Multifamily

Massive multifamily trade groups take on Airbnb

NMHC and NAA go to bat for the right of owners and operators to restrict short-term rental activity
The Nation Multifamily Housing Council and the National Apartment Association are going to bat for the multifamily industry in court. The two organizations filed a brief backing apartment developer Aimco's appeal to overturn a California court's decision immunizing Airbnb from responsibility for the actions of its users who rent out their multifamily units.
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Trammell Crow Residential returning to South Florida after years away

First new multifamily development since last real estate cycle
Trammell Crow Residential, a national multifamily real estate developer, is returning to the South Florida market with a new development after shying away from the market for many years. According to the company, the new development is the company’s first in the area since the housing crisis.
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Rental scammer ordered to repay $5.2 million to deceived consumers

Offered fake rentals and tricked people into signing up for credit monitoring
The owner of a supposed credit monitoring service will repay $5.2 million to deceived consumers for using fake rental properties to trick those consumers into signing up for the credit services. The company's sites offered "free" credit information but auto-enrolled the renters into a credit monitoring service that charged $29.94 on a monthly basis.
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Rent just jumped to an all-time high

New report shows nationwide rent crosses $1,400
We’ve known that the rent may be too damn high for quite a while now, but a new report shows that rent has never been this high before. Newly released data from RentCafé and Yardi Matrix shows that nationwide apartment rents just hit an all-time high in June, crossing the $1,400 threshold for the first time ever.
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NYCHA needs $31.8 billion to repair its properties...it only has $6.84 billion

NYCHA in hot water as neglected repairs have put hundreds of children at risk of lead poisoning
After the results of new inspections came in, the New York City Housing Authority announced that it needs $31.8 billion to fix its decrepit housing stock. According to the Wall Street Journal, this is an increase of nearly $7 billion over previous estimates.
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Is the end of parking nigh upon us?

1:1 parking ratio is a critical element of multifamily developments now, but that might be changing
As urban renters eschew car ownership and cities densify, will investors become comfortable with the idea of easing up on the 1:1 parking ratio? The stage is set for parkingless developments to become a thing, only time will tell if and when investors will respond.
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Fairfax County, Virginia opens public housing waiting list for first time in 10 years

Area outside Washington, D.C. hasn’t taken new applications since 2007
Residents of Fairfax County, Virginia, haven’t been able to get on the waitlist for public housing in the area in 10 years due to high demand for affordable housing, but that’s about to change. Fairfax County officials announced recently that the county’s housing authority will soon be opening up the Rental Assistance Demonstration Waitlist for the first time since 2007.
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RealPage: Class-C is now the cream of the multifamily crop

It's the underdog story of the decade; Class-C apartments are outperforming Class-B and Class-A in occupancy growth
It’s the underdog story of the decade. Class-C is now on top of the multifamily food chain, boasting tighter occupancy rates than Class-B and Class-A, according to a report from RealPage. Class-C can thank good job growth, the overall demand for multifamily and the particularly acute demand for affordable apartments for its upward momentum in the multifamily market.
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On-demand property maintenance platform Homee raises $11 million to power growth

Backers include The Home Depot
Property managers, renters and homeowners in need of maintenance on their property now need only to look to their smartphones to find their next service provider. Homee, an on-demand property maintenance platform that’s available via a smartphone app, announced recently that it’s planning to expand to new markets thanks to a new round of financial backing.
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ORIX to acquire NXT Capital

NXT to become a subsidiary of ORIX by the end of August
ORIX Corp. USA, which already boasts a number of financial firms under its umbrella, including Boston Financial Investment Management, Lancaster Pollard, Mariner Investment Group, RB Capital and RED Capital Group, is moving to acquire NXT Capital. The two companies just signed a definitive agreement and the acquisition is expected to be completed by August.
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