Posts

Showing posts matching the search for market rate rents

Some forced to move as Ann Arbor-area apartments transition from affordable to market rate

Image
Megan Mishler has lost her sense of security. Mishler, who has a rare genetic condition called Ehlers -Danlos Syndrome that prevents her from working, was recently forced to move from her apartment just west of Ann Arbor because her landlord is transitioning from affordable housing to market rate. Mishler is not alone; the transition will impact 144 units at the 368- unit Woodchase apartment complex at 1100 Rabbit Run Circle in Scio Township. “This has been extremely, extremely difficult. I was almost paralyzed at first,” Mishler said, referring to when she learned she would have to move. “This just added a whole other layer on top of all the other stuff that I’m already dealing with.” Mishler was told the rent for her one-bedroom apartment would jump from $770 per month to about $1,200 per month at the end of her lease term. The Woodchase apartments in Scio Township were developed in 1998. Katie McLean | The Ann Arbor News   Mishler uses the Section 8 Housing Choice Voucher Progr...

Midland rents jump from last summer

Image
Surveys shows rents increasing 9.4 to 20 percent in last year By Simone Jasper sjasper@mrt.com Updated 1:03 pm, Wednesday, August 9, 2017 average occupancy rate in Midland is 98 percent, compared to 89 percent in July 2016, according to the PBAA survey. Photo: Justin Sullivan, Getty Images" class="landscape" /> average occupancy rate in Midland is 98 percent, compared to 89 percent in July 2016, according to the PBAA survey." src="src" /> Photo: Justin Sullivan, Getty Images Image 1 of / 1 Caption Close Image 1 of 1 The average occupancy rate in Midland is 98 percent, compared to 89 percent in July 2016, according to the PBAA survey. The average occupancy rate in Midland is 98 percent, compared to 89 percent in July 2016, according to the PBAA survey. Photo: Justin Sullivan, Getty Images Midland rents jump from last summer Back to Gallery Rents in the Midland market have increased compared to last year, according to a Permian Basin Apartm...

New Haven candidates clash on housing, immigration

Image
Paul Bass | New Haven Independent Democrat Marcus Paca, left, and incumbent Mayor Toni Harp . Marcus Paca promised that if he becomes mayor, he will fight gentrification, while Mayor Toni Harp argued that the burst of market-rate housing in town doesn’t constitute gentrification. Harp promised to continue New Haven’s “sanctuary city” policies even if President Trump withholds federal grants , while Paca promised to take a closer look at the issue first to avoid losing needed dollars . Those differences between the two Democratic mayoral candidates emerged Sunday afternoon at their first debate, held before a full house in the sanctuary of Varick Memorial AME Zion Church on Dixwell Avenue. The event was billed as a “forum,” not a “debate.” But a debate it turned out to be, from the moment the two Democrats began fielding questions from a panel of three local ministers and passionately responded to each other’s positions in a fast-paced, issues-focused back and forth. Two- term incu...

As housing market soars, poorest renters are priced out

Image
"); } if ($(imageDivId).length == 0) { $("#wrapper").after(contentText); } })(jQuery); BREMERTON, Wash. - Crystal Turner stood in the kitchen of her cramped apartment and stared at the cracks in the fake wood flooring beneath her feet. Surrounding her was the home she'd made for herself and her two sons in the past year, since they moved out of her Toyota Camry and into Admiral Manor, a low- rent apartment complex in west Bremerton . There was the single bedroom with two kids' beds on the floor. The living room she'd decorated with signs that said "Hope" and "Love." A dingy bathroom with a leaking toilet that had never been fixed. In this undated photo, Matthew Daigneault pushes his son Aden as he plays outside on the swings of his rental home in West Bremerton , Wash. (Larry Steagall/Kitsap Sun via AP) © 2017 Cox Media Group . Admiral Manor wasn 't the place Turner, a recovering addict, wanted to raise her boys. It was the place...

AMLI plans 279 apartments at Mueller neighborhood

AMLI Residential, one of Austin’s — and the nation’s — largest multifamily developers , said it plans to build a $30 million, 279- unit apartment complex near the site of the planned town center at the Mueller community in Northeast Austin. AMLI expects to break ground in the first quarter of 2013, with the first units available in the third or fourth quarter of 2014, said Taylor Bowen, executive vice president of AMLI Residential. The apartment complex will be built along Simond Avenue and Mattie and McBee streets, across from Mueller’s 30- acre Lake Park and the planned home for Austin Children’s Museum. AMLI’s announcement comes amid growing demand in the region’s apartment market , where rents and occupancies have reached record levels this year, fueled by job and population growth and a relatively scarce supply of new units coming to market, though thousands are planned. The new complex will have a mix of efficiencies and one- and two-bedroom units. Some units — 15 percent...

Apartment rents in King, Snohomish counties jump 5 percent in 3 months

Apartment rents for new leases in King and Snohomish counties jumped nearly 5 percent in the second quarter and almost 10 percent over the past 12 months, according to a new survey. In the second quarter, the average rent for new leases was $1,405, up $124 from a year ago, market- research firm Apartment Insights Washington reports . The firm tracks rents , vacancies and concessions at apartment complexes with at least 50 units. The annual rent increase for the latest period was the largest seen locally since Apartment Insights began tracking the market in 2005. It also is well ahead of the national average : Texas- based MPF Research said U.S. apartment rents soared in the second quarter and climbed 5. 2 percent annually , a 15-year high. Most Read Stories Unlimited Digital Access. $1 for 4 weeks. “While apartment rents are rising at a significant pace all across the country, the nation’s average price increase is being skewed quite a bit by the surging rents in the Western re...

180 apartments sited for University Parkway

MANATEE -- A proposed lakeside apartment complex bordered by newer townhomes and single family homes may soon bring more market-rate rentals to University Parkway. A property owner-controlled by Gilbane Building Co. of Rhode Island has submitted a final site plan to Manatee County that calls for 180 apartment units at 3415 Broadway Ave. The six- building complex would occupy a little more than nine acres in an area with fewer rental options than University Park to the east. Contacted about details the project, a representative of the property owner, University Groves Property LLC , declined to comment. Gilbane operates an office in Lakewood Ranch. Laurie Rastovski, a real estate agent with Michael Saunders & Co. who specializes in rentals, said new apartment units near the west end of University Parkway will be welcome. Having previously worked as a leasing agent at a large apartment complex nearby , she sees the demand. "In that area, it's going to be nice to have s...

Outside investors target tertiary markets for better yields

Local investors beware: Central Pennsylvania is on the map for outside groups looking for higher returns. Last month, The Solomon Organization , a New Jersey-based operator of multifamily properties, closed on a $25.7 million purchase of the newly built Ivy Ridge Apartments in Swatara Township . That price — $117,913 per unit — is the highest in the Harrisburg market this year. It also marked the company's first foray into the Harrisburg area after landing in Lancaster County six years ago. It owns six communities in Lancaster County and more than 1,200 units. "Two years ago, you said 'Harrisburg' and people would just hang up the phone," said Zachary Pierce, director of the National Multi Housing Group in Philadelphia for Marcus & Millichap Real Estate Investment Services . Outside investors were interested only in primary markets such as New York City and Washington, D.C., and maybe Philadelphia, he said. But as prices have shot up in those prime areas, th...