How to Find an apartment with no credit check or bad credit. carlaeasley ... Find an Apartment. » How to Find an apartment with no credit check or bad ... How to Find an Apartment With No Credit Check. http://www.nocreditcheckapartment.net 2012-02-23T00:50:36+01:00 text/html 2011-12-21T03:07:40+01:00 http://www.nocreditcheckapartment.net http://www.nocreditcheckapartment.net/general/the-philadelphia-apartment-market.html The Philadelphia economy has always been very stable, according to Joseph Brecher, executive vice president at Gebroe-Hammer Associates, which recently closed two transactions in Philadelphia, involving a total of 209 units for $10 million. The diversity of the economy means there is not one single factor driving it. "That's why office vacancy rates haven't been as large as other markets," says Brecher. "It's affected positively the apartment market." Metro-wide occupancy is approximately 95 percent, though Brecher points out that suburban assets tend to have larger vacancies than those in the city. "We're talking over a whole region and metro area, so there are peaks and valleys, but in stable markets … such as Northeast and Northwest Philadelphia, [which have] always been B markets, occupancy has stayed steady in the high 90s." Center City, meanwhile, experienced a spike in vacancies and a drop in rents--between 10 percent and 20 percent for top-tier communities. At the same time, the shadow market has only really affected Center City. Brecher notes that the metro has not seen much sales activity in the B market. "As pricing has obviously come down for apartments, that has affected the volume," he says. "Sellers aren't interested and not in real distress," and the aggressive prices they are seeking are not in line with reality. There has, however, been a rise in foreclosure sales and sheriff sales for distressed B and C assets. "For the really distressed properties in C areas … the buyer says, 'I have a lot of work to do, but I am getting it for pennies on the dollar.'" A recent Class B transaction that sold in Northeast Philadelphia traded for just above a 7 percent cap rate, for example, Brecher reports. This is off from the 6 percent and below seen at the cycle's peak. And unlike the D.C. metro,... text/html 2011-12-21T03:07:40+01:00 http://www.nocreditcheckapartment.net http://www.nocreditcheckapartment.net/general/prg-pays-65-million-for-two-apartment-communities-in-inland-empire.html Citing the continued upside potential for rental properties in Southern California, Phoenix Realty Group (PRG) has now acquired 10 apartment communities across the region in the past year with the recent purchases of the $34.5-million Windrush Village Apartments in Colton, Calif., and the $30.8-million Galleria at Towngate Apartments in Moreno Valley, Calif. PRG now owns more than 3,200 SoCal rental units for a total value of approximately $387 million acquired on behalf of its institutional real estate fund. “We continue to be bullish on the Inland Empire’s Riverside and San Bernardino counties due to their close proximity to employment centers in higher-priced Los Angeles and Orange counties,” according to Edward Ratinoff, PRG managing director and head of national acquisitions. “These value-added investments are uniquely positioned to meet a growing demand for quality, well-located rentals near top schools, retail malls and jobs in a region key to the recovery of California, the eighth-largest economy in the world,” said Ratinoff. According to PRG managing director Alex Saunders, the 268-unit Galleria at Towngate is a best-in-class asset purchased well below replacement cost. Built in 2006, the community offers an extensive amenity package including a pool and spa, fitness complex, clubhouse with business center and children’s playground. “The apartments attract families affiliated with the University of California Riverside and March Air Force Base as well as major manufacturing hubs including the new 1.8-million-SF distribution center for Skechers USA,” he explained. Saunders added that the 366-unit Windrush Village, spread across 30 buildings on 11 acres, will benefit from $2.6 million in capital improvements including a renovated clubhouse and gym, and new appliances in the two-thirds of apartments due for renovation. “With average rents below $1,000/month, Windrush stays almost fully occupied thanks to major employers including Arrowhead Regional Medical Center, Loma Linda University Medical Center, University... text/html 2011-12-21T03:07:40+01:00 http://www.nocreditcheckapartment.net http://www.nocreditcheckapartment.net/general/oklahoma-apartment-fundamentals-steadily-improving.html Yesterday I blogged about the improvement being seen in the national apartment market as evidenced by declining cap rates, and today I want to take a quick look at the current state of the Oklahoma apartment markets. Last year, both Oklahoma City and Tulsa experienced the beginnings of recovery in their apartment markets as vacancy began to slowly decline and rental rates stabilized. According to fourth-quarter 2010 data provided by REIS Inc., it appears that the recovery is picking up solid pace. During the quarter, Oklahoma City improved the most as vacancy dropped substantially to 8 percent, down from 9.3 percent in the third quarter of 2010. That is by far the most significant quarterly drop in vacancy seen in quite some time for the Oklahoma City market. Not only is leasing activity picking up pace in the metro area, it also appears that removal of several properties from the market due to their inhabitable condition has helped to lower vacancy. Moreover, REIS is forecasting that vacancy should remain stable at its current level throughout the remainder of 2011 and into early 2012. Rental rates benefited from the sizable decrease in vacancy. During the quarter, average apartment rates improved by 0.8 percent. Rates are expected to remain on the upswing, experiencing very slight increases over the next year. Stability was the name of the game in the Tulsa market. Fourth-quarter data showed that Tulsa’s apartment vacancy remained relatively unchanged with only a 0.1-percent decline to 8.8 percent, down from 8.9 percent in the third quarter. REIS forecasted that the decrease in vacancy should pick up significant pace in 2011 as it should dip below 8 percent by the end of the year. The best news for the Tulsa apartment market came in the form of rental rates. REIS reported that average rates increased a... text/html 2011-12-21T03:07:40+01:00 http://www.nocreditcheckapartment.net http://www.nocreditcheckapartment.net/general/leasing-agents-on-rise.html With sales down, firms add rental specialists Until the housing market crash, Prospect Equities Inc. had never completed a residential leasing transaction. The Oak Brook-based real estate firm’s focus had been home sales, but the downturn left CEO Richard Killian looking for other ways to boost revenue. In a bet that the rental market was on the upswing, Mr. Killian started hiring leasing agents in 2008 to work with landlords and renters. Now, Prospect Equities employs about 70 agents, in addition to a residential sales staff of 580, in six offices across Lincoln Park and the west and southwest suburbs. Mr. Killian, who founded Prospect in 2000, predicts his firm will complete 430 leasing transactions this year, up 14% from 370 in 2010. He acknowledges that maintaining that growth will be a challenge. “It’s getting harder because there’s more competition,” he says. Industry observers say numerous leasing agencies, also known as apartment locators, have popped up in recent years. “There’s been a tremendous increase in the number of agencies, and we’re all fighting for the same client,” says David Kelley, broker-owner of Apartment Guys LLC, a Chicago-based apartment rental agency. The exact number of Chicago-area agencies couldn’t be determined, but data from the Illinois Department of Financial and Professional Regulation show that the state’s leasing-agent ranks jumped 29% to 1,460 in 2010 from 1,042 in 2008. But with the number expected to increase again this year, some worry the market is becoming saturated. “I think we’re getting to a tipping point,” says Justin Elliott, founder and CEO of Chicago Apartment Finders Inc. “You can only have so many agents. I think at some point the growth will come to a halt.” Apparently that time hasn’t come yet. Mr. Elliott predicts his firm will complete 7,000 rentals this year, a 9% increase from 6,400 in 2010. He plans to add up to... text/html 2011-12-21T03:07:40+01:00 http://www.nocreditcheckapartment.net http://www.nocreditcheckapartment.net/general/getting-ahead-of-an-apartment-crunch.html In the face of record vacancies and plunging rents, AvalonBay is starting to put up new buildings. Crazy or crazy smart? Kristin Davie misses her freedom. The 22 year old has been living with her parents in Colonia, N.J., since graduating from Marist College in May. She and two friends set a deadline of September to find jobs and a New York City apartment they could afford to share. September's long gone, and she's still at home. Davie left her first job, where she was unhappy; now she has a new one. "I'm hoping we'll be in the city by the end of April," she says. The managers of AvalonBay Communities are hoping right along with her. While most apartment construction is on hold, AvalonBay, a real estate investment trust based in Alexandria, Va., plans to start $400 million worth of new rental units this year, mainly in the Northeast. With the unemployment rate at 9.7% and the apartment vacancy rate at 8% the highest ever, according to research firm Reis this might seem like the worst possible time to start building. Rents plunged last year, yet AvalonBay CEO Bryce Blair says it won't be long before the job market recovers and people in their twenties, such as Davie, move away from home or out of their shared apartments and into rentals of their own. The units AvalonBay plans to start this year won't be ready for occupancy until 2012, and by then Blair expects demand to be strong. "If we're able to build and deliver new product into a period that is really absent of supply," he says, "we'll have a competitive advantage." With $300 million in cash and a $1 billion credit line, AvalonBay, the second largest publicly traded apartment owner in the U.S., can afford to be contrarian. Construction financing... text/html 2011-12-21T03:07:40+01:00 http://www.nocreditcheckapartment.net http://www.nocreditcheckapartment.net/general/chicago-tribune-buys-apartment-rental-service.html Expanding the reach of its real estate publishing businesses, the Chicago Tribune has purchased Relocation Consultants Inc. Oak Brook, Ill. based Relocation Consultants, known as RELCON, is the largest apartment rental service and the largest publisher of apartment guides in the Chicago metropolitan area. RELCON publishes free monthly and quarterly apartment guides and provides personal consultation and referral services to prospective renters. "RELCON is a strong, growing business which will complement the Chicago Tribune's position in the real estate rental advertising field. The purchase of RELCON positions us well for the future," said Jack Fuller, president and publisher of the Tribune. For some years, the Tribune has been a 50% owner of Real Estate Information Connection, which publishes real estate guides and, like RELCON, is located in Oak Brook. "We're looking forward to helping RELCON grow," said Kathleen M. Waltz, the newspaper's newly named vice president and director of developing businesses. "We also will benefit from their 20 years of experience in the apartment rental market." RELCON was founded in 1970 by Thomas J. Atkinson and Thomas C. Swanson. Swanson will remain president of RELCON, while Atkinson will become senior consultant. text/html 2011-12-21T03:07:40+01:00 http://www.nocreditcheckapartment.net http://www.nocreditcheckapartment.net/general/chicago-developer-proposes-100-plus-million-minneapolis-apartment-tower.html The Minneapolis apartment market is already feverish, but is it ready for a Chicago-style high-rise rental project? The Chicago-based Magellan Development Group is proposing a 36-story, 355-unit apartment tower on a site once envisioned for a condo tower. Brian Gordon, a vice president with Magellan Development, said that the project budget would be “over $100 million.” The site is at 1368 LaSalle Ave. The site is one block east of Loring Park and about two blocks from the Hyatt Regency Minneapolis hotel at the southern edge of downtown Minneapolis. The site is currently a surface parking lot. During the condo boom, Magellan got city approval for a 39-story, 275-condominium proposal on the site. The project joined a long list of proposed local condo developments that were never built after the condo market evaporated. “The condo market went to crap,” Gordon said. Gordon acknowledged that the new proposed apartment project’s scale is big for Minneapolis. “It would be the first concrete rental building in probably 30 years. It would be high-rise, which is unusual. This will have great views and balconies and amenities,” Gordon said. “There’s a lot of proposals for stick-built apartments up there, but nothing with all the amenities that we’re proposing. We’ll have a pool, we’ll have a 24-hour doorman, fitness center, business center, movie theater and lounge.” Concrete construction is more expensive than wood frame or “stick” construction. “It would be a luxury apartment building -- similar to our projects that we’ve done all over Chicago,” Gordon said of the proposed tower, which does not yet have a proposed name. Asked about monthly rental rates at the building, Gordon said: “I think we’re going to [be] pushing the top of the market.” Magellan has not yet submitted an application to the city of Minneapolis for the project. As of Thursday evening, the project was up for... text/html 2011-12-21T03:07:40+01:00 http://www.nocreditcheckapartment.net http://www.nocreditcheckapartment.net/general/apartments-now.html With rents under pressure, it takes some guts to buy an apartment REIT. Pity the poor landlord. With interest rates low, middle class families are moving out of apartments and into their own homes and condos. Last year real estate investment trusts specializing in apartment buildings suffered an average 8% decrease in funds from operations, an industry statistic that measures profitability. Green Street Advisors, a Newport Beach, Calif. firm that rates REITs, expects the profitability of apartment REITs to fall another 17% in 2003. In short, the near term looks pretty dismal, and some dividends will be cut. But the long term case for apartment buildings is still intact. Eventually the unused inventory will be absorbed, and rents should keep up with inflation. REITs have gotten cheaper; the sector has seen a 7% price decline over the past 12 months. Craig Leupold, an analyst at Green Street, says that once the economy picks up and interest rates rise, demand for apartments will increase. A REIT is a flow through investment, much like a closed end fund. It owns buildings or mortgages and passes its profits through to shareholders. So long as it distributes at least 90% of taxable income to shareholders, it owes no federal income tax of its own. A typical apartment REIT offers a 7% yield. In measuring real estate profits, analysts usually ignore the bottom line (the net income reported to the Internal Revenue Service) and focus instead on funds from operations, which is defined as net income plus real estate depreciation. Green Street goes one step further, subtracting from FFO an estimate of maintenance level capital expenditures. This is no small matter, since landlords have to spend a fair amount of money replacing carpets and roofs. Someday the apartment depression will end. Green Street expects apartment REITs to show a... text/html 2011-12-21T03:07:40+01:00 http://www.nocreditcheckapartment.net http://www.nocreditcheckapartment.net/general/apartment-vacancy-across-the-twin-cities-hits-five-year-low.html Apartment vacancy across the Twin Cities has fallen to 3.1 percent, a five-year low, according to Minneapolis-based Marquette Advisors. A year ago, local apartment vacancy stood at 6.1 percent. According to the latest data, 1,180 more local apartments were occupied at the end of March than were sitting empty at the beginning of the year. Marquette Advisors reported absorption of 6,433 units during 2010, driving down vacancy. In the apartment market, absorption measures the change in the total number of occupied units from one reporting period to another. "The trend is positive, most definitely," said Brent Wittenberg, vice president with Marquette Advisors, which compiles a quarterly report titled "Apartment Trends." The new report tracks statistics for the first quarter of 2011. Factors contributing to the trend are job growth and former homeowners who have been pushed into the rental market by foreclosure or other economic circumstances. But Wittenberg said some people who could afford to buy homes are still choosing to rent for various reasons. "The renter-by-choice market is also increasing," Wittenberg said. Marquette Advisors projects that 700 new market-rate apartments will open in the Minneapolis-St. Paul area this year. The study does not track affordable, senior or student housing units. But rentals are still outpacing development. Wittenberg does not have a forecast for the number of units that could be added in 2012 but expects that it will be more than this year's. Numerous plans are on local drawing boards for new apartment projects, but Wittenberg noted, "Some of these are deals that are looking for financing." In Minneapolis, vacancy is even lower than the market at large, at 2.9 percent. In St. Paul, the vacancy rate is 3.2 percent. But zeroing in on downtown St. Paul, the vacancy rate is 1.5 percent. The lowest vacancy rate is in Chaska, at 0.9 percent; the highest vacancy rate is in Shoreview/Aden...