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CAA Legislative Update
The Illinois General Assembly on July 9 overrode the governor's veto of House Bill 183, the compromise concealed carry legislation passed before the legislature adjourned in May. House Bill 183 allows private rental housing owners to "prohibit the carrying of concealed firearms on the property under his or her control" as long as the owner posts a sign in accordance with the law. The CAA, along with other business groups, worked on including this provision during negotiations on the legislation.
The governor's veto would have strengthened this provision, with signage being required only for permission to carry guns on private premises. The legislature, however, resoundingly rejected the governor's revision of this and many other provisions of the law. It immediately became Public Act 98-063.
NFPA 101 rules impact affect YOU; time to take a stand!
Help CAA respond to the proposed rules change by adding your data. More data translates to a stronger response.
Proposed Rule changes by Office of the State Marshall, if passed, will cost Illinois and Chicago rental housing industry millions. By July 29, please complete and return this survey via email to firstname.lastname@example.org or fax to 312-207-1891.
This is a hard deadline, so please don't delay! All information provided on a building by building basis will be kept confidential; we will only report in the aggregate. Hard data will be essential to the industry response to the proposed rule change. Read more.
Save the date — Preview 2014, an apartment industry forecast breakfast
Oct. 11 at the Union League Club Chicago
For more than 15 years the Chicagoland Apartment Association has annually hosted our Preview Breakfast, a forecast of the apartment industry, to provide owners and managers with valuable information on market trends for the upcoming year. While many have copied our format none have duplicated it.
Our owner's panel is Metro Chicago rental market representative, including city and suburban owners as well as the independent and affordable rental housing owner perspective.
Nationally recognized economist James Glassman, JP Morgan Chase, will make economic market trends understandable to the rental housing market attendees.
Our good friends from Appraisal Research, Ron DeVries and Gail Lissner, will share the most up-to-date analysis of transactions, planned developments and rent trends in both the city and suburbs.
CAA President, Greg Lozinak will give a brief update on legislative trends and CAA actions on behalf of the industry to protect private property rights and minimize the economic impact on our industry.
CAA is the Recognized Leader for Advocacy and Resources to the multifamily industry.
CAMME online event registration available
CAMME Awards registration is now available online (only). Tickets are $140 per person. Click here to register your team today.
Business Exchange seeks decision makers
Time is running out to register for the CAA's second annual reverse trade show. Registration is still open to member and nonmember decision makers (executives) from property management companies. Email Lisa to secure your spot today.
Associate member registration opens at 11 a.m. CDT July 19 via the CAA website. Visit the Business Exchange Web page for more details.
Welcome new member!
Navigating HUD's 'Disparate Impact' Rule
You can't afford to miss this one! Register today! Seats are limited!
Networking After Hours — Revenue Management
Join us for a panel discussion featuring apartment industry professionals currently using revenue management software to find out how it has helped their day-to-day business and have your questions answered.
50th anniversary of Illinois condo act
Fifty years ago this month, landmark legislation went into effect: the Illinois Condominium Property Act.
The law laid the groundwork for a new type of shared homeownership, one that has proliferated not only in Illinois but throughout the country.
Since then, the act has been greatly expanded with provisions and refinements. It has grown longer, from about 4,000 words to more than 10 times that number.
Apartment rents rise, but the pace is slowing
The Wall Street Journal
Apartment landlords are continuing to raise rents, but there are signs that the pace is slowing.
Nationwide, landlords increased rents an average of 0.7 percent to $1,062 in the second quarter, according to a report to be released by Reis Inc., a real-estate research firm. While that is a hair above the 0.6 percent increase notched in the first quarter, it is well below the 1.3 percent rise achieved a year earlier.
Chicago area rents rise in Q2 with vacancy rate flat
Apartment vacancies in the Chicago area were relatively unchanged in the second quarter but rents continued to edge up, real estate research firm Reis Inc. said.
The local apartment vacancy rate was 3.6 percent, down 0.1 percent from the first quarter and an annualized decline of 0.5 percent. The average effective rent locally, a measure that includes the value of enticements such as free rent offered to tenants, was $1,058.01 in the second quarter.
Owning a home isn't always a virtue
The New York Times
Encouraging homeownership has been considered a national goal at least since "Own Your Own Home Day" was introduced in 1920 by various business and civic groups as part of a National Thrift Week. The newly popular word "homeownership" represented a goal and a virtue for every good citizen — to get out of the tenements and into one's own home. Homeownership was thought to encourage planning, discipline, permanency and community spirit.
Steam system maintenance and steam trap replacement saves money
By Sandy O'Lear
Steam boilers can be found in a variety of properties, from laundries to universities, as well as industrial facilities, restaurants and apartment buildings. Any property that uses steam boilers will have multiple steam traps. What is a steam trap? Steam traps are automatic valves used in every steam system to remove condensate, air and other noncondensable gases, while maximizing system efficiency. Space heating steam systems will have steam traps at every radiator or baseboard. For steam traps to maximize system efficiency, they should be maintained and inspected regularly.
The secret behind the US housing surge
World Property Channel
Many obvious factors are driving the resurgence of the U.S. home market, including low interest rates, rock bottom prices and an improving economy. However, a closer look at the data reveals an unprecedented phenomenon boosting sales in markets around the country.
For the last two years, investors have been buying single-family homes to market as rental properties in extraordinary numbers. While investor activity has been well documented, the industry is only now starting to see the full impact of this buy-to-rent push.
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Rental landlord tries supersizing with condos
The Wall Street Journal
Since the 1960s, Leonard Litwin and the other executives at Glenwood Management have had a steady focus on constructing and owning luxury rental buildings across Manhattan: They have put up 25 buildings, with two more on the way, for a total of more than 8,000 apartments, making Glenwood one of the city's biggest private landlords. But now, with superluxury condo prices on the rise, the 98-year-old Litwin has joined the stampede of developers building over-sized condominiums for the wealthy.
Zillow CEO: 'The rentals opportunity is massive'
The Motley Fool
The Fool is exploring Seattle. CEO Spencer Rascoff introduces us to Zillow, telling us how the online home and real estate marketplace works, what he considers its greatest strengths and what investors should know about it.
Although it's currently something of a newcomer to the rentals market, Zillow has big plans. Spencer outlines the company's two strategies with regard to rentals, and some ideas for monetizing the platform when the time comes.
Missed last week's issue? See which articles your colleagues read most.
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