A diverse group of experts presented a stark analysis of the rollout of federal Opportunity Zones during the recent ULI Housing Opportunity 2019 conference in Newport Beach, California. More than a year after the program was established, there is still confusion over regulations and implementation, they said.
Panelists at the recent ULI Housing Opportunity 2019 conference said that while the data paint a bleak picture of America’s housing affordability, the spending priorities of California’s new governor may be a sign of positive policy changes at a more local level.
Recent moves by companies like tech giant Microsoft and health care provider Kaiser Permanente to invest in housing initiatives represent a form of “enlightened self-interest,” said panelists during the recent ULI Housing Opportunity 2019 conference in Newport Beach, California.
According to a forecast by Marcus & Millichap, Minneapolis/St. Paul climbed two spots to head this year’s National Multifamily Index, as sustained apartment demand kept vacancy persistently tight, allowing for steady rent growth. San Diego also inched up two notches on solid rent growth to claim second place.
With rental rates skyrocketing in many U.S. cities, more states are exploring ways to protect tenants and address the mounting issues of affordable housing, without wading into the controversial morass of rent control, said panelists during the ULI Housing Opportunity 2019 conference.
A San Francisco developer imports Chinese steel modules to install 22 units of graduate student housing in only four days.
A shortage of affordable housing is only one component of a broader community development crisis.
The 50 top-selling U.S. master-planned communities (MPCs) during 2018 surpassed their sales totals for the previous year by an average of 5 percent, according to data from RCLCO Real Estate Advisors. The top two communities were both in Florida: the Villages, with 2,134 home sales, is once again the top-selling community in the country, followed by Sarasota, Florida’s Lakewood Ranch.
According to data from Yardi Matrix, the average size of a new U.S. apartment has shrunk 5 percent over the last 10 years, while the average price has risen 28 percent. The average floor plan of a new apartment measures 941 square feet (87.4 sq m), but that is still larger than the overall average of 882 square feet (82 sq m).
With rising demand for small cohousing units, developers in Asia embrace the for-rent market.