News: Tri-County
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Once again, the California Apartment Association has taken a successful swing at homelessness.
CAA Tri-County’s 24th Annual Charity Golf Tournament raised money through sponsorship, golf foursomes and raffles.
The generosity paid off during the Housing Industry Foundation’s September Summit gala in Burlingame. Anna Kramer, chairwoman for CAA Tri-County, presented a donation of $57,000 – among the highest amounts since the tournament was organized in 1990.
“I’m sure everyone in the rental industry would agree with me that the last several years have been good for our industry,” Kramer said. “We’ve seen strong markets, solid growth and healthy transactions. But sadly… Read More
Tagged: CharityEventsPhilanthropy Tri-County
Among large metros, Oakland nabbed the No. 1 position on the list of the country’s annual rent growth-leaders as of the third quarter, according to MPF Research.
Pricing for new leases in Oakland grew 7.9 percent during the past year.
While San Francisco ceded the top spot to Oakland, pricing power remained strong with rates up 6.6 percent annually. Rents climbed 5.9 percent in San Jose, according to MPF.
Other strong performers in rent growth included the Southern California trio of Orange County, San Diego and Los Angeles, which just missed MPF’s top-10 list.
“Improving performances in Southern California are… Read More
Landlords, cross your fingers that job growth will keep fueling demand for apartments, especially in San Jose, where rent prices jumped 6.7 percent in the second quarter.
That $134 rent spike followed a surge in San Jose’s workforce. Last year, the city added 34,200 jobs, with an estimated 27,500 more on the way, reports RealFacts, citing a study by Marcus & Millichap.
Read this RealFacts article for the national perspective on rent growth, plus predictions on whether rent prices will continue climbing as more apartments come on line.
In the Silicon Valley, apartment rent prices jumped an average of $134 in the second quarter.
“It shows there’s plenty of demand,” says Joshua Howard, executive director of the California Apartment Association’s Tri-County Division. “With the lack of homes available for sale, more people are renting. And with home prices going up, some consumers are figuring out it’s less expensive to make a rent payment.”
For more specifics on average rents in the state’s top markets, check out this article in the Silicon Valley Business Journal.
Despite high demand, occupancy dropped slightly in the Silicon Valley, something Howard attributes to… Read More
Tagged: Rental PricesVacancy Rates Tri-County
Make a difference and support CAA Tri-County’s 24th Annual Charity Golf Tournament.
Proceeds benefit the Housing Industry Foundation in its mission to prevent homelessness.
Showcase your company as an industry leader and sign up today to sponsor and/or play at this sell-out event that draws more than 200 high-level rental industry executives.
If you do not wish to golf, attend the exciting post-tournament networking reception/auction. Sponsors must be CAA Tri-County members in good standing through July 31 to participate.
To attend
What: CAA Tri-County’s 24th Annual Charity Golf Tournament
When: Monday, July 15, 2013
Where: Los Altos Golf & Country… Read More
Tagged: EventsPhilanthropy Tri-County
The San Jose City Council has approved a pilot program to allow rental property owners to self-certify their compliance with the city’s Multiple Housing Occupancy Permit requirements.
This move, proposed by Vice Mayor Madison Nguyen, could save rental property owners time and money while allowing the city to focus its inspection efforts on those rental properties that truly pose safety issues to the occupants and the community.
The pilot program was included in Mayor Chuck Reed’s 2013-14 budget this month and begins a process for Code Enforcement to work with CAA Tri-County to develop a program that will likely allow… Read More
Tagged: AdvocacyInspections Tri-County
Following the lead of other cities in the Silicon Valley, San Jose is considering a fee on new development to help pay for affordable housing.
This article in the Silicon Valley Business Journal focuses on a San Jose City Council vote approving a “nexus study” on such a fee.
Under California law, before a local jurisdiction can assess a development fee, it must establish a nexus, or “reasonable relationship,” between the purpose of the charge and the type of development proposed. Many jurisdictions have interpreted the word “reasonable” quite broadly, leading to fees that may not truly fulfill the nexus… Read More
Tagged: AdvocacyAffordable housing Tri-County
After raising residential sewer rates last week, the city of San Carlos plans to re-evaluate how sewer bills are calculated for apartments.
The City Council agreed to consider a new pricing model for multifamily housing after CAA Tri-County voiced objections over the current pricing structure, especially in light of rising rates.
The rate is set to climb 67 percent over the next three years. The rate structure, however, does not account for the size of a residential dwelling or the impact on the sewer system.
So, bills for single-family homes that house four people will continue to mirror those for… Read More
Tagged: Utility Rates Tri-County
In California, fewer homes are for sale these days, and finding “for rent” signs can test a would-be tenant’s patience.
The news media are taking notice of these realities — and the impacts they’re having on affordability.
Both Forbes and the Huffington Post today published articles about the high cost of rental housing in California, and last week, the Sacramento Bee reported a steep decline in homes for sale.
According to the Huffington Post piece, the Golden State has the least affordable rental housing on the mainland United States. The Post cites the National Low Income Housing Coalition’s annual report.… Read More