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This week, San Francisco-based multifamily ILS MyNewPlace.com launched RentEngine, an integrated listing tool and syndication service offering systematic listing, posting, tracking, and reporting capabilities. In conjunction with the launch, MyNewPlace.com CEO John Helm sat down with Multifamily Executive for an exclusive download on the RentEngine component and its prospects as a change-maker for marketing apartments on Craigslist and beyond.
Multifamily operators will have to overcome yet another challenging year of distressed rent fundamentals in order to tap into the promise and expectation of future market growth.
Apartment owners in the Lonestar State will have to make it through to mid-2011 before metrics turn around.
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Some of the biggest public apartment owners in the country saw increases in move outs for homeownership in the third quarter. Add in the extension of the homebuyer tax credit and home prices continuing to decline, and it might make sense that a flood of renters move out for homeownership into 2010.
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Funds from operations (FFO), moreso than occupancy levels or net operating income (NOI), is the generally accepted measure of operating performance for real estate investment trusts. And in the third quarter of 2009, with unemployment mounting, apartment REITs saw their FFO take a hit. Here is a ranking of the REITs with the highest FFO for the third quarter.
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The mantra in the apartment industry this year has been to keep heads in beds. From the looks of the third quarter results, it looks as though the REITs are leading the way. All 12 major apartment REITs reported occupancies above 93 percent.
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New York-based Reis says that apartment vacancies have hit record highs and will move higher. Conversely, RealFacts, a Novato, Calif.-based apartment data provider, saw occupancies rise in 29 of the 33 MSAs it covered in its third-quarter report. Neither of the conflicting reports, however, indicates when rents will stop their downward slide.
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Earlier this week, UDR was the first REIT to declare its third-quarter earnings. The numbers surprised some analysts. Fundamentals are weakening, but the firm still held occupancies above 95 percent in all four regions. Its revenue came in line with forecasts from Robert W. Baird & Co., a Milwaukee-based wealth management, capital markets, asset management, and private equity firm, but its operating line was better than some analysts expected thanks to some cost savings.
Buoyed by steady job growth and rental demand, Washington, D.C., is one of the nation’s best performing housing markets.
After months of struggling to fill units, apartment firms are finally starting to see a slow-but-steady uptick in occupancies.