managers and owners. Property managers can add apartments for free and claim listings for a small fee which will allow them to market available units, add a link to drive traffic to their website, receive leads and respond to reviews. Property managers will also be able to inform renters if an issue has been fixed or if they made an improvement. The site also includes social networking integration with Facebook, Twitter and others, giving renters easier access to search, write and share reviews. Another social feature allows users to anonymously message reviewers and engage in a conversation. “Social media integration will allow users to interact more which will improve the quality and quantity of information they can use to make an informed decision about renting an apartment,” said Mike Cerny, Founder of DoNotRent.com. With improved social networking integration, DoNotRent.com is confident the site will become more useful to everyone. Renters and landlords can bookmark apartments, maintain their profile and setup alerts when apartments they review or bookmark receive a new review. Unlike national apartment locators that claim to offer unbiased reviews, DoNotRent. com’s primary objective is delivering the newest and most accurate apartment reviews to renters. Because there are no competing interests, they provide objective and unbiased user reviews. Acknowledging the increasing diversity of devices available to renters, users will be able to access the new site using laptops, PCs, tablets and mobile devices. In the next 60 days, DoNotRent.com will be launching a custom mobile site with future plans to release Android and iPhone apps. Created by a group of Chicago renters as a trusted resource for renters, DoNotRent. com has grown from beta testing in 2011 into one of the fastest growing apartment review sites. The company plans to continuously improve services for renters and property managers.
U.S. Multi-housing Vacancy Rate to Rise Slightly in 2013 According to a new CBRE group Inc. study, the U.S. multi-housing mar-
ket vacancy rate is expected to increase
modestly to 5.3 percent in the new year. The increase, from 4.5 percent in this year’s third quarter, will be driven by two factors: new construction completions and a slight tapering off of demand from historically robust levels in recent years. CBRE researchers further forecast that the multi-housing vacancy will fall back to 5.2 percent in 2014. Gleb Nechayev, senior managing economist for CBRE Econometric Advisors, remarks, “It is a great time to own multi-housing properties: apartment demand is benefiting from the slowly recovering economy as well as rapidly expanding pool of renter households.” Monthly rents have now exceeded previous peaks in most markets, while vacancy rates are below historical averages. The market entered an expansion phase in the fourth quarter of 2011. Since then, fundamentals have continued to steadily improve. In addition, new supply has picked up significantly due to positive fundamentals. Geographically, CBRE projects that top-performing multi-housing markets will be those with heavy concentrations of high-tech employment, most notably San Francisco, Denver, Austin, and Atlanta. Those markets where total employment has already surpassed pre-recession peaks, such as Houston and San Antonio, are also expected to do well. Finally, strong cyclical recoveries in rents are also expected to start in some of the cities hardest hit by the housing boom going bust. These markets, which include Orlando and Phoenix, should lead the country in rent growth.
catch the wave of
success
come to San Diego for innovations, connections, and inspiration! Don’t miss out on:
Sir Richard Branson, Founder, Virgin Group, and one of the most successful businessmen of this generation who will share insights from his experiences. More than 350 suppliers who will be demonstrating innovative gadgets, goods, and services on the market. 50 breakout sessions led by inspiring industry experts. Exciting networking events where you’ll connect with some of the 6,200 conference attendees.
Housing Crash Leaves Many Young Homeowners Underwater New CoreLogic data shows that years of tumbling home values nationally have left almost 11 million Americans upsidedown on their home loans. According to the new CoreLogic research, the housing crash has hit young, first-time homeowners who bought at or near the height of the market especially hard. By some counts, almost 50 percent of mortgage holders under the age of 40 are currently upside down on their mortgages and are, as a result, stuck in place both geographically and in building wealth and potentially their careers. RH
JUNe 19–22, 2013 I SaN DIeGo, ca
RegisteR toDay at www.naahq.oRg/aDunits
ebrha.com
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JANUARY 2013
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RENTAL HOUSING 9