Property Management News for September

September 05, 2019

What’s New in Property Management

We’re keeping a closer eye in property management news stories, events, developments, tech, and property management trends, and reporting them right here.

It could be the new investment, technology, efficiency, and competition could be changing the culture of property management and the housing market this year.

Woman Sells Huge Property near Aspen for 6.5 Million When She Could have Gotten $30 Million.

Yes, 89-year-old Harriett Noyes had two big offers: One was $30 million from a developer who would likely evict her family and friends to build luxury homes. Two was to sell it cheaply so her family and acquaintences could still live there. Read more on the Denver Post.

Millennials Looking Across the US for Properties

Millennials property buyers priced out of their own local markets are going online to invest. #curbedla #property #investment #Millennials #trends

It’s been typical for investors to avoid high priced markets such as San Francisco, San Jose, Los Angeles, Seattle and more. Millennials, priced out of their own locations, are more likely now to buy in up and coming markets to buy properties. They’re leveraging local property managers to turn a profit in these lower priced markets.
According to Roofstock, out of state investors make up to 93% of purchases, and 75% are first time buyers.

Real Estate Tech Startups Booming

One expert says he’s seeing new and innovative ideas literally every week. Can the Chicago market sustain the explosion?

California CEO Wants to Make sure you Never Waste a Drop of Water

Gabriel Halimi, 37, is chief executive of Flo Technologies Inc., a Culver City California company that he founded with his father, Henry, who invented the firm’s central device. Flo’s smart detector connects to a home’s main water supply line and employs proprietary AI technology to monitor use and determine whether there are leaks.

Each year, U.S. households waste 1 trillion gallons of water from leaks, enough to supply more than 11 million average homes, according to the Environmental Protection Agency. Moen, one of the nation’s largest water fixture makers, is partnering with Flo to offer smart water technology to customers.

New York Rent Control Laws Depressing Property Managers

When a neighborhood landlord named Stephanie Kirnon learned about the far-reaching changes to New York’s rent laws, she grew anxious: How would she afford the $29,000 in repairs to the leaky roof of the 26-unit apartment building she owns in the Bronx?

Interest Rates Should Drive More Acquisitions in Multifamily

Borrowers have an unexpected second chance to get low-interest financing to buy or re-finance apartment properties, thanks to growing worries about the slowing U.S. economy.

This month, officials at the Federal Reserve cancelled plans to raise benchmark interest rates in 2019, after a weak jobs report and lowered expectations for economic growth.

Millennials and Gen Z: Challenge or Opportunity for Multifamily Rent Property Managers?

After years of racing to keep up with the demand, inventory for multifamily rent properties now outpaces demand in many major markets. That puts property managers in a tough spot, trying to prevent renters from being wooed away by more amenities or lower monthly rent as renewal dates approach. But wherever there’s a challenge, there’s often an even greater opportunity..

How the Property Management Game has Just Changed

In today’s rental market, life couldn’t be better for the owners of multifamily developments. Rising rents, declining vacancy and a positive economic outlook suggest that the market could be robust for some years to come.

Gone are the days of deferred maintenance, A/P extensions and heavy scrutinization of financial profit and loss statements and general ledgers. Apartment owners can finally take their…

Deciding between Airbnb and Traditional Property Management

When Airbnb launched in 2008, most people thought it was a wacky idea at best. Today, of course, it’s transformed the short-term rental market and has many property owners wondering whether they should offer their units by the night instead of the year (if, that is, short-term rentals are even legal for their properties).

Whether you work in property management or your clients are looking for advice on how to capitalize on these opportunities, it’s important to consider the ways managing a short-term rental property..

Property Management Startup Home365 launches in Las Vegas

Home365.co uses an algorithm to determine how much it will charge property owners. The Bay Area-based startup offers full-service management for properties…

Read more at https://www.inman.com (paid subscription site).

The New York-Based Startup Providing ‘Last Meter’ Services To Multifamily

In recent times, there has been much ado about “last mile” services, with the likes of Amazon investing heavily into urban logistics and futuristic solutions such as drone deliveries. However, not many companies have earned the trust of consumers to the extent that they are able to give “last meter” services , coming into their customers’ homes and delivering goods and services in that most private of spaces.

Apartment Construction Boom Continues in Seattle, Putting New Strain on Occupancies

Construction cranes are looming over Seattle, casting a thicket of shadows over the apartment sector in the city.
“Seattle has the most cranes in the sky of any U.S. city,” says Jared Kadry, senior market analyst with research firm the CoStar Group. As of January 2019, there were 59 cranes working in Seattle…

Deadline Approaching for Elevator Upgrades in New York

Some 44,000 elevators in New York must have door-lock systems installed by the end of the year.

New York Attorney General sues Property Manager for Manipulating the Rent Regulatory System

New York State Attorney General Letitia James filed a lawsuit against a property manager and his firm for allegedly violating the Rent Stabilization Law and Rent Stabilization code.

In the complaint, AG James accused New York City property manager David Drumheller and his firm JBD Realty Services of fraud and unjust enrichment. She also alleged that the defendants manipulated the rent regulatory system…

Hawaii Startup Wants to Reshape Real Estate

Two Hawai‘i-based startups are using Property Technology – “PropTech” – to Drive Innovation in Condos and other Buildings

We are living in the rising Third Wave of the internet, an era when internet technology is so integrated into everyday transactions that you can whip out your smartphone to easily order your morning Americano, see a primary care physician, shop for groceries, sweat through an exercise class, hail a ride to the airport or rent out your ‘ohana unit.

Read more at https://www.hawaiibusiness.com

Designed To Share: Airbnb-Backed Developer Is Building Condos Made For Home Sharing

Miami-based real estate developer Newgard Development Group announced Tuesday that it will open condominium towers purpose-built for home sharing. Operated under the brand Natiivo, the properties in Miami and Austin will be part of Powered by Airbnb, the home-sharing platform’s consulting business for new buildings.