In a tight real estate market like we have experienced for over the past two years, high demand for rentals puts extra pressure on an assignee. Even astute, resourceful folks who find several good options prior to the tour day are likely to find them already rented. By scheduling an accompanied tour, the assignee can rely on the local real estate expert to pay close attention to the availability of rentals so that their search is more efficient. What constitutes an accompanied home search? An expert on the local real estate market consults with the assignee to match preferred features in a rental – and budget cost – with available units in the right neighborhood. They then check availability, set up appointments and show the assignee the area and units. Local real estate practices contribute to the overall success of finding the right home.
We thought you might want to see some of our findings on the national rental market as the summer comes to a conclusion. To stay updated on the current market, CORT continually scours several sources for rental market intelligence and stays in contact with property managers throughout the country. We also gain great insight into markets via our ApartmentSearch.com website. One of the big drivers of overall trends is the record number of new rental units coming on the market in 2014. Nearly 240,000 new units will come online, the most in the past 20 years. The multi-family construction that dragged for a few years after the market “correction” appears to be catching up to the demand. What is most interesting is that 42% of the projected new rental units will be in only 10 metropolitan areas – and Texas is the biggest volume state: Dallas, Austin, Houston, Washington D.C., Denver, New York, Seattle, Atlanta, Los Angeles and Orlando.
A few words of praise about America’s older industrial cities: they sometimes receive a bad rap from the press, and unfortunately from some relocation folks. But it’s important to understand that places like Pittsburgh, Cincinnati and St. Louis offer many attractive lifestyle options from downtown lofts in lively neighborhoods to leafy suburbs. There are usually excellent cultural amenities, professional sports teams, great architecture, waterfronts, park systems, interesting ethnic mix and food variety, university communities, and excellent health care institutions.
A recent study about new directions in our driving preferences states how millennials are leading a trend to driving less. But really, it’s not about what they don’t want that’s most interesting, it’s about what they do want: walkable communities. In general, Americans drove more miles every year between 1946 and 2004. Today, Americans drive no more miles in total than in 2004, and no more per person than in 1996. Now, about those Millennials: young people aged 16 to 34 drove 23% fewer miles on average in 2009 than they did in 2001. That is a greater decline in driving than any other age group. Why? Millennials are more likely to want to live in urban and walkable neighborhoods and are more open to non-driving forms of transportation than other Americans. They are also the first generation to fully embrace mobile Internet-connected technologies as part of their community experience. They are moving in large numbers into urban cores. The migration to cities is particularly striking in a few key cities: San Francisco, Seattle, Washington DC, Orlando, San Jose and Denver all experienced at least 15% increase in young adults over the past 5 years. Micro lofts are the burgeoning trend …