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IN THIS ISSUE

CAA News
  • CAA opposes bill to regulate tenant application fees
  • Only 1 month to the Trade Show
  • Welcome new members!


  • Education In Focus
  • Chicagoland Apartment Association's concealed carry panel recap


  • Industry News
  • New-home building is shifting to apartments
  • 4 reasons Americans are losing interest in owning a home
  • What lies ahead for the multifamily market?
  • When you were born says plenty about your housing needs
  • Everything is a rental now
  • Why demand for apartments is expected to go up and up
  • Chicago investor buys 238 apartments in west suburbs
  • Multifamily glass half empty, half full






  • CAA opposes bill to regulate tenant application fees
    House Bill 4778, sponsored by Rep. Chris Welch, imposes some onerous provisions on landlords regarding the imposition of application fees. These include: a landlord may not charge more than "out-of-pocket" costs; a landlord must provide in writing the specific grounds that led to the denial of lease and provide a copy of any information obtained from a third party that formed a basis for the denial; and, a landlord may not knowingly make any misrepresentation to the prospective lessee regarding the current or future availability of a dwelling unit for lease, with a penalty for violation of any of these provisions. The CAA strongly opposes this legislation in its current form.
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    Only 1 month to the Trade Show
    CAA
    Register to attend the Trade Show & Education Conference to walk the show floor and visit with 120-plus exhibitors, or attend our education conference today.
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    Welcome new members!

    Associate member Owner/management member
    Apex Billing Solutions Royal American Group
    Behr Paint/Kilz Primer
    ePremium Insurance
    Pressbox
    SatisFacts
    ServiceMaster Restoration by DSI
    Terminix
    True Partners Consulting, LLC
    United States Alliance Fire Protection

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    Chicagoland Apartment Association's concealed carry panel recap
    Titan Security Group
    On Feb. 28, more than 75 members attended the Chicagoland Apartment Association panel regarding "The Effect of Concealed Carry on Rental Property Policies." The panelists discussed the statute and broke it down as it applies to apartment properties, tenants and employees.
    Some of the key topics were:
    Prior to determining your policy you should consider:
  • Consulting with legal counsel to assess liability
  • Consulting with risk management regarding any impact on coverage and premiums
  • Consulting with your marketing/leasing team to understand any implications to your target residences
  • Consulting with your security services provider regarding the enforcement of the policy and procedures you may adopt
  • The implications on the culture of the building and the lobby experience

    For a recap of the panel from the Chicago Sun-Times, please click here.

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    UPCOMING COURSE SCHEDULE

    Date Event Location

    Complete Course Calendar
    March 12 Stop the Pain of Hiring the Wrong Person Webinar, register here.
    March 13 Suppliers Success 8:30 a.m. – 4 p.m.
    CAA Office, 557 W. Randolph, Ste 201, Chicago
    $99
    Sponsorship opportunities are available.
    March 19-20 Leasing Agent Licensing Class 8:30 a.m. - 4 p.m.
    Download form here.
    801 Warrenville Rd. Lisle, Ill. (Lower Level Conference Room)
    March 25-28 Certified Apartment Manager 8:30 a.m. - 4 p.m.
    Printable form
    CAA Office, 557 W. Randolph, Ste 201, Chicago
    Sponsorship opportunities are available.




    New-home building is shifting to apartments
    The Wall Street Journal
    The share of new homes being built as rental apartments is at the highest level in at least four decades, as an improving jobs picture spurs younger Americans to form their own households but tighter lending standards make it more difficult to buy.
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    4 reasons Americans are losing interest in owning a home
    Yahoo Finance
    The housing recovery ought to be gathering steam, since the economy is improving, the unemployment rate is falling and banks are easing up on lending standards. Yet the opposite seems to be happening, with home price gains flattening out and sales of existing homes — the vast majority of all sales — dipping.
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    What lies ahead for the multifamily market?
    Multi-Housing News
    After several years of white-hot performance, the nation's multifamily sector is beginning to post more normalized numbers. Rents and occupancy continued to rise throughout 2013, but rates of growth were a bit lower compared to the previous year. Still, make no mistake about it: with demand from millennials and echo boomers expected to remain strong, 2014 should be another good year for the multifamily market.
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    When you were born says plenty about your housing needs
    Chicago Tribune
    Not too long ago, builders followed a one-size-fits-all approach with prospective homebuyers. Basic, plain vanilla floor plans were designed for a diverse group of people. Now, demographics are driving housing styles and choices. Generation Y, Generation X and baby boomers have all sorts of ideas about their dream home. And homebuilders and multifamily housing developers are catering to these segments to expand their market share.
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    Everything is a rental now
    Gawker
    The idea of "buying" a home in this economy is reserved for people who are richer, more responsible, and luckier than you. For you, the average American, the only choice is to rent. Which is good, because they're building rentals faster than you can say "But will you allow my dog, Baxter?"
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    Why demand for apartments is expected to go up and up
    Albany Business Review
    The Albany, N.Y., region isn't the only place in the United States on an apartment-building binge. The whole country is riding the same wave. Every wave crashes. Will this one?
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    Chicago investor buys 238 apartments in west suburbs
    Crain's Chicago Business
    A Chicago apartment investor that has focused on buying distressed buildings in the city is taking another swing in the suburbs, paying nearly $13 million for 238 apartments in Glen Ellyn and Addison. Ventures of Windy City RE LLC paid about $6.9 million for the 120-unit Parkside complex at 16-24 Parkside Ave. in Glen Ellyn and $5.8 million for 118 units in seven out of the 13 buildings at the Villa Brook Apartments at 107 S. Villa Ave. in Addison, said Milan Rubenstein, a Windy City principal. The firm plans to fix up the properties and raise rents.
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    Multifamily glass half empty, half full
    ALM
    There was no lack of multifamily gurus at RealShare Apartments East. Conference attendees filled a banquet hall at Eden Roc Miami in Miami Beach to hear what multifamily industry experts had to say about everything from the capital stack to the condo boom and beyond. In one panel, "Industry Leaders: View From the Top," multifamily insiders offered their perspectives from 30,000 feet on what's going on in apartments from Miami to Boston.
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    TRENDING ARTICLES
    Missed last week's issue? See which articles your colleagues read most.

        Big city job numbers will shoulder apartment demand in Chicago (REJournals.com)
    Luxury rentals in the heart of Orland Park (Chicago Tribune)
    Seats are still available to attend! (CAA)
    Is Charlotte, NC, building too many apartments? (The Charlotte Observer)
    Legislative Committee acts on local and state public policy issues (CAA)

    Don't be left behind. Click here to see what else you missed.
     

    CAA In Focus
    Colby Horton, Vice President of Publishing, 469.420.2601
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    Ashley Whipple, Senior Content Editor, 469.420.2642  
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