Apartment rent flow up, apartment sizes down, a new "Cityness" index, a new affordable housing REIT, and best practices for checking tenant references.
In Today's News
Nearly 80% of Renters Paid in the First Month of October
The National Multifamily Housing Council (NMHC) Rent Payment Tracker found 79.4% of apartment households made a full or partial rent payment by Oct. 6 in its survey of 11.4 million units of professionally managed apartment units across the country.
Why it matters: While that's the same as last year at this point and a bit better than this point last month, the NMHC says the numbers show that government relief is still needed for many, many tenants and landlords. It also can be a useful intel for smaller operators and mom-and-pop landlords.
Honey, I Shrunk the Apartment
A study from RCLCO Real Estate Advisors takes a deep dive into the average size of new apartments built between 2000 and 2019. Spoiler alert: They're still shrinking, but not as fast as in the past.
Why it matters: The study finds current wide variance by market and provides insight for developers considering their own projects and for investors mulling market moves themselves.
Suburbs With a City Flair May Suit Those City Folks Moving Out
This interesting piece on GlobeSt.com takes a look at a Yelp (NYSE: YELP) and Zillow (NASDAQ: Z) (NASDAQ: ZG) report on what those two firms call their new "Cityness Index."
Why it matters: This measure of how multiple suburbs hit the mark on affordability and amenities alike is a cool new way of looking at what's happening as city dwellers are apparently fixin' to move out of town, or at least downtown.
Today on Millionacres
New REIT Targets Workforce Housing and Opportunity Zones
California-based Aspire Real Estate Investors aims to be the first qualified opportunity fund to appear on a national securities exchange. Millionacres' Deidre Woollard looks under the hood.
Why it matters: The minority-owned firms creating the new real estate investment trust (REIT) aspire to get on the NYSE. Being able to buy shares that way would lower the financial bar for entry into this emerging investment tool for affordable housing. But there are a lot of regulatory issues, too, including around how long an investment must be held to qualify for the tax break built into the opportunity zone programs.
7 Questions to Ask When Calling a Renter's Past Landlords
Millionacres' Aly Yale lists seven questions you can ask a previous landlord and not run afoul of the law. But check with a real estate lawyer just to be sure.
Why it matters: Aly also includes some things that are definitely "don't go there" as she shares insight on how landlords can do their best to get responsible tenants.