Troy Stavros’ Post

How to survive Denver’s rental market Renting in Denver feels darn near impossible these days. According to a new renter migration report from Apartment List, nearly half of Denver metro apartment renters are looking to leave the area for somewhere cheaper. However, 40% of the people searching for apartments in Denver are from out of the area.   Most of them coming from the New York, Dallas, and Boulder Metros. Of the 40% of Denverites looking elsewhere, they are considering moving within the state to Colorado Springs and Boulder and outside the region to cheaper places like Kansas City. The downside, for people already living in popular yet more affordable places, is that newcomers from pricier markets are likely to drive up the price of rent, a phenomenon that has hit Denver over the past Decade. As people consider moving elsewhere and the city’s vacancy rate continues to rise, landlords could have a tougher time raising rents.

The National Rent Index indicates that the median cost of renting a one-bedroom apartment fell slightly this month (-0.1%), while two-bedroom rents declined a bit more (-0.2%). Miami remains the 4th most expensive rental market in the nation, with the median price of a one-bedroom costing renters $2,810/month. Fort Lauderdale is also among the top 20 most expensive markets in the county, with one-bedroom rents around $1,950/month and two-bedroom rents at nearly $3,000/month. #CommercialRealEstate #MiamiCREMarket #Multifamily

Landlords and Tenants, with more apartments being built, means more inventory for renters to choose from. This means rent prices have softened in Austin. If you hadn't heard already, now might be a good time to consider incentivizing your tenants to stay or if you are a renter, look for a better, cheaper rental option while rent prices are low! They might be willing to offer special deals, they might even pay for your moving expenses. It really depends on how desperate the landlord is to get you into a lease. Whether you are renting an apartment, or a single family home, this higher inventory affects all rentals. It really is the best time to get the rental deal you want. Keep in mind if you are planning on possibly moving anytime soon, make sure you ask for a month to month lease. Maybe after 6 months. Usually they only do it after 12 months but again, they might be very motivated to work with you on lease terms right now. If you are planning on purchasing a home this year, remember that it takes 30 days to close (give or take), and about 1-2 months to prepare and look for homes. Also, give yourself a cushion so that once you close you have a few weeks overlap with your rental so you aren't too flustered to move out right away. I can explain in further detail how to navigate this timeline if you want to know more just reach out. Let me know if you have any questions about Rentals or Renting your property! Happy to help:) #realestateinvestment #realestateinvestors #realestatemarket #realestatesales

Landlords and Tenants, with more apartments being built, means more inventory for renters to choose from. This means rent prices have softened in Austin. If you hadn't heard already, now might be a good time to consider incentivizing your tenants to stay or if you are a renter, look for a better, cheaper rental option while rent prices are low! They might be willing to offer special deals, they might even pay for your moving expenses. It really depends on how desperate the landlord is to get you into a lease. Whether you are renting an apartment, or a single family home, this higher inventory affects all rentals. It really is the best time to get the rental deal you want. Keep in mind if you are planning on possibly moving anytime soon, make sure you ask for a month to month lease. Maybe after 6 months. Usually they only do it after 12 months but again, they might be very motivated to work with you on lease terms right now. If you are planning on purchasing a home this year, remember that it takes 30 days to close (give or take), and about 1-2 months to prepare and look for homes. Also, give yourself a cushion so that once you close you have a few weeks overlap with your rental so you aren't too flustered to move out right away. I can explain in further detail how to navigate this timeline if you want to know more just reach out. Let me know if you have any questions about Rentals or Renting your property! Happy to help:) #realestateinvestment #realestateinvestors #realestatemarket #realestatesales

INVESTING IN AFFORDABLE HOUSING Renters in Los Angeles are seeking top-tier apartments which comprise only 15% of the market with vacancy rates at 8.6%. There is a ongoing demand for properties with onsite amenities such as fitness gyms, spas, pet parks and lounges. In contrast to improving occupancies in higher-end communities, vacancies continued to rise in lower-end one-and-two-star and mid-end three-star buildings. One-and-two-star properties, with around 65% of the market, witnessed negative demand in the past 12 months. Three-star properties, with around 20% of the market’s units, saw modest, positive demand. Lower and middle-income residents face greater budget constraints, with rents still near record levels. These renter cohorts have driven more limited household formation and continued outmigration from Greater L.A. to more affordable metros. There is also a big push for more affordable housing units with the City of LA and other state and federal programs subsidizing lease payments to owners. The city has even purchased multifamily complexes and converted them to affordable housing. Case in point, the recent sale (April 2024) of the 120 unit multifamily property at 349 S La Fayette Park Place, Los Angeles, CA 90057 was sold for $43,440,000, or $362,000 per unit to the Housing Authority of the City of Los Angeles. Primarily a 1 Bed + 1 Bath mix multifamily development with 97.5% occupied at the time of sale. MARQUIS Commercial Properties is working through entitlements with its affiliated partner, LA HAUS Company on a multifamily project in Los Feliz neighborhood of East Hollywood to convert a 6 unit property into a 35 unit affordable housing project. This is just one of a few entitlement projects underway to bring affordable housing to the community. Multifamily continues to be in high demand in Southern California and is expected to continue into 2025 with rents showing a continued upward trend. If you would like more details on how on acquiring off market multifamily opportunities, contact us at ezra@marquissp.com #realestate #business #finance #banking #multifamily #investing #commercialrealestate #affordablehousing #california

As it turns out, the average rent in Houston is $1,152 per month, a surprising 23% lower than the national average. A three-bedroom apartment or home in Houston can be rented for $1,793 per month. Compare that to someplace like New York City, where the same apartment will cost you $3,500 a month to rent. So why have Houston’s rent prices dropped, and could renting actually be cheaper than buying? Let’s dig into some of the details. #houstonrealestate #texasrealestate #rentprices

DENVER APARTMENT RENT GROWTH GAINS MOMENTUM TO KICK OFF 2024 Denver is seeing a rise in apartment rents, with prices going up slightly over the past two months. This is good news for landlords, especially considering the usual slowdown in leasing at the end of the year. However, many landlords are offering discounts to attract new tenants, which could mean actual rents haven't risen as much. With a lot of new apartments being built this year, vacancy rates are expected to reach a record high, potentially impacting rent growth. While the luxury apartment market is expected to be hit the hardest by new supply, a slowdown in construction and rising demand could offer some relief later in the year. Read more here: https://lnkd.in/gsy6cJhz

Exciting news for the Los Angeles rental market! After a decline in the last four months of 2023, apartment rents are bouncing back in 2024. According to a recent report from Apartment List, the median rent in LA rose by 0.2% in February to $2,061, marking a year-over-year decrease of nearly 3.9%. With Newport Beach leading as the most expensive city at $3,295 and Long Beach offering affordability at $1,774, the market dynamics are shifting. The University of Southern California's Casden Multifamily Forecast predicts a steady 2-4% rent growth in the Southern California region through 2025, highlighting Orange County as a standout with expected record rents of $2,800 by summer 2025. As the rental landscape evolves, landlords are gearing up for challenges in replacing low-interest loans, signaling potential shifts in vacancy rates and rent trends. Stay tuned for an intriguing period ahead in LA's rental market! #commercialrealestate #commercialproperty #CommercialLand #commerciallandforsale #warehousespace #officespace #flexspace #industrialspace #sandiegocommercialrealestate #sandiegorealestate #realestate #cre #realtor #realestateagent #realestateinvesting #property #commercial #commercialproperty #realestateinvestor #business #investment #propertymanagement #investmentproperty #residentialrealestate #forsale #retail #entrepreneur #construction #officespace #realestatebrokerage #housingshortage #housing #housingelements #housingmarket #housingcrisis #orangecountyrealestate #orangecounty #orangecountyhomes #latimes #lahousing #losangeleshousing #housingresearch #losangeleshomes #homeaffordability #sandiegohomes #homebuyers #realtors

While these numbers are one and two bedroom apartments they are still shockingly large, except relative to the run-up. Charlotte has mostly been in line with Raleigh so we were surprised it wasn't included, but you will find many NC cities named as the worst rental markets in the country at the moment. It's a sunbelt COVID trends unwind and probably bottoming out this winter. For homes with yards of any type the declines are nowhere near as dramatic. Apartment inventory has begun to weigh on demand and that includes condos. https://lnkd.in/eY6Z7Hgt

Austin's Apartment Market is Cooling Down Austin's apartment rents are dropping significantly, with a 7.4% decrease in April compared to last year. This decline is due to an oversupply of rental units in the city, despite its strong job market. The increase in new apartment constructions has led to a decrease in rents, making it more affordable for renters. Austin is at the forefront of issuing new home permits, emphasizing the importance of managing affordability in the long term. This trend is also seen in other Sun Belt markets where new housing permits are being issued at a high rate. Exciting to see Austin leading the way in issuing new home permits, emphasizing the importance of managing affordability in the long term. This trend is evident in other Sun Belt markets as well, where new housing permits are being issued at a high rate. Let's continue to focus on creating more affordable housing options for our communities. #AffordableHousing #AustinRealEstate #SunBeltMarkets #HousingPermits #LongTermAffordability