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By Greg Brown
Apartment Industry Colleagues,
Let me begin this month by thanking those affiliated associations and owners who participated in our apartment community tour program over the August recess. You spent time, resources and patience organizing tours of apartment communities with elected officials, including members of Congress, candidates for the House of Representatives and even state legislators. The reports were overwhelmingly positive as these current and potential policymakers learned some things they did not know about our industry while building relationships with their constituents. At the same time, our case for reauthorizing the Terrorism Risk Insurance Act and stopping EPA's proposed clean water act rule was made.
Limited Preview sponsorship opportunities available
Our annual Preview Breakfast is only one month away! Sponsorship of this exclusive event are limited and selling quickly. Join companies like: Apartments.com, Berkadia Commercial Mortgage, Chase-Multifamily Lending, CRG Residential, CoreLogic SafeRent, Law Offices of David K. Barhydt, Ludwig And Company, Magellan Property Management, RMK Management Corp., TLC Management Co. and United States Alliance Fire Protection. Click here for a sponsorship flyer with a description of benefits and here to register online. Click here to register to attend.
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
Business Exchange huge success
Thank you to everyone that participated in our Aug. 13 third annual Business Exchange at the Chicago Marriott Magnificent Mile. We had a record turnout and a great day. Click here to view pictures from the event. Thanks again to our event sponsor:
Welcome new members!
Chicagoland Apartment Association: Education update — fall 2014!
EPA Multifamily Energy Reporting
The epidemic of new utility regulation continues to spread nationwide. Last fall, Chicago joined the expanding list of municipalities that now mandate energy consumption reporting. The compliance tool of choice for the multifamily housing industry is the EPA ENERGY STAR Portfolio Manager. Come hear the head of the EPA ENERGY STAR program present where the program is headed and if building scoring and certification will be in your future. The session will also include a panel discussion with leading industry executives, and a question and answer session to reveal exactly how this will impact your business.
Date: Wednesday, Sept. 10
Time: 8 a.m.-10 a.m.
Location: East Bank Club 500 N. Kingsbury Chicago, IL
Michael Zatz, Chief of Market Sectors, Energy Star
Amy Jewel, Senior City Advisor, City Energy Project
Peter Zadoretzky, Sustainability Project Manager, Bozzuto Management Company
Moderator: Keith Nelson, President, Ocius
Certified Apartment Manager (CAM) & Certified Apartment Supplier (CAS)
Earn Recognition as an Industry Professional!
Increase your effectiveness by enhancing your knowledge of the multifamily industry. The CAM & CAS curriculum is designed to maximize the experience of the on-site professional and clear a path for growth and recognition. Your enrollment will enhance and advance your own career by demonstrating your commitment to education and higher standards of excellence.
Dates: CAM | Sept. 15-19, 2014
Dates: CAS | Sept. 16, 17 and 19, 2014
Location: CAA, 557 W. Randolph., Ste 201, Chicago, IL
Instructor: Sherre E. Helmer, National NAA Trainer
This is the last week to register for this class!
Register Here — CAM
Register Here — CAS
Single classes are also available.
The Apartment All Star Experience is like no other event you will attend this year. The unique blend of three national speakers on our stage at one time creates an energy force that will be the most exciting time you will spend at a seminar. Join Us at the innovative, motivating and FUN Apartment All Stars 2014. Staying ahead of trends is critical to competing in today’s rental market. Be sure you're ahead of the curve and register today!
3 hours of Continuing Education Credits (CECs)
Date: Tuesday, Sept. 23, 2014
Location: US Cellular Field | Home of the Chicago White Sox | 333 W. 35th St.
Time: 9 a.m.-1:30 p.m.
Cost: $125 Member | $150 Non-Member
All-Star Presenters: Alexandra Jackiw | Pete Regules | Lisa Trosien | Don Sanders
Football lovers wait all season for the Super Bowl, basketball enthusiasts live for March Madness, and the multi-housing industry’s opportunity for greatness happens at the Chicagoland Apartment Association’s Maintenance Mania. On Thursday, Oct. 30, more than 100 multi-family maintenance technicians come to compete for time in skill-based table games (based on common maintenance activities) including the pinewood derby style car race where the cars are made out of maintenance supplies!
3 hours of Continuing Education Credits (CECs)
Date: Thursday, Oct. 30, 2014
JC Restoration, 3200 Squibb Ave., Rolling Meadows, IL
Education Sessions 9 a.m.-12 p.m.
Competition 1 p.m.-5 p.m.
Cost: Member Ticket: $99 | Non-Member Ticket: $150
Early bird rate extended until Sept. 15!
The Chicagoland Apartment Association (CAA) offers its members the most comprehensive array of industry resources, education and advocacy exclusively devoted to the multifamily rental industry.
A survival guide for fledgling landlords
Sometimes, when landlord Leigh Robinson has tenants who are late with the rent, he might send them a cartoon — a gentle jab to remind them to pay up. If that method fails, or if the tenants are complete deadbeats, he might bribe them to move out. Some of his management techniques may be a bit on the unconventional side, but having owned hundreds of housing units over four-plus decades, Robinson has become confident about what works and what doesn't.
Get ready for a ton of new luxury apartments downtown
Chicago's newest apartments are leasing fast, even as a healthy helping of high-end new-builds gives renters a lot to choose from. The true test of demand will come in the next two years, when, by the end of 2016 downtown could add as many as 8,700 new apartments. There are a total of about 28,000 today. This is according to projections by Appraisal Research Counselors, defining "downtown" as the area from Cermak Avenue to North Avenue and Lake Michigan to Ashland Avenue. You don't have to dig deep for examples of rapid leasing in today's market.
Multifamily housing is booming, and it doesn't look like a bubble
Much attention has been paid to the fact that the rebound in single-family housing has been tepid, but investors must understand the underlying structural changes that are driving these changes. The rebound in housing starts has been uneven between single-family and multifamily housing. Single family has rebounded from a trough of 400,000 annual starts to 650,000, but well below the peak in 2006. It's a very different story in multifamily housing, where housing starts are now at levels equal to or greater than pre-crisis at 440,000.
Apartment repossession law has offered no bite
Almost 11 months after an ordinance took effect to protect tenants in foreclosed, repossessed rental buildings within Chicago, no enforcement tickets have been issued or fines assessed against building owners. One reason is that some of the banks taking possession of properties are following the ordinance by offering leases to qualified tenants or evicting others and providing them with the required relocation assistance of $10,600 per unit. Another is Illinois' lengthy foreclosure process, which extends the time for properties in the foreclosure pipeline to come out the other side and the required notifications to be sent.
Missed last week's issue? See which articles your colleagues read most.
Is Blackstone buying homes in your neighborhood?
Crain's Chicago Business
Several months ago, Stanley Strand was happy to at last see people moving into the three-bedroom home across the street from his in Oak Forest. The house on Orogrande Drive, a recent foreclosure, had stood unoccupied for about 18 months. "Having somebody in there again is definitely better than watching it sit empty," said Mr. Strand, a retired teacher who has owned his house with his wife, Janice, since 2000. The newcomers are renters, leasing from Invitation Homes LP, the Dallas-based company that rents and manages a national portfolio of rental homes purchased by New York-based investment firm Blackstone Group L.P. over the past few years.
Exploring housing needs for an aging population
In 1990, with the exception of Cook County, no more than 21 percent of Chicago-area residents were 50 or older. In Cook County, it was 26 percent, according to the Census. Back then, the first members of the baby boom generation hadn't celebrated their 50th birthday. Those birthdays started in 1996. And here's what it meant: By 2010, 27 to 32 percent of people living in the seven-county Chicago area were 50 and older. In the years to come, where and how well are they going to live?
Evictions soar in hot market; renters suffer
The New York Times
For tens of thousands of renters, life has become increasingly unstable in recent years, even as the economy has slowly improved. Middle-class wages have stagnated and rents have risen sharply in many places, fueled by growing interest in urban living and a shortage of rental housing. The result is a surge in eviction cases that has abruptly disrupted lives, leaving families to search for not just new housing that fits their budgets but new schools, new bus routes and sometimes new jobs.
CAA In Focus
Colby Horton, Vice President of Publishing, 469.420.2601
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Esther Cho, Content Editor, 469.420.2671
Chicagoland Apartment Association
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Aug. 26, 2014 - correction
Aug. 26, 2014
Aug. 12, 2014
July 29, 2014
7701 Las Colinas Ridge, Ste. 800, Irving, TX 75063