apartment, landlord, property management

The fight between home owners and rentals

Rental housing issues come to a head in Cedar Falls

February 15, 2015 6:00 am  • 

The result is a lot of noise with a few shared notes piercing through, but passionate disagreement about how — if at all         those notes ought to be strung together.

That’s what happens when you ask what the word “rental” means in Cedar Falls these days. Are rental properties good or bad? What should be done about them? What shouldn’t? The discord raised by those questions is loud and pervasive.

The role of conductor has fallen to the City Council. When city residents complained of the shabby appearances of rental houses, the council ordered the police department to ratchet up property-related code enforcement.

The council then passed a moratorium, banning any new single-family home rentals for six months in certain parts of the city. banning any new single-family rentals.

read more please: http://wcfcourier.com/news/local/govt-and-politics/rental-housing-issues-come-to-a-head-in-cedar-falls/article_5e190ffb-0f05-59c7-a29e-0cf74a4ce7a1.html

property management, real estate

Tax Increase/Rent Increase

Do you think rents will be going up?  Yes . . .  Along with utility increases, housing regulations-codes, licensing, landlords are also facing huge tax increases.  With a tight rental market, these will be passed on to the tenants.

Lancaster residents are sure to see a tax increase this year, but the question is how much?

Lancaster City Council in December approved Mayor Rick Gray’s budget, which included a 7.5 percent tax increase this year.

Now the School District of Lancaster is asking the state for exemptions to raise taxes above the Act 1 index of 2.8 percent to a maximum of 11.5 percent.

While it’s no guarantee the district would actually increase taxes by the full 11.5 percent, it’s possible school directors may vote to approve some kind of tax increase.

see: http://www.pennlive.com/midstate/index.ssf/2015/02/how_much_will_taxes_increase_f.html


Business, landlord, property management, real estate

Rents up 5%

Average city rents up almost 5% in the US in 2014

ImageAmericans paid out $20.6 billion more in rent in 2014 compared to 2013 as nationally average rents in cities increased during the year, new data shows.
Cumulatively, they paid $441 billion in rent in 2014 compared to $420 billion last year, an increase of 4.9% as both the number of renting households and the average rent rose, according to an analysis from real estate firm Zillow.

In California the Bay Area, consisting of the San Jose and San Francisco metros, saw the largest jump in cumulative rent paid in 2014, up 14.4% and 13.5% respectively. Rent per household in the San Jose metro rose by $197 per month, while rent in the San Francisco metro rose by $163 per month.

Out of the top 50 largest US metro areas, the largest amount of cumulative rent was paid in the New York/Northern New Jersey and Los Angeles metros at $50 billion and $34 billion respectively.

The smallest amount of cumulative rent was paid by renters in Birmingham, Alabama, at $1 billion, Louisville, Kentucky at $1.2 billion and Buffalo, New York at $1.2 billion.

Nationally, the total number of renters is estimated to have grown 1.9% in 2014 and over the same time period, the median rent paid increased by 2.9%.

‘Over the past 14 years, rents have grown at twice the pace of income due to weak income growth, burgeoning rental demand, and insufficient growth in the supply of rental housing,’ said Zillow chief economist Stan Humphries.

‘This has created real opportunities for rental housing owners and investors, but has also been a bitter pill to swallow for tenants, particularly those on an entry-level salary and those would-be buyers struggling to save for a down payment on a home of their own,’ he explained.

‘Next year, we expect rents to rise even faster than home values, meaning that another increase in total rent paid similar to that seen this year isn’t out of the question. In fact, it’s probable,’ he added.

Read more: http://www.propertywire.com/news/north-america/us-city-home-rents-2015010510003.html