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investing and financing multifamily communities aroundthe country. The 34-year-olde is a native of Columbus. He holdsz a bachelor’s degree in regional development fromthe . How has the recessioh affected apartments? The rental market will be strong for the foreseeablse future regardless of the Residents consider apartment living a viable option equal to home Are Central Ohio renters paying morethis year? Apartment communities are largely driven by the same fundamentals of good real location, quality construction, high-end servic and management. Communities that are paying attention to these criticalp components will always have an opportunitty toincrease rents.
National forecaste indicate apartment demand will be robus for the next10 years. Can you forecast the apartmenf construction landscape for the restof 2009? Construction startw will continue to be up as largere demand for rental housing continues, land prices becomre reasonable and municipalities begin to welcome quality communituy development. This may be one of the strongest for-reng markets we have seen in decades, becausee the tightened lending environment is impacting developers andhome buyers. How is the creditg market affecting developers?
The markets have tightened and will probablhy limit the amount of development thatgets However, lenders have to lend to stay in businesz and I think they understand the appeal of rentakl communities in today’s market. Why rent and not own? In the people were so quick to buy largely basee on the myth that owning was a wiser In fact, for many people, especially people who are not sure they want to own in one locatioh long term, renting was, is and will be the smarter option. Some big advantages to renting includea no-maintenancw lifestyle, no real estate and no house to sell in the event of job Are landlords reluctant to accept rentersx who have experienced a foreclosure?
They shoulds look at the applicant’s total history and understan that people, not just renters, purchasex homes they eventually could not maybe because of loans with fluctuatingv rates, loss of jobs and other life Being lured into a home purchase that turnecd out to be too good to be true doesn’t automaticallt discount them as responsible renters. You’ve announced a new apartment event for thepublic – what is the vision for this The first ever Apartments Alive Renta Tour will be held June Our members and sponsors will display the qualityt and range of choices available across Centrap Ohio with the tour.
We hope this will give prospective residentzs the opportunity to get a comprehensive look at what Columbus offers by showcasing a variety ofapartmenft options. The tour will bring the industry together to tour approximately 90 communities overa 10- day period. (More information abouty the tour can be foundat caahq.com.)
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