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National Apartment Association Senior Vice President Greg Brown writes: "As I write these words the clock is ticking down to the first shutdown of the federal government in 17 years. House Republicans want to defund, delay or otherwise defang the Affordable Care Act in exchange for extending funding for the federal government through Dec. 15. Senate Democrats and the White House refuse to consider any legislation that touches the ACA. If neither side relents, the government will shut down. The inevitable blame game is in full swing."
NAA — HUD Federal Shutdown information
As you know, the House and Senate failed to come to an agreement on a continuing resolution (a temporary measure to fund government activities), as Republicans and Democrats clashed over the implementation of the Affordable Care Act. The failure forced the federal government to close and is expected to result in a number of service disruptions. For the apartment industry, the shutdown leaves funding for programs such as the Housing Choice Voucher Program and credit authority for the Federal Housing Agency's multifamily activities uncertain.
In anticipation of the shutdown, the U.S. Department of Housing and Urban Development recently published its Contingency Plan for Possible Lapse in Appropriations, which details the agency's plan to manage through the crisis.
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Preview 2014 is sold out and registration is closed
Thank you for your interest, there's always next year.
CAMME sold out
Contact Lisa Henning via email to be placed on a contact list if seats become available. Contact will be made after Oct. 17 if there are any openings. Seats were sold on a first-come, first-served basis.
Look in the Real Estate section of the Chicago Tribune on Oct. 27 for a list of CAMME winners.
Welcome new members!
Maintenance techs — are you ready for the Mania?!
On Nov. 14, more than 100 multifamily maintenance technicians will come together at JC Restoration in Rolling Meadows to share best practices and compete in skill-based table games (in addition to a pinewood derby). Registration is now open and sponsorships are available and selling fast. Don't miss the opportunity to support and cheer on some of our industry's most valuable players!
Apartment market tightens as housing costs jump
The Wall Street Journal
Landlords passed along hefty rent increases to tenants this summer, an indication that rising home-buying costs are helping heat up demand for apartments.
The average monthly rent in the third quarter was $1,073, up 1 percent from the prior quarter, the largest quarterly gain in a year, according to a report to be released by Reis Inc., a real-estate research firm. Compared with the third quarter a year ago, average monthly rent was up 3 percent. None of the 79 markets tracked by Reis saw rents fall.
Arbors of Brookdale attracts diverse crowd
Lots of outdoor space and good schools — two reasons many head to the suburbs — have long attracted young families and young professionals to the Arbors of Brookdale in Naperville.
The lushly landscaped development of 280 apartments is a short walk from an elementary school and adjacent to a park-and-ride service to a Metra station.
Cost of rent rising faster than inflation
US Financial Post
The cost of rent is on the rise, up nearly 4 percent from last year's prices, according to reports. Larger cities, such as Houston, Miami, and Boston, have seen significant increases. Analysts believe a large number of foreclosures have resulted in the need for more people to rent, which is driving up the immediate demand for rental properties.
Multifamily market still hot throughout Chicago
Monica Makin, vice president of acquisitions and asset management with Chicago's Urban Innovations, is a fan of Chicago's multifamily market. And why not? The number of renters flocking to hot Chicago neighborhoods — and even many of its inner-ring suburbs — is still on the rise. And, as Makin says, there's no sign yet of a slowdown in the city's multifamily demand.
Location, location, location: The global downtown trend
By Archita Datta Majumdar
The last decade saw a slow, steady shift of corporate America to the suburbs. The primary reason was financial as the economy remained unstable. It made sense to set up shop in cheaper locations where the overheads didn't eat into the trickling revenues. Downtowns, however, suffered — badly. It was bad branding, and it wasn't long before authorities realized it. And thus began the downtown revival trend. The success is evident in the resurgence of not just downtown corporate offices, but also the increasing number of millenials moving back to the city to stay.
Albuquerque 3rd-best metro for making money owning rental housing
Albuquerque is the third-best metro in the country to make money owning rental housing, according to new rankings from Seattle-based All Property Management.
Based on an analysis of primarily federal data, the Albuquerque metro area emerges with particularly strong ratings for measures of rent growth and return on investment in owning rentals across all housing types — from detached, single-family homes to apartment complexes.
Investors in rental homes: 'It's a business not a trade'
A potential stall in home price gains and a large drop in the number of distressed properties have some big investors pulling out of the single-family rental market.
They are getting out at the same time that billions of investor dollars continue to pour in.
"I think the investor market is largely past us," Doug Lebda, chief executive of Lending Tree told CNBC. "People were buying investment properties three, four, five years ago. What I hear is that's slowing now."
7 ways to cultivate creativity in business
By Emma Fitzpatrick
I recently rediscovered one of my favorite quotes: "Creativity is intelligence having fun." — Albert Einstein. And how true. PR firms and businesses alike are full of brilliant thinkers, so let's help them have more fun and exercise their creativity — which will ultimately affect the bottom line. Here are seven tips to integrate into your business to have a bit more fun and a whole lot of ground-breaking ideas.
Missed last week's issue? See which articles your colleagues read most.
CAA In Focus
Colby Horton, Vice President of Publishing, 469.420.2601
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