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CAA urges delay in vote on Affordable Requirements Ordinance
An ordinance amending the City of Chicago's Affordable Requirements Ordinance (ARO) was introduced in the city council in early December. The ordinance requires a percentage of affordable units to be built, as opposed to paying the in-lieu fee, and increases the fee in all but low-income areas. CAA's developer members fear the new requirements will increase costs and impede or halt development. A committee hearing on the proposed ordinance will be held on Jan. 14 and the full city council is expected to vote on the measure on Jan. 21.
The CAA to is working in coalition with the Homebuilders Association of Greater Chicago, the Chicago Association of Realtors and other real estate, business, construction and labor organizations to support changes to the ordinance that will make it more acceptable to developers of multifamily housing. Click here to read and respond to a legislative Call-to-Action issued to members yesterday urging them to contact their Alderman about our concerns.
Congress approves TRIA reauthorization
By Greg Brown
On Jan. 8, the Senate voted 93-4 to pass a reauthorization of the Terrorism Risk Insurance Act. The House of Representatives passed this same legislative yesterday by a 416-5 vote. The bill under consideration is the same bill that was approved by the House in December but which the Senate could not get passed before adjourning for the year.
All that remains is for the President to sign the bill which it seems very likely he will do. There is an extraneous measure included in the legislation related to derivatives trading under the Dodd-Frank law which is opposed by Democrats and the President. That provision, however, does not appear to be significant enough for him to veto this bill.
As you know, NAA and NMHC members, working with a long list of real estate and other industry organizations, worked hard last year to get a reauthorization of TRIA. We came close in December but were stymied. The fact that the House and Senate rallied this quickly and on the third day of business in the 114th Congress got a reauthorization passed is a testament to that hard work. You as members of the apartment industry should be proud of that.
New Year Kick-Off (NYKO) sold out — Thank you sponsors
Our Jan. 15 celebration is sold out and we will be unable to accept walk-ins. CAA would like to thank all of our sponsors for supporting this event and making it possible.
CORT - GOLUB & COMPANY, LLC - MCCAFFERY INTERESTS
WASH MULTIFAMILY LAUNDRY SYSTEMS
ADVANCED MAINTENANCE AND PEST SOLUTIONS, LLC
GLOBAL SECURITY GROUP - LUDWIG AND COMPANY
MAGELLAN PROPERTY MANAGEMENT - SMART ELEVATORS
UNITED CARPET - YARDI SYSTEMS, INC.
Prep X provides integrated pest treatments including skilled preparation services and heat chamber. After pest servicing, we will even put the encased bed back in place so residents can sleep that evening. Please click the above links for the e-brochures or email or call (312)339-5032 for free quote. Mention this ad and get the first bed encased FREE of charge.
Lead Tracking Solutions is a revolutionary leader in lead tracking & lead management for the multi housing industry. We provide immediate solutions that enable properties to automate, manage, & evolve their guest communications quickly & cost-effectively. MORE
The extinction of the bedbug?
Pest problems may become a thing of the past — at least when it comes to bedbugs — thanks to new research from Simon Freer University on helpful ways to detect and contain such issues. Researchers at the university have discovered a pheromone bait, comprising five volatile components and one less-volatile component, to capture the troublesome pests. Apartment-community managers can use the safe, easily disposable lures to check for bedbug infestation as well as eliminate them from the premises.
Trade show booth sales open to all members Jan. 21
Booth sales for all CAA Associate Members will open on Wednesday, Jan. 21 at 10 a.m. CST. Please visit the Trade Show & Education Conference page of the CAA website for additional details.
Welcome new members!
Certified Apartment Portfolio Supervisor (CAPS) Training
Feb 24-27, 2015
Take the next step in your professional development and become a certified success by earning your Certified Apartment Portfolio Supervisor (CAPS) designation.
NAAEI’s CAPS program is an in-depth review of property management principles and techniques as used by the professional supervisor.
FACT: Upon completion of the CAPS course, 86% of supervisors noticed an improvement in their employee's work performance.
Changes company noticed and attributed to their employee completing the CAPS course:
- 57 percent — Improved financial management skills
- 57 percent — Improved risk management skills
- 57 percent — Improved management portfolio
- 43 percent — Enhanced leadership ability
Complete Course Details
Jan. 14-15, 2015
8:30 a.m.-4 p.m.
Illinois Broker Management (BME 1802)
Register/More Info: Here
National Louis University| 122 S. Michigan | Chicago, IL
Feb. 24-27, 2015
8:30 a.m.-4 p.m.
Certified Apartment Portfolio Supervisor (CAPS)
Register/More Info: Here
CAA | 557 W. Randolph St, Ste 201 | Chicago, IL
March 11, 18 and 19, 2015
Certified Apartment Manager (CAM) Blended
Register/More Info: Here
CAA | 557 W. Randolph, Ste 201 | Chicago, IL
Chicago had 1 of the highest increases in average monthly rent prices last year
Did your rent go up in 2014? Well, you're probably not alone. The average monthly rent went up $50 in Chicago last year, one of the steepest increases in the country.
According to newly released data from Zillow, Chicago saw the 11th biggest jump in average monthly rent from 2013 to 2014. While you likely paid a little more last year, it could have been worse. In San Jose and San Francisco, monthly rents rose $197 and $163 respectively, topping the list.
Emanuel to file 400 lawsuits against older high rises
Sun-Times Media via WFLD-TV
Mayor Rahm Emanuel's administration is headed to court to force owners of 400 of Chicago's pre-1975 residential high-rises to make fire safety improvements they have ignored for nine years, a top mayoral aide disclosed to the Sun-Times. Three months after warning that the Jan. 1 deadline was "not moving," Buildings Commissioner Felicia Davis is making good on her threat to throw the book at recalcitrant building owners.
Chicago cracks down on landlords who fail to heat apartments
The City of Chicago is taking hundreds of landlords to court, in an effort to force them to restore heat in their apartment buildings. The Department of Buildings has received 600 complaints of no heat.
Micro-unit apartments may be perfect fit for young adults
Micro-units have become the darlings of the real estate industry, and although their numbers are still few, developers plan to double the supply in the near future.
Researchers at the Urban Land Institute in Washington, which studies housing policy and trends, were curious about whether the teensy apartments are a long-term solution to a housing shortage in some places or merely a flash in the pan, and conducted a detailed study of the phenomenon.
Why apartment rent gains could begin to slow down
The Wall Street Journal
It won't come as a big surprise to renters that rents rose briskly last year. What they may not realize: It could get a touch harder in 2015 and 2016 for landlords to keep raising rents as aggressively.
Rents have shot up over the past four years as apartment owners enjoyed stronger demand and, crucially, very little new supply.
7701 Las Colinas Ridge, Ste. 800, Irving, TX 75063