re staying single longer and putting off parenthood for their careers. That lifestyle suits apartment living more than taking on a mortgage and a home… Read More
During a California Apartment Association event Thursday, a featured speaker predicted that growth in commercial construction will bring a corresponding need for new housing in the Silicon Valley. Larry Souza of the Johnson Souza Group offered that forecast during Tri-County’s annual economic and legislative summit, which nearly 200 members attended. The Silicon Valley Business Journal covered portions of Outlook 2013, including Souza’s comments. “My projections are we’ll reach the peak of the commercial real estate and business cycle by 2017 — and then probably be back in another recession,” he said, according to the Business Journal story. Souza’s presentation also… Read More
In an interview with The Motley Fool, Zillow CEO Spencer Rascoff says rentals will play a big role for his company in years to come. “That’s because of the structure of the rental industry in the United States. Rental properties turn over about six times more often as for-sale properties, and there are tens of millions of rental units out there,” Rascoff says in the clip. “There’s also no clear market leader, and so we think Zillow has an opportunity there.”