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CAA Golf Outing at Cog Hill a huge success
Friday's Golf Outing was the best attended ever, with 54 sponsors, 295 golfers representing more than 125 member companies. The CAA Raffle raised $1,230 on behalf of the Northern Illinois Food Bank. Thanks to all who contributed to a successful event: sponsors, golfers, golf committee members and the CAA staff.
Stay tuned; winners and more details will be available later this week on the CAA website. Click here to view event photos.
Local Legislative Update
The local and state legislative landscape has been very active and ever changing this month.
On May 23, in Chicago, CAA will be meeting with Alderman Suarez, the sponsor of both the Bed Bug and Keep Chicago Renting ordinances, and other stakeholders. The Cook County Board did remove the source of income exemption by a vote of 9 to 7 on May 8. CAA will be meeting with HACC to work on education sessions for our members.
Click here for CAA position, testimony and talking points plus, CAA lobbyist, Mary Kay Minaghan, local summary.
State Legislative Update
Joan Parker, CAA state lobbyist, continues to monitor several bills including SB56 (formerly SB 1602); all "keys for cash" references have been removed from the current bill. CAA, IAR and Credit Union Association are now neutral since most industry concerns were removed.
CAA is collaborating with the Chicago Chamber and BOMA on the "Concealed Carry Bill" crafted by Sen. Raoul now an amendment to HB183. As currently written rental housing does have the right to ban common area concealed carry but cannot prohibit lessee from carrying a handgun in accordance with the new law during ingress and egress from the leased premise. As of May 20, the bill had not been called in the House.
Go to CAA website for talking points and current legislation.
CAMME entry/co-entry deadline June 7
Chicagoland Apartment Marketing and Management Excellence Awards are a great way to showcase your property and property employees. What has your property/company excelled at in the past year? CAMME entry and co-entry forms are due no later than June 7. For a list of categories, click here. For the comprehensive list of all things CAMME (judging dates, location, criteria, etc.) click here. Interested in judging? We need property management company judges. Click here to fill out your form to volunteer.
CAA welcomes our newest members!
Starwood Property considers rental spinoff
The Wall Street Journal
Barry Sternlicht's Starwood Property Trust Inc. has stepped up buying single-family homes to the point that its rental-housing landlord business is big enough to be spun off as a separate company, executives said.
Starwood had invested $454 million to buy 3,653 homes and nonperforming loans as of May 3, Stew Ward, the company's chief financial officer, said in a recent earnings call. Starwood started buying single-family homes last year.
Downtown apartment rents hit new high, but supply surge coming
Crane's Chicago Business
Downtown apartment rents hit another high in the first quarter, but landlords will lose their pricing power in the coming months.
Effective rents at top-tier, or Class A, buildings rose to $2.63 a square foot in the quarter, up 1.9 percent from the fourth quarter and 5.2 percent from a year earlier, according to Appraisal Research Counselors, a Chicago-based consulting firm. Effective rents, which account for concessions such as free rent, have risen more than 26 percent since bottoming out in 2009.
Condo laws in need of a digital upgrade
When the Illinois Condominium Property Act was written decades ago, computers barely existed. Today they are almost essential for conducting business and personal matters. Community associations have found myriad uses for electronic communication but also limitations. Condo law hasn't caught up to modern times.
The typical association generates copious amounts of correspondence to the members. It sends out notices, budgets, announcements, assessment bills, election materials, newsletters and more.
Wally Charnoff's RentRange, the data king of rental housing
Financiers may be familiar with the going rates for luxury Manhattan condos, but when they want the latest on rents in Atlanta, Phoenix, or other places where they're scooping up single-family homes, they turn to Wally Charnoff. Using data from 12 million properties around the country, RentRange, Charnoff's six-year-old company, can estimate how much monthly rent a property is likely to generate. That helps drive the data-hungry financial models private equity firms use to determine where to buy distressed homes to convert to rentals.
west77 makeover goes in right direction
The Oakwood sign on the roof is gone, but many people still associate that name with the building at 77 W. Huron Street, near the intersection of Clark Street in Chicago.
Now called west77 Apartments, the 25-story tower has been transformed from a corporate apartment building with a tiny vestibule entrance into a residential apartment tower with a large, classy lobby.
Looking to share your expertise?
In an effort to enhance the overall content of In Focus, we'd like to include peer-written articles in future editions. As a member of CAA, your knowledge of the industry lends itself to unprecedented expertise. And we're hoping you'll share this expertise with your peers through well-written commentary. Because of the digital format, there's no word or graphical limit, and our group of talented editors can help with final edits. If you're interested in participating, please contact Ronnie Richard to discuss logistics.
Missed last week's issue? See which articles your colleagues read most.
Renters face a housing squeeze
The housing market may be recovering, but for many renters, things aren't looking up. Owning a home has become more affordable, renting less so. From 2008 to 2011, renters' housing costs increased almost 6 percent, while their income fell 3.2 percent, according to a recent report from the Center for Housing Policy. More than 26 percent of working renters spent at least half their income on housing in 2011, up from about 23 percent in 2008. One reason: There just aren't enough affordable rental units to go around.
A new breed of pet friendly rentals
In the past, if you were a renter and wanted to keep a cat or dog, you might well have had to sneak the beast in during dark of night and pray that the landlord wouldn't find out.
Lately, though, not only might your landlord not mind having your pet on the premises, he might even be eager to rent to you. Though pets haven't become a shoo-in at all rentals, more landlords are welcoming them these days, according to some in the business and to animal-welfare experts. Some are even looking at "pet friendliness" as an amenity to be marketed along with on-site laundry equipment and easy parking.
7701 Las Colinas Ridge, Ste. 800, Irving, TX 75063