HOW DO RENTERS THINK??

More up-to-date info from John Burns.....

Single Family Renters are different from other renters because they:
  - Have higher incomes
  - Have lower credit scores
  - Have larger households with more kids
  - Are less likely to believe their rent will increase
  - Are more likely to intend to buy a home someday (70% to 59%)
  - Value safety more, and surprisingly see single-family homes as a safer environment

Single-family and multifamily renters bear some resemblance to each other. They both:
  - Believe homeownership makes more sense than renting
  - Believe obtaining a mortgage is very difficult
  - Believe owning provides a safer environment than renting
  - Do not believe home prices will go up in the next year
  - Are not concerned about losing their job in the next year

The two main differences are:
  - Multifamily renters are more likely to anticipate a rent hike (53% to 44%)
  - Single-family renters find credit to be the biggest hurdle to homeownership (29%) while multifamily renters find income to be the biggest hurdle (25%).

View the chart:

http://www.realestateconsulting.com/images/newsletter/SBMI-201209.jpg

Courtesy of:
 John Burns Real Estate Consulting, LLC
16485 Laguna Canyon Road, Suite 130
Irvine, California 92618

MULTI - FAMILY in PIERCE COUNTY, WA

RENTALS are UP, UP, UP !@%$%#$$

Apartments for Rent at Realtor.com
Rental demand, tight mortgage money, changing attudes about renting, demographic shifts --


-but mostly rental demand -- prompted Realtor.com to add apartments to its listings.

Full Story: http://realtytimes.com/rtpages/20111103_apartments.htm

                         

MULTI-FAMILY Building INCREASES

WASHINGTON, D.C. - February 16, 2011 - (RealEstateRama) — Nationwide housing starts rose 14.6 percent to a seasonally adjusted annual rate of 596,000 units in January, according to figures released by the U.S. Commerce Department today. The gain was entirely due to a 77.7 percent increase in the multifamily sector, where significant month-to-month swings in activity are not unusual and where new building has been below expectations for the past several months. Meanwhile, single-family housing starts remained virtually flat for the month, with a 1.0 percent decline.

See the Link below for more.....

http://www.linkedin.com/news?viewArticle=&articleID=375082070&gid=106811&type=news&item=375082070&articleURL=http://www.realestaterama.com/2011/02/16/multifamily-construction-boosts-housing-starts-in-january-ID08659.html&urlhash=Fu9j&goback=.gde_106811_news_375082070

Just like in the 70s & 80s when Single Family Housing slowed down there will always be more Multi-family.

Multifamily Construction Boosts Housing Starts in January

MULTI-FAMILY UNIT COSTS for 2011 to 2006

This GRAPH clearly shows how much the price per unit has decreased for Multi-Family over the last 2 years. This info is from Loopnet.com. Just click on the link below.....

http://www.loopnet.com/Tacoma_Washington_Market-Trends

Multifamily Property Asking Price Index Trends

	Nov 10	vs. 3 mo. prior	Y-O-Y
- State	$89,039	-0.9%	+0.8%
- Metro	$109,361	-2.2%	-17.6%
- County	$56,173	+5.6%	-24.0%