Washington Multifamily Marketwatch

This week's topics include: 55 million vacant homes in the US; Governor Jay Inslee's eviction moratorium being upheld by the state Supreme Court, and Economist Matthew Gardner's predictions for Washington. 

In this episode: a shortage of construction financing is expected to reduce the number of new apartment deliveries in the coming years, leading to rent growth and capital appreciation. These opportunities are facing headwinds from increasing operating expenses for multifamily properties. And the latest information on Tacoma's tenant protection initiative on the ballot this November.

HFO founding partner Greg Frick welcomes Brad Kraus, a landlord-tenant lawyer, to discuss the state of Washington's landlord-tenant laws. Brad discusses eviction actions, security deposit obligations, and the impact of the CARES Act issue on Washington eviction notification.

HFO Director of Client Services Aaron Kirk Douglas welcomes Carl Whitaker, director of research and analysis at RealPage, Inc., to discuss the market Washington state multifamily market. Aaron and Carl delve into the impact of tech sector employment and AI hires on Seattle's rental market, the strong performance of suburban submarkets, increasing occupancy--despite slowed rent growth-- and the strength of the Spokane market.

In this episode, Greg Frick, partner of HFO Investment Real Estate, welcomes Quinn Posner, founder and lawyer at Northwest Landlord Solutions, to discuss legislative changes in landlord-tenant law in Clark County and throughout Washington. They cover the impact of COVID-19 on the industry, changes in eviction processes, rental assistance programs, the lack of state preemption leading to different rules in different areas, and the need for landlords to stay updated on the constant changes in landlord-tenant laws to avoid legal troubles.

In this episode: Washington State rent growth trends and the question of whether Seattle's new energy codes are leading to a drop in permit applications.

In this podcast episode, we cover significant developments affecting the multifamily housing sector in Washington State: (1) The Federal Housing Administration's raising the threshold for large multifamily loans, potentially expanding property eligibility for standard underwriting. (2) Despite concerns about a hard landing, demand for apartments remained strong, and the state is making a historic investment in affordable housing projects. (3) Although still alive, Seattle's proposed rent control bill faces challenges. PLUS! We also cover the affluent renter demographic in Seattle and slowing apartment production. Stay tuned next month for expert insights on state eviction processes and security deposits.  

This week: Eviction moratoria continue expiring, relieving distraught landlords; national rental rates remain flat, and The Urbanist asks: How many new homes could be created with denser housing limits near transit? The answer may surprise you.  

Among this week's stories: Seattle City Council member Alex Pederson proposes adding $5-8k per unit in housing impact fees, estimating the fees will raise $200-$760 million in the next 10 years for infrastructure.   

Trepp's new reports on delinquency rates for CMBS loans, the shocking shortfall of apartment homes nationwide, and new information on rising insurance rates affecting owners and renters alike.  

Seattle is #1 in the US for population growth, and tech jobs are growing as well, focusing on A.I. and Blockchain; the state building code council delays new rules banning natural gas for heat in new commercial and residential construction.   

This week: A roundup of recent multifamily transactions in the Puget Sound region Governor Jay Inslee touts 2023 legislative accomplishments on housing The latest national and regional rent growth forecasts for 2023 are released  

In this episode, a final roundup of the bills that made the cut this legislative session, along with development news from around the state.   

A roundup of final housing bills moving through the state legislature and likely to become law are featured.

An update on the status of pending legislation of interest to multifamily owners and management companies in Washington State.

The latest status of major housing bills in Washington State is recounted. 

While bills allowing local rent control have died, statewide rent control is alive. Here's the rundown on all the latest housing bills that must pass out of their house of origin by Wednesday, March 8th if they are to survive. 

Controversial legislation heats up in the Washington State legislature; a roundup of announced multifamily projects; plus the latest on Portland's EV charging mandate.  

This week: highlights of bills currently pending in the Washington State Legislature and the impacts on multifamily owners and developers are featured.

This week: Washington's legislators have wasted no time introducing dozens of housing-related bills. HB 1388 and HB 1389 have a committee hearing on Tuesday, January 24th, and Washington owners are being asked to attend. 

This week: Spokane to hold a public hearing on adoption of its proposed tenant protection ordinance on January 23; Redmond development appears imperiled by an aggressive code update doubling IZ requirements; a Spanish billionaire plunks down some change for a 40-floor tower in downtown Seattle; and the City of Seattle is sued by a Central District woman claiming the city's mandatory housing program is unconstitutional.

In this exclusive interview, HFO's Aaron Kirk Douglas talks with Washington State Lieutenant Governor Denny Heck about the State's Housing Emergency and what housing legislation might lie ahead when the legislature returns to session in January, 2023.

With energy rates on the rise, here's the latest from Tacoma Public Utilities on their available water and electric incentives. Many utilities in the Pacific Northwest offer similar incentives. Be sure to check with your provider if you think one of these programs can save you or your tenants some money on utility bills. Thanks to Rochelle Gandour-Rood, water program specialist for Tacoma Water, and to Sarah Bowles, conservation program manager for Tacoma Power for the information!

Carl Whitaker, Director of Research and Analysis for RealPage Analytics offers an update for the Pacific Northwest multifamily market, and Blake Hering of Gantry, Inc. provides a lending market update.  

The latest headlines from multifamily news in Washington State and the U.S.

Landlord engagement specialist Alexis Eykel along with program ambassador Mark Melsness of Spinnaker Management discuss the City of Tacoma's support for landlords housing low-income tenants. Tenants have an ongoing case manager and the housing provider receives guaranteed rental income. Tacoma Housing Authority is one of 39 housing authorities in the United States that are part of "moving to work," which provides substantial additional assistance. 

Featured this week: a national market outlook, lender update with Gantry, Inc., and construction and market trends from around the state. 

Meet Washington Multifamily Housing Association's new Director of Government Affairs, Ryan Macinster. Ryan is the organization's lead lobbyist in Olympia and various municipalities throughout the state.

This week our update includes the latest forecast on interest rates, unemployment, and the likelihood of a recession.

This special interview features attorney Quinn Posner of Northwest Landlord Solutions. Quinn is an attorney licensed to practice in Washington and Oregon. In this interview specifically relevant to multifamily owners in Washington, Posner states: He is currently spending most of his time on a backlog of unlawful detainers. Seattle City Council's codifying of measures more extremely in favor of tenants The likely push for statewide pre-emption of jurisdictional tenant protections Tenant protections often result in higher rents across the board for everyone

Broker Aaron Kirk Douglas discusses the Home in Tacoma housing plan with City of Tacoma senior planner Elliott Barnett. 

Governor Inslee announced the end of all COVID emergency orders effective October 31, Seattle multifamily housing construction reaches new highs, and a Seattle citizens group has landed an initiative on the ballot to create a low-income housing development agency owned and operated by the city.

In this special edition, Mark Melsness of Spinnaker Property Management discusses the pitfalls of managing multifamily housing today in Washington State, specifically in the South Sound region. 

This week: rent gains slow across the state; a host of ambitious developments are underway; Tacoma per unit sale pricing sets an area record, and Blake Hering of Gantry, Inc. shares a multifamily lending update.

Toija Beutler, manager of Beutler Exchange Group, provides the latest on 1031 exchanges, along with information on reverse and improvement exchanges. 

This week: Washington landlords file suit against the state over its eviction process; the state court of appeals invalidates Seattle's ban on accrual of interest for unpaid rent during the pandemic; year-over-year rent increases for major cities plus a roundup of major national industry news.

This week: the 9th Circuit Court of Appeals appeared skeptical of a Seattle law preventing landlords from asking about a tenant's criminal history; A California Appeals Court upholds a California law requiring payment of one month's rent to legally evicted tenants.

This week: Seattle's increasing regulations appear to be causing a steep selloff of single-family rentals. Washington state's population continues to boom as property values soar for 2022, plus updates on the nation's housing shortage and affordable housing initiatives. 

Seattle Mayor vetoes City Council's attempted overreach into landlord's private business information; Rents are up as the housing market cools a bit, but Washington state remains tops in rankings for best places for millennials and pretty much anyone else.