The multifamily sector has not been exempt from the impacts of the pandemic. While the sector hasn’t been rocked in the same way as hotels and retail assets, multifamily has suffered from reduced rent collections, negative rent growth and declining occupancy rates. There is one bright spot: affordable housing. “Multifamily is one of the
The pandemic may catalyze a boom in affordable housing construction in Southern California. Affordable housing was already in high demand before the pandemic, and the economic dislocation has only driven demand up. In addition, affordable housing typically outperforms traditional multifamily product during market downturns. This has created a perfect storm for increased affordable housing
One fact is clear as multifamily stakeholders plan for a post-pandemic future: controlling operations cost will be of the utmost importance. This means general contractors that can offer apartment developers innovative, cost-effective solutions that positively impact owners' and renters' bottom line will be in demand. Read Article
The wildfire season has been tough on California in 2020. Since the beginning of the year, more than 4 million acres have burned across the state and more than 10,000 structures were damaged or destroyed, according to the California Department of Forestry and Fire Protection. With limited availability for development in core sites, developers
As the COVID-19 pandemic continues to unfold, multifamily property owners and tenants are demanding “a healthier building” as they look to increase physical distancing and decrease shared contact surfaces in apartment communities. In addition to instituting updated policies and procedures for renters and management staff, multifamily stakeholders are seeking new ways to provide healthier environments
After it was whisked away in the night last year, Pasadena’s historic Decker House has been reassembled, renovated and is now ready for tenants as part of the Decker & Gill Court, an affordable housing development for low-income residents. And wouldn’t you know it, the house already has a buyer, according to Charles Loveman, executive
Workers have completed construction of a new 16-unit project consisting of two townhomes to be sold to qualifying low-income home buyers at roughly half their market values. Decker Court, with nine homes, and Gill Court, with seven, is a project by the nonprofit housing developer Heritage Housing Partners, in partnership with the city of Pasadena, according
Welcome to our 2020 edition of Women of Influence. As we have been doing for many years now, we have based our selection of nearly 200 candidates on such criteria as career achievements, community outreach and mentorship within the industry. And as we experienced in previous years, we found it hard, to say nothing
The COVID-19 pandemic has pervaded nearly every aspect of commercial real estate, including the multifamily sector. According to the Wall Street Journal, sudden wide-ranging unemployment due to government-mandated economic shutdowns resulted in almost a third of U.S. apartment dwellers not paying rent in April, which has in turn led to cash-flow concerns for multifamily landlords.
The demand for affordable housing communities has never been stronger. As home prices rise nationwide, housing affordability is moving further out of reach for a large swath of people. A recent report from property data provider ATTOM Data Solutions revealed that home price appreciation is outpacing wage growth in 76 percent of U.S. housing
