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Tag: renters

  • It’s a good time to be a renter in Denver right now

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    Building boom left a lot of space to fill, and landlords are looking to make deals.

    An “Apartment for Rent” sign in the window of a building in Denver’s Speer neighborhood. April 27, 2023.

    Kevin J. Beaty/Denverite

    Denver landlords are making deals to entice renters to move into empty apartments.

    Incentives, such as free rent, are at a 15-year high, according to a new report from the Apartment Association of Metro Denver. Landlords are trying to fill units after a building boom in recent years left a glut of space to fill.

    “It’s good news for (soon-to-be renters) to see so many opportunities. Several communities are offering great discounts, including a few weeks of free rent on top of falling rates,” Mark Williams, executive vice president of Denver’s apartment association, said in a statement accompanying the report. “It’s truly the best time for new renters to move into an apartment.”

    The effective rent, which is the rate people are paying after concessions are baked in, averaged $1,709 per month during the third quarter, according to the report. That compares to $1,874 per month two years ago. Average rents started falling at the end of last year, the association’s data show. They are now the lowest they’ve been in more than three years.

    Boulder and Broomfield counties have the lowest vacancy rate in the region at 5.1 percent. Arapahoe County, with a 7.4 percent vacancy rate, has the highest.

    Construction of new apartment buildings has slowed way down from the peak in mid-2023. That should lead to fewer empty apartments becoming available, which will eventually lead to rents stabilizing, according to the report.

    The metro area vacancy rate is already down a little bit from earlier this year. 

     “As vacancy continues to fall, it appears the peak has been reached,” Scott Rathbun, a researcher with Apartment Insights who authored the report, said in the statement. 

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  • Metro Denver in the middle of its biggest apartment boom since the 1970s — but rent prices aren’t budging

    Metro Denver in the middle of its biggest apartment boom since the 1970s — but rent prices aren’t budging

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    Metro Denver developers pushed out more than 5,000 new apartments in the third quarter, and rents barely moved despite that high volume, according to a quarterly update from the Apartment Association of Metro Denver.

    For the past several quarters, developers have added as many apartments in three months as they would average across an entire year before 2011.

    “I have been concerned about this for some time that we would flood the market with lots of apartments and vacancies would shoot up,” said Cary Bruteig, author of the quarterly report during a press call Wednesday.

    Rising vacancies would in turn force landlords to slash rents. So far, that hasn’t happened.

    Average rents in the region rose $8 last quarter to $1,911 and are up 1.2% over the past year, below the 1.4% rate of inflation measured in September.

    The overall vacancy rate fell 0.3% to 5.3% and moved lower in 18 out of 33 submarkets. Denver, which has seen a high concentration of new multifamily projects, had the highest county vacancy rate at 5.8%. The Central Business District had the highest submarket rate at 6.6%.

    Fueled by strong migration to the state, the 1970s was a boom era for apartment construction. But after an oil bust and then a real estate bust, things calmed down in the following decades. The region averaged about 5,000 new apartments a year until 2011, when the average kicked up to around 10,000 a year, Bruteig said.

    Over the past 12 months, developers have added 21,158 new apartments. That is double the pace seen last decade and equivalent to about 5% of all the existing apartments built in the past 100 years, Bruteig said.

    Even though fewer people are moving to metro Denver from other states this decade compared to last, Bruteig said, “We see no softening in terms of people moving into new apartments in the metro area.”

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    Aldo Svaldi

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  • Former ICE field director seizes on immigration in race against Rep. Jason Crow to represent Aurora

    Former ICE field director seizes on immigration in race against Rep. Jason Crow to represent Aurora

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    John Fabbricatore enforced federal immigration laws in his position as an ICE field office director until two years ago, and now he hopes to help secure America’s borders as a congressman.

    The Republican candidate in Colorado’s 6th Congressional District is drawing on his career with U.S. Immigration and Customs Enforcement as he runs against U.S. Rep. Jason Crow in the Nov. 5 election. Crow, a Democrat, just finished his third term in Congress as the representative of the district, which includes Aurora, Littleton, Englewood, Greenwood Village and Centennial.

    The odds weigh heavily in Crow’s favor. The nonpartisan Cook Political Report doesn’t consider the fight for the 6th District to be competitive. It’s ranked as solidly Democratic, in part because Crow, 45, won all three of his elections by double-digit percentages and redistricting in 2020 resulted in boundaries more favorable to Democrats.

    That’s a change from 2018 when the district was seen as a battleground and Crow won his first race by unseating then-U.S. Rep. Mike Coffman, now Aurora’s mayor.

    But this time, Fabbricatore, 52, says voters are looking for a candidate who will prioritize the economy and lower taxes — and he contends that he’s the person for the job.

    “They want someone that wants to fight,” Fabbricatore said.

    He and Crow share certain traits. They’re both veterans: Fabbricatore served in the U.S. Air Force, and Crow was an Army Ranger. They’re hunters, each having longstanding experience with firearms. Neither hails from Colorado originally, with Fabbricatore raised in New York City and Crow in Madison, Wisconsin.

    And the candidates, both fathers of two children, reside in Aurora.

    Beyond that, their stances on major issues diverge — including on immigration, which Fabbricatore refers to as his “subject matter expertise.”

    He argues jobs are going to immigrants compensated with lower wages, taking positions that could be filled by Americans for higher pay. Fabbricatore says he supports “legal, vetted” immigration and more stringent enforcement of existing laws.

    “If we actually just enforce those laws, we will be doing much better than we are doing today with immigration,” he said.

    In recent weeks, Fabbricatore has raised the alarm alongside former President Donald Trump and other conservatives about the presence of Venezuelan gangs in Aurora — while Crow has called out exaggerations and criticized Trump for distorting the problems in certain apartment complexes.

    Crow notes that he represents “one of the most diverse districts in the nation,” with nearly 20% of his constituents born outside of the U.S. He wants to use federal grants and other programs to help immigrants and defend them against racist rhetoric.

    He said he backed a bipartisan immigration deal that ran aground earlier this year after failing to earn enough Republican support. It would have boosted the number of border patrol agents, immigration judges and officers that oversee asylum cases, as well as established more legal pathways for migrants and others without documentation.

    Fabbricatore said in a Denver Post candidate questionnaire that he would not have supported the bipartisan bill, instead preferring another bill with a greater focus on border security.

    Gun violence is what motivated Crow to run for office. He backs a ban on assault weapons and supports universal background checks. He’s also working to pass a bill that would apply the same restrictions to out-of-state residents when they purchase long guns and shotguns as they face when buying handguns — requiring that the gun be shipped to a federally licensed seller in their home state, with a background check performed there.

    Gun violence is “just an unacceptable, avoidable, ongoing national tragedy,” Crow said. “We don’t have to live with mass shootings.”

    Fabbricatore says he believes in gun rights and is instead pushing for investments in mental health.

    The candidates differ on abortion. Crow favors abortion rights, saying he aligns with the majority of Coloradans who back legal access to abortion — and he would support a federal law establishing that as a right. Fabbricatore says Congress should leave abortion’s legal status to the states. He opposes abortion, but he says he recognizes a need for exceptions, including in cases of rape.

    “Having been someone who worked in sex trafficking and saw what many women went through, I could never tell a woman that she couldn’t have a medical procedure to end what happened to her,” he said.

    Fabbricatore points to the economy as his No. 1 issue, saying it’s impacted by energy policy and immigration. He sees Colorado’s potential to participate in the energy sector through solar, wind, fracking and coal.

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    Megan Ulu-Lani Boyanton

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  • Montgomery Co. renters raise alarm over high levels of nitrogen dioxide in apartments – WTOP News

    Montgomery Co. renters raise alarm over high levels of nitrogen dioxide in apartments – WTOP News

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    State funding can help replace gas appliances for renters, but landlords are slow to take advantage

    This article was republished with permission from WTOP’s news partners at Maryland Matters. Sign up for Maryland Matters’ free email subscription today.

    Leila invites a reporter into her two-bedroom apartment at Cider Mill, an 864-unit complex in Montgomery Village, where she lives with her three school-age children in a largely African immigrant and Latino neighborhood.

    She walks into her tiny kitchen and fires up all four gas burners on the stove, as if to prepare a big meal. But Leila – who has asked us not to use her real name – is not cooking on this day.

    This is a test.

    In her hand, she holds a monitor to measure nitrogen dioxide or NO2, a toxic gas that contributes to respiratory infections, increased cases of asthma and is known to harm brain development in children.

    The Environmental Protection Agency warns that outdoor exposure to NO2 at concentrations of 150-200 parts per billion [ppb] is unhealthy, especially for people with lung disease, older adults and children with asthma, like Leila’s 13-year-old-son.

    Within 10 minutes a beeping alarm registers 200ppb. The readings continue to rise, and 15 minutes after Leila turns off the burners, she takes a final reading of 220ppb, a range that EPA calls very unhealthy outdoors.

    The EPA has no NO2 indoor standards.

    Leila’s test is just one of more than 300 that volunteers and staff with the group Action in Montgomery, or AIM, have conducted at five apartment complexes in Montgomery County. More than half of the units registered unhealthy levels of NO2, said AIM Director Cynthia Marshall. She said a final report will be issued later this year.

    “I was motivated to do these tests to understand why our families are suffering,” Leila said, troubled by high readings. “[We] see a high rate of absenteeism and wonder why they miss so much school and can’t concentrate on learning with chemicals in their heads.”

    Her advocacy began at the local elementary school, where she now heads the PTA.  “We organized for a new school building, and for high quality after-school programs,” she said.

    Leila then engaged other parents through AIM, which Marshall said follows the iron rule: “Never do for anyone what they can do for themselves.”

    Increased activism led to a leadership role with AIM, where she recruited Ana Argueta, PTA President at JoAnn Leleck Elementary in Silver Spring, to knock on doors and lobby in Annapolis for the 2024 Maryland EmPOWER Act.

    “People affected by the issue are involved in the organizing, the turnout of people power, the negotiation with elected officials, and the meetings,” Marshall said.  “In 2024 we worked with a coalition, including People Acting Together in Howard, Anne Arundel Connecting Together, Interfaith Power and Light and the Sierra Club to pass EmPOWER reform in Maryland to prioritize funding for energy upgrades in low-income housing.”

    AIM also worked with the governor’s staff to make electrification a priority for low-income and multifamily housing.

    A team of AIM leaders, joined by Del. Lorig Charkoudian (D-Montgomery), brought their case to Kay Management, which owns two of the five buildings tested by AIM, meeting with Kay President Clark Melillo.

    “We [asked for] help to clean the air in our apartments, the air that our children breathe,” Argueta said.

    They pointed to funds they said could pay for the shift from gas to electric appliances that AIM advocates are calling for. Those include $50 million in state funds set aside in February to electrify hospitals, schools and multifamily housing, $69 million for energy-efficient home improvements from the Inflation Reduction Act as well as state funds to help low-income residents with energy efficiency and conservation, money set aside from a rate assessment on all home utility bills.

    “We have worked to get the efficiency and electrification statute right for a number of years,” Charkoudian said. “House Bill 169 from last year finally established more equity in our EmPOWER Program and has led to a huge increase in the funds available for efficiency for affordable housing.

    “This [2024] session, we passed the EmPOWER reform to allow for beneficial electrification,” or replacing fossil fuel appliances with electric alternatives that reduce toxic emissions, she said. Before that change, Charkoudian said, residents could install a more-efficient stove, but could not go from gas to electric.

    “This [law] puts us into a really strong position to go to these multifamily building owners and say, ‘OK, let’s get this done now.’ We need to get these funds invested in our communities,” she said.

    Kay Management did not respond to multiple requests for comment, but Marshall said she is cautiously optimistic following the meeting.

    “My understanding is that Kay is in the process of applying for funds for energy upgrades and electrification, and hope that HOC[Montgomery County Housing Opportunities Commission] and other apartment owners will follow Kay Management’s lead, pursuing electrification and energy upgrades,” she said.

    HOC owns Cider Mill, where Leila lives. In a statement, HOC Vice President for Public Affairs and Communications Tia Blount said: “Grady Management, our third-party manager at Cider Mill has not reported any unsafe levels of NO2 at the property. If there is evidence or date to the contrary, we would welcome an opportunity to investigate further and make any remediation found to be necessary.”

    Looking ahead, Charkoudian said she will push for a streamlined process, a one-stop shop for funding and the involvement of various agencies like the Maryland Energy Administration and the Maryland Department of Housing and Community Development.

    Nicola Tran, DHCD’s director of housing and building energy programs, said a Green and Healthy Task Force, mandated in a 2023 bill and coordinated by the department, is working to identify all existing and potential future funding available for comprehensive housing upgrades that address both greenhouse gas savings, rehabilitation, and safety.

    “The report will be issued in December with a plan to drive those goals forward,” she said.

    Leila said this is not the life she expected when she came to the United States in 2003. Without a working exhaust fan in her apartment, the immigrant from Niger said she has stopped using the burners on her stove and cooks instead on an induction hot plate with a single pot or pan.

    Leila says the air quality is not acceptable, not for her, not for her children, not for anyone. “We were living like we were being ignored,” she said.

    But she and her team, all women and all immigrants from Africa, Mexico, Central and South America, see themselves as part of the solution.

    “When we come together, we have a say about our health, the air we breathe, how we are living,” she said. “We don’t want to be left behind.”

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    Valerie Bonk

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  • Aurora won’t close more apartments allegedly affected by Venezuelan gangs (yet)

    Aurora won’t close more apartments allegedly affected by Venezuelan gangs (yet)

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    Aurora’s Edge at Lowry apartment complex. Sept. 4, 2024.

    Kevin J. Beaty/Denverite

    Last week, Aurora Mayor Mike Coffman urged the city to shut down the apartment buildings that have made national headlines over an alleged “Venezuelan gang takeover.” 

    “I strongly believe that the best course of action is to shut these [buildings] down and make sure that this never happens again,” he posted on Facebook.

    He was responding to reports of activity by the Venezuelan gang Tren de Aragua at several apartment buildings, which has become the focus of national media coverage.

    He added that the Aurora City Attorney’s Office was preparing to, “request an emergency court order to clear the apartment buildings where Venezuelan gang activity has been occurring by declaring the properties a ‘Criminal Nuisance.’”

    But those plans are not moving forward, for now.

    Aurora is working with the property owners on other options, local officials said. A spokesperson for Coffman said that closing the buildings is no longer the mayor’s goal.

    The proposed closures would have affected hundreds of people living in two buildings owned by CBZ Management: The Edge at Lowry and Whispering Pines Apartments.

    A third building, Fitzsimons Place, at 1568 Nome Street, has already been shut down over code violations.

    A group of people hold signs; the closest reads "We are father and mother of a family."
    Residents of Aurora’s Edge at Lowry apartment complex, and their supporters, hold signs during a press conference to “set the record straight” on an alleged “gang takeover” of the property. Sept. 4, 2024.
    Kevin J. Beaty/Denverite

    The apparent change of plans comes as Coffman is reportedly negotiating with the landlords at CBZ Management. They’re working on a plan, according to a city spokesperson.

    “Due to new communications with the property owners and their attorneys since [last] Friday, there are no immediate plans to go forward with such a request at this time,” wrote Aurora spokesperson Michael Brannen, in a statement this week. “But it remains one of the City’s legal options moving forward, if needed.”

    What we know and what we don’t about these apartment complexes and Tren de Aragua

    Aurora has arrested 10 suspected Tren de Aragua members for various crimes, including assault and attempted murder. In Denver, one crime has been linked to the gang: the robbery of a family-owned jewelry store

    The city and the landlord have a strained relationship. Coffman has called the owners “slumlords,” while the landlords have accused the city of letting Tren de Aragua “take over” the buildings.

    The city and the landlord have been in a multi-year battle with the city over zoning code and habitability issues — complaints residents have been making for years. That dispute led to the previous shutdown of Fitzsimons Place, forcing families out of nearly 100 units.

    There’s another complicating factor: Coffman doesn’t have the power to unilaterally shut down apartments, according to Councilmember Crystal Murillo. She’s the representative of the district in western Aurora that is home to the apartment buildings.

    Aurora Police officers march into the recently closed Fitzsimons Place apartments in Aurora to make sure people move out. Aug. 13, 2024.
    Kevin J. Beaty/Denverite

    A shutdown would require support from Council and also work from the City Manager, she said.

    Murillo is uncertain how her fellow council members would vote, but she opposes a shutdown. She told Denverite she’s concerned that the apartments are unlivable and that the landlord has abandoned the building — but if the building is closed, residents will have nowhere to go, and many could be left homeless.

    “I am concerned that people are still at risk,” Murillo said. “We already know there’s a shortage of affordable units that are livable. And you know, I’m concerned that this false narrative is making that even harder.”

    A shabby apartment, its floor littered with garbage and its walls dingy. There's a broken couch and a standalone oven — and a bunch of loose doors leaning against the wall.
    Inside an apartment at Aurora’s Edge at Lowry complex, where residents are protesting their landlords alleged negligence of the property. Sept. 4, 2024.
    Kevin J. Beaty/Denverite

    Community activists rallied on Tuesday to decry the idea of shutting down the apartments, as well as to protest CBZ Management’s alleged poor upkeep of the buildings, as well as to push back on what they described as racist and biased media coverage of their community.

    Several Venezuelan immigrants said they can’t find new apartments because landlords don’t want to rent to them — a problem that’s only grown worse with sometimes hyperbolic claims of a gang takeover in Aurora. 

    The City of Aurora is already embroiled in legal action against Zev Baumgarten, an owner of CBZ. The company has not responded to multiple Denverite requests for comment. Coffman also has not responded to requests for interviews about those negotiations or his desire to shutter the buildings.

    Aurora previously shuttered a separate CBZ Management property, displacing hundreds of people

    The closure of Fitzsimons Place, at 1568 Nome Street, forced 300 tenants out of 99 units.

    The City of Aurora provided those tenants with a few weeks of rent and the possibility of downpayment assistance, but no city workers were on the ground to help tenants on the day of the shutdown. Only nonprofit workers were present.

    Weeks after the shutdown, Nate Kassa, an organizer with the East Colfax Community Collective, said organizers are overwhelmed as they try to find new housing for so many people.

    Emily Goodman, with the East Colfax Community Collaborative, helps Yubusay Fonseca find a place to go after she and her neighbors were forced to move out of the recently closed Fitzsimons Place apartments in Aurora. Aug. 13, 2024.
    Kevin J. Beaty/Denverite

    Many families from the Nome Street apartments fell through the cracks, and he worries they may be living on the streets, he said. Murillo fears the same would happen to the residents of the other CBZ Management apartments the city has considered shuttering.

    Murillo has heard from housing advocates that some landlords are reluctant to rent to people coming from the CBZ buildings, “because now they’re all being labeled incorrectly and falsely as gang members,” she said.

    “And so really, the collateral damage are still the residents. They were the victims in the first place. They’re still the victims now. And they’re suffering the consequences and being caught in the crossfire of this political grandstanding that’s happening.”

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  • Poll finds steady support for Denver’s mayor but suggests new tax increases may face skepticism

    Poll finds steady support for Denver’s mayor but suggests new tax increases may face skepticism

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    Denver Mayor Mike Johnston’s popularity is holding steady after 11 months in office, according to a new poll released Wednesday, but its findings suggest a sales tax increase he’s pitching for the November ballot could face some skepticism from voters.

    Johnston remains confident in his tax proposal, unveiled Monday. It would generate an estimated $100 million a year to expand on the city’s affordable housing work, including by preserving or building tens of thousands of units affordable to people now getting priced out of the city. His own internal polling suggests two-thirds of the city would support the tax increase, he said.

    Mayor Mike Johnston, joined by members of the City Council and community leaders, announces a new sales tax proposal to expand affordable housing in Denver on the steps of the City and County Building on July 8, 2024. (Photo by RJ Sangosti/The Denver Post)

    But the June survey of 409 registered Denver voters for the nonprofit Colorado Polling Institute found that a solid majority — 64% — believe the city’s taxes are already high. Among them, 35% said the city’s taxes were “way too high,” while 29% said they were “high but acceptable.”

    Still, it’s been rare for Denver voters to turn down tax increases, and a pollster noted that plenty of voters voiced moderate opinions on the question.

    Those responses were collected before Johnston announced his proposed 0.5% affordable housing sales tax. If the City Council gives its blessing in the weeks ahead, that new tax would share the November ballot with a new 0.34% sales tax being sought to shore up the finances of Denver Health, the city’s safety net hospital.

    If both pass, the city’s effective sales tax rate would increase from 8.81% to 9.65%, making Denver stand out along the Front Range.

    The bipartisan poll, conducted by Democratic polling organization Aspect Strategic and Republican firm New Bridge Strategy, was conducted via a mix of online and phone interviews between June 13 and 18. It has a margin of error of 4.85 percentage points.

    In good news for the mayor, the poll found 48% of voters viewed him favorably. That’s virtually flat compared to the 46% who viewed Johnston favorably in a Colorado Polling Institute poll in August, just his second month on the job.

    But the share viewing Johnston unfavorably climbed significantly, from 22% in August to 38% in June, according to the results.

    That’s due in part to rising familiarity as Johnston has been in the news, including as he’s spearheaded a new homeless strategy and responded to the migrant crisis. Just 11% of voters told pollsters they had no opinion or had never heard of the mayor in June, down from 32% in August.

    His favorability ratings in the new poll contrast with results from a Magellan Strategies survey of 1,595 Denver voters conducted in May. That poll found that 43% approved of his performance — while fully 50% disapproved. The margin of error was 2.45 percentage points.

    The survey was conducted for the council’s central office primarily to gauge support for a potential tightening of term limits. Its contract with Magellan was valued at up to $29,000, council spokesman Robert Austin said. The poll also found that the council’s approval rating was underwater, with approval at 36% and disapproval at 49%.

    Regardless of his own support levels, Johnston is banking that voters will approve his tax request in November.

    On the Colorado Polling Institute survey’s taxes question, Lori Weigel, of New Bridge Strategy, viewed the responses with some nuance. She noted that just about any voter is liable to say they pay too much in taxes, which is why the poll allowed respondents to grade the city’s tax burden by offering several options: way too high, high but acceptable, about right and lower than what one would expect.

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    Joe Rubino

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  • More and more renters are staying put. That’s ‘not going to change anytime soon.’

    More and more renters are staying put. That’s ‘not going to change anytime soon.’

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    Bryan Tucker began looking for a starter home in the Washington, D.C., suburbs earlier this year. He soon decided it wasn’t worth it.

    In Arlington, Va., where he was looking, he found that most options he was interested in were priced over $1 million and way out of his budget. So he decided to renew his apartment lease another year.

    “I have looked,” said Tucker, a 27-year-old project manager in the tech industry. “The only options that are really affordable for me for the next year are condos.”

    Read more: What percentage of your income should go to a mortgage?

    Would-be buyers like Tucker are staying in the rental market longer as the housing market remains out of reach for many. Apartment owners have noted on recent earnings calls that the share of renters moving out to buy homes is at record lows.

    Multifamily and single-family rental REITs across the country have reported strong appetite for new and renewal leases as home ownership remains unaffordable for many. (Photo by John Tlumacki/The Boston Globe via Getty Images)

    Multifamily and single-family rental REITs across the country have reported strong appetite for new and renewal leases as home ownership remains unaffordable for many. (John Tlumacki/The Boston Globe via Getty Images) (Boston Globe via Getty Images)

    “The monthly cost of owning a home today is 61% more than leasing an apartment,” Richard Campo, CEO Camden Property Trust (CPT), a Houston-based owner of 58,000 apartment homes, said on the company’s first quarter earnings call in early May. “This is not going to change anytime soon.”

    Mortgage rates are currently hovering around 7%, continuing to make borrowing expensive for potential buyers. Higher rates have also convinced many current homeowners to delay moving since they financed their homes at lower rates. That’s kept a lid on supply and helped drive home prices sky high.

    Home prices hit fresh records in March, according to the latest data available from Case-Shiller. Economists at Bank of America expect home prices to grow 4% this year.

    Camden said that just 9.4% of move-outs in the first quarter were due to its residents buying a home — the lowest in history.

    Similarly, AvalonBay Communities (AVB), a REIT that owns nearly 80,000 apartment units, reported in its first quarter report that the share of people moving out to buy a home hit a record low, namely because of high costs of homeownership.

    “Demand for [rentals] also continues to benefit from the differential in the cost of owning a home versus renting,” Ben Schall, CEO and president at AvalonBay, said in late April to investors and analysts.

    “This is true across most of the country but particularly pronounced in our markets, given the level of home prices, resulting in it being more than $2,000 per month more expensive to own versus rent a home,” he added.

    A recent report from Redfin suggests renters are more likely to stay put for the long run than they were a decade ago. According to the company’s analysis of renter tenure data from the Census Bureau, almost 17% of renters stayed in their home for a decade or more in 2022, up from 14% 10 years ago. The trend was similar for those who lived in their homes for five to nine years — the percentage of renters doing so rose to 16% from 14%.

    “The rate environment is not looking good. That’s something that might keep the trend sticky, because mortgage rates are high and it’s not looking like they’re changing anytime soon,” Sheharyar Bokhari, Redfin senior economist, told Yahoo Finance in an interview.

    At its June policy meeting, the Federal Reserve held its benchmark rate — which affects the direction of mortgage rates — steady and projected just one rate cut this year, down from a previous forecast of three.

    To be sure, renting an apartment has become less affordable too. The median asking rent has increased 23% over the past five years, according to Redfin data.

    That has buyers like Tucker weighing their options. He found that he could reasonably afford a $1,600 to $2,000 mortgage payment, assuming he put 20% down — not too far off from what he spends in monthly payments for rent.

    “I’m fine with [renting] for now, but for the long term, eventually I would like to get a house,” Tucker said. “If that involves moving elsewhere, then I’m prepared to do that.”

    Dani Romero is a reporter for Yahoo Finance. Follow her on Twitter @daniromerotv.

    Click here for real estate and housing market news, reports, and analysis to inform your investing decisions.

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  • Editorial: If the ban on occupancy limits is combined with legalized ADUs density will come to single-family neighborhoods

    Editorial: If the ban on occupancy limits is combined with legalized ADUs density will come to single-family neighborhoods

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    Gov. Jared Polis just signed legislation to ban almost all occupancy limits, and coming rapidly toward his desk is a bill to allow ADUs on almost every single-family lot in big Colorado cities.

    The occupancy ban still allows cities and counties to enforce fire codes and to regulate unhealthy and unsanitary conditions, but for the most part, cities will no longer be able to restrict how many unrelated people live in a house or apartment together.

    Very few cities still have occupancy limits on their books, and those that do rarely enforce them. Most of the enforcement was occurring in areas near colleges where neighbors complained about cars blocking driveways and too many loud, late-night parties, and landlords use the law as an excuse to limit the number of tenants in an apartment (a discriminatory trick that can intentionally restrict units from less affluent renters).

    But late-night disturbances in college neighborhoods can occur whether it is guests or residents making the problems. And we know that both rich and poor tenants can trash a condo or fail to make rent payments on time.

    The reality is that with housing reaching unsustainable costs in places across the state, more and more families are doubling up to be able to afford housing. Those families should not live in fear of being “caught” and also should be afforded the protections that come with having their name on the lease as legitimate tenants.

    Colorado cities will just have to get more aggressive in enforcing nuisance ordinances that already exist in most places. Anyone can have a problem neighbor whether there is one person living in a house or 15. The problem most generally isn’t density, but rather is the behaviors that can be associated with many college-aged tenants living together. We doubt families will be a concern.

    Gov. Jared Polis was right to sign House Bill 1007, and unlike Denver’s effort in 2021 to alleviate occupancy limits, this bill was met with less fearmongering and more common-sense requests for amendments.

    Next up Polis will likely have to consider a bill to allow ADUs on every lot in large cities. Accessory Dwelling Units are a way to bring gentle density to single-family neighborhoods. We understand concerns that coupled with the occupancy limit ban, this bill may bring more than gentle density.

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    The Denver Post Editorial Board

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  • Md. Senate approves several renter-focused bills on Saturday before Sine Die – WTOP News

    Md. Senate approves several renter-focused bills on Saturday before Sine Die – WTOP News

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    In the Senate chamber, lawmakers moved swiftly through dozens of bills in a Saturday afternoon session.

    This article was republished with permission from WTOP’s news partners at Maryland Matters. Sign up for Maryland Matters’ free email subscription today.

    In the Senate chamber, lawmakers moved swiftly through dozens of bills in a Saturday afternoon session.

    The legislative flow was only disrupted occasionally, due to brief technical errors, confusion over which bills were being discussed, or senators away from their seats when they were supposed to lead floor discussion on legislation.

    As the Senate churned through legislation ahead of the last day of session on Monday, several bills involving renter protection and housing affability received approval from the chamber and will soon head to the desk of Gov. Wes Moore (D), including some of the governor’s priority legislation.

    One of his priority bills, which works to increase affordable housing opportunities, received a last-minute change Saturday.

    House Bill 693, known as the Renters’ Rights and Stabilization Act, would create an Office of Tenants and Landlord Affairs in state government to help tenants know what protections they have under Maryland law and what legal actions they can take to defend themselves, along with other measures.

    Senate Minority Leader Stephen S. Hershey Jr. (R-Upper Shore) offered an amendment to the section of the bill that raises a fee required for a landlord to issue an eviction notice.

    Currently, it costs landlords $8 to issue an eviction notice for failure to pay rent. Moore initially wanted to raise it to $93, which is closer to the national average for such a fee.

    During the legislative process, the bill was amended to change the proposed fee increase to $83, and was then amended again to $43.

    Hershey’s amendment proposed Saturday “simply says that the court may allow a landlord to deduct this surcharge that’s been assessed from the tenant’s security deposit,” he said.

    “It still provides some protection that says that the deduction can be no more than the security deposit. Obviously, the judgement would have to be in the landlord’s favor, but we do think that it is an amendment that will kind of get things a little bit more towards the middle,” Hershey said.

    Sen. William C. Smith Jr. (D-Montgomery), who chairs the Senate Judicial Proceedings committee, was OK with the amendment, even though there is only one more day in the legislative session.

    “We view this as a friendly amendment,” Smith said, eliciting a chorus of “whoa” from a handful senators who were surprised by his willingness to accept this amendment.

    Hershey’s amendment passed. Shortly after, the Senate approved the Renters’ Rights and Stabilization Act on a 35-9 vote.

    Due to the floor amendment, HB 693 will need to be reviewed by the House of Delegates and see if they agree with the change. If so, the bill would head to Moore’s desk for consideration. If not, the two chambers will need to hastily iron out their differences on Monday.

    Moore has two other bills in his 2024 legislative package that aim to create more affordable housing supply in the state.

    HB 538 also received Senate approval Saturday afternoon. It aims to incentivize developers to add affordable housing options in future developments and would allow certain development projects to exceed typical density limits if the new development incorporates a certain percentage of affordable housing units.

    The Senate approved the measure Saturday on a 31-13 vote, with little discussion on the matter.

    Moore’s other housing bill, HB 599, is ready for his signature. Assuming he approves the legislation, it would create the Maryland Community Investment Corporation, a state entity that would make loans or investments aimed at developing and improving low-income communities.

    Some renter advocates are pleased with the passage of HB 1117 Saturday afternoon, a bill that is not part of Moore’s housing package.

    The bill is called the Tenant Safety Act and would make the escrow process more accessible to renters when landlords do not adequately address life-threatening repairs, by enabling tenants to file a complaint with the local district court and put rent payments in escrow while the complaint is adjudicated.

    The tenant advocacy group Renters United Maryland posted on X, the social media website formerly known as Twitter, in celebration of the bill passage.

    “After yrs of advocacy renters celebrate as the Tenant Safety Act passes in the @MDSenate,” the post says.

    The bill passed 30-11, on party lines. It awaits a final review from the House before it goes to the governor’s desk.

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    Ivy Lyons

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  • Gun-free zones, more money for higher education and renter protections this week in the Colorado legislature

    Gun-free zones, more money for higher education and renter protections this week in the Colorado legislature

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    Transgender and nonbinary people would be better protected from harassment in Colorado under new bill

    Transgender and nonbinary people would receive more explicit protections in Colorado’s anti-bias and harassment law if a newly introduced bill becomes law.

    Advocates characterize the bill as a simple legislative fix to ensure gender identity and expression are protected across state law, while also sending a message about Colorado’s values.

    “(The bill) ensures nonbinary and trans people are seen and represented in every part of Colorado law, which is especially important now with the wave of anti-trans rhetoric and legislation across the country,” said Garrett Royer, political director for LGBTQ advocacy organization One Colorado. “It helps the state remain a leader on LGBTQ rights with a very simple legislative fix.”
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    Colorado legislators set aside $7.2 million to fund longer psychiatric hospital stays

    Low-income Coloradans with mental illnesses are poised to receive longer hospital stays after state legislators set aside money to expand a decades-old Medicaid rule.

    Federal law requires that Medicaid patients hospitalized in psychiatric facilities be discharged after 15 hospital days in a month or the facility doesn’t get paid. The rule was intended to prevent hospitals from warehousing patients, but advocates and psychiatrists say that it instead pushes hundreds of vulnerable Coloradans out of the facilities prematurely and into a cycle of homelessness, incarceration and emergency room visits.
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    Parks, bars, protests stripped from bill that would create gun-free zones in Colorado

    A proposal to limit where people can carry firearms in Colorado, openly or with concealed carry permits, was narrowed substantially Wednesday as sponsors fought to win a key committee vote in the state Senate.

    The bill as introduced would have banned firearms from being carried at a slew of places, including stadiums, protests at public locations, bars, places of worship, public parks, libraries and more. It was amended to only ban firearms at schools, from preschool to college, as well as polling places, the state legislature and local government buildings, though local governments could opt out. It would allow exceptions for security and law enforcement.
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    Colorado lawmakers’ $40.6 billion budget caps tuition hikes, includes money for auto theft prevention

    Colorado lawmakers unveiled a state budget proposal Tuesday that would provide more money for higher education, address long waitlists of jail inmates with competency issues and boost pay for home health care workers.

    Those are among the highlights as legislators look to spend about $40.6 billion in the next fiscal year, which begins July 1. The bipartisan Joint Budget Committee will now usher the bill — one of the few must-pass measures considered by the General Assembly each year — through the legislature and to Gov. Jared Polis’ desk in coming weeks.
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    “For-cause” eviction protections for renters overcome moderate Democrats’ challenge in Colorado Senate

    Democrats in the Colorado Senate fought off a challenge from within their own party Monday and advanced a bill that would increase displacement protections for tenants — clearing that hurdle nearly a year after the legislative death of a similar proposal.

    The bill generally would give renters of apartments and other housing a right of first refusal to renew an expiring lease. Landlords would need to have a good reason for not allowing them to renew, such as failure to pay rent or plans for substantial renovations.
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    How Wyatts Towing allegedly circumvented Colorado’s new towing law — and why legislators are pushing for further reform

    HB24-1051, introduced this legislative session, would outlaw property owners from using automated emails to authorize tows. The bill also would mandate that the authorizing party must be a property owner or someone from a rent-collecting third party — banning parking management companies from doing this on the tower’s behalf.

    The bill, as introduced, sought to tackle what lawmakers and consumer advocates said was an economic incentive for towers to haul away as many cars as possible. They wanted to shift the entire landscape of residential towing by making property owners pay for tows rather than vehicle owners.
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    Colorado poised to ban cities’ limits on how many people can live together

    Colorado lawmakers are poised to ban occupancy limits in cities and towns across the state, clearing the way for more roommates to live together as part of Democrats’ push to reform local zoning regulations and address the state’s housing crisis.

    Roughly two dozen cities and towns in Colorado have the type of occupancy limits that would be prohibited under HB24-1007, which cleared the state Senate on Tuesday. The measure would prohibit local governments from limiting how many unrelated people can live in one home or housing unit, except for health and safety reasons.
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    Why Colorado’s push for more high-density housing near transit irks cities — even some that allow it

    Colorado cities are ready for a legal fight if necessary to stop a state push to overhaul local housing density rules and allow more tightly packed development along train and bus routes.

    While many local governments support the goal of concentrating people in apartments around transit hubs so they drive less, mayors have objected to what they see as state leaders intruding on local power. It’s the same local control problem that led to the defeat of a similar state push last year in the Colorado legislature.

    Lawmakers revived the transit-focused housing density bill last month and are moving it through the state House.
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    Next year’s state budget, gun restrictions and Front Range trains under debate in Colorado legislature this week

    The Colorado legislature this week will take on one of its only mandated actions — and by far its costliest: The state’s budget.

    The budget package, known as the long bill, lays out how the state will spend some $18 billion in general fund dollars in the next year. It also reveals some of the state’s priorities — such as the end of the so-called budget stabilization factor that has shortchanged state education funding — as the proposal works its way through both chambers.
    Read more

    Stay up-to-date with Colorado Politics by signing up for our weekly newsletter, The Spot.

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    The Denver Post

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  • Rentals.ca Network, Inc. Launches, Bringing Together 6 Rental Marketplaces in Canada

    Rentals.ca Network, Inc. Launches, Bringing Together 6 Rental Marketplaces in Canada

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    The new alliance will provide exceptional value to renters and landlords across Canada

    Press Release



    updated: Sep 30, 2021

    Rentals.ca Network, Inc. has announced its launch, which includes six Canadian rental marketplaces offering the most traffic and leads for landlords to list their properties and providing the most listings for renters to find their next home in Canada. 

    The Rentals.ca Network consists of Rentals.ca, Rentfaster.ca, Louer.ca, Rentboard.ca, RentCanada.com and TorontoRentals.com.

    The network features map-based search, neighbourhood scores and commute times, 3D virtual tours, floor plans, open house dates, and artificial intelligence to detect fraudulent listings.

    “We are passionate about offering renters an exceptional experience through intuitive design on mobile, tablet, desktop and voice devices,” said Matt Danison, CEO of Rentals.ca. “With an understanding of the next generation of renters, we are focusing on interval searching, where renters might only have five minutes to scan our rental inventory while waiting in line, commuting on the subway, or during a lunch break.”

    More efficiencies are on the horizon as technologies are integrated, and best practices and key features are applied to all marketplaces. The Rentals.ca Network has already achieved synergies by merging sales, human resources and billing, which provide cost savings across the network.

    The Rentals.ca Network is a game-changer for renters and landlords. 

    For the renter, the new network will provide more quality listings, intuitive design, and a safer search experience which will make it easier for renters to find their next home.

    For the landlord, the new network will drive more quality leads, save time in posting and editing listings on multiple websites, and offer exceptional customer service.

    “By consolidating under the new rental network, we will be able to provide a better experience for both landlords and renters,” said Mark Hawkins, president of Rentfaster.ca. “We will be able to deliver better technology, a seamless experience and better data, which will allow Canadians to find a home and rent a home — faster.”

    Although the network works with major REITs and property managers across Canada, most of the property listings comes from small landlords posting their apartments, condos, townhouses, detached homes and basements for rent directly to one of the six market-leading brands.

    BY THE NUMBERS 

    • In August, the network received 26 million page views, 4.3 million sessions and 2.3 million users.  
    • In the last 12 months, the network has generated 50 million sessions, with 24 million users resulting in 5.4 million leads generated for landlords across Canada.
    • The network ranks in the top three positions on Google for 53,980 keywords.
    • The network has installed 17,500 branded “for rent signs” for landlords in 18 cities across Canada.
    • Since 2019, 110,000 small mom and pop landlords have listed properties with one of the six rental marketplaces resulting in over 240,000 listed properties through our easy-to-use e-commerce experiences.

    Rentals.ca Network has the most data on vacant units in Canada. This will allow the company to better predict trends, and help clients make better decisions in developing new rental housing.

    Rentals.ca Network is a trusted source for media outlets for news, data and information on rental rates, trends and insights in Canada producing the monthly National Rent Report, the Toronto GTA Rent Report and the annual Canadian Rental Market Predictions Report. The reports are created in collaboration with long-time housing data analyst Ben Myers, president of Bullpen Research & Consulting.

    In August, among the 165 stories and media mentions of Rentals.ca, were rental news pieces done by The Globe and Mail, Global News, Global News Radio, The Canadian Press, CBC, CTV, Toronto Star, The Daily Hive — Montreal, Vancouver, Calgary, Vancouver Is Awesome, Narcity, the Winnipeg Free-Press and The Hamilton Spectator.

    “Rentals.ca Network pledges to stay on top of the latest news, trends, insights and data to help keep media outlets and their audiences well-tuned to the rental heartbeat of Canada,” said Paul Danison, content director of Rentals.ca Network. Danison has over 40 years of experience as a reporter/editor/journalist. 

    Funding for the Rentals.ca Network, Inc. is made possible by Rentsync, formerly known as Landlord Web Solutions, a St. Catharines and Toronto-based firm. Rentsync is a leader in rental housing marketing, advertising and software solutions in North America.

    “This transaction creates opportunities to pool resources and provide a more sophisticated set of tools for renters and landlords in Canada,” said Steve Cowan, CEO of Rentsync. “We are tremendously excited about the opportunities ahead.”

    Rentals.ca Network offices are in Toronto, Ottawa, Montreal, Calgary and St. Catharines.

    Information: Paul Danison at paul@rentals.ca

    Source: Rentals.ca Network, Inc.

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