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The Most Affordable Rental Markets

If you are in the market for a move and have a bit of flexibility on where you’re going, it pays to know which cities are the best and worst in terms of rent rates and rental conditions. In that same vein, if you’re moving to a specific city, it pays to have this knowledge in order to make the best decisions about living arrangements.

Axiometrics apartment data services and student housing market research assists investors, developers, and property managers in making wise decisions. They put together a comprehensive look at 28 metro areas across the nation in an attempt to gain an understanding about affordability.

To do so, they calculated rent-to-household income ratio, or the amount of monthly income that is spent on rent. Anything above 30% is considered unaffordable. The results can be seen in the feature image above.

We are pleased to find there are no metro areas in Texas that fall into this categorization. In fact, the 3 metro areas spotlighted in the report all fell well under the 30% mark.

Dallas, Texas = 18.2%

Houston, Texas = 20.5%

Austin, Texas = 20.8%

A full list of the results is included here:

Best-Apartment-Markets-2015-list-USE

 

How can we help? The professionals at Class A Management are standing by and ready to help you make the most of your multifamily investment. Call us today at 817-284-1411 or send us an email to info@classamgmt.com.

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Rent Rate Forecast for 2016

Rent Rate Forecast

Zillow recently released its prediction for rent rates over the coming year. We were thrilled to see that so many Texas cities, many of which are home to Class A Management properties, are forecast to see a positive percentage change in rent rates in 2016.

Here is a summary:

  • Austin, Texas: $1683 in 2015, $1741 in 2016, 3.4% change
  • Dallas-For Worth, Texas: $1500 in 2015, $1532 in 2016, 2.1% change
  • Houston, Texas: $1579 in 2015, $1619 in 2016, 2.5% change
  • San Antonio, Texas: $1301 in 2015, $1306 in 2016, 0.4% change

The full list of cities is included below.

Zillow_Rent_Forecast-1-25c51a

Ready to invest or looking for a professional to help manage your existing investment? We can help regardless of where you are in the process. Contact the professionals at Class A Management today at 817-284-1411 or by email to info@classamanagement.com.

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Best Cities for Pet-Loving Renters

Pet-Loving Renters

Looking for the perfect place where you and your 4-legged friend can live together in harmony? As it turns out, there are cities where you are more likely to find such a place, and we’re thrilled to report that many of them are right here in Texas.

Adobo, the online apartment search engine, created the following infographic, depicting the states and cities where animal lovers are most likely to find the most hospitable environment for raising fur-babies.

While Portland, Oregon is filled with dog-friendly parks and San Francisco is the second most walkable city in the U.S., they don’t even make the list. This is because, when it comes to rental properties, the following 10 cities offer the most favorable options: Dallas, Austin, Houston, San Antonio, Chicago, New York, Phoenix, Miami, Detroit, Lexington.

Pet-Friendly-Cities

Need some assistance finding the right pet-friendly property for you? Contact us today and let us help. And, if you’re a property owner or investor looking for some help on purchasing or marketing your property to pet owners, our professionals are the best in the business. Call us now at 817-284-1411 or email us at info@classamanagement.com.

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Student Housing and Pet Policies

We’ve talked a lot about pet policies and whether it’s a good idea to even allow pets on your property in the first place. What many property owners and managers tend to ask, however, is whether pets are a good idea when it comes to student-specific housing. And, the answer, again, is: it depends. Like everything else in business, you need to make all considerations to determine the best decision for your property.

If you decide it’s reasonable to allow pet-tenants, it’s best to view them as just that—tenants—and treat them in the same manner you would any other tenant. This includes:

  1. Lease Language—The lease is your contract and the lifeline of the property. It ensures protection for both you and the tenant. And, just as you would use a tenant to identify the responsibilities of the landlord and tenant, it should also be used to identify the responsibilities and expectations of pet and pet owner. At a minimum, this should include cleaning up after the pet when outside, responsibility for damages done by the pet, noise-related restrictions, and the like. It should also clearly define any breed or weight restrictions, where applicable.
  2. Pet Deposit—Just like the standard deposit due at move-in, a pet should also require its own deposit. This money is the insurance a property manager needs to hedge against risk of damage or default. This way, the funds are there to cover repairs that result from pet-related issues. Whether the deposit is fully refundable or non-refundable should be clearly identified and defined in the lease.
  3. Pet Rent—The widespread practice of requiring separate rent for pets is fairly new. Yet, it’s catching on and many properties are now asking pet owners to pay additional monthly rent, often in the range of $10 to $25. The idea, again, is simply to treat the pet as an additional tenant.

Pets can be a slippery slope of challenges for property owners. That’s why you need a knowledgeable property manager in your corner. The professionals at Class A Management have more than 30 years’ experience in the industry and know what it takes to ensure satisfaction—for 2-legged and 4-legged tenants alike.

Call us today at 817-284-1411 or send us an email to info@classamanagement.com.

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An Apartment Spruce-up for Spring

Spring is just around the corner; and there’s no time like the present to get your apartment spring-ready. Whether your unit has a little or a lot of space, the tips in the following infographic from Apartment Guide and Learn Vest will guarantee a spruce-up that’s share-worthy.

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Need some more ideas like these? Ready to see how working with a Class A Management professional can benefit your property? Contact us today at 817-284-1411 or by email to info@classamgmt.com.