Archive for the ‘Market Trends’ Category

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TIME OF YEAR FOR GREAT MOVE-IN SPECIALS!

Wednesday, February 24th, 2010

As our winter months continue we are seeing some fantastic specials being offered by the apartment communities. These include properties throughout the area such as Brentwood, Creve Coeur, Maryland Heights, Downtown and the Central West End just to name a few!

We know of several properties offering TWO MONTHS FREE, others with reduced rental rates, free garage parking, no short term premiums and much more. Contact an Apartment Search agent today to take advantage of some of the best move-in concessions we have seen in years! You can reach us at 314-821-4999 or email me at ddone@apartment-search.com

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Posted in Apartment Communities, Apartments for Rent, Current Specials, Homes for Rent, Market Trends, Townhouses for Rent | No Comments »

Things to Consider Before Renting Your Next Home

Thursday, January 14th, 2010

Today many people are looking for a place to rent for themselves and their families. While you are considering renting a new home, it is important to understand how the process works. If you do not fully understand the renting procedure, it can be a very complicated and stressful process. People who do not know the ins and outs of the process often end up losing quite a bit of money.

There are actually many how-to-rent guides all over the Internet that will walk you step-by-step throughout the process.  Or call a local rental locator service — their knowledge and expertise can cut down on your research requirements dramatically.

If you have children who live with you, the location of your property is going to play a huge role in finding your new home. Before deciding the area in which you want to live, you will want to check out the schools located in that district. You also want to look at the commuting distance from your childrens’ school and your work. It would be a major hassle if you ended up choosing an area that was far from work.

Making sure the neighborhood is safe is also a major factor that many homeowners will want to look into. Most cities have crime reports available to the public that will allow you to realize which neighborhoods are safe, and which ones are not. You can also get a good idea by just walking around the area. If most houses have bars on the windows and their cars locked in the garage, the area is most likely not that safe. It should be easy to tell if the neighborhood is okay for you and your family.

After you have found an area you feel is right for you, it is now time to see what homes are availabe on the local market. Choose a number of homes that look good and schedule appointments to look around. A great place to start is with a locator — they will usually have a variety of listings for your consideration. When you are looking at the homes, make sure to ask the landlord or leasing company as many questions as possible.

If their is anything noticeable that needs to be fixed, make sure the landlord is willing to fix it before you move in. Be very picky when looking at the condition of the property. Look around the bathroom and kitchen floors,walls, and ceilings for signs of rot, mold, or mildew. Make sure the flooring in all rooms is in decent condition and the walls as well. If carpet and/or paint is destroyed ask the landlord if they are willing to repair any damages before you move in.

So overall the condition of the home, the district it is located, and the safety of the neighborhood are three major factors you should consider before renting your next home.

Posted by Evan Bedard on October 21, 2009

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A November Note to Our St. Louis PM Partners

Friday, November 20th, 2009

Dear St. Louis apartment managers,

Hello on this beautiful fall Friday afternoon! Wanted to update you on current topics and trends we are seeing in the St. Louis apartment industry. Here are a few recent tidbits I found particularly useful and/or thought-provoking:

A new idea for a community event — ‘I’ve always wanted to try something like a speed dating event on a property, just mostly without the whole dating part. Three minutes to meet your neighbor, develop common interests, trade phone numbers, etc…foster that sense of community… especially for newer residents. just thought it would be an interesting way to join together a group of people.’

Another good suggestion – ‘And don’t forget about variety. While you have your standard monthly events, like a Saturday Breakfast or Resident Dinner, you have to keep trying to find things that appeal to a wide variety of people. Some ideas: Knitting Clubs, LAN parties for the gamers, Tea Time, Halo Tournaments, Chalk Art Contest, Movie Nights, Game Nights, etc.’

The communication value of Facebook, Twitter, LinkedIn, etc. — ‘The reality of Social Media is most apartment managers (who are doing their jobs anyway) have been doing it all along. Only not via the internet. And they were calling it something different. The truth is you should simply think of Social Media as Customer Service, Outreach, and Retention marketing supported by the internet. That is right! The three tasks you’ve always been working on are actually made simpler via tools like Twitter and Facebook.’

I took the last one to heart and set up accounts on all three under the name stlaptsearch. Search on Facebook and join the group, where I post topics and links regularly. If you have a fan page, send it to me so I can join you! Communication is so key today; I welcome every opportunity to exchange ideas and participate in discussions relevant to our industry.

One recent news item which will affect the rental market through next spring is the feds’ extension of the first-time homebuyer incentive program until April, 2010. Home sales are up this year by double digits in 46 states, with almost half (47 percent) of the sales coming from first-time homeowners.

Recent conversations with area property managers listed home purchase among the top three reasons for their renters’ breaking leases (the other two were job loss and job transfer). And with hiring for college graduates at a record low (only 20 percent of 2009 graduates left school with employment, versus 50 percent in 2005) the steady audience for new leases is greatly diminished.

Which leads to my last news article from the St. Louis Post Dispatch – national apartment occupancy is currently at 86 percent, with St. Louis faring slightly better than the nation at 87 percent. So if you’re in the mid-80’s, you are definitely not alone! Free rent continues to be the big marketing incentive in St. Louis, but there are other ways to attract and keep renters.

Suggestion — focus on money savings in other areas (gas savings with close proximity to work, gym-membership savings with a fitness center, utility savings, wi-fi savings, cable savings, whatever you uniquely have to offer). Then calculate a dollar value for the savings, subtract it, and show the net rent figure to your prospects. Everyone is bottom-line conscious these days. Use your positives to your benefit!

I could go on and on (but I won’t, thank goodness). Bottom line, these are by far the most challenging times I’ve experienced in my 23 years in the apartment business. Common sense and creative applications are two essential tools to successfully weathering the current slump in our industry.

Hang tough, focus on valuable resident retention, expand low-cost or cost-free services to residents, engage your community as a whole, and wait. You know the old saying, ‘If you don’t like the weather in St. Louis, just wait – it’ll change.’ The same can be said of current rental market conditions.
Enjoy the beautiful weekend!
Kathryn

Kathryn Wood
Founder and CEO
Apartment Search, Inc.
www.apartment-search.com

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Why (and How) Renters Get the Shaft

Tuesday, November 3rd, 2009

FORBES — Maureen Farrell, 10.30.09, 07:20 PM EDT — Renters in the U.S. have caught some breaks in the aftermath of the housing crisis. In May the federal government passed a law allowing tenants of foreclosed homes to stay for the remainder of their leases, or up to 90 days, whichever is longer.

With 1.5 million homes having fallen into foreclosure in the first half of 2009, banks are having trouble keeping up with all their new assets. More than a few unscrupulous landlords have jumped into the breach, collecting cash for a few months from unwitting renters.

Chris Combs, an attorney at Combs Law Group in Phoenix, Ariz., says he’s seen cases where scamsters have swooped in on foreclosed homes, changed the locks, posed as the owners and written up fake contracts–only to cut and run with the security deposits.

Here are some potentially harmful maneuvers, whether you are renting a home or leasing commercial space, and ways to minimize the damage.

Dented Security Deposits

Tactic: Your apartment may not have taken a beating, but your security deposit might. Call them “creative deductions”–$100 for chipped paint, $200 for ripped carpeting and so on. The big problem: By the time you get your dented deposit back, you’ve already moved out, so what can you prove?

Prevention: Before you move in, do a walk-through with your landlord, checking off any imperfections and taking pictures. Put the findings in writing and make your landlord sign the document. A week before you move out, do the same thing again. If you end up in small-claims court, you’ll be well armed.

Roommate Charges

Tactic: In expensive cities like New York and San Francisco, taking on a roommate is a quick and dirty way to slash living expenses. Your landlord knows this and may try to charge you for the extra body.

Recourse: Federal housing statutes prohibit landlords from raising rents on tenants who take on roommates or visitors–to a point. What’s typical: two individuals per bedroom, plus one. So, up to three people (including children) can reside in your one-bedroom apartment before the landlord can jack the rent or issue an eviction notice.

Usurious Late Fees

Tactic: Landlords can make a pretty penny on late payments. State laws are squishy on what constitutes a “reasonable” fee, and there are plenty of property owners who will charge stiff penalties. Reasonable fees start at $5 a day and head up to 6% of a month’s rent. Worst-case scenario: an eviction notice.

Recourse: Not much. Landlords aren’t required to offer a grace period on late payments, and state laws vary on when exactly rent is considered late. Your best bet: Pay on time.

Illegal Spaces

Tactic: Converting garages, basements or recreation rooms into apartments is a no-no without proper zoning approval. So is living there. If the authorities find out, you’ll soon be looking for new digs.

Recourse: City housing authorities or local title insurance companies can confirm that a residence meets zoning requirements. If you’re already living in an illegally converted space, you’ll probably have to leave. You could sue for back rent, though it’s a long shot.

Threat Of Eviction

Tactic: Landlords can find plenty of excuses to evict you, from lease technicalities to the occasional late payment.

Recourse: This one has a nasty ring to it, but in many cases, no teeth. If your landlord does file an eviction notice, hire a lawyer immediately. And don’t worry about being suddenly stuck out in the cold: You can’t get evicted until a court has heard your case.

Posted in Apartments for Rent, Market Trends, One-of-a-kind Listings | 1 Comment »

St. Louis Apartment Occupancies UP in 2008

Thursday, October 29th, 2009

It’s getting better all the ti-i-ime! At least, in the 2008 St. Louis apartment rental market… “St. Louis fared better than the nation as a whole,” according to a new survey from RubinBrown, an accounting and business consulting firm with offices in Clayton (as reported in the Post Dispatch by Tim Logan).

“The average rent in market-rate buildings climbed to $769 a month from $715 last year,” according to RubinBrown. Now, that’s good news — almost a 9-percent increase! (The national average was a 2.2-percent increase). St. Louis also saw a 1.1-percent increase in occupancies (from 86.2 to 87.3). Whoohoo!

At our Anniversary party, several managers told me their occupancies were highest (low 90′s) at the end of August, and have been steadily declining ever since. Biggest reason: job loss. St. Louis has 9.5 percent unemployment, versus 9.8 percent reported nationally in September.

So, while it appears St. Louis is faring better than most, renting apartments is still an uphill battle. Increased rents put in place last summer will hopefully offset incentives necessary to attract new residents this winter.

In the meantime, “…apartment owners and managers (are) focused on trimming overhead and cutting payroll costs,” concluded Brian Keller of RubinBrown. C’mon, summer of 2010 — time for the tide to turn positively and permanently for the St. Louis apartment industry.

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Apartments are Hurtin’ for Certain

Tuesday, October 27th, 2009

As brokers in the St. Louis rental market, Apartment Search is constantly doing a balancing act between haggle-happy renters and bottomline-shackled owners. It’s a balancing act with a win/win result always as our goal.

Lately, we’ve really gotten caught in the middle with our private listings — outrageous offers coming in on units already grossly underpriced. So renters, here’s a different perspective, a little food for thought.

I recently read an apartment community in Las Vegas was offering 5 months free rent. Yikes! Pretty soon, they’ll be paying people to move in… The question is, how much longer can landlords offer 40 percent off, and stay in business? Not long.

Today’s renters are well informed and sophisticated. They don’t hesitate to negotiate down to the lowest possible rental rate. And I agree — it is the savvy renter’s job to get the best possible deal.

But sooner or later, renters have to realize it may ultimately cost them. Since 2008, we have seen a steady wave of renters forced to relocate because their landlords wound up in foreclosure.

Free rent is great, but if the end result is moving in a couple of months with little or no notice, it’s definitely not so great — not for the renter, the community, the local economy, you, or me.

So go after that great deal, but consider whether your landlord will have enough money left over after the mortgage, taxes and insurance to keep up the maintenance (or replace your furnace come next February). And remember the old adage — if it’s too good to be true, it probably is…

Kathryn Wood
Founder and CEO
Apartment Search, Inc.

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Okay, I really can’t sing… but Fieldpointe can!

Thursday, October 22nd, 2009

Apartment Search’s 23rd Anniversary party was a blast!  More than 100 guests, most of our fave people from the apartment industry, and lots of new leasing agents dripping with personality. 

I got the entertainment started with a Karaoke rewrite of the Beach Boys’ “Kokomo” — ‘Off the Mississippi, there’s a place called St. Louis, MO. It’s where you want to go to get the best deals of all…’ What I lacked in skill I made up for in enthusiasm.

West Point outdid me with a darling skit based on Dr. Seuss’s ‘Green Eggs and Ham’ — you go, Lisa, you and your talented staff! I’ll get a copy of it, and share later.

Then Fieldpointe jumped in with their own rendition of “My Boss’ (No muscle-bound man can take me away from my boss…). Champika, you really have a winning team there. That Leslie can sing! And I hear they close as well as they croon.

Lots of eats, a couple of drinks, and German chocolate cake to die for (thank you, Lubely’s Bakery!). A few hours to stop, relax, sing and dance, to catch up and enjoy a little out-of-the office bonding. No business, just fun, fun, fun.

I always say I love this industry, but what I really love are the incredible people in it — dedicated, hardworking, caring people who tirelessly give more than they get. You guys are so great! Thank you for coming to our party. And, hey, start thinking about a skit for next year…

Kathryn Wood
Founder and CEO
Apartment Search, Inc.

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Party Day Is Tomorrow!

Tuesday, October 20th, 2009

It’s almost here — Apartment Search’s 23rd Anniversary Party!  We received 150 RSVPs, and 3 apartment communities are doing skits.  Add kareoke, and it should be a wildly entertaining night! 

I am going to pick up the German chocolate cake myself at Lubely’s.  Last year, MacArthur’s blew it by sending a yellow cake, so I’m not taking any chances this year. 

If there is a piece missing, I was just testing for quality assurance — only the best for our St. Louis relocation and apartment industry guests.   And it is my favorite…

We look forward to toasting and roasting the women and men who give so selflessly and tirelessly all year long to the St. Louis apartment industry.  See you all there!

Kathryn Wood, Founder and CEO

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Great Facebook Webinar

Tuesday, October 6th, 2009

For a person who can barely type her way out of Outlook Express, I took a huge leap into social media through a free webinar featuring Robert Grant.  It was really great — the guy deserves keudos for sharing what he knew (which was quite a bit…)

The result was 4 pages of notes, a basic Facebook fan page (?) and an even more basic Twitter profile (both stlaptsearch).  My goal is to pass on the timely information presented in this blog to both FB and TW.  This very blog is a test to see if it links forward.  More later!

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It’s Our Anniversary!

Thursday, October 1st, 2009

Hard to believe it’s been 23 years since I sat in my business partner’s basement pseudo-office and we began the daily routine of following our basic business plan to launch Apartment Search in St. Louis, MO.

It took us six months to research and lay it all out, but it was simple.  Our goal was to help frustrated renters find what they were looking for as quickly and painlessly as possible, and we would only charge the properties when we delivered.

We signed up apartments and owners under a non-exclusive contract that didn’t cost them a dime unless they got a lease.  We called on corporations and real estate agencies, offering free assistance with their renters.

We accompanied every prospect we saw, walked them through the process, and sent them a thank-you note so they had mail in their new mailbox.  Simple.  It was all based on the fact that we truly wanted to help.  And it has worked.  For 23 years!

So, for the last 13 years, we have celebrated in October by throwing an anniversary party. The tradition began in 1996, when it dawned on me that we had not only survived, but succeeded, for a whole 10 years!  Cause for celebration.

It was a small affair, with our favorite people from the rental and relocation industries.  When I saw the VP of our second-largest property management client doing a jello shot with no hands, I knew the party was a hit.  We had to do it again.

Now, every year we throw a party, but for a different reason.  It’s not to congratulate ourselves.  We take that one evening to recognize and thank all the hardworking, caring people in this industry who help us do our job so well.

It’s a chance to remind them how we see them going above and beyond again and again to help every prospect or transferee.  We see it daily, we know how much it takes, and we deeply, deeply appreciate them.  It’s our one opportunity to just tell them so.

We invite the staffs of every property we represent, from the owner to the maintenance guys.  We invite our corporate contacts, our relocation referrers, and our real-estate agency supporters.  We invite friends, customers who have used our services, and rental prospects currently looking.

We invite everyone who understands just how difficult and demanding the apartment industry can be.

So if you’re reading this, you know.  And you’re invited!  It’s on October 21st at 6:00 p.m. at the Backstreet Blues Jazz Club in Westport Plaza.

Show up, say you read this blog, enjoy two free drinks (we’ve toned it down a bit from 1996), try all the catered eats, and don’t leave without having a piece of the best German Chocolate cake in the world.

Help us celebrate.  Not Apartment Search’s 23 years, but our salute to the entire apartment industry throughout St. Louis.  If you’ve ever rented, or tried to help a friend, or knew someone struggling to get settled in St. Louis, you will join us to give them a one-night, heartfelt round of applause.

Hope to see you there!

Kathryn Wood, Founder and CEO

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