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Now May Be the Best Time to Save Thousands on a Lease in the Nation's Largest Tech Hubs, According to Realtor.com Rental Report
In San Jose, Calf., renters signing a 12-month lease today would save nearly $5,000 compared to pre-pandemic prices SANTA CLARA, Calif., March 16, 2021 -- Rents continued their downward spiral in many of the nation's largest housing markets in February, but they may have hit their bottom, according to the realtor.com Monthly Rental Report released today. For those looking to move or return to the big city, acting now while rents are still at their lowest could mean saving thousands of dollars a year. "Housing markets like San Francisco, Santa Clara, Calif., Boston and Seattle have seen rents decline by double digits since the start of the pandemic and rent growth across the nation remains lower than pre-COVID levels. However, the downward trend is leveling off and rents may have hit their bottom in many markets," said realtor.com® Chief Economist Danielle Hale. "With the COVID-19 vaccination rates improving, returning to work and the city may be on the minds of many. For those looking to capitalize on rock-bottom rents, finding a new unit now could make sense. You'll not only save money, you'll have less competition finding the location that's best for you." In February, the U.S. median rent, which is calculated by averaging the median rent of the 50 largest metros, was up 0.6% to $1,452, well below its pre-COVID growth rate of 3.2%. With rent growth stabilizing over the past three months, rents could begin to return to pre-COVID growth rates in the coming months. Rent savings in tech markets could add up to thousands of dollars Although rents have begun to stabilize, and even rise by double-digits in some markets like New Orleans, Sacramento, Calif., Memphis and Riverside, Calif., where rents rose 18.7%, 11.0% 10.8% and 10.7%, respectively in February, that's not the case in many of the nation's largest tech hubs. In San Jose, Calif., situated in the heart of Silicon Valley, median rent was $2,690 in February, 13.2%, or $410, less than a year earlier. Renters signing a 12-month lease today would save nearly $5,000, compared to pre-pandemic prices for the same unit. They'd save almost as much in neighboring San Francisco, where rents were down nearly 13% from a year ago in February. Tech hub markets - Typical savings versus last year's rents February 2021 rental data - 50 largest metropolitan areas Methodology Rental units include apartment communities as well as private rentals (condos, townhomes, single-family homes). All units were studio, one-bedroom, or two-bedroom units. National rents were calculated by averaging the medians of the 50 largest metropolitan areas. About realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
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Goodbye City Life: Rising Rents Match Homebuying Hotspots
Realtor.com January Rental Report finds declines in expensive high-tech hubs persist, while smaller markets that offer quality of life become less affordable SANTA CLARA, Calif., Feb. 18, 2021 -- Renters, much like homeowners, are favoring smaller more affordable markets that offer highly rated schools, strong local economies and more space over expensive tech hubs, a trend that is pushing rents up in many of the same markets where home prices are rising the most, according to the realtor.com® Monthly Rental Report released today. "Although rents across the U.S. have been growing at a slower pace since the onset of COVID-19 and the major tech hubs continue to see declines, some markets are seeing rents grow by double digits," said realtor.com® Chief Economist Danielle Hale. "Many of the same factors that attract homebuyers to an area -- highly rated schools, job opportunities, affordability and quality of life -- attract renters. Like homeowners, the pandemic has given many renters the freedom to work remotely, and the rental trends reflect that reality." In January, the U.S. median rent, which is calculated by averaging the median rent of the 50 largest metros, was up 0.8% to $1,442, below its pre-COVID growth rate of 3.2%. Despite the continued slower growth, January marked the first month since July 2020 where rental growth didn't slow further, indicating that rent growth may have reached a floor. Seven of the top 10 metros with the largest rent increases in January -- New Orleans*; Sacramento, Calif.; Rochester, N.Y.; Cleveland; Riverside, Calif.; Cincinnati and St. Louis -- were also among the metros where home prices grew more than 5% year-over-year. Renters typically have more flexibility to move, and with remote work allowing many people to live anywhere, markets that offer affordability are in hot demand. In California, Riverside and Sacramento have become desirable alternatives to the pricey Bay Area and Los Angeles housing markets. Despite a sizable 9.6% increase in the last year, the median rent in the Riverside metro was $1,858 in January, 25.4% lower than the median rent in neighboring Los Angeles. Likewise, the median rent in Sacramento was $1,649 in January, still 36.8% lower than the median rent in San Francisco despite its 11.0% rise in the last year. Four of the top 10 markets with the largest year-over-year rent increases in January are located in the Midwest, a region that in recent years has attracted affordability-minded homeseekers looking for an alternative to the pricer coastal markets. Markets With the Largest Rent Increases in January 2021 Markets With the Largest Rent Decreases in January 2021 Rental Data - 50 Largest Metropolitan Areas January 2021 *Editor's Note: New Orleans' exceptional year-over-year growth in median rent was driven by shifts in the underlying inventory of rental units. The number of studio units has declined by 17% year-over-year, while one-bedroom and two-bedroom unit inventory has increased by 50% and 31%, respectively. The larger space commands larger rents, therefore driving up the median rent in the area. Methodology Rental units include apartment communities as well as private rentals (condos, townhomes, single-family homes). All units were studio, one-bedroom, or two-bedroom units. National rents were calculated by averaging the medians of the 50 largest metropolitan areas. About realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
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Rental Beast and eCommission Announce Partnership to Offer Flexible Payment Option
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Realtor.com December Rental Report: Rents in Major Cities Continue to Decline Double Digits
Rent prices for one- and two-bedroom apartments were up compared to this time last year SANTA CLARA, Calif., Jan. 21, 2021 -- Major urban markets, such as San Francisco and Manhattan, continue to see double-digit declines compared to last year, but rent increases in less dense areas have kept nationwide rents growing for one- and two-bedroom units, according to the realtor.com December rental report released today. Nationally, the median rent for studio apartments was down 0.7% year-over-year, rent for one-bedrooms was up 0.8%, and rent for two-bedrooms was up 2.6% year-over-year. "Right now is a great time for renters in major cities to lock in a low price for 2021," said realtor.com® Chief Economist, Danielle Hale. "But renters in some other areas are seeing a very different trend. With more flexibility and more time at home, renters have sought out extra space, driving up rents in the suburbs and less dense markets. As vaccines are being rolled out nationwide, the question is, how much longer will these trends continue? What's clear, is that the mantra of real estate being local very much applies to rents, not just home prices." San Francisco led the nation in declines with average monthly rents falling 33.8%, 25.5% and 22.8% for studio, one-bedroom and two-bedrooms units year-over-year, respectively. Rents for studios and one-bedrooms in nearby Santa Clara, Calif. and San Mateo, Calif. counties also saw double-digit decreases in December. Outside of the Bay Area, Manhattan, Boston, Seattle, and Washington, D.C. were among the metros seeing the largest year-over-year declines. These markets also represent some of the most expensive cities in the country, giving rents the most room to fall. In December, the median studio rent in Manhattan was $2,288, down 21.0% year-over-year. Median one-bedroom rent in Manhattan was $3,100, down 18.4% compared to last year. Median two-bedroom rent in Manhattan was $5,200 in December, down 16.1% compared to last year. When it comes to rent increases, Sacramento, Calif. is leading the nation with average monthly rent increasing 20.3%, 12.4%, and 9.1% for studio, one-bedroom and two-bedrooms year-over-year, respectively. It was followed by New Haven County, Conn.; Essex County, N.J.; and Monroe County, N.Y., which saw average gains of 13.3%, 11.9%, and 11.9%, respectively. To see the full report, including which metros had the greatest increase in rent prices, see here. Top 10 Markets for Studio Rent Decreases - December 2020 Top 10 Markets for 1-Bed Rent Decreases - December 2020 Top 10 Markets for 2-Bed Rent Decreases - December 2020 About realtor.com® Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, realtor.com® is a trusted provider of consumer connections and branding solutions that help them succeed in today's on-demand world. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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Realtor.com Acquires Avail
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Rental Beast November 2020 Market Report: Rental Concessions Gone Wild!
Data Indicates City Living Loses Some Appeal November 24, 2020 -- A combination of surging Coronavirus cases, new lockdowns, expiring government stimulus, and colder weather has set off a Rental Concessions bonanza in U.S. markets, as property managers, owners, agents, and tenants struggle to navigate continued volatility when securing housing plans before year's end. While we have seen Rental Concessions gain momentum as the pandemic continues, the velocity, size, and scope of some of Rental Concessions being offered in some markets have set off desperation alarm bells. Additionally, Rental Inquiries in most cities featured in this report show continued year-over-year (YOY) declines, as renters seek out alternatives away from urban centers, including rentals with more space, to combat the prolonged impact of the pandemic. Atlanta, Boston, Dallas, and Miami continued their months' long trend of lower YOY Rental Inquiry rates, while Chicago and Philadelphia remain volatile but managed to report higher numbers. In our seventh edition of the Rental Beast Market Report, we are pleased to include data and insights on the Dallas/Fort Worth metropolitan area, the fourth-largest urban center in the United States. Rental Concessions Rental Concessions are compromises landlords make to original rent terms in the hope of filling a vacancy more quickly. Rental Concessions can include monetary compensation, a discount, or various goods and services. Rental Beast aggregates single family and multifamily Rental Concessions information from our 22 active markets. Our findings are summarized below. Atlanta For the majority of 2020, Rental Concessions in Atlanta have been significantly higher than last year, and October was no exception, with the city registering a 50% YOY increase. We spoke with a local rental marketing specialist who described Atlanta's Rental Concession environment as "desperate." Having a hard time filling units, her firm is trying anything and everything as the pandemic and its impact on peoples' health and jobs drive both higher vacancy rates and depreciated demand. Rental Concessions from large, multifamily operators like hers have become more aggressive, including bundling multiple concession offers to attract tenants. In many cases tenants claim as many as three concessions packaged into a single, special offer. These 3-for-1 specials can include one month's worth of free rent, a $500 gift card, and a 50% reduction in pet deposits and fees. In November, the same company offered a Veteran's Day special, waiving all application and rental fees, or charging a flat $11 administrative fee for servicemembers. Need an air fryer? The same company is giving them away to tenants signing a lease within 48 hours of viewing a property, along with a month's worth of free rent. Given these observations and the increase in concessions seen in the greater market, the Atlanta market has clearly taken a negative turn over the past 60 days. Our marketing executive interviewee expects heavy concessions to continue for at least the next six months. Boston October represented the 10th consecutive month Boston logged negative Rental Inquiry rates and higher YOY Rental Concession numbers. In October, Boston's Rental Inquiry levels dropped 44% YOY, while Rental Concessions increased by 95%. Savanna Rivas from Princeton Properties describes the Boston rental market as "desperate." "With so many Bostonians working from home, why would anyone pay a premium to live in the city, especially if you can't take advantage of all that a Boston has to offer?" says Rivas. Prior to the pandemic's onset, Princeton Properties did not offer short-term leases. Continued market volatility and decreased demand has forced the firm to reevaluate business practices and become more flexible. They now entertain five-month leases, rather than a typical, minimum twelve-month term. Additionally, Savanna indicated that while it has become common to offer one-two months' worth of free rent, the firm is wary of creating difficult situations where aggressive concessions at the start of a lease lead to challenges for tenants when rates are normalized upon renewal when tenants are forced to move because they can no longer afford their unit. In addition to offering a free month's worth of rent, some tenants are securing a full year of free internet access. Savanna describes this as unprecedented. "I've fielded many calls from current residents who are looking to re-negotiate their leases, hoping to get in on the discount frenzy—but a lease is a lease and terms must be honored." Chicago Like so many U.S. cities, COVID-19 has wreaked havoc on the Windy City. Racial protests, political unrest, and the end of the rental season brought on by cooler weather has created an environment ripe for peak Rental Concessions. For October, Rental Concessions were up 98% YOY, as landlords and property managers work to secure tenant leases before the holidays and start of winter. In October, Chicagoans remained concerned about their long-term living options while struggling to maintain employment. Rental Inquiries for Chicago were up a whopping 214% YOY in the month. We spoke with Alex Fenton, Property Administrator at Tandem, who describes the Rental Concessions environment in Chicago as being "huge". "People are aggressively shopping for concessions, which typically include two or even three months' worth of free rent, and waived administrative fees." Fenton indicated that in exchange for aggressive concessions his firm is pushing for 18-24 month leases, in hopes of securing longer-term occupancy rates. Even current tenants are looking to get in on the concession rage. "Under certain circumstances we'll re-negotiate leases and offer specials to current tenants, but again try for longer lease terms, as well as try to have the leases end during the summer months, when it is usually easier to rent." For those signing two-year leases on penthouse units, Tandem will provide creative "move-in gifts," such as furniture items, including trendy standing desks. Alex indicated they've also introduced an incentive that includes a $750 rent credit for referrals who ultimately sign leases. Dallas/Fort Worth We are thrilled to include the Dallas/Fort Worth market in this edition of the Rental Beast Market Report. Similar to the trends seen in other urban centers, Rental Inquiries for Dallas declined 40% YOY, while Rental Concessions jumped 128%. Brandi Sakayam, District Manager at BH Management in Dallas, oversees a portfolio of primarily Class A properties; and she tells us Rental Concessions are on the rise across the entire Dallas Fort-Worth area. She indicated that one month's worth of free rent is standard for Dallas, but in some cases, landlords are waiving some or all application and administrative fees. With continued new construction in the DFW area, lease-ups will often offer four to eight weeks' worth of free rent. Sakayam said she sees a continuation of new tenants relocating from other parts of Texas, but is also seeing an increased number of families moving from California and the Northeast. While her firm is hopeful that they can pull back on Rental Concessions in 2021, they don't expect to return to anything close to normal until the second or third quarter of next year, as their occupancy rates have dipped from 95% to 93%. Olivia Taylor, General Manager of The National Residences, described Dallas as a "concessions driven market." While it's typical for properties to offer one month's worth of free rent, she's observed movement to six-eight weeks' free rent. "There is so much new construction in Dallas you can see construction cranes everywhere. Buildings are competing for tenants. I'm aware of look-and-lease deals where tenants can secure a $1,000 Visa gift card for committing to a one-year lease within 48 hours of viewing a unit." Like Brandi, Olivia is also seeing families moving to Dallas from California and Chicago, as companies like Uber, McKesson Corp., and Charles Schwab open large local offices. While Olivia is currently seeing slower traffic at her properties, she attributes that both to increasing Coronavirus cases and the onset of typical holiday-related seasonality. Los Angeles Rental Beast recently entered the Los Angeles market, and, as part of the ramping up process, we spoke with Danny Levin, Co-Founder of TDI Properties. While many urban rental markets across the country are struggling to find qualified renters, Danny said that L.A. has long suffered from a significant residential rental supply shortage. "If you have a unit that is clean and well-priced it will get rented," said Levin. While the Los Angeles rental market typically slows in November and December, Levin indicates that seasonality isn't impacting the market, and he's not seeing a barrage of Rental Concessions observed in other cities. Instead, he said that class A & B properties continue to offer one month's worth of free rent to entice tenants. Says Levin, "The pandemic has slowed the pace in which Class A & B properties in LA are rented, but they are getting rented." Miami Like Boston, Miami registered ten consecutive months of lower YOY Rental Inquiries, and during the same time period Rental Concessions have consistently overpowered 2019 rates. For October, Rental Inquiries in Miami were down 30% YOY, while Rental Concessions jumped 115%. According to the Federal Reserve Bank of St. Louis, Miami started the fourth quarter of 2020 with a 13% unemployment rate, with COVID-19 continuing to impact the service, travel, hotel and tourism industries. While many people in Miami are experiencing Covid-19 fatigue, the dramatic increase in the number of Coronavirus infections and deaths has driven South Floridians to continue to explore living options outside of Miami, as they yearn for more space to accommodate work from home situations and remote school learning. Philadelphia As we have seen for most of the year, Rental Inquiries for Philadelphia remain strong. The city logged a 86% YOY increase, while Rental Concessions declined 71%. New York City has more than 16,000 vacant apartments, and many New Yorkers leaving the Big Apple are contemplating calling Philadelphia home. While anecdotal indications paint Philly's Rental Concessions environment similarly to Atlanta and Boston, our rental data indicates a 71% YOY decline. We will continue to monitor this change to determine if this is a temporary movement or a prolonged trend. Rental Beast recently spoke with a Marketing Manager from a prominent, Philadelphia-based property management firm. This Manager described the current Rental Concessions environment as "vicious," as she believes Philadelphia has hit a peak in Rental Concession issuance. She notes two to three months' worth of free rent being consistently offered, as landlords continue to cope with the fallout from the pandemic. The same contact indicates that in a normal year "meds and eds" (medical and undergraduate and graduate students) drive high occupancy rates in Philadelphia, but this year is far from normal. She explains, "Students are studying virtually at home, and many international students are not allowed to travel and therefore do not require rental housing. While most buildings would be well leased up at this point in the year, property managers and owners are starting to panic as we head into the 'dead season' a.k.a winter months." In addition to offering two to three months' worth of free rent, our contact indicates that her firm is also offering waived amenity fees, application fees, and are offering gift card incentives to potential tenants. Waived or reduced security deposits are also available in some cases. Rental Inquiries Rental Inquiries are prospective tenants actively seeking to rent an available property in our database. Rental Inquiry volume typically follows a predictable seasonal pattern—Rental Beast data from previous years show a high volume of Rental Inquiries during the summer months, as renters hoping to move in the fall begin their apartment search. Departures from such patterns serve as powerful, quantifiable early indicators of a shift in the rental marketplace, and are more powerful predictors of future transactional activity than traditional rental information, such as average rent. Rental Beast monitors all inquiries to available listings on the Rental Beast website and listings syndicated to our partner sites including Facebook Marketplace and Realtor.com. About Rental Beast Rental Beast is a SaaS platform that simplifies the leasing process with an end-to-end platform and maintains a highly accurate database of nearly nine million off-MLS rental properties. With active listings in 22 markets across the United States, Rental Beast's Data Services Group tracks various rental trends in its markets across the nation.
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Rent Declines Accelerate in Tech Hubs as Remote Work Prompts the Desire for More Space
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Rental Beast September Market Report: Conversation with Brian Horrigan, Chief Economist at Loomis Sayles
September 23, 2020 -- In conjunction with our regular monthly Market Report, Rental Beast interviewed Brian Horrigan, Chief Economist at Loomis Sayles, a Boston-based investment management firm with more than $310 billion in assets under management, to discuss economic trends and COVID-driven real estate developments. Rental Beast spoke with Horrigan on the 19th anniversary of the September 11th attacks, and Horrigan draws enlightening parallels between the economic conditions following 9/11, and today's COVID pandemic. Horrigan explains that 9/11 permanently changed the way airport security is handled. Similarly, he expects the pandemic to have long-term effects on where we work and where we live. Although COVID-19 restrictions will eventually ease, Horrigan expects many companies will adopt a permanent hybrid work from home model. "Extended lockdowns forced millions of employees to experience working from home for the first time, and many workers found that a work from home model resulted in both more productive working hours, and the ability to spend more time with family and pursuing other interests," says Horrigan. "Even after restrictions are eased, many employees may not want to return to pre-pandemic routines and will make future real estate decisions without considering proximity to the office." Since mid-March, Rental Beast's Rental Inquiry data has shown renters moving away from urban centers to the suburbs. Horrigan emphasizes that, for millennials in their prime family formation years, the pandemic has highlighted the risks of urban living. Horrigan comments on the rise in millennial-driven suburban living, saying, "Even before the onset of the COVID-19 pandemic, many millennials left cities in search of suburban affordability and space. And, with the spike in urban violence, fear of COVID-19 contagion, and concern of future outbreaks, the number of millennials interested in non-urban living options will continue to rise." However, Horrigan is careful to point out, "This is not all bad news for urban centers. Cities will need to re-define themselves, and we may see more commercial projects pivot towards residential activity in order to address major pre-pandemic issues, including poor housing availability and affordability." But, as developers look ahead to new projects, a lack of available land near city centers will push development further away from major metro areas. If Horrigan's theory plays out, a combination of more work from home opportunities and millennial-driven suburban development may result in more affordable housing options in urban centers. While much of the resale and rental market is, in Horrigan's words, "Go, go, go," homeownership and rentals in city cores have been compromised. He emphasizes that it took most cities decades to develop the levels of safety and vibrancy needed to attract and keep residents. "COVID is dramatically changing these dynamics. Major cities will need years to repair the damage done." Rental Beast's August 2020 data reflects slowing interest in the urban rental market. In this report, we evaluate exclusive data from five major U.S. cities: Atlanta, Boston, Chicago, Miami, and Philadelphia. We track year-over-year (YOY) changes in Rental Inquiries and Rental Concessions in each city to gain a picture of market conditions. Rental Inquiries Rental Inquiry Volume Continues to Fall in Most Markets Rental Inquiries are prospective tenants actively seeking to rent an available property in our database. Rental Inquiry volume typically follows a predictable seasonal pattern—Rental Beast data from previous years show a high volume of Rental Inquiries during the summer months, as renters hoping to move in the fall begin their apartment search. Departures from such patterns serve as powerful, quantifiable early indicators of a shift in the rental marketplace and are more powerful predictors of future transactional activity than traditional rental information, such as average rent. Rental Beast monitors all inquiries to available listings on the Rental Beast website and listings syndicated to our partner sites including Facebook Marketplace and Realtor.com. August was yet another month of high anxiety for renters. Americans continued to process powerful economic and social factors, including the expiration of the CARES Act, ongoing confusion about school re-opening plans, numerous social reform protests, amped up messaging ahead of the U.S. presidential election, and, of course, the continued effects of COVID-19. In August, Rental Inquiries were down YOY in three out of five markets surveyed. Boston, Miami and Atlanta all recorded significant YOY declines, while Chicago and Philadelphia registered YOY increases: Chicago and Philadelphia registered positive YOY Rental Inquiry results, with gains of 144% and 32%, respectively. Despite health, economic, and social challenges, August represented the 4th consecutive month of positive YOY Rental Inquiry results in Chicago. Rental Beast had the opportunity to discuss the state of the Chicagoland rental market with Chicago real estate leader and CEO of Exit Strategy Realty, Nick Libert. Libert, who has a successful track record of working with both homebuyers and renters, explains that due to historically low interest rates more Chicagoans are considering homeownership, many for the 1st time. This desire for homeownership has driven his 2020 business to record levels. However, a key factor in the growth of the for-sale market is job security. Conversely, some clients must adjust their housing plans due to layoffs. Libert shares that some clients who were in the market to buy a home decided to rent due to recent furloughs. Other potential homebuyers choose to continue renting in pursuit of better deals on home prices—Libert adds that many of his clients who may be financially positioned to purchase a home are choosing to rent, waiting for lower home prices while the economic fallout from COVID-19 persists. For three of the past four months, Philadelphia recorded positive YOY Rental Inquiries as the city of Brotherly Love continues to benefit from renters moving out of NYC in pursuit of more space and lower costs. August represents the eighth consecutive month that both Boston and Miami reported negative YOY Rental Inquiry rates—down 65% and 62%, respectively. Atlanta also reported a 53% decline, continuing the city's nearly year-long trend of negative YOY Rental Inquiries. Like most major metros, many of Boston's large office complexes sit empty as companies re-think their real estate needs. While the shift to virtual models by Boston's universities and large corporate employers has dampened rental demand, Horrigan is optimistic that Boston will recover more quickly. "Unlike many other cities across the US, Boston crime-rates have remained relatively low, suggesting a smoother road to recovery." Like Boston, Miami recorded negative YOY Rental Inquiry rates, as tourism continues to suffer under COVID-19 restrictions. Rental Concessions Rental Concessions Settle in Some Markets While Remaining Prevalent in Others Rental Concessions are compromises landlords make to original rent terms in the hope of filling a vacancy more quickly. Rental Concessions can include monetary compensation, a discount, or various goods and services. For August, Rental Concessions dropped in Philadelphia, Chicago, and Atlanta, while Boston and Miami registered YOY increases: Throughout August, anxious landlords and tenants hoped for guidance from Congress about new rent relief measures. Absent further guidance, landlords continued to slow the pace of Rental Concessions with the following YOY declines: Philadelphia (-99%), Chicago (-54%), and Atlanta (-14%). "Lawmakers in Congress and the Administration need to come back to the table and work together on comprehensive legislation that protects and supports tens of millions of American renters by extending unemployment benefits and providing desperately needed rental assistance," said Doug Bibby, National Multifamily Housing Council President. Boston & Miami landlords continue to offer Rental Concessions to prospective tenants. Boston Rental Concessions were up 99% YOY for August, while Miami posted a 82% YOY increase. Pre-COVID, Boston landlords rarely offered Rental Concessions. However, landlords have quickly adjusted to reduced demand by offering high concessions. Ishay Grinberg, Rental Beast's founder and CEO, comments, "As a landlord, I want to make sound financial decisions while still attracting the best residents. I don't want to lower rents, because it will be very difficult to raise them to market value later. Offering Rental Concessions strikes the right balance—they help landlords fill vacancies, and tenants benefit from some financial relief." About Rental Beast Rental Beast is a SaaS platform that simplifies the leasing process with an end-to-end platform and maintains a highly accurate database of over eight million off-MLS rental properties. With active listings in 19 markets across the United States, and 5 additional markets opening within the next 30 days, Rental Beast's Data Services Group tracks various rental trends in its markets across the nation.
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Urban Rental Markets Show Signs of Cooling
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Rental Beast and Liberty Mutual Insurance Partner to Increase Access to Affordable Renter's Insurance
Rental Beast's renters and landlords now enjoy easy access to free rental insurance quotes and discounted rental insurance rates. SOMERVILLE, MA, AUGUST 6, 2020 -- Rental Beast, the only fully integrated SaaS platform for rentals with a comprehensive database of over eight million rental listings nationwide, announced a new partnership with leading insurance provider Liberty Mutual Insurance. Liberty Mutual will offer Rental Beast's renters free, no–obligation rental insurance quotes. Through this partnership, renters could have Renter's Insurance for as low as $5 a month*. Together, the two companies will increase the awareness of rental insurance and its accessibility. As landlords upload listings onto the Rental Beast search portal, they may now select rental insurance as a requirement for applicants. As renters use Rental Beast's online application engine, they can access free Liberty Mutual renter's insurance quotes that will remain valid for thirty days. "We've chosen Liberty Mutual Insurance as our preferred renter's insurance provider because Liberty Mutual is relentlessly dedicated to its customers," said Ishay Grinberg, founder and CEO of Rental Beast. "This partnership means renters can now achieve a full and accurate understanding of their living expenses, and landlords can take one more step to safeguard their investment. We're pleased to make affordable renter's insurance more accessible while giving Liberty Mutual access to eager renters early in the decision-making process." The partnership advances Rental Beast's goal of simplifying the rental market and offering landlords—in particular, small landlords—the tools they need to have a successful rental investment. Rental Beast adds this offering to its suite of free tools for landlords, including rental listing services, a tenant screening service, and online rent collection. About Rental Beast Rental Beast is an end-to-end SaaS platform empowering real estate professionals with powerful productivity tools and the nation's most comprehensive database of over eight million off-MLS rental properties. Sourced directly from property owners, updated in real time, and offering a fulfillment-grade rental dataset, the Rental Beast database provides real estate professionals with an unparalleled view of all properties and owner types. For more information, visit rentalbeast.com. *Coverage provided and underwritten by Liberty Mutual Insurance Company or its subsidiaries or affiliates. Discounts and savings are available where state laws and regulations allow and may vary by state. Certain discounts apply to specific coverages only. To the extent permitted by law, applicants are individually underwritten; not all applicants may qualify.
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Cherre and Rental Beast Announce Partnership to Integrate National Rental Listings into Real Estate Data Platform
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Rental Beast Partners with Homes.com to Simplify the Rental Application
Homes.com and Rental Beast offer renters and landlords a fast and secure online rental application. SOMERVILLE, MA, February 18th 2020 -- Real estate tech provider Rental Beast has partnered with leading real estate portal Homes.com to offer renters and listing agents direct access to Rental Beast's online rental application engine, Apply Now. Apply Now is a comprehensive tool that streamlines the rental application process. To submit an application, renters can click on the "Apply Now" button next to their chosen rental listing on Homes.com and are guided through an easy-to-navigate application. Once the application is submitted, credit data and supporting information are securely gathered, and automated emails give renters, landlords, and real estate agents real-time updates. Fully FCRA-compliant, Apply Now gives listing agents and property owners fast and secure access to an applicant's credit information, eviction history and background information, where applicable, to guide their decisions. "Apply Now has enjoyed tremendous success on the Rental Beast platform," said Ishay Grinberg, founder and CEO of Rental Beast. "It has effectively decreased the amount of time it takes to process applications, provided listing agents and landlords with the secure access they need to make informed decisions, and helped renters get into units faster. We are pleased to offer Apply Now to Homes.com users." Apply Now continues Rental Beast's goal of simplifying the rental market for real estate agents, landlords, and tenants, and Homes.com's goal of creating a smarter home search. "Over 80% of the renters on Homes.com are looking for single family homes," said David Mele, president of Homes.com. "In this often segmented market, submitting rental applications can be stressful and time consuming. Our partnership with Rental Beast will help alleviate those pain points and provide renters with a simple and smart home search experience." About Homes.com Homes.com offers today's demanding homebuyers, renters, and those somewhere in between a simply smarter home search with a more personalized and conversational way to find their next home. Since its launch over 25 years ago, Homes.com offers real estate professionals brand and property advertising, search engine marketing, and instant response lead generation to help them succeed online. For more information, visit Homes.com. About Rental Beast Rental Beast offers a fully integrated SaaS platform that simplifies the entire leasing process. Rental Beast disrupts the notoriously challenging rental market and help agents take advantage of the growing renter population to build a sustainable pipeline of first time homebuyers. For more information, visit rentalbeast.com.
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The Gap Between Buying and Renting Narrows Nationwide
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Buying a Home Is More Affordable than Renting in 53 Percent of U.S. Housing Markets
Renting More Affordable Mainly in Suburban and Urban Counties; Home Price Gains Outpacing Wages in 66 Percent of U.S. Markets IRVINE, Calif. - Jan. 9, 2020 -- ATTOM Data Solutions, curator of the nation's premier property database and first property data provider of Data-as-a-Service (DaaS), today released its 2020 Rental Affordability Report, which shows that owning a median-priced, three-bedroom home is more affordable than renting a three-bedroom property in 455, or 53 percent, of the 855 U.S. counties analyzed for the report. However, the analysis shows a split between different-sized markets, with ownership more affordable mainly in lightly populated counties and renting more affordable in more populous suburban or urban areas. The analysis incorporated recently released fair market rent data for 2020 from the U.S. Department of Housing and Urban Development, wage data from the Bureau of Labor Statistics along with public record sales deed data from ATTOM Data Solutions in 855 U.S. counties with sufficient home sales data (see full methodology below). "Home ownership is a better deal than renting for the average wage earner in a slim majority of U.S. housing markets. However, there are distinct differences between different places, depending on the size and location from core metro areas," said Todd Teta, chief product officer with ATTOM Data Solutions. "For sure, either buying or renting is a financial stretch or out of reach for individual wage earners throughout most of the country in the current climate. But with interest rates falling, owning a home can still be the more affordable option, even as prices keep rising." Renting more affordable than buying in nation's most populated counties Renting is more affordable than buying a home in 94, or 69 percent, of the 136 counties in the report that have a population of at least 500,000 or more. Renting is the more affordable option in 36 of the 43 counties with a population of at least 1 million or more (84 percent) — including Los Angeles County, CA; Cook County (Chicago), IL; Harris County (Houston), TX; Maricopa County (Phoenix), AZ and San Diego County, CA. Other markets with a population of more than 1 million where it is more affordable to rent than buy include counties that surround or are inside of New York City; Dallas, TX; Seattle, WA; Las Vegas, NV; San Jose, CA; San Francisco, CA; San Antonio, TX and Boston, MA. Counties with a population of at least 1 million, where buying a home is more affordable than renting, were Miami-Dade County, FL; Broward County, FL; Wayne County (Detroit), MI; Philadelphia County, PA; Hillsborough County (Tampa), FL; Cuyahoga County (Cleveland), OH and Allegheny County (Pittsburgh), PA. Least affordable rental markets in California, Colorado, Hawaii The report shows that renting a three-bedroom property requires an average of 37.6 percent of weekly wages across the 855 counties analyzed for the report. The least affordable markets for renting are Santa Cruz County, CA (82.1 percent of average wages needed to rent); Marin County, CA (outside San Francisco) (75.3 percent); Park County, CO (southwest of Denver) (74.3 percent); Honolulu County, HI (74.2 percent) and Kauai County, HI (73.7 percent). Counties with a population of at least 1 million, where rents consume the highest percentage of average wages, include Kings County (Brooklyn), NY (65.3 percent); Orange County, CA (outside Los Angeles) (64.7 percent); San Diego County, CA (59.6 percent); Contra Costa County, CA (outside San Francisco) (58.4 percent) and Queens County, NY (57.4 percent). Most affordable rental markets in Tennessee, New York, Alabama, Ohio The most affordable markets for renting are Roane County, TN (west of Knoxville) (20.1 percent of average wages needed to rent); Steuben County, NY (south of Rochester) (22.2 percent); Madison County (Huntsville), AL (22.4 percent); Greene County, OH (outside Dayton) (23.0 percent) and Sangamon County (Springfield), IL (23.2 percent). Among counties with a population of 1 million or more, those most affordable for renting are Allegheny County (Pittsburgh), PA (24.3 percent); Cuyahoga County (Cleveland), OH (25.6 percent); Fulton County (Atlanta), GA (26.2 percent); Oakland County, MI (outside Detroit) (26.6 percent) and Wayne County (Detroit), MI (27.5 percent). Home prices rising faster than rents in 67 percent of markets Median home prices rose faster than average fair-market rents in 575 of the 855 counties analyzed in the report (67.3 percent), including Harris County (Houston), TX; San Bernardino County, CA (outside Los Angeles); Bexar County (San Antonio), TX; Wayne County (Detroit), MI and Philadelphia County, PA. Average rents rose faster than median prices in 280 counties (32.7 percent), including Los Angeles County, CA; Cook County (Chicago), IL; Maricopa County (Phoenix), AZ; San Diego County, CA and Orange County, CA (outside Los Angeles). Home prices rising faster than wages in 66 percent of markets Median home prices rose faster than average weekly wages in 567 of the 855 counties analyzed in the report (66.3 percent), including Harris County (Houston), TX; Maricopa County (Phoenix), AZ; Miami-Dade County, FL; Riverside County, CA (outside Los Angeles) and Queens County, NY. Average weekly wages rose faster than median home prices in 288 counties (33.7 percent), including Los Angeles County, CA; Cook County (Chicago), IL; San Diego County, CA; Orange County, CA (outside Los Angeles) and Kings County (Brooklyn), NY. Wage growth outpacing rent growth in 57 percent of markets Wages rose faster than average fair market rents in 484, or 56.6 percent, of the counties analyzed in the report including Harris County (Houston), TX; San Bernardino County, CA (outside Los Angeles); Bexar County (San Antonio), TX; Wayne County (Detroit), MI and Philadelphia County, PA. Average rents rose faster than average wages in 371, or 43.4 percent, of counties in the report, including Los Angeles County, CA; Cook County (Chicago), IL; Maricopa County (Phoenix), AZ; San Diego County, CA and Orange County, CA (outside Los Angeles). Methodology For this report, ATTOM Data Solutions looked at 50th percentile average rental data for three-bedroom properties in 2020 from the U.S. Department of Housing and Urban Development, along with Q2 2019 average weekly wage data from the Bureau of Labor Statistics (most recent available) and January-November (YTD) 2019 home price data from ATTOM Data Solutions publicly recorded sales deed data in 855 counties nationwide. Rental affordability is average fair market rent for a three-bedroom property as a percentage of the average monthly wage (based on average weekly wages). Home buying affordability is the monthly house payment for a median-priced home (based on a 3 percent down payment plus mortgage payment, property tax, homeowner's insurance and private mortgage insurance) as a percentage of the average monthly wage. About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, real estate market trends, marketing lists, match & append and introducing the first property data delivery solution, a cloud-based data platform that streamlines data management – Data-as-a-Service (DaaS).
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Homesnap Introduces Integration with Facebook Marketplace
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Renting a Home More Affordable than Buying in 59 Percent of U.S. Housing Markets
Home Prices Outpacing Wages in 80 Percent of the U.S. Housing Markets IRVINE, Calif. – Jan. 10, 2019 — ATTOM Data Solutions, curator of the nation's premier property database, today released its 2019 Rental Affordability Report, which shows that renting a three-bedroom property is more affordable than buying a median-priced home in 442 of 755 U.S. counties analyzed for the report — 59 percent. The analysis incorporated recently released fair market rent data for 2019 from the U.S. Department of Housing and Urban Development, wage data from the Bureau of Labor Statistics along with public record sales deed data from ATTOM Data Solutions in 755 U.S. counties with sufficient home sales data (see full methodology below). "With rental affordability outpacing home affordability in the majority of U.S. housing markets, and home prices rising faster than rental rates, the American dream of owning a home, may be just that — a dream, "said Jennifer von Pohlmann, director of content and PR at ATTOM Data Solutions. "With home price appreciation increasing annually at an average of 6.7 percent in those counties analyzed for this report and rental rates increasing an average of 3.5 percent, coupled with the fact that home prices are outpacing wages in 80 percent of the counties, renting a home is clearly becoming the more attractive option in this volatile housing market." Renting more affordable than buying in nation's most populated counties Renting is more affordable than buying a home in the nation's 18 most populated counties and in 37 of 40 counties with a population of 1 million or more (93 percent) — including Los Angeles County, California; Cook County (Chicago), Illinois; Harris County (Houston), Texas; Maricopa County (Phoenix), Arizona; and San Diego County, California. Other markets with a population of more than 1 million where it is more affordable to rent than to buy a home included counties in Miami, New York City, Seattle, Las Vegas, San Jose, San Francisco and Boston. Among the 40 U.S. counties analyzed in the report with a population of 1 million or more, the three where it is more affordable to buy a home than rent were Wayne County (Detroit), Michigan; Philadelphia County, Pennsylvania; and Cuyahoga County (Cleveland), Ohio. Buy or Rent in 2019 Heat Map Least affordable rental markets in Northern California, Hawaii, D.C. The report shows that renting a three-bedroom property requires an average of 38.0 percent of weekly wages across the 755 counties analyzed for the report. The least affordable markets for renting are Santa Cruz County, California (81.7 percent of average wages to rent); Honolulu County, Hawaii (74.4 percent); Spotsylvania County, Virginia (73.0 percent); Maui County, Hawaii (69.5 percent); San Benito County, California (68.6 percent); Monroe County, Florida (67.3 percent); Sonoma County (Santa Rosa area), California (66.0 percent); Marin County (San Francisco area), California (65.6 percent); and Kings County, New York (63.7 percent). Most affordable rental markets in Ohio, North Carolina, Wisconsin, Pennsylvania The most affordable markets for renting are Roane County (Knoxville area), Tennessee (19.7 percent of average wages to rent); Peoria County, Illinois (23.8 percent); Mcminn County (Athens), Tennessee (23.8 percent); Green County (Dayton), Ohio (24.2 percent); and Rhea County (Dayton area), Ohio (24.6 percent). Among counties with a population of 1 million or more, those most affordable for renting are Allegheny County (Pittsburgh), Pennsylvania (25.1 percent); Cuyahoga County (Cleveland), Ohio (25.6 percent); Saint Louis County, Missouri (26.4 percent); Oakland County (Detroit area), Michigan (26.7 percent); and Wayne County (Detroit), Michigan (27.7 percent). Rent growth outpacing wage growth in 52 percent of markets Average fair market rents rose faster than average weekly wages in 394 of the 755 counties analyzed in the report (52 percent), including Los Angeles County, California; Cook County (Chicago), Illinois; Harris County (Houston), Texas; Maricopa County (Phoenix), Arizona; and San Diego County, California. Average weekly wages rose faster than average fair market rents in 361 of the 755 counties analyzed in the report (48 percent), including Kings County (Brooklyn), New York; Queens County, New York; Clark County (Las Vegas), Nevada; Tarrant County (Dallas-Fort Worth), Texas; Santa Clara (San Jose), California; Broward County (Miami), Florida; and Alameda (San Francisco), California. Home prices rising faster than wages in 80 percent of markets Median home prices rose faster than average weekly wages in 601 of the 755 counties analyzed in the report (80 percent), including Los Angeles County, California; Cook County (Chicago), Illinois; Harris County (Houston), Texas; Maricopa County (Phoenix), Arizona; San Diego County, California; Orange County, California; and Miami-Dade County, Florida. Average weekly wages rose faster than median home prices in 154 of the 755 counties analyzed in the report (20 percent), including Kings County (Brooklyn), New York; Queens County, New York; King County (Seattle), Washington; Suffolk County, New York; and Bronx County, New York. Home prices rising faster than rents in 70 percent of markets Median home prices rose faster than average fair market rents in 531 of the 755 counties analyzed in the report, including Cook County (Chicago), Illinois; Harris County (Houston), Texas; Maricopa County (Phoenix), Arizona; Kings County (Brooklyn), New York; Queens County, New York; and Riverside County, California. Average fair market rents rose faster than median home prices in 224 of the 755 counties analyzed in the report (30 percent), including Los Angeles County, California; San Diego County, California; Orange County, California; Miami-Dade County, Florida; Dallas County, Texas; and Kings County (Seattle), Washington. About ATTOM Data Solutions ATTOM Data Solutions provides premium property data to power products that improve transparency, innovation, efficiency and disruption in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation's population. A rigorous data management process involving more than 20 steps validates, standardizes and enhances the data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 9TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include bulk file licenses, APIs, market trends, marketing lists, match & append and more.
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Leading iBuyers Selling Nearly One in 10 Homes to Institutional Investors According to New ATTOM Data Solutions Analysis
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Home Prices Rise Three Times Faster than Rents
Only 41 percent of the U.S. population lives in a county where a median-income household can afford to buy a median list price home SANTA CLARA, Calif., Aug. 30, 2018 -- As home prices rise across the U.S., choosing to rent has become increasingly popular. New analysis by realtor.com® reveals the monthly costs of buying a home have risen by 14 percent over the past year. This is more than three times the 4 percent increase in monthly rental costs. Additionally, this analysis found that the number of places where it is cheaper to buy has significantly declined in the past year. "Even setting aside big upfront expenses like a down payment, rising month-by-month costs are likely keeping many people from purchasing," said Danielle Hale, chief economist at realtor.com®. "Today only 41 percent of people live in a county where the median income family can afford to buy a home at the median list price, and affordability declined significantly over the past year. Since home ownership has historically been an important source of household wealth creation, it could be problematic if this trend continues for too long. Still, even in places where renting is currently more affordable, rising home prices provide wealth building opportunity for home buyers." Analysis Highlights Only 41 percent of the nation's population lives in a county where a median-income family can afford to buy a home. Nationally, the cost to buy rose by 14 percent from July 2017 to July 2018, while the cost to rent increased by 4 percent. In July, buying a home was cheaper than renting in 35 percent of counties, compared to 44 percent of counties last year. The top five counties where purchasing a home was more affordable than renting last month were: Clayton County, Ga.; Baltimore City, Md.; Wayne County, Mich.; Cumberland County, N.C.; and Madison County, Ill., with the share of income to buy being 4 percent to 14 percent lower than the share of income to rent. Renting remains much less expensive than buying in Manhattan, N.Y.; Brooklyn, N.Y.; Monterey County, Calif.; San Mateo County, Calif.; and Santa Barbara County, Calif.In the last year, 20 counties with 100,000+ residents flipped from being cheaper to buy to being cheaper to rent, three quarters of which were in the South and Midwest. Home Affordability Has Declined Over Past Year Homeowner costs have continued to rise. In July 2018, the median monthly cost to buy a home was $1,647, compared to the average cost to rent a home at $1,267. Over the last year, 289 counties have transitioned from being more affordable to buy, to being more affordable to rent. The transition included 20 larger counties with more than 100,000 of which eight counties were in the South and seven counties in the Midwest. In just 35 percent of counties throughout the country, the monthly costs of buying a home are now lower than the monthly costs to rent a home – this compared to 44 percent just last year. This disparity is even greater among large counties. Buying is still cheaper than renting for only seven percent of counties in the U.S. with a population larger than 100,000 people. Homeownership Likely to Decrease in Rental Markets The price of entry into homeownership is becoming steeper in markets around the country. Using data from the REALTORS® Affordability Distribution Curve, the July study revealed that in the top 5 rental markets those earning the median county income could only afford up to 4 percent of their local housing market inventory. Homeownership rates in these markets ranged between 23 to 59 percent, compared to the national rate of 64 percent. Conversely, for the top 5 counties that favor buying, 57 to 69 percent of homes currently available for sale are affordable to residents earning the local median income while homeownership rates ranged from 47 to 63 percent. The limited availability of homes affordable for the median household in top rental markets suggests that renters will continue to find it challenging to become owners in these areas. At the same time, the larger selection of affordable homes available to the typical income household in the top buying counties suggest that transitioning from renting to owning will be easier in these areas. Northern California Has Widest – and Fastest Growing – Gap Between Ability to Rent and Buy Northern California and New York each hold three of the top 20 counties with the largest increase in the rent-versus-buy gap over the past year (comparing the share of income necessary to do each). The gap for counties in California was the largest in large part due to the substantial run-up in home prices experienced there. In San Mateo, Santa Clara, and San Francisco counties, the costs to purchase a home now take up an additional 8 percent of income over renting when compared to last year. In San Mateo, for instance, it costs $8,405 to buy compared to $3,471 to rent. For more information about this analysis, please click here. Top 5 Counties Favoring Buying Top 5 Counties Favoring Renting 20 Counties Where Renting Became Preferential to Buying in Past Year (Population 100,000+) About realtor.com® Realtor.com®, The Home of Home Search℠, offers an extensive inventory of for-sale and rental listings, and access to information, tools and professional expertise that help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today is the trusted resource for home buyers, sellers and dreamers by making all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com®.
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Apartments.com and realtor.com Enter into Content Syndication Partnership
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CoreLogic Reports US Single-Family Rent Prices Increased 2.8 Percent Year Over Year in January 2018
Low-end rentals show significantly higher rent increases CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its latest Single-Family Rent Index, which analyzes single-family rent price changes nationally and among 20 metropolitan areas. Data collected for January 2018 shows a national rent increase of 2.8 percent, compared to 2.6 percent in January 2017. Low rental home inventory, relative to demand, fuels the growth of single-family rent prices. The Rent Index shows that single-family rent prices have climbed between 2010 and 2018; however, year-over-year rent price increases have slowed since February 2016, when they peaked at 4.1 percent. National rent growth in January 2018 was pulled down by high-end rentals, which are defined as properties with rent prices 125 percent or more of a region's median rent. High-end rent prices increased 2.4 percent year over year in January 2018, up from a gain of 1.5 percent in January 2017. Rent prices among low-end rentals (properties with rent prices less than 75 percent of the regional median) increased 3.8 percent in January 2018, down from a gain of 4.7 percent in January 2017. Among the 20 analyzed areas shown in Table 1, Las Vegas had the highest year-over-year increase in single-family rents in January 2018, at 4.8 percent (compared with January 2017), followed by Orlando and Phoenix. Urban Honolulu is the only metro among the 20 analyzed with decreasing rent prices, declining 1.1 percent year over year in January 2018. Metro areas with limited new construction, low rental vacancies and strong local economies that attract new employees tend to have stronger rent growth. Orlando and Phoenix both experienced 4.5 percent year-over-year rent growth in January 2018, driven by employment growth of 3.6 percent and 2.7 percent, respectively, year over year. This is compared with the national employment growth average of 1.4 percent, according to data from the United States Bureau of Labor Statistics. Of the 20 metros analyzed, Chicago experienced the lowest employment growth, which could be a factor in its low rent growth. Rent prices continue to increase in disaster areas like the Houston metro area, which experienced growth of 2.8 percent year over year. This is up from a 1.2 percent increase in October 2017, which was the first rent increase for Houston since April 2016. "Single-family rent price growth remained solid in January," said Molly Boesel, principal economist for CoreLogic. "High demand and low supply for entry-level properties drove lower-priced rentals to have faster price growth than higher-priced rentals, revealing affordability pressures in this segment of the rental market." About CoreLogic CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years and providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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Rising Rents Push Millennials to Become Homeowners
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Most Renters Want to Own a Home; Lifestyle Changes Are Top Motivation to Buy
WASHINGTON (February 7, 2018) — Despite weakening optimism from non-homeowners at the end of last year that now is a good time to buy, an overwhelming majority said they do want to own a home in the future and believe homeownership is part of their American Dream. That is according to new consumer survey data from the National Association of Realtors®, which additionally found that non-homeowners' lifestyle changes and improvements in their financial situation outweigh seeing their rent increase as the main motivators for deciding to buy a home. NAR's Aspiring Home Buyers Profile analyzed 2017 quarterly consumer insights from its Housing Opportunities and Market Experience (HOME) survey to capture the housing expectations and sentiment of non-homeowners – both renters and those living with a family member. When asked for the primary reason non-homeowners currently do not own, an increasing share of them over the past year said it was because they are unable to afford it. Over half of non-owners indicated they could not afford to buy a home each quarter, with the share feeling this way reaching its highest in the last three months of the year (56 percent). The swift price growth and painfully low supply levels in much of the country in 2017 also appeared to have dealt a blow to the confidence among non-owners that now is a good time to buy. After reaching a high of 62 percent in the third quarter, the share of non-owners who believed now is a good time to buy slipped to 58 percent at the end of the year. Lawrence Yun, NAR chief economist, says severe inventory shortages are making homebuying less affordable and are dimming optimism among many renters who desire to be homeowners. "A tug-of-war continues to take place in many markets throughout the country, where consistently solid job creation is fueling demand, but the lack of supply is creating affordability constraints that are ultimately pulling aspiring buyers further away from owning," he said. "These extremely frustrating conditions continue to be most apparent at the lower end of the market, which is why the overall share of first-time buyers remains well below where it should be given the strength of the job market and economy." Even with the dip in morale about buying over the past year, respondents' views about homeownership are still overwhelmingly positive. Roughly three-quarters of non-owners each quarter said that they eventually want to own a home and also believe that owning a home is part of their American Dream. Shifts in lifestyle, finances exceed rent hikes as deciding factor to buy As for the main reasons non-owners would buy a home in the future, a change in lifestyle such as getting married, starting a family or retiring was the top choice (24 to 32 percent each quarter), followed by an improvement in their financial situation (26 to 30 percent each quarter) and the desire to settle down in one location (12 to 16 percent each quarter). According to the survey, roughly half of current renters expect their rent to increase this year (51 percent). If in fact their rent does increase, most indicated that they would resign their lease (42 percent) or move to a cheaper rental (25 percent). Only 15 percent of renters said they would consider purchasing a home. "Housing demand in 2018 will be fueled by more millennials finally deciding to marry and have kids and the expectations that solid job growth and the strengthening economy will push incomes higher," said Yun. "However, with prices and mortgage rates also expected to increase, affordability pressures will persist. That is why it is critical for much of the country to start seeing a significant hike in new and existing housing supply. Otherwise, many would-be first-time buyers will be forced to continue renting and not reach their dream of being a homeowner." About NAR's HOME survey In each quarter of 2017, a sample of U.S. households was surveyed via random-digit dial, including half via cell phones and the other half via landlines. The survey was conducted by an established survey research firm, TechnoMetrica Market Intelligence. A total of 10,823 household responses are represented. The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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Apartment List to Power Apartment Community Listings on Realtor.com
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Redfin Names 15 Colleges Where Students Should Buy Real Estate Instead of Rent Dorms
In Addition to Saving Monthly, Students Who Buy Can Build Equity While Earning Their Degrees SEATTLE — At 47 public U.S. colleges, it's more cost effective for a student to buy a condo than rent a dorm room on campus, according to Redfin, the next-generation real estate brokerage. Dorm rooms in the U.S. range in cost from $232 to $1,817 per month, with a median monthly rate of $705. To find out where students could save on housing costs, Redfin compared the monthly dorm rate at 195 U.S. public colleges with the median monthly mortgage on a condo in each of those cities. The top 15 list was ordered by enrollment to show the most popular schools first. Coming in at number one on the list is The University of Arizona in Tucson, which Redfin real estate agent Misty Hurley says isn't surprising. "I've had lots of parents contact me after comparing the cost of renting versus buying a home for their college student," she said. "They're often coming from places like Washington D.C., Los Angeles or Seattle, where home prices are much higher. The median sale price in Tucson is $195,000, so well below the national median sale price of $293,000 that Redfin reported in August." Rounding out the top five list were Georgia State University, the University of South Carolina, Kent State University and Louisiana State University, all of which are in cities with median home prices below the national average. In addition to saving on monthly housing costs in these cities, there are other perks to purchasing real estate. "Homeownership can be a great way to build wealth," said Hurley. "Students will build equity that they can one day use as a downpayment on a move-up home or to pay off student loans. If they choose not to sell right away, they'll have a piece of property that's ripe for renting, as there are always new college students looking for rentals." Read the full report here. About Redfin Redfin is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $50 billion in home sales.
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Apartment List Partners with Homes.com to Make Multi-Family Renting More Accessible
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Realtor.com® Names 2017 Hottest College Investment Towns Ahead of National College Decision Day
  SANTA CLARA, Calif., April 26, 2017 -- Realtor.com®, a leading online real estate destination operated by News Corp subsidiary Move, Inc., today announced its top picks for college towns in the U.S. where it is less expensive to buy versus rent as high school seniors and their parents around the country gear up for National Decision Day on May 1. To compile the list, realtor.com® compared average monthly rental costs to the average monthly home payment (mortgage, property taxes and insurance) in markets surrounding notable colleges and universities. Baltimore, home of Johns Hopkins University, ranked as the top market to buy versus rent with an average monthly homeownership cost of $775, in comparison to a $1,443 monthly rental cost. "College tuition in the U.S. has increased more than 60 percent over the last 10 years," said Javier Vivas, manager of economic research for realtor.com®. "Assuming you can afford the down payment, owning a home that your child can live in while at school can help cut the high costs of off campus living. It also makes a great future investment as a steady flow of students into the town continues to drive demand." Realtor.com®'s Top College Towns It takes an average of 21 percent of local median household income to purchase a home in these counties, compared to 28 percent for the U.S. overall. Yet, renting in these markets is more expensive, taking an average 27 percent of income compared to 25 percent for the U.S. These markets have strong local economies and healthy real estate fundamentals to support at least average home price appreciation. Of these markets, all but Baltimore and Champaign are seeing the median age of inventory decline, while Champaign and Swarthmore see median age of inventory longer than the U.S. These markets represent strong millennial buying trends as well, with an average market share of 41 percent for people under 35, compared to 38 percent to the U.S. overall. Only Champaign, West Lafayette, and College Park see under a 38 percent share for millennials. Methodology:Realtor.com defined college towns as counties with at least one four-year college and sizable student housing population. Areas were then ranked based on monthly money saved from owning instead of renting. Monthly mortgage rates were calculated based on the median listed homes on realtor.com (assuming a 20 percent down payment) and the median rent for the county. Facts About Realtor.com®'s Top College Towns 1. Johns Hopkins University - BaltimoreHome ownership cost: $775Rent payment: $1,443 Local housing market: The median price for a home in Baltimore County is $131,400, well below the national median of $260,000, and has an average of three bedrooms and two bathrooms. Charles Village, a small neighborhood located south east of campus, is popular for students. Another great area for investors is in and around the recently revitalized East Baltimore Development Inc. project. 2. University of Notre Dame – South BendHome ownership cost: $470Rental payment: $856 Local housing market: With a median home price of $89,900, the area surrounding University of Notre Dame offers the most affordable home prices on the list. When comparing the average ownership cost and rental payment, parent investors could potentially save $386 a month, which does not account for their student living with roommates. South Bend is a popular student neighborhood around Notre Dame where housing stretches the dollar and offers multiple bedrooms with affordable prices. 3. Purdue University – West LafayetteHome ownership cost: $666Rent payment: $970 Local housing market: Homes near Purdue University have an average price of $131,000 and offer an average of three bedrooms and two bathrooms. Parents looking to invest may want to consider the Chauncey Hill area, which is popular with students due to its close proximity to campus and overall walkability. 4. Michigan State University – East LansingHome ownership cost: $628Rent payment: $930 Local housing market: The median price for a home in Ingham County is $107,225 and has an average of three bedrooms and two bathrooms. Downtown East Lansing is popular among younger undergraduate students who want to be close to campus, as well as bars and restaurants. Parents of graduate students may want to consider the Groeseck neighborhood, which is better for those looking for a quieter, more relaxed environment. 5. University of Pennsylvania – PhiladelphiaHome ownership cost: $964Rent payment: $1,252 Local housing market: The average home surrounding University of Pennsylvania is $167,950, well below the national median, and offers three bedrooms and two bathrooms. With an average monthly rent of more than $1,200, parents looking to invest in real estate have the potential for significant income. Point Breeze and Passyunk are popular neighborhoods for undergraduate students because of their proximity to campus, as well as their general walkability. 6. University of Maryland – College ParkHome ownership cost: $1,699Rent payment: $1,971 Local housing market: University of Maryland has the highest average home price on the list, with a median of $300,447, as well as the highest average monthly rent of $1,971. While more costly, the average home has four bedrooms and three bathrooms, which gives parents more opportunities for rental income. Parent investors should consider buying in popular student areas of College Park Woods and Hollywood on the Hill. 7. Case Western Reserve University – ClevelandHome ownership cost: $677Rent payment: $866 Local housing market: Homes in Cuyahoga County have a median price of $120,574, well below the national average, and offer an average of three bedrooms and two bathrooms. Coventry, North Coventry, and Cedar-Fairmount are popular neighborhoods among students because of their easy access to shopping and grocery stores as well as nightlife. 8. Swarthmore College – SwarthmoreHome ownership cost: $1,128Rent payment: $1,252 Popular student neighborhoods: The median price home in Delaware County is $189,125 and offers three bedrooms and two bathrooms. Parents of students attending Swathmore College may want to consider an investment in the revitalized downtown that is attracting large groups of students or the nearby borough of Media, which offers larger homes with a little more peace and quiet. 9. Marquette University – MilwaukeeHome ownership cost: $856Rent payment: $954 Local housing market: Parents considering an investment around Marquette University will pay an average of $135,450 for three bedrooms and two bathrooms. Beerline, a small neighborhood that borders the north side of the Milwaukee River is home to many new developments ready for investors, while the Lower East Side neighborhood offers single-family homes, high-rise apartment complexes and everything in between. 10. University of Illinois – ChampaignHome ownership cost: $875Rent payment: $956 Local housing market: The median priced home in Champaign County is $149,075 with three bedrooms and two bathrooms. To the west of campus lies "Senior Land," which is highly popular with students as well as anything on Green Street between Neil Street and Lincoln Avenue. Downtown Champaign has been revitalized with a vibrant live music scene and a host of bars and restaurants to please just about anyone. About realtor.com®Realtor.com® is the trusted resource for home buyers, sellers and dreamers, offering the most comprehensive source of for-sale properties, among competing national sites, and the information, tools and professional expertise to help people move confidently through every step of their home journey. It pioneered the world of digital real estate 20 years ago, and today helps make all things home simple, efficient and enjoyable. Realtor.com® is operated by News Corp [NASDAQ: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. under a perpetual license from the National Association of REALTORS®. For more information, visit realtor.com.
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Doorsteps Launches Rental Property Bot for Messenger
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CoreLogic Announces Business Relationship with RentTrack
  November 10, 2016, Irvine, Calif. – CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today announced a business relationship with RentTrack. The new service, CoreLogic Payments™, is powered by RentTrack and will provide an online rent payment solution for residents to build their credit as they make their rent or HOA payments online. "CoreLogic recognized the value of the RentTrack resident value approach: build credit as you pay rent," said Richard Leurig, senior vice president, CoreLogic Rental Property Solutions. "We are extremely excited to offer our clients and their residents the best in rental and HOA payments and reporting." CoreLogic Payments combines the RentTrack innovative payments and reporting platform with the Rental Property Solutions suite of property management tools offered by CoreLogic. Residents benefit from the convenient payment options that help them build their credit, while Property Managers will gain operational efficiencies with the expedited payment process and faster funding time. "CoreLogic is an ideal partner for RentTrack. They are a recognized, established leader in the Property Management & HOA space. They innovate and deliver their services on an open, flexible technology platform. That is the definition of strategic partner for RentTrack," said Matthew Briggs, CEO of RentTrack. "The integration with CoreLogic continues RentTrack's commitment to provide best-of-breed capabilities by delivering the highest online payment adoption of any rent payment provider, period." CoreLogic Rental Property Solutions are powered by a dynamic workflow engine through which clients are able to access unique data assets, statistical resident screening and renter performance analytics. Additionally, intelligent integrations with popular property management software enable leasing teams to operate seamlessly and efficiently. About CoreLogic CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled solutions provider. The company's combined data from public, contributory and proprietary sources includes over 4.5 billion records spanning more than 50 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates in North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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Affordability Concerns, Uncertainty about Down Payment Requirements Ensnaring Renters, Latest HOME Survey Shows
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NAR Identifies Top Markets Where Renters Can Afford to Buy
  WASHINGTON (August 4, 2016) — The U.S. homeownership rate has slowly fallen in recent years to currently its lowest level since 1965, but new research from the National Association of Realtors® reveals that there are affordable metro areas right now with above-average hiring and a large segment of current renters who earn enough income to qualify to buy a home. NAR reviewed employment growth, household income and qualifying income levels in nearly 100 of the largest metropolitan statistical areas across the country to determine which areas with employment gains above the recent national average also have the largest share of renters who can currently afford to buy a home. Of the top 10 metro areas with the highest share of renters who earn enough to buy, nine were either in the South or Midwest — including three cities in Ohio. Lawrence Yun, NAR chief economist, says there's been a significant increase in renter households — both young adults and those who lost their home — since the Great Recession, and especially in metro areas that have seen robust job creation and a resulting influx of new residents. This has led to a multi-year run-up in rents in several markets that have contributed to many of these renters' inability to advance into homeownership. "Even in a time of expanding home sales, steady job growth and historically low mortgage rates, the homeownership rate recently tumbled to its lowest level in over five decades as many renters struggle to juggle escalating rents without commensurate income gains," he said. "However, this new study reveals that there are several affordable, middle-tier markets with solid job gains and a large segment of renters who earn enough to buy." The top 10 metro areas highlighted in NAR's study were all outside of the West Coast and each had a share of renters who qualify to buy3 that was well above the national level (28 percent). The top markets with the highest share of renters who can afford to purchase a home are: Toledo, Ohio (46 percent) Little Rock, Arkansas (46 percent) Dayton, Ohio (44 percent) Lakeland, Florida (41 percent) St. Louis, Missouri (41 percent) Columbia, South Carolina (41 percent) Atlanta (40 percent) Columbus, Ohio (38 percent) Tampa, Florida (38 percent) Ogden, Utah (38 percent) According to Yun, it's no surprise that many of the markets with the most renters qualified to buy are in the Midwest and South. The median existing-home sales price in these two regions continue to be lower than the Northeast and West, and while many of these areas were slower to recover from the recession, improvements in their local labor markets in the past year have pushed their hiring levels to at or above the national average growth rate. "Overall housing affordability and local job market strength play a pivotal role in a renter's decision on whether to buy a home or sign another lease," adds Yun. "The good news is that other recent NAR survey data shows that those residing in the two regions were the most likely to say that now is a good time to purchase a home." Concludes Yun, "With mortgage rates now at their all-time low, these identified markets are well-suited for the many renters financially capable and interested in taking advantage of the stability and wealth-building benefits owning a home can provide." The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.
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RealtyTrac Ranks Best Markets for Buying Single Family Rentals in 2016
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Move, Inc. and Cozy Align to Make Rental Process Easier for Renters and Property Managers
SAN JOSE, California, December 17, 2015 — News Corp subsidiary Move, Inc. announced today an agreement with rental startup Cozy® (www.cozy.co), a leading provider of property management software, to add new rental listings content on websites owned or operated by Move, including Doorsteps.com, a premier destination for local rental listings, and realtor.com®, the fastest-growing online real estate destination for home buyers, sellers, renters and dreamers. The agreement enables more than 40,000 property managers on Cozy's platform to publish their listings to Doorsteps.com and realtor.com®, which currently reach an average of approximately 46 million monthly unique users based on Move's internal data. It follows last month's announcement of the strategic content relationship with Apartments.com adding exclusive listings from apartment communities of 50 units and above. In addition to expanding rentals content on Move's sites, the relationship also will leverage Cozy's industry-leading rental transaction management technology, including third-party processing of background and credit checks. The resulting solution enables renters and property managers alike to move smoothly and securely through the rental process, from listing and browsing rental properties to the application stages and beyond. The agreement marks an important next step as Doorsteps.com and realtor.com® enhance their service to the rental marketplace. "The journey to finding your perfect home doesn't begin or end with a rental or sale – there are many stops along the path," said Todd Callow, senior director of product management and rentals program leader for Move. "We're building solutions that meet our customers where they are along that path, and creating new relationships with like-minded companies that share our commitment to best practices in accuracy and data security, to help make the process easier for consumers and professionals." Cozy's proprietary technology, now serving more than 100,000 property managers and renters, meets stringent standards of data security and privacy in accordance with its partners in the credit, finance and identity sectors. Cozy's solution allows renters to safely provide private financial and personal identification details for independent verification without sharing them directly with prospective property managers. Applicants pay for their own credit report, which does not impact their credit score, and control how it is shared with prospective property managers. Property managers receive the screening reports at no cost, removing the responsibility of handling and processing sensitive applicant information as well as the charges incurred by many competing services. "Cozy's mission is to bring peace of mind to renters and property managers by solving the biggest headaches across the rental cycle – aggregating reliable rental listings, finding and retaining good tenants, and securely facilitating the exchange of sensitive information through the duration of the rental relationship," said Gino Zahnd, CEO and co-founder of Cozy. "This agreement is much more than just providing a significant amount of new prospective tenant leads for our property managers -- for the first time, our property managers have the opportunity to receive all the information necessary to make an informed decision about selecting a tenant in a single report. And tenants have the confidence that their information is secure and the listings have been through our content assurance protocols – identity protection, privacy and security is baked into the foundation of everything we do. This level of collaboration can only happen with trustworthy information from both tenants and property managers – it's a huge leap in the quality of the experience." Additional rentals content from Cozy began appearing on the Doorsteps.com and realtor.com® websites in December. Access to the background and credit check process is now enabled on Doorsteps.com via 'apply now' buttons on select rental listings, and will be added to corresponding rental listings on realtor.com® in the coming weeks. Cozy® is a registered trademark of Cozy Services Ltd. About Move, Inc., Doorsteps.com and realtor.com® Move, Inc. operates the realtor.com® website and mobile experiences, which provide buyers, sellers and renters of homes with the information, tools and professional expertise they need to discover and create their perfect home. News Corp acquired Move in November 2014, and realtor.com® quickly established itself as the fastest growing online real estate service provider in the first half of 2015 as measured by comScore. Move's network of websites provides consumers a wealth of innovative tools, including Doorsteps®, Moving.com™, SeniorHousingNet and others. Move supports real estate professionals by providing many services to grow their businesses in an increasing digital, on-demand world, including ListHub™, the nation's leading listing syndicator and centralized intelligence platform for the real estate industry; TigerLead®; Top Producer® Systems, FiveStreet and Reesio, as well as many free services. Move also operates Doorsteps.com, a comprehensive and robust rental experience powered by the search engine behind realtor.com®, currently available for the Austin and San Diego markets. Doorsteps features an intuitive, localized search experience with original neighborhood content and rental listings from over 30 sites including the multiple listing service (MLS) in Austin and San Diego as well as direct feeds from a growing list of property management companies. Doorsteps offerings also include the award-winning Doorsteps Swipe app and the original homebuying guide at DoorstepsBuy.com.
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Apartments.com and Move, Inc., Operator of Realtor.com®, Enter into a Strategic Content Relationship
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Zillow Group Adds Income Qualification Information to Rental Listings on Zillow, Trulia and HotPads
  SEATTLE, October 29, 2015 — Today, Zillow Group, which houses a portfolio of the largest and most vibrant rental, real estate and home-related brands on mobile and Web, announced a new designation for rental properties on its consumer sites of Zillow®, Trulia® and HotPads®, that better identifies properties that have income restrictions. Now, when a renter submits his or her information to the property manager, the renter will be asked if his or her income meets the standard required to rent the property if it has income restrictions attached to the listing. "Renting is an incredibly competitive market, so when these income-restricted units are coming on to the market, property managers are often being flooded with inquiries - but not all of them are eligible to rent the unit," said Greg Schwartz, Zillow Group chief business officer. "By clearly prompting the renter to acknowledge an income range before he or she submits their information to the property manager, it will reduce the amount of unqualified inquires. Property managers will be able to respond to potential residents more quickly - smoothing the rental process for everyone." Currently on Trulia, potential renters are able to filter listings by income restrictions, a feature that is expected to be rolled out to Zillow and HotPads, and their corresponding mobile apps, by the first half of 2016. The feature was unveiled today at the first annual Zillow Group Multifamily Forum in front of 500 multifamily professionals in New Orleans, La. About Zillow Group Zillow Group houses a portfolio of the largest real estate and home-related brands on the Web and mobile. The company's brands focus on all stages of the home lifecycle: renting, buying, selling, financing and home improvement. Zillow Group is committed to empowering consumers with unparalleled data, inspiration and knowledge around homes, and connecting them with the right local professionals to help. The Zillow Group portfolio of consumer brands includes real estate and rental marketplaces Zillow®, Trulia®, StreetEasy® and HotPads®. In addition, Zillow Group works with tens of thousands of real estate agents, lenders and rental professionals, helping maximize business opportunities and connect to millions of consumers. The company operates a number of business brands for real estate, rental and mortgage professionals, including Postlets®, Mortech®, Diverse Solutions®, dotloop® and Retsly®. The company is headquartered in Seattle.
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Renting Less Affordable Than Ever Before, While Mortgages Remain Affordable, by Historical Standards
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CoreLogic Enhances Online Leasing Application
          Irvine, Calif. June 26, 2015 — CoreLogic® (NYSE: CLGX), a leading global property information, analytics and data-enabled services provider, today launched an expanded version of Leasing Manager from CoreLogic, a cloud-based online leasing workflow solution for multifamily property owners and managers. Prospective residents applying for an apartment home, leasing professionals and property managers will benefit from greater efficiencies offered by the fully integrated digital workflow. In addition to proprietary statistical lease screening, the enhanced platform offers property managers and owners full integration and configuration of lease forms for ancillary services including transfer of utilities, covered parking, storage units or washer/dryer rentals. For properties that require renters insurance as a condition of the lease, the configuration helps ensure an applicant's compliance with this requirement. For the applicant, Leasing Manager may be accessed from a computer, smartphone or tablet and takes consumers through five critical stages in the leasing lifecycle including: Selecting and applying for an apartment home Submitting fee payments Meeting renters insurance requirements that satisfy lease conditions Submitting required documents Signing forms electronically with e-signature For the leasing professional, Leasing Manager helps reduce administrative tasks related to moving the applicant through the leasing lifecycle by providing: A new dashboard that delivers at-a-glance visibility with real-time, summary-level progress updates on the status of current applicants. The dashboard displays all application information, uploaded documents, date and time stamps of acknowledgments, "activity and actions" sections, and other process management tasks to help the leasing professional move the lease to final execution more efficiently. With a simple click, the leasing professional can drill-down to view detail-level reports from the summary table to reveal the progress of specific applicants. Proprietary statistical-based applicant screening. Prompts to the applicant that present the property's requirements for renters insurance when required by the owner as a condition of the lease. Applicants may provide proof of insurance through Leasing Manager, which may reduce leasing professional tasks. Required documents, forms and acknowledgements for the applicant at the precise moment they are needed. This convenience for the applicant also accelerates the leasing process for the leasing professional. The expanded solution also includes a new self-service property manager module that allows staff to set up Leasing Manager for each specific property. Highlights include: A simple interface and intuitive navigation to guide the property manager through the configuration process. Workflow requirements, application forms, messaging for applicants and branding that can be configured at the community level. Flexibility that gives owners the option to selectively include the elements of the workflow that fit their objectives. For instance, some may use the end-to-end turnkey option such as "shop and apply" and "screening" through to "e-signature." Others may only use the service through background screening, and still others may want to incorporate a different payment processor. "We've made it our priority to develop the Leasing Manager solution to go beyond simply providing online leasing support. This expanded solution is a flexible and fully integrated system that is intuitive and easy to use," said Suzette LeSane, vice president of product management and delivery for CoreLogic. "Whether you're the consumer looking to lease an apartment home, a leasing professional swamped with administrative work in these days of record-high occupancy rates, or an owner looking for efficiency and cost savings, Leasing Manager from CoreLogic has been designed to meet these unique needs with its best-in-class software and workflow connectivity." Leasing Manager from CoreLogic allows applicants to browse real-time vacancies, pricing and other information available through the property's preferred property management platform. Applicant data, once entered, flows through the system with no re-entry required. Application fees and deposits paid by prospective residents are automatically updated in the property management software ledger and transferred to the property's account. "We believe that the immediacy of information, simple-to-use interface and the proprietary technology integration sets Leasing Manager apart," said LeSane. "It was built specifically to address the concerns and constraints of other online leasing services and is mobile optimized to provide applicants with real-time leasing and rental information anytime, anywhere." For more information visit www.corelogic.com/leasingmanager. About CoreLogic CoreLogic (NYSE: CLGX) is a leading global property information, analytics and data-enabled services provider. The company's combined data from public, contributory and proprietary sources includes over 3.5 billion records spanning more than 40 years, providing detailed coverage of property, mortgages and other encumbrances, consumer credit, tenancy, location, hazard risk and related performance information. The markets CoreLogic serves include real estate and mortgage finance, insurance, capital markets, and the public sector. CoreLogic delivers value to clients through unique data, analytics, workflow technology, advisory and managed services. Clients rely on CoreLogic to help identify and manage growth opportunities, improve performance and mitigate risk. Headquartered in Irvine, Calif., CoreLogic operates North America, Western Europe and Asia Pacific. For more information, please visit www.corelogic.com.
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Rents Gallop Past Home Values in April
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House Payments More Affordable Than Fair Market Rents in 76 Percent of U.S. Housing Markets in County-Level Analysis
IRVINE, CA--(April 09, 2015) - RealtyTrac®, the nation's leading source for comprehensive housing data, today released a Residential Rental Property Analysis for properties purchased in the first quarter of 2015, which found that the monthly house payment on a median-priced home is more affordable than the monthly fair market rent on a three-bedroom property in 76 percent of the U.S. counties included in the analysis. The report also ranked the markets with the best -- and worst -- potential returns on residential rental properties from a real estate investor perspective along with the most affordable -- and least affordable -- markets for renting from a renter perspective. The analysis included 461 counties nationwide with a population of at least 100,000 and sufficient home price, income and rental data. The combined population in the 461 counties analyzed was 217 million. On average across all 461 counties, fair market rents as set by the U.S. Department of Housing and Urban Development represented 28 percent of the estimated median household income, while monthly house payments on a median-priced home -- with a 10 percent down payment and including property taxes, home insurance and mortgage insurance -- represented 24 percent of the estimated median income. "From a pure affordability standpoint, renters who have saved enough to make a 10 percent down payment are better off buying in the majority of markets across the country," said Daren Blomquist, vice president at RealtyTrac. "But factors other than affordability are keeping many renters from becoming buyers, a reality that means real estate investors buying residential properties as rentals still have the opportunity to make strong returns in many markets. "Also, keep in mind that in some markets buying may be more affordable than renting, but that doesn't mean buying is truly affordable by traditional standards," Blomquist added. "In those markets renters are stuck between a rock and hard place when it comes to deciding whether to buy or continue renting."   56 markets where conditions favor buying rather than renting There were 351 counties out of the 461 analyzed (76 percent) where house payments on a median-priced home in the first quarter of 2015 were lower than fair market rents on three-bedroom homes. Among these 351 counties, there were 56 counties where home prices rose at least 7 percent compared to a year ago and wages rose at least 3 percent annually -- additional factors that could make owning a home more attractive than renting. Wages were from the most recent weekly wage data available from the Bureau of Labor Statistics, the third quarter of 2014. Out of the 56 counties where conditions favor buying over renting, the most affordable for buying were Bay County, Michigan in the Bay City metro area (11 percent of median income to make house payments on a median priced-home), Fayette County, Pennsylvania (11 percent) and Beaver County, Pennsylvania (14 percent), both in the Pittsburgh metro area, Tazewell County, Illinois in the Peoria metro area (14 percent), and Butler County, Ohio in the Cincinnati metro area (14 percent). "When considering the financial aspects of renting versus owning within the majority of the Ohio markets, the better financial opportunity is in ownership," said Michael Mahon, executive vice president at HER Realtors, covering the Ohio housing markets of Cincinnati, Dayton and Columbus. "With many markets in Ohio seeing double-digit appreciation year over year, the cost of homeownership and renting will only go up in future years, while purchasing options offer attractive low interest rates for homeowners to stabilize monthly household expenses, while equally building equity within their household investments. "As wage growth continues to stagnate, those consumers choosing to rent will see more and more of their net wages being devoted to increased housing costs in the future," Mahon added. Other counties among the 56 where conditions favor buying were Harris County, Texas in the Houston metro area, Tarrant County, Texas in the Dallas metro area, Fulton County, Georgia in the Atlanta metro area, Fresno County, California, and Prince George's County, Maryland in the Washington, D.C., metro area. Most affordable rental markets Markets where the fair market rent on a three-bedroom property represented the smallest share of median household income were Delaware County, Ohio in the Columbus metro area (14 percent), Williamson County, Tennessee in the Nashville metro area (14 percent), Hamilton County, Indiana in the Indianapolis metro area (15 percent), Fort Bend County, Texas in the Houston metro area (16 percent), and Howard County, Maryland, in the Baltimore metro area (17 percent). Least affordable rental markets Markets where the fair market rent on a three-bedroom property represented the biggest share of median household income were Bronx County, New York (69 percent), Baltimore City, Maryland (49 percent), Philadelphia County, Pennsylvania (48 percent), Kings County/Brooklyn, New York (48 percent), and Miami-Dade County, Florida (45 percent). "As wages continue to lag home price appreciation in Southern California, and a significant percentage of buyers still coming from outside and internationally, the need for rental units will continue to grow," said Mark Hughes, chief operating officer with First Team Real Estate, covering the Southern California market, where the fair market rent on a three-bedroom home in Los Angeles County requires 42 percent of the median household income and where house payments on a median priced home require 61 percent of the median household income. "The inequity between service wages and property costs in our region lends itself to a high rental population of folks that may have been priced out of buying. I recommend that renters who are able to purchase do so with a four- to five-year ownership horizon." Markets with the highest returns on residential rental properties Among all 461 counties analyzed the average potential annual gross rental yield for homes purchased in February 2015 was 9.34 percent. The annual gross rental yield is calculated by annualizing the rental income and dividing that amount into the purchase price of the property. Markets with the highest potential annual gross rental yields for homes purchased in February 2015 were Baltimore City, Maryland (24.82 percent), Clayton County, Georgia in the Atlanta metro area (24.26 percent), Wayne County, Michigan in the Detroit metro area (21.08 percent), Pasco County, Florida in the Tampa-St. Petersburg metro area (19.20 percent), and Trumbull County, Ohio in the Youngstown metro area (18.36 percent). Markets with lowest returns on residential rental properties Markets with the lowest potential annual gross rental yields for homes purchased in February 2015 were New York County/Manhattan, New York (2.34 percent), San Francisco County, California (3.20 percent), Kings County/Brooklyn, New York (3.63 percent), Marin County, California in the San Francisco metro area (3.84 percent), and Williamson County, Tennessee in the Nashville metro area (3.89 percent). 58 emerging rental markets on the rise Among the 461 counties analyzed nationwide, the average potential annual gross rental yield was down 42 basis points for properties purchased in February 2015 compared to properties purchased a year ago. There were still 115 counties where potential annual gross rental yields increased compared to a year ago, and among those there were 58 counties that also saw rising rental rates, rising home prices and rising average weekly wages. Among the 58 counties with the combination of rising rental returns, rising rental rates, rising home prices and rising wages, those with the biggest increase in rental returns were Douglas County, Oregon in the Roseburg metro area (potential rental returns increased 119 basis points from a year ago), Linn County, Iowa in the Cedar Rapids metro area (109 basis point increase), Henderson County, North Carolina in the Asheville metro area (109 basis point increase), Kendall County, Illinois in the Chicago metro area (89 basis point increase), and Sussex County, Delaware in the Seaford metro area (80 basis point increase). Other markets among the 58 counties included Cook County, Illinois in the Chicago metro area (43 basis points increase), King County, Washington in the Seattle metro area (12 basis point increase), the Long Island, New York counties of Suffolk (49 basis point increase) and Nassau (24 basis point increase) and Wake County, North Carolina in the Raleigh metro area (30 basis point increase). "With the economic boom that Seattle is experiencing right now -- especially in the tech sector - this is a great time for rental investors. Our advice to them is to purchase properties that are in proximity to some of our more successful businesses, like Amazon and Microsoft, and the extensive tech hub in downtown Seattle where companies like Facebook, Apple, and Google have all set up offices," said OB Jacobi, president of Windermere Real Estate, covering the Seattle market, where annual gross yields on rentals range from 6 percent to 10 percent. "With record numbers of people expected to relocate to Seattle over the next five years, it stands to reason that rental properties will continue to be a sound choice for investors." "Buying single family homes as rental properties in Southern California is reserved for those that have a very specific investment strategy," said Chris Pollinger, senior vice president of sales with First Team Real Estate, covering the Southern California market, where annual gross yields on rentals range from less than 5 percent in Orange County to nearly 9 percent in the inland San Bernardino County. Methodology For this report, RealtyTrac looked at all U.S. counties with a population of 100,000 or more and with sufficient home price and rental rate data. Rental returns were calculated using annual gross rental yields: the 2015 average fair market rent of three-bedroom homes in each county from the U.S. Department of Housing and Urban Development (HUD), annualized, and divided by the median sales price of residential properties in each county. RealtyTrac also incorporated average weekly wage data and unemployment rates from the Bureau of Labor Statistics and demographic data from the U.S. Census into the report. Estimated home payment amount was made assuming a 10 percent down payment, an interest rate of 3.7 percent on a 30-year fixed loan, and property tax and insurance totaling 1.39 percent of the total median sales price. An additional 1 percent of total loan amount was assumed for private mortgage insurance. About RealtyTrac RealtyTrac is a leading supplier of U.S. real estate data, with nationwide parcel-level records for more than 130 million U.S. parcels that include property characteristics, tax assessor data, sales and mortgage deed records, default, foreclosure, auction, and Automated Valuation Models (AVMs) along with more than 45 key local and neighborhood dynamics for residential properties nationwide via its subsidiary, Homefacts.com. RealtyTrac's housing data is relied on by the Federal Reserve, U.S. Treasury Department, HUD, numerous state housing and banking departments, investment funds as well as millions of real estate professionals and consumers, to help evaluate housing trends and make informed decisions about real estate.
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Home Buying Pays Off Fast, but Hurdles Remain For Renters
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NAR Study: Accelerating Housing Costs Have Renters Feeling the Squeeze
  WASHINGTON (March 16, 2015) – The gap between rental costs and household income is widening to unsustainable levels in many parts of the country, and the situation could worsen unless new home construction meaningfully rises, according to new research by the National Association of Realtors®. NAR reviewed data on income growth, housing costs and changes in the share of renter and owner-occupied households over the past five years in metropolitan statistical areas across the U.S. The findings reveal that renters are being squeezed in many metro areas throughout the country due to the disproportionate growth in rental costs to incomes. New York, Seattle and San Jose, Calif. are among the cities where combined rent growth is far exceeding wages. Lawrence Yun, NAR chief economist, says the disparity between rent and income growth has widened to unhealthy levels and is making it harder for renters to become homeowners. "In the past five years, a typical rent rose 15 percent while the income of renters grew by only 11 percent," he said. "The gap has worsened in many areas as rents continue to climb and the accelerated pace of hiring has yet to give workers a meaningful bump in pay." According to Yun, the share of renter households has been increasing and homeownership is falling. Those financially able to buy a home in recent years were insulated from rising housing costs since most take out 30-year fixed-rate mortgages with established monthly payments. Furthermore, a typical homeowners' net worth climbs because of upticks in home values and declining mortgage balances. The result has been an unequal distribution of wealth as renters continue to feel the pinch of increasing housing costs every year. "Meanwhile, current renters seeking relief and looking to buy are facing the same dilemma: home prices are rising much faster than their incomes," adds Yun. "With rents taking up a larger chunk of household incomes, it's difficult for first-time buyers – especially in high-cost areas – to save for an adequate downpayment." NAR's research analyzed changes in the share of renters and homeowners, mortgage payments, median home prices, median household income for renters and the rental costs in 70 metro areas. The top markets where renters have seen the highest increase in rents since 2009 are New York (50.7 percent), Seattle (32.38 percent), San Jose, Calif., (25.6 percent), Denver (24.14 percent) and St. Louis (22.26 percent). Looking ahead, Yun says a way to relieve housing costs is to increase the supply of new home construction – particularly to entry-level buyers. Builders have been hesitant since the recession to add supply because of rising construction costs, limited access to credit from local lenders and concerns about the re-emergence of younger buyers. Yun estimates housing starts need to rise to 1.5 million, which is the historical average. Housing starts have averaged about 766,000 per year over the past seven years4. "Many of the metro areas that have experienced the highest rent increases are popular to millennials because of their employment opportunities," adds Yun. "With a stronger economy and labor market, it's critical to increase housing starts for entry-level buyers or else many will face affordability issues if their incomes aren't compensating for the gains in home prices." The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.
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Zillow Rental Network Adds Trulia; Significantly Expands Reach of Largest Rental Network on the Web
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Experts: Unaffordable Rents Not Going Away Soon
SEATTLE, Feb. 13, 2015 -- Unaffordable rents are making it hard for people to save for down payments, and they aren't likely to ease up for at least two years, according to the latest Zillow® Home Price Expectations Survey sponsored by Zillow, Inc. and conducted quarterly by Pulsenomics LLC. More than half (52 percent) of the respondents with an opinion on this issue said the market will correct the nation's soaring rents over time, and no government intervention is required. About one-third (35 percent) of respondents said rising rents are not a problem. "Solving the rental affordability crisis in this country will require a lot of innovative thinking and hard work, and that has to start at the local level, not the federal level," said Zillow Chief Economist Dr. Stan Humphries. "Housing markets in general and rental dynamics in particular are uniquely local and demand local, market-driven policies. Uncle Sam can certainly do a lot, but I worry we've become too accustomed to automatically seeking federal assistance for housing issues big and small, instead of trusting markets to correct themselves and without waiting to see the impact of decisions made at a local level. Broader federal efforts aimed at increasing real wages and job opportunities will go a long way toward helping renters, but real, lasting solutions to rising rents need to be found locally." The survey also asked panelists about President Obama's announcement last month aimed at helping middle-class homebuyers through a reduction in FHA mortgage insurance premiums. Two-thirds (66 percent) of survey respondents with an opinion said they think the changes will be "somewhat effective in making homeownership more accessible and affordable," but almost half (49 percent) said the new initiatives are unwise, unnecessary and potentially risky for taxpayers. The panelists predicted U.S. home values will rise 4.4 percent in 2015, to a median value of $187,040. The most optimistic forecasted a 5.5 percent increase, while the least optimistic projected a 3.1 percent increase. On average, panelists said they expect median U.S. home values to exceed their pre-recession peak of $196,400 by May 2017. "During the past year, expectations for annual home value appreciation over the long run have remained flat, despite lower mortgage rates," said Terry Loebs, Founder of Pulsenomics. "Regarding the near-term outlook, there is a clear consensus among the experts that the positive momentum in U.S. home prices will continue to slow this year. At 4.4 percent, overall expectations for nationwide home value growth in 2015 are one-third lower than the actual 6.6 percent appreciation rate recorded last year." About Zillow Zillow, Inc. (NASDAQ: Z) operates the largest home-related marketplaces on mobile and the Web, with a complementary portfolio of brands and products that help people find vital information about homes, and connect with the best local professionals. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow's Chief Economist Dr. Stan Humphries. Dr. Humphries and his team of economists and data analysts produce extensive housing data and research covering more than 450 markets at Zillow Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price Expectations Survey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow Home Value Index over the next five years. Zillow also sponsors the bi-annual Zillow Housing Confidence Index (ZHCI) which measures consumer confidence in local housing markets, both currently and over time. The Zillow, Inc. portfolio includes Zillow.com®, Zillow Mobile, Zillow Mortgages, Zillow Rentals, Zillow Digs®, Postlets®, Diverse Solutions®, Mortech®, HotPads®, StreetEasy® and Retsly™. The company is headquartered in Seattle.
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U.S. Renters Paid $441 Billion in Rent in 2014, Up Nearly $21 Billion Since 2013
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Renting Less Affordable Than Buying in Most U.S. Markets But Not Where Millennials Are Moving Most
IRVINE, Calif. – Dec. 23, 2014 — RealtyTrac®, the nation's leading source for comprehensive housing data, today released an analysis of fair market rents and median home prices in more than 500 U.S. counties, which shows that buying is still more affordable than renting in the majority of U.S. housing markets, while the opposite is true in markets with the biggest increase in the millennial share of the population over the last six years. RealtyTrac analyzed 2015 fair market rental data recently released by the U.S. Department for Housing and Urban Development for three-bedroom properties in 543 counties nationwide with a population of at least 100,000. In the 473 counties with sufficient rental and home price data, the fair market rent for a three-bedroom property in 2015 will require an average of 27 percent of median household income, while buying a median-priced home requires an average of 25 percent of median household income based on the median sales price in November. Buying a median-priced home was more affordable than renting a three-bedroom property in 68 percent of the counties analyzed, representing 57 percent of the total population in those counties. But in the 25 counties with the biggest increase in millennials between 2007 and 2013, fair market rents for a three-bedroom property in 2015 will require 30 percent of the median household income on average while buying a median-priced home requires 36 percent of median household income on average. For the analysis millennials were defined as anyone born between 1977 and 1992. "First-time buyers and potential boomerang homebuyers are stuck between a rock and a hard place in today's housing market: many of the markets with the jobs and amenities they want have hard-to-afford rents and even harder-to-afford home prices; while the more affordable markets have fewer well-paying jobs and tend to be off the beaten path," said Daren Blomquist, vice president at RealtyTrac. "Those emerging markets with the combination of good jobs, good affordability and a growing population of new renters and potential first-time homebuyers represent the best opportunities for buy-and-hold real estate investors to buy low and benefit from rising rents in the years to come." Rental trends in markets with biggest increase in millennial population The top markets with the biggest increase in the percentage of millennials over the past seven years were counties in Washington D.C., San Francisco and Denver, all of which saw an increase of more than 50 percent in the share of the population that is millennials. Other markets in the top 25 for biggest increase in millennials included counties in New York, Nashville, Portland, St. Louis, Seattle, Charlotte, Minneapolis, Indianapolis, Atlanta, Orlando, Austin, Des Moines and Midland, Texas. The average 2015 fair market rent in these top 25 counties is $1,459, 19 percent above the national average for all counties analyzed. On average 2015 fair rents increased 3 percent from a year ago in these counties, with the standouts being Denver County and Midland County, Texas, both of which saw fair market rents increase more than 20 percent. Median home prices increased 8 percent from a year ago in these counties on average compared to an average 7 percent increase among all counties analyzed nationwide. The average unemployment rate among these counties was 5.2 percent in October compared to an average of 5.5 percent for all counties analyzed. Markets with biggest jumps in fair market rents The top counties in terms of increasing fair market rents on three-bedroom properties were in Williamsport, Pa., Elizabethtown, Ky., and Midland, Texas, all of which saw an increase of 24 percent or more in fair market rents compared to 2014. Williamsport and Midland are both experiencing oil and gas booms facilitated by fracking, and Elizabethtown is home to the Fort Knox U.S. Army post. Other markets among the top 25 for increasing rents included counties in Denver, Colo., Asheville, N.C., Chicago and Santa Barbara, Calif. The average 2015 fair market rent in these top 25 counties is $1,327, 8 percent above the national average for all counties analyzed. Among these counties, 2015 fair market rent on a three-bedroom property will require 25 percent of median household income on average while buying a median-priced home requires 27 percent of median household income on average. The average unemployment rate among these counties was 4.9 percent compared to an average of 5.5 percent unemployment rate among all counties analyzed. Median home prices increased 7 percent from a year ago in these counties on average, the same as the average for all counties analyzed. Markets with biggest drops in fair market rents The top markets with the biggest decreases in fair market rents on three-bedroom properties were in Sumter, S.C., Las Cruces, N.M., and Longview, Texas. All three saw fair market rents decrease at least 13 percent from 2014 to 2015. Other markets in the top 25 for decreasing rents included counties in several college towns: Bloomington, IL, Champaign-Urbana, IL, College Station, Texas, Terre Haute, Ind., along with Las Vegas. "Inventory of single-family rentals are at an all-time high in Washoe County, keeping rental rates flat in 2014," said Craig King, COO of Chase International, covering the Lake Tahoe and Reno, Nev., markets. "With our Tesla announcement and other companies to follow we see a strong rental market in the immediate years ahead. We have had a growing population of renters in the millennial demographic range. Going forward, they are prime buying candidates." The average 2015 fair market rent in these top 25 counties is $1,023, 16 percent below the national average for all counties analyzed. Among these counties, 2015 fair market rent on a three-bedroom property will require 29 percent of median household income on average while buying a median-priced home requires 23 percent of median household income on average. The average unemployment rate among these counties was 6.7 percent compared to an average of 5.5 percent unemployment rate among all counties analyzed. Median home prices increased 4 percent from a year ago in these counties on average, compared to an average increase of 7 percent for all counties analyzed. Least affordable rental markets The top counties where fair market rents were least affordable as a percentage of median household income were in New York, Baltimore, Philadelphia, Miami, Virginia Beach, San Francisco, Eureka, Calif., and Los Angeles. Fair market rents required at least 40 percent of median household income in all of the 10 least affordable counties. "With interest rates still at record lows, the buy analysis is compelling for many renters," said Mike Pappas, CEO and president of the Keyes Company, covering the South Florida market. "We are beginning to see those who lost their homes in the great recession re-enter the purchase market. Coupled with the re-emergence of the low down payment loans and the aging of the millennials – 2015 bodes well for an improving purchase market." "We are starting to see the millennials entering into the housing market in the more affordable areas," said Chris Pollinger, senior vice president of sales at First Team Real Estate, covering the Southern California market, where renting is substantially more affordable in coastal markets but where buying is more affordable in some markets further inland. "We are still five to seven years from seeing the millennials enter into the housing market in the more affluent coastal areas." Other markets among the top 25 for least affordable fair market rents were in Tampa, St. Louis, New Orleans, Richmond, Va., Atlanta, San Diego, Sacramento and Orlando. The average 2015 fair market rent in these top 25 counties is $1,686, 38 percent above the national average for all counties analyzed. Among these counties, 2015 fair market rent on a three-bedroom property will require 42 percent of median household income on average while buying a median-priced home requires 44 percent of household income on average. The average unemployment rate among these counties was 6.5 percent compared to an average of 5.5 percent among all counties analyzed. Median home prices increased 3 percent from a year ago in these counties on average, compared to an average 7 percent increase for all counties analyzed. Most affordable rental markets The top counties where fair market rents were most affordable as a percentage of median household income were in Columbus, Ohio, Indianapolis and Nashville. Fair market rents required less than 15 percent of median household income in parts of these markets. "Across Ohio we have experienced an increased demand with rentals due to a growing job market and affordable rental rates throughout the state," said Michael Mahon, executive vice president at HER Realtors, covering the Cincinnati, Columbus and Dayton markets. "As many consumers remain optimistic over job and income stability, many are still repairing credit issues and paying down debt incurred over recent past years economic concerns. Particular focus is on the millennial demographic whom appear to be taking advantage of renting available homes while seeking greater personal financial security by redirecting down payment funds to paying off targeted debt such as student loans." Other markets among the top 25 for most affordable fair market rents included counties in Atlanta, Cincinnati, Milwaukee, and Houston. The average 2015 fair market rent in these top 25 counties is $1,019, 17 percent above the national average for all counties analyzed. Among these counties, 2015 fair market rent on a three-bedroom property will require 26 percent of median household income on average while buying a median-priced home requires 12 percent of household income on average. The average unemployment rate among these counties was 5.8 percent compared to an average of 5.5 percent among all counties analyzed. Median home prices increased 6 percent from a year ago in these counties on average, compared to an average increase of 7 percent for all counties analyzed. Report Methodology Fair market rents for 2015 and 2014 were obtained for the U.S Department of Housing and Urban Development, which publishes the numbers each year using a methodology designed to identify the 40th percentile rent, the dollar amount below which 40 percent of the standard-quality rental housing units are rented. See full HUD methodology. In most states, the median sales price for this analysis was derived from sales deeds recorded at the county level. In some states known as non-disclosure states (AK, ID, IN, KS, LA, ME, MS, MO, MT, NM, ND, TX, UT, WY) where the median price is not consistently available from the sales deed, median list prices were used. Annual median household income data came from the U.S. Census Bureau for 2000 to 2012. Annual median household income for 2013 to 2014 was estimated based upon 2000 to 2012 numbers and then adjusted for current market conditions. In calculating average house payments, fixed 30 year mortgage rates were obtained from Freddie Mac for every month. It was assumed that the average borrower would make a 20 percent down payment, the mortgage term would be 30 years, and insurance combined with property tax would be 1.39 percent of the value of the home. Rental affordability rates for this analysis are the annualized 2015 fair market rent for a three-bedroom property divided by the annual median household income. Affordability rates for purchasing a home for this analysis are the percentage of median household income needed to make monthly house payments on a median-priced residential property in each given county based on November 2014 median sales prices. About RealtyTrac RealtyTrac is a leading supplier of U.S. real estate data, with nationwide parcel-level records for more than 129 million U.S. parcels that include property characteristics, tax assessor data, sales and mortgage deed records, Automated Valuation Models (AVMs) and 20 million active and historical default, foreclosure auction and bank-owned properties. RealtyTrac's housing data and foreclosure reports are relied on by the Federal Reserve, U.S. Treasury Department, HUD, numerous state housing and banking departments, investment funds as well as millions of real estate professionals and consumers, to help evaluate housing trends and make informed decisions about real estate.
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ForRent.com® Pushes Limits of Today’s Smartphones in Latest Apartment Search Apps
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Homes.com® Grows Rental Inventory with Four New Partners
  Norfolk, VA, October 15, 2014 – Homes.com®, leading online real estate destination, has announced its partnership with four new rental property management companies — Free Rental Site, Rentec Direct, Real Property Management and ShowMojo. These partnerships will add more than 168,000 single-family rental listings, growing Homes.com's single-family database by over 30 percent and providing more choices for consumers looking for their next rental home. With these new relationships, Homes.com will offer expanded coverage of partner listings to the 12 million unique visitors who come to Homes.com on a monthly basis. More than a third of these visitors search for information in the rentals section of Homes.com, with leads sent directly to property managers. "Homes.com is excited to add quality partners like Free RentalSite, Real Property Management, Rentec Direct and ShowMojo to provide a more robust inventory of rental listings on Homes.com," said Dave Mele, president of Homes.com. "These partnerships not only provide residential property companies with more traffic and leads, but also give consumers looking for rental homes more options." "Homes.com has been a great partner to ShowMojo and our customers," said Peter Schuh, founder and chief executive officer of ShowMojo. "Their clean and intuitive presentation makes it easy for prospective renters to find our customers' rentals, then schedule a showing to see the place." Timothy Sedgwick, senior manager of strategic partnerships at Real Property Management, said, "Real Property Management is excited about our relationship with Homes.com. It will enhance our ability to cut down vacancies by placing residents faster than ever, thus making the home owner's return on investment higher." Property management professionals interested in learning more about advertising on Homes.com or its suite of marketing products for rental professionals can find more information at http://connect.homes.com/advertise/property-managers/. About Homes.com Homes.com is a leading provider of real estate marketing and media services, including brand advertising, property listing exposure and syndication, search engine marketing and instant response lead generation. Homes Connect by Homes.com offers the real estate industry's first-ever, all-inclusive marketing platform for agents and brokers featuring single-login convenience, and the new Homes.com Social offers innovative tools and resources to help real estate professionals save time and simplify social media marketing. Over 12 million consumers visit Homes.com each month to search nearly 3 million properties for sale or rent, to locate real estate agents in their area, and to find useful home buying tips. For more information, visit Homes.com. About ShowMojo ShowMojo helps property managers across the United States grow their business, control costs, and delight prospective renters. ShowMojo's scheduling platform automatically screens incoming phone calls, emails and web inquiries, and converts them to scheduled showings. ShowMojo reduces (by up to 80 percent) the time residential rental professionals spend booking showings, coordinating the schedules of multiple parties, and diligently nurturing prospective renters. Based in Chicago, IL, ShowMojo schedules showings across North America — from Ottawa, Canada, to Honolulu, Hawaii. For more information, please visit: http://showmojo.com. About Real Property Management Real Property Management is a privately held, Utah based corporation with over 25 years of experience providing full-service residential property management for investors and homeowners from more than 250 offices throughout the United States and Canada. For more information about Real Property Management, property management services or franchising opportunities, visit www.realpropertymgt.com. About Rentec Direct Management Rentec Direct provides cloud based property management solutions for property managers and landlords. Other popular solutions offered by Rentec include tenant ACH payment processing, tenant screening, and automated online syndication of vacancies through syndication partners like Homes.com. For more information about Rentec direct, visit https://www.rentecdirect.com. About Free Rental Site Free Rental Site is an international rental search platform that provides marketing and rental distribution tools to property managers around the world.
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CoreLogic Launches Online Leasing Solution
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Homes.com® Expands Rental Inventory with AppFolio
  Norfolk, Virginia, September 12, 2014 – Homes.com®, leading real estate listing site, has announced its' partnership with AppFolio, an industry altering, web-based property management platform. Effective immediately, AppFolio rental listings will be displayed on Homes.com, giving consumers a broader inventory of rental homes to search online and providing property management companies with direct access to consumers. Through the partnership, these residential property listings will be seen by the 12 million unique visitors accessing Homes.com each month, resulting in over 30 million page views to the rentals section of Homes.com, with leads sent directly to property managers. "Homes.com is excited to partner with AppFolio to syndicate a significantly increased number of rental listings to Homes.com," said Terry Slattery, president of Homes.com and For Rent Media Solutions™. "This strategic collaboration not only gives property managers added exposure to their listings, but also provides a larger number of options for consumers searching for homes." Property management professionals interested in learning more about advertising on Homes.com or Homes Connect Rental Pro can find more information at http://connect.homes.com/advertise/property-managers/. About Homes.com Homes.com is a leading provider of real estate marketing and media services, including brand advertising, property listing exposure and syndication, search engine marketing and instant response lead generation. Homes Connect by Homes.com offers the real estate industry's first-ever, all-inclusive marketing platform for agents and brokers featuring single-login convenience, and the new Homes.com Social offers innovative tools and resources to help real estate professionals save time and simplify social media marketing. Over 10 million consumers visit Homes.com each month to search nearly 3 million properties for sale or rent, to locate real estate agents in their area, and to find useful home buying tips. For more information, visit Homes.com. About AppFolio Property Manager Headquartered in Santa Barbara, AppFolio Property Manager is a comprehensive, Web-based solution designed expressly for the needs of property management professionals. Tailored to solve the specific challenges of the property management industry, AppFolio Property Manager provides Web-based features appealing to modern renters while driving higher productivity and business ROI. For more information, please visit AppFolio.com.
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For Rent Media Solutions™ First to Launch Innovative Homepage Experience on ForRent.com®
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HotPads Unveils Redesigned Site and App to Make Searching for a Rental Faster and More Intuitive
SAN FRANCISCO, Aug. 20, 2014 -- HotPads™, the leading map-based home and apartment rental search engine and a Zillow® company, today announced it has redesigned its popular website and mobile apps to make the experience of searching for a rental faster and easier. With intuitive new features and tools, the HotPads app and search engine allow renters to find their next home in a snap. HotPads' new design offers a robust and efficient search experience for renters, especially those in urban areas who are often under pressure to find a home to rent quickly. Focused on speed, HotPads is able to now surface even more information, faster, allowing prospective renters to view all available options in their selected neighborhood or city. New map graphics and larger images make it easier to identify the rental properties of interest. A scrolling home page, expanding search tool and quick links to the most popular cities make the entire search process faster to navigate. New features were also added, including Rent Zestimates®, the ability to see the estimated market value for an individual home or apartment for rent, and Street View, the ability to view three-dimensional photography of a property's exterior and surrounding streets without leaving the HotPads site. HotPads also built a rich mobile web experience that acts just like the mobile app so that anyone, regardless of operating system or device, can easily search for their next place to live. "Rental markets are moving faster than ever, and there is more competition for homes and apartments – especially in urban markets where HotPads' young, mobile and tech-savvy users tend to live," said Matt Corgan, HotPads co-founder and general manager. "HotPads has completely revitalized its site with this in mind, including a whole new look and feel, and a user-experience designed to help renters find a place to rent faster by giving them more information, and making that information easier to find." Everyone searching for a home or apartment to rent on HotPads, on any device, can quickly and easily access all of the features the site offers to help them find their next home, including: Map-Based Search: Zoom into neighborhoods to see what's available, and where the nearest points of interest are. Rent Zestimates: See Zillow's estimated monthly rent prices for each property. Street View: Easily tour building exteriors and surrounding neighborhoods in three-dimensions without leaving the site. Verified Listings: Identify the qualified listings from the most reputable sources at-a-glance. One-Click Call: Contact the listing agent or owner directly by phone from the site when browsing from a mobile phone. Schools & School Boundaries: Search for a home within a particular school zone. Public Transportation: See which public transportation options, including subway and train stations, are near each listing. Walk Score® Data: Determine with one look just how walkable, bikeable, and accessible via public transit a home or apartment is. HotPads is available on the Web and optimized for mobile at hotpads.com. HotPads also operates five popular mobile apps across iPhone®, iPad® and Android®. The HotPads iOS App is available for free from the App Store on iPhone and iPad at http://bit.ly/1oRncPC. The free app for Andriod can be found at http://bit.ly/1kV4ndh. About HotPads™ HotPads is a leading map-based apartment and home rental search engine, and is a top destination for renters looking to find a home in urban areas. HotPads is an established and significant player in rentals for both consumers and professionals, and offers a robust website and five mobile apps across iPhone, iPad and Android. HotPads is part of the Zillow, Inc. portfolio of brands. The company is based in San Francisco.
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Local Content is Key, According to New Guide Released by For Rent Media Solutions™ and Homes.com®
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Doorsteps® Swipe App Expands to National Rental Search for iPhone® and iPod touch® Devices
NEW YORK, Aug. 5, 2014 -- Doorsteps® Swipe(SM), the award-winning, real-estate search app, now helps people easily find a residence to rent anywhere in the U.S. using iPhone® or iPod touch® mobile devices. The new version of the Doorsteps Swipe app lets renters and homebuyers collect appealing residential listings and learn their preferences for price and amenities via an interactive summary updated in real time based on how a person uses the app. It displays amenities and information about local schools, pet policies and other data and sends new listing alerts that match a person's most recent Swipe search criteria. The Swipe app is powered by realtor.com®, the leader in providing consumers the most accurate U.S. residential listings online.* Doorsteps and realtor.com® are operated by Move, Inc. (NASDAQ: MOVE), a leading provider of online real estate services. "A large number of renters are on the cusp of buying. Our goal is to address their needs as renters today, and also in the future when they are ready to purchase, using the same Swipe app experience," explains Michele Serro, Doorsteps' founder. "Our user interface creates two-way, behavioral communication between a person and the app. Not only does the Swipe app find listings, it informs consumers about their search preferences. We are looking to wrap a textbook in a piece of chocolate cake. We want renters and soon-to-be-buyers to learn what they like in a fun way – like a game." Expanding the Doorsteps Swipe app to renters nationally opens online real estate listings through the app to more than 66 million 20 to 34 year olds in the rental market, according to the U.S. Census. Using the Doorsteps Swipe app, consumers may toggle between viewing properties for sale, distinguished with a teal-colored design, or for rent, distinguished with an orange-colored design, and browse active, accurate listings from realtor.com® that are refreshed every 15 minutes. Consumers can choose to search their immediate area based on GPS location, or choose the Swipe app's exploratory "surprise me" option if they are not sure where they would like to look, or if they are curious what their money might buy elsewhere. Alternatively, consumers may manually circle an area to search. The Swipe app differs from other search apps because a user initially only has a photo and street address of a residence to decide if they want to learn more. If the consumer likes an image, a double tap on the photo reveals the property's other images and complete listing information. Give the photo a thumb up, or swipe to the right, indicating a "like," and the residence is logged for future viewing with the option to learn more about that listing or share it via e-mail or social media channels. A swipe to the left, or a thumb down, eliminates the residence from a consumer's consideration. After a couple of swipes, a user gets feedback about likes and dislikes. Doorsteps.com users also may connect their Doorsteps Swipe account with their Doorsteps.com account to improve their experience even more. By designing a product with an interface that presents only the crucial information early-stage renters and buyers seek, Doorsteps opens online real estate listings search to a broader market. Fifty-one percent of renters of all ages want to someday own their own home, and 57 percent of renters, ages 18 to 34, yearn for homeownership, according to the Fannie Mae National Housing Survey of June 2013. The Doorsteps® Swipe(SM) app is free from the App Store on iPhone and iPod touch devices or at doorsteps.com/swipe. About Doorsteps® Doorsteps® is operated by Move, Inc., (NASDAQ: MOVE), a leading provider of online real estate services, Doorsteps helps consumers decide whether to buy, how to get ready faster, and then make the smartest possible choices along the way. This process is designed to produce more confident, more qualified homebuyers. The Doorsteps.com website offers a platform for buyers, agents and lenders. Doorsteps was founded in 2012 by Michele Serro, a former design consultant fascinated with finding better, more human-centered ways to harness technology to support people through major life events. www.doorsteps.com. About Move, Inc. and realtor.com® Move, Inc. (NASDAQ:MOVE), a leading provider of online real estate services, operates realtor.com®, which connects people to the essential, accurate information needed to identify their perfect home and to the REALTORS® whose expertise guides consumers through buying and selling. As the official website for the National Association of REALTORS®, realtor.com® empowers consumers to make smart home buying, selling and renting decisions by leveraging its direct, real-time connections with more than 800 multiple listing services (MLS) via all types of computers, tablets and smart telephones. Realtor.com® is where home happens. Move's network of websites provides consumers a wealth of innovative tools and accurate information including Doorsteps®, HomeInsight(SM), SocialBios(SM), Moving.com™, homefair(SM), brokerages by providing many services to grow their businesses, including ListHub™, the nation's leading listing syndicator and centralized intelligence platform for the real estate industry; TigerLead®; Top Producer® Systems; and FiveStreet(SM); as well as many free services. Move is based in the heart of the Silicon Valley — San Jose, CA.
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Zillow to Bring RealPage Services to Rental Companies
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Realtor.com® Reveals Most Popular Cities for Renters on the Go
SAN JOSE, CA, July 1, 2014 -- Realtor.com®, the leader in providing consumers with the most accurate U.S. residential for-sale listings online*, today names the 10 most searched cities on the realtor.com® rentals mobile application for iOS and Android since the launch of the application. Realtor.com® is operated by Move, Inc. The most searched cities on the realtor.com® rentals application by rank are: Chicago; Las Vegas; Atlanta; Dallas; Orlando, Florida; Los Angeles; Houston; Miami; Charlotte, North Carolina and Jacksonville, Florida. "The popularity of our rentals application underscores the crucial role mobile devices play as consumers search for homes and apartments for rent," said Steve Berkowitz, Move's chief executive officer. "Whether users are looking for pet-friendly properties or homes in a particular neighborhood, the realtor.com® rentals application is designed to simplify the rental search process." Snapshot of 10 Most Searched Cities Using the realtor.com® Rentals Application Information in this chart represents a snapshot of the data pulled from the realtor.com® search results pages on June 10, 2014. The application extends the commitment of realtor.com® to offer a comprehensive mobile tool that allows consumers to efficiently search for houses and apartments for rent. The application provides a photo-centric list view, which enables users to see high-quality property images directly from the search results page. Users can draw a custom search to look at homes for rent in a particular area or leverage the area scout feature to view new listings on a map based on their geographic location. The application also allows users to filter results that meet their individual needs, such as parking, in-unit laundry and properties that are pet-friendly. Users can also receive notifications when new homes or apartments for rent that fit their specifications are available on realtor.com®. Renters can additionally use the application to upload photos and take notes while visiting properties and share listings of interest through SMS, e-mail or AirDrop with other iOS users. The realtor.com® rentals application delivers fresh, accurate and up-to-date listings as a result of the relationships realtor.com® has with thousands of apartment communities and more than 800 multiple listing services (MLSs). The realtor.com® rentals application will be available for iPad users later this summer. For more information or to download the realtor.com® rentals application, please visit www.realtor.com/mobile. * "Most accurate" claim(s) pertain to the accuracy of MLS-provided home listings, are based on comparison with other national listing portals, and are based on the greater frequency of listings updating on realtor.com®. About Move, Inc. and realtor.com® Move, Inc. (NASDAQ:MOVE), a leading provider of online real estate services, operates realtor.com®, which connects people to the essential, accurate information needed to identify their perfect home and to the REALTORS® whose expertise guides consumers through buying and selling. As the official website for the National Association of REALTORS®, realtor.com® empowers consumers to make smart home buying, selling and renting decisions by leveraging its direct, real-time connections with more than 800 multiple listing services (MLS) via all types of computers, tablets and smart telephones. Realtor.com® is where home happens. Move's network of websites provides consumers a wealth of innovative tools and accurate information including Doorsteps®, HomeInsight, SocialBios, Moving.com™, SeniorHousingNet, homefair and Relocation.com.
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Homes.com Rentals Helps Multifamily Professionals Target Renters
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Zillow Launches Zillow Rent Connect
SEATTLE, WA, June 17, 2014 -- Zillow, Inc., the leading real estate information marketplace, today launched Zillow® Rent Connect, a performance-focused marketing solution that will transform the way multifamily property management marketers connect with future residents. The foundation of Zillow Rent Connect is high-quality, certified contacts from the Zillow Rental Network coupled with elite service for multifamily marketers. Zillow Rent Connect listings will be seen across the Zillow Rental Network, the largest rental network on the Web, comprised of the millions of rental shoppers on Zillow.com®, Yahoo!® and HotPads™. In addition, 15 million rental shoppers come to Zillow rental sites each month and Zillow operates two of the most popular and top-rated rental apps across iOS and Android®. Each contact through Zillow Rent Connect is designed to be a real inquiry from a real person, with a name, email address and phone number. The Zillow Rent Connect contact generation process is SOC 3SM-certified by Ernst & Young, an independent certified public accounting firm, which means that the technology provides multifamily property management marketers with only high-quality contacts, saving time and money. Zillow Rent Connect also offers real-time inventory and pricing. In partnership with property management solutions, unit availability and pricing are updated in real time, resulting in accurate inquiries from future residents. "Zillow Rent Connect starts with our relentless commitment to contact quality. We are about transparency and reducing the friction in the new resident process," said Greg Schwartz, chief revenue officer at Zillow. "Contact generation is based on a consumer requesting to connect with your building and is not generated through deceptive merchandising, which means each generated contact is unique and not duplicated." In addition, Zillow Rent Connect provides the following powerful set of tools for multifamily marketers: Property Management Software Integration. The Zillow Rent Connect API automatically feeds high-quality, certified contacts to property management software, eliminating the need to manually enter contacts. Elite Level of Service. A dedicated account manager will help set up listings, monitor performance and perform monthly content audits to ensure marketers are getting the most out of the Zillow Rental Network. To learn more about the program, email [email protected] or call 855-657-6614. The Zillow Rental Network team will be at the National Apartment Association Education Conference & Exposition in Denver, June 19 -21. Stop by booth No. 805 to learn more about Zillow Rent Connect. About Zillow, Inc. Zillow, Inc. (NASDAQ: Z) operates the leading real estate and home-related marketplaces on mobile and the Web, with a complementary portfolio of brands and products that help people find vital information about homes, and connect with the best local professionals. Zillow's brands serve the full life cycle of owning and living in a home: buying, selling, renting, financing, remodeling and more. In addition, Zillow offers a suite of tools and services to help local real estate, mortgage, rental and home improvement professionals manage and market their businesses. Welcoming nearly 82 million monthly unique users in April 2014, the Zillow, Inc. portfolio includes Zillow.com®, Zillow Mobile, Zillow Mortgage Marketplace, Zillow Rentals, Zillow Digs™, Postlets®, Diverse Solutions®, Agentfolio®, Mortech®, HotPads™ and StreetEasy®. The company is headquartered in Seattle.
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CoreLogic Expands Services In Response to Changing Landlord Dynamics
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Nearly Half of Renters and Landlords Show Incomplete Understanding of Basic Rental Laws
SEATTLE, Feb. 21, 2014 -- Even as demand for rental housing remains very strong, there is a great deal of confusion over existing rental laws among many landlords, and among tenants themselves, according to a Zillow Rentals survey. On average, renters and landlords answered about half of survey questions incorrectly (47 percent incorrect for renters / 50 percent for landlords) when asked about their respective rights and responsibilities. 82% of renters / 76% of landlords lack understanding of laws on security deposits, credit and background checks. 77% of renters / 69% of landlords lack understanding of privacy and access rights. 62% of renters / 50% of landlords lack understanding of laws on early lease termination. The survey included those who rent the home they live in ("renters") and those who own the home they live in and own one or more additional homes, which they rent to a tenant ("landlords"). Renters and landlords alike demonstrated the least amount of knowledge around credit and background checks, security deposits, early lease termination, and privacy and access rights. Both renters and landlords showed the most knowledge around discriminatory advertising for rentals, responsibility for repairs and maintenance, and requirements around terminating month-to-month agreements. "It's concerning that so many renters and landlords are signing a legal contract without fully understanding their basic rights. In doing so, landlords and renters could be setting themselves up for future disputes and legal costs," said Carey Armstrong, Zillow® director of rentals. "While rental laws vary by state and local jurisdiction, there are some important rules that affect just about everybody. Every landlord and renter should take time to research and understand their rights." Survey Findings Lack of Understanding on Security Deposit Laws: MISCONCEPTION: 82 percent of renters and three-quarters (76 percent) of landlords said they believe the landlord has 60 days after a lease ends to refund a security deposit (or provide an itemized deduction statement and refund the balance). TRUTH: In most states security deposits must be returned between 14 and 30 days. Lack of Understanding on Early Lease Termination: MISCONCEPTION: Nearly two-thirds of renters (62 percent) and half of landlords (50 percent) said the landlord has the right to terminate a lease in order to rent the home to his or her family member. TRUTH: Landlords may not evict a tenant during the term of the lease simply because they would prefer to rent the unit to a friend or family member, or even to someone willing to pay higher rent. Lack of Understanding on Credit and Background Checks: MISCONCEPTION: More than three quarters (76 percent) of landlords and 82 percent of renters said a landlord has the right to reject any rental application on the basis of a prior conviction for illegal drug use. TRUTH: While landlords do have the right to reject applications for criminal convictions of many kinds, they may not reject an applicant on the basis of a conviction for drug use. They can, however, reject a person who has been convicted of manufacturing or selling drugs, or who currently uses illegal drugs. Interactive Online Quiz and Resources Available An online version of the Zillow Rentals survey, the "Rental IQ Quiz," is available at http://www.zillow.com/rentals/quiz/ and contains the correct answers and detailed explanations to each question. Following the quiz, participants are given a score and resources to learn more about their rights and responsibilities as landlords and as renters. Zillow has tools and apps for both renters and landlords. Renters can find the information they need to find and secure a great rental on Zillow.com® and with the Zillow Rentals App. Landlords can use Postlets® and the Postlets App to publish their listings to the Zillow Rental Network, the largest rental network on the Web in the U.S. comprised of the millions of rentals shoppers on Zillow.com and Yahoo! About Zillow, Inc. Zillow, Inc. (NASDAQ: Z) operates the leading real estate and home-related marketplaces on mobile and the Web, with a complementary portfolio of brands and products that help people find vital information about homes, and connect with the best local professionals. Zillow's brands serve the full life cycle of owning and living in a home: buying, selling, renting, financing, remodeling and more. In addition, Zillow offers a suite of tools and services to help local real estate, mortgage, rental and home improvement professionals manage and market their businesses. Welcoming nearly 70 million unique users in January 2014, the Zillow, Inc. portfolio includes Zillow.com®, Zillow Mobile, Zillow Mortgage Marketplace, Zillow Rentals, Zillow Digs™, Postlets®, Diverse Solutions®, Agentfolio®, Mortech®, HotPads™ and StreetEasy®. The company is headquartered in Seattle. About Ipsos Ipsos is an independent market research company controlled and managed by research professionals. Founded in France in 1975, Ipsos has grown into a worldwide research group with a strong presence in all key markets. Ipsos is the world's third largest market research company. Ipsos has been listed on the Paris Stock Exchange since 1999 and generated global revenues of €1,789 million (2,300 million USD) in 2012. With offices in 86 countries, Ipsos delivers insightful expertise across six research specializations: advertising, customer loyalty, marketing, media, public affairs research, and survey management. Ipsos researchers assess market potential and interpret market trends. They develop and build brands. They help clients build long-term relationships with their customers. They test advertising and study audience responses to various media and they measure public opinion around the globe. Visit www.ipsos.com to learn more about Ipsos' offerings and capabilities.
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Realtor.com® Enhances Rentals App to Offer Location-Based Listing Notifications and iOS 7 AirDrop Sharing
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Homes.com® Launches Rentals Mobile App for iOS7 and Android
NORFOLK, Va. (Oct. 16, 2013) – Homes.com®, a leading online real estate destination, announced today the launch of its Homes.com Rentals Mobile App, the company's first dedicated rental app optimized for mobile users. The new app continues the company's tradition of delivering invaluable search tools for consumers. With today's sophisticated renter in mind, the Homes.com app is the first in the market to offer current commute times for points of interest such as user's place of employment, gym or shopping, tailoring the app to today's ever busy consumer. On-the-go consumers can easily browse an expansive database of rental listings on the Homes.com app, including rentals listed on sister site, ForRent.com, the exclusive provider of apartment listings on Homes.com. Homes.com developed the smartphone app for effortless use on both iOS and Android devices and included iOS7 features such as natural navigation gestures. "With year-over-year rental search traffic growing on Homes.com by more than 514 percent on mobile devices, our first priority in designing the rentals mobile app was to create an optimal shopping experience for renters," said Brock MacLean, executive vice president of Homes.com. "The new app allows consumers to customize searches, instantly view and save listings, and connect with agents or property managers. Whether a renter is searching for a place to celebrate, create or unwind, the place to find it is Homes.com." The Homes.com Rentals App is the only app currently available from national real estate search sites that allows renters to easily filter search results based on pet-friendly rentals. Map searches are made simple with slide and tap navigation, all while referencing a geo-targeted map for an easy view of points of interest throughout the search experience. As a benefit to advertisers, the new Homes.com Rentals App will launch with expansive rental inventory provided exclusively by ForRent.com and participating Homes.com agents, brokers, and MLSs. Additionally, all consumer inquiries will be sent to the advertiser for lead follow-up. The Homes.com Rentals App can be easily found within the Homes.com Mobile App Library. Download it today! About Homes.com® As one of North America's top online real estate destinations, Homes.com® Rentals inspires consumers to dream big. From affordable houses to luxurious estates, condos, apartment rentals and more, Homes.com features nearly 3 million property listings and a user-friendly format, making finding your next home easy. Visitors to the Homes.com blog will find a collection of rich content and posts on DIY projects, painting, organization tips and more, providing the ultimate resource for everything home related. From finding your first apartment to buying your first home, upgrading, downsizing and everything in between, Homes.com is an inspiring and engaging partner in every phase of the home buying or renting process. Homes.com is a division of Dominion Enterprises, a leading marketing services and publishing company headquartered in Norfolk, Virginia. For more information, visit www.dominionenterprises.com. About ForRent.com® As one of the nation's leading online home search destinations, ForRent.com® inspires renters to discover their next apartment, loft, townhouse, or condo. ForRent.com features rental listings in a user-friendly format, making finding your next home an easy exploration. Visitors to ForRent.com's apartment living blog, Facebook page, Twitter account and Pinterest boards will discover relevant content and can join the conversation surrounding their home decorating style, rental tips and more, serving as the complete resource for renters in every part of their living experience.
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Homes.com® Expands Rental Footprint into Canada
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Trulia Expands Map Visualizations, Provides the Inside Scoop on Rental Prices and Natural Disaster Risks Across America
SAN FRANCISCO--Trulia, a leading online marketplace for home buyers, sellers, renters, and real estate professionals, today released interactive map visualizations that show distinct new categories of information for house hunters to provide insight on the best place to live. The first new map is dedicated to rentals and visualizes rental cost-per-bedroom in cities across America, so that renters can easily pinpoint neighborhoods that are within their desired price range. The second set of maps visualizes historical earthquake and flood data to depict the risk of these natural disasters on a block-by-block level. With today's launch across Android mobile and web platforms, rental prices and natural disasters join Trulia's robust suite of interactive visualizations, which already feature home values, crime, school rankings, commute times and local amenities such as banks, gas stations, restaurants and grocery stores. "At Trulia, we use interactive map visualizations to present large amounts of information in an easy-to-understand format. With our new rental maps, consumers can browse through color-coded neighborhoods and quickly focus their search on neighborhoods that meet their budget," said Lee Clancy, VP of Consumer Products. "After considerable damage in recent years, many consumers likely feel as if the frequency and severity of natural disasters is increasing across the United States, but up until now the risk of these events has traditionally been hard for home buyers, sellers, and renters to find. Now house hunters can use our maps to see flood zones and understand where earthquakes are more common in order to make informed decisions about where to move." Details of the New Trulia Map Visualizations Rental Rates: The rental rate visualizations incorporate a year's worth of data to show the average cost-per-bedroom at the neighborhood level. Deep reds indicate high-cost areas, and yellow and green designate more affordable neighborhoods. Earthquakes: The earthquake map layer incorporates USGS and the California Geologic Survey data to show seismic hazard, also known as ground shaking potential. Blues and greens show low shaking potential and reds show high-potential areas. Floods: Using FEMA data, Trulia's flood hazard maps outline a community's different flood risk areas, determined by topographic surveys and statistical data for river flow, storm tides, and rainfall. High risk areas are identified by dark blue shading and show the areas where there is at least a 1 in 4 chance of flooding during a 30-year mortgage. Light blue designates the lower-risk flood areas. Trulia's visualizations are accessible on the web by visiting http://www.trulia.com/local. Select a city and then utilize the menu on the left-hand side to see properties, home values, crimes, schools, commute times, amenities, rental rates and environmental risks of floods and earthquakes. On Android mobile, click on the layer icon in the upper right corner and select heat maps from the menu. About Trulia, Inc. Trulia (NYS: TRLA) gives home buyers, sellers, owners, and renters the inside scoop on properties, places, and real estate professionals. Trulia has unique info on the areas people want to live that can't be found anywhere else: users can learn about agents, neighborhoods, schools, crime, commute times, and even ask the local community questions. Real estate professionals use Trulia to connect with millions of transaction-ready buyers and sellers each month via our hyper-local advertising services, social recommendations, and top-rated mobile real estate apps. Trulia is headquartered in downtown San Francisco. Trulia is a registered trademark of Trulia, Inc.
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Realtor.com® Launches Rentals App for iOS and Android
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