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IN THIS ISSUE

CAA News
  • NAA releases updated economic impact study
  • Illinois legislative update
  • Join the March for Kids!
  • 1 month until the Trade Show & Education Conference
  • Swing into summer ... Register to golf
  • CAMME awards early bird entry deadline
  • Welcome new members!


  • Education In Focus
  • Energy Benchmarking Update & Networking Reception


  • Industry News
  • Report: Median 1 bedroom rent in Chicago at $1,670
  • Chicago's single-family rental market going strong
  • Hotels to Airbnb hosts: Pay up
  • Vacancies up, rents moderate, but 2015 still looks solid for multifamily
  • 3 charts that explain the renters next door






  • NAA releases updated economic impact study
    CAA
    The apartment industry emerged as one of the strongest sectors coming out of the Great Recession, and a new study shows just how much the economy of the Chicago metropolitan area benefited from the rental boom. More than 1.2 million people now live in apartment homes across Chicagoland, supporting 308,000 jobs. Apartment construction in the metropolitan area is booming too, with more than 7,400 new units in larger developments (defined by 5+ units) under construction in 2014, which is about twice as many as each of the last years since 2008.
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    Illinois legislative update
    CAA
    The Illinois General Assembly has gotten off to a slow start this session with bill introductions taking up much of the legislative calendar and reaction to the Governor Rauner's proposed budget cuts capturing most of the media attention. More than 6200 bills have been introduced since the start of the session in January; many of those are in the process of being released from the Rules and Assignment Committees for consideration in a substantive committee hearing. The number of bills is somewhat misleading since more than 3000 of them are considered "shell" or vehicle bills reserved by the legislative leaders for later amendment or for the appropriations necessary for the Fiscal Year 2016 state budget.
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    Join the March for Kids!
    CAA
    Get to know CAA's charity partner Mercy Home for Boys & Girls. They are seeking volunteers on behalf of Mercy Home for Boys & Girls during the month of March.

    You can help:

    -Be a street team volunteer — Our kids need a champion like you this March. Join our family of volunteers who will hit the streets in force and collect donations at several Chicago-area St. Patrick's Day parades and celebrations. Grab some friends and celebrate St. Patrick’s Day while making a real difference in the lives of hurting kids. March with us in a PARADE!

    -Put out a collection can in your building or at your office. Contact Molly and we'll get you everything you need.

    -Contribute online – Make a small donation to March for Kids at the CAA’s March for Kids Virtual Volunteer Page

    -All ages are welcome to participate and with your help we can spread awareness about the plight of abused, neglected and abandoned young people, while raising resources that let these kids build hopeful and successful futures. We would be delighted to have you partner with us, all you need to do is show up and be willing to donate an hour of your time. CLICK HERE to sign up as a volunteer.

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    1 month until the Trade Show & Education Conference
    CAA









    The 2015 Trade Show & Education Conference (TSEC) is approaching quickly. Check out the TSEC page of the CAA website to view the 2015 schedule, session information, and a digital floor plan featuring all 139 exhibitor companies currently registered. Management company employees should click here to register to attend. Prizes, raffles, and more await you.

    Associate Members: The show floor is 92 percent sold out. This may be your last chance to grab a booth. Click here for information on how to register, and here for detailed booth and exhibiting information.

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    Swing into summer ... Register to golf
    CAA
    Registration for golfers is available online (only) for the Friday, May 15 outing that will be held at Cog Hill Golf & Country Club. More information will be posted on the Golf Web page as it becomes available.
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    CAMME awards early bird entry deadline
    CAA
    The entry forms and categories for the 2015 CAMME Awards are now available on the CAMME Web page. All entries submitted by the April 24 early bird deadline will be entered into a raffle to win a (five available) $50 gift card.

    Interested in judging? We need your participation (especially if you work for a management company)! Click here for a judging volunteer form.

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    Welcome new members!

    Associate Members Owner/Management Members
    CSI 3000, Inc. Foresite Realty, LLC
    Kiser Institutional Group, LLC

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    Energy Benchmarking Update & Networking Reception

    New Date — Wednesday, April 8, 2015
    Maggiano's Chicago
    516 North Clark Street | Chicago, IL 60606
    3 p.m.-5:30 p.m.
    Space is still available: Register here

    Panelists
    Amy Jewel, Senior City Advisor, City Energy Project
    Brennan Booms, Manager of Energy Services, AMLI Residential
    Brett Kraus, Senior Counsel Utility Services, Director of Energy Efficiency, Conservice
    Barney Pullam, CPM, Vice President-Business Process, Waterton Residential

    In September 2013, Mayor Emanuel and Chicago's City Council adopted a building energy benchmarking ordinance to raise awareness of energy performance through information and transparency, with the goal of unlocking energy and cost savings opportunities for businesses and residents.

    Chicago's Building Energy Use Benchmarking Ordinance calls on existing municipal, commercial, and residential buildings larger than 50,000 square feet to track whole-building energy use, report to the City annually, and verify data accuracy every three years. The law covers less than 1 percent of Chicago's buildings, which account for 20 percent of total energy used by all buildings.

    Improving energy efficiency is a key element of Sustainable Chicago 2015, Mayor Emanuel's 3-year action agenda to make Chicago more livable, competitive, and sustainable.

    The next compliance deadline is June 1, 2015 for municipal and commercial buildings larger than 50,000 square feet and residential buildings larger than 250,000 square feet.



    March 25, 2015
    Fair Housing
    CAA | 557 W. Randolph 2nd FL. | Chicago, IL
    Register Here

    April 7, 2015
    Lead Renovator Refresher Training (RRP)
    CAA | 557 W. Randolph 2nd FL. | Chicago, IL
    Register Here

    April 8, 2015
    Energy Benchmarking Update & Networking Reception
    Maggiano's | 516 North Clark Street | Chicago, IL
    Register Here

    April 9-10, 2015
    Leasing Agent Licensing
    National-Louis Univ | 122 S. Michigan | Chicago, IL
    Register Here

    April 22, 2015
    Certified Pool/Spa Operator Certified Program (CPO)
    CAA | 557 W. Randolph 2nd FL. | Chicago, IL
    Register Here

    May 7, 2015
    Fair Housing for Maintenance Professionals
    CAA | 557 W. Randolph 2nd FL. | Chicago, IL
    Register Here

    May 13, 2015
    Lead Renovator Refresher Training (RRP)
    CAA | 557 W. Randolph 2nd FL. | Chicago, IL
    Register Here

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    Report: Median 1 bedroom rent in Chicago at $1,670
    DNAinfo
    Rents dropped "a slight" 2.9 percent in February from January, but Chicago remains the ninth most expensive place for renters in the nation, according to a report based on rents offered on a national firm's website. The median one-bedroom rent was $1,670, according to the report by zumper.com, a rental agency that says it offers 8,200 apartments in Chicago and Evanston listed on its site.
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    Chicago's single-family rental market going strong
    Chicago Tribune
    The single-family-home rental market remains on a tear that's expected to continue this year, despite low mortgage rates, slower home price growth and revised government-backed mortgage requirements that could drive more consumers into homeownership. A year ago, amid rising home prices, global investment firm Blackstone Group, which operates Invitation Homes, determined that the "wave" of institutional buyers of single-family homes had passed, after buying thousands of houses in the Chicago market and elsewhere. Several competitors remain on the prowl for properties, predicting that 2015 demand for rental homes will continue to be robust.
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    Hotels to Airbnb hosts: Pay up
    Crain's Chicago Business
    As vacation rental websites like Airbnb expand in Chicago, thousands of residents who use them to rent out their homes are flouting licensing regulations, prompting calls for the city to crack down on the scofflaws. Airbnb, the white-hot San Francisco startup, offers nearly 2,800 homes or rooms for rent in Chicago, the most by far of any vacation rental site. But city records show that just 146 units or rooms have licenses covering short-term rentals, a fast-growing business that's posing a threat to hotels.
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    Vacancies up, rents moderate, but 2015 still looks solid for multifamily
    Mortgage News Daily
    The multifamily market outperformed many predictions in 2014; vacancy levels, despite a flood of new properties, declined by 10 basis points from 2013 to a 13-year low of 4.2 percent. Revenue per unit rose, continuing the pattern that has led to a 20 percent increase over the last five years. Freddie Mac's economists are predicting that, while easing a bit from 2014, this year will be another strong one for the sector. Its 2015 Multifamily Outlook projects that demand, driven by the millennial generation, will remain strong but construction of units in buildings with five or more will continue to trend upward so vacancies will rise.
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    3 charts that explain the renters next door
    Metro Trends
    One of the unexpected legacies of the mortgage crisis has been the replacement in many neighborhoods of single-family homeowners with renters. But who exactly are these renters, and which homes are they renting?
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    CAA In Focus
    Colby Horton, Vice President of Publishing, 469.420.2601
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    Esther Cho, Content Editor, 469.420.2671  
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    Chicagoland Apartment Association
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