Where real property meets real data, every day
🗞️ In This Edition - Multi-Family
Innovative affordable housing comes to Rocky Hill
ForwardDallas 2.0
Industry leaders speak out
A new frontier for rental properties
and more
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🔍 Spotlight
Innovative Affordable Housing Comes to Rocky Hill
Townhouse-Style Living Reimagined: Rocamora Acquisitions is breaking the mold with their proposal for a 25-unit complex featuring two-bedroom, two-story townhouses. This departure from traditional one-bedroom, single-story apartments offers a spacious 1,835 sq ft per unit for the 80% AMI apartments, catering to diverse household needs.
Affordable Living, By the Numbers:
8 out of 25 units (32%) will have long-term rent restrictions
4 units affordable for families earning up to 80% of median income ($87,696 for a family of three)
Rent capped at $1,835/month
4 units affordable for families earning up to 60% of median income ($65,772 for a family of three)
Rent capped at $1,494/month
These restrictions will remain in place for 40 years, ensuring long-term affordability
Strategic Location and Smart Design:
Address: 1093 New Britain Avenue, corner of Cobey Road
Site size: Nearly 4 acres
Parking: 40 spaces, including 3 handicapped-accessible spots
Building layout: 3 buildings (6 units, 8 units, and 11 units)
Thoughtful touches: Dedicated space for deliveries and resident pickup/drop-off
Boosting Rocky Hill's Housing Goals:
Current affordable housing in Rocky Hill: 4.6%
State guideline: 10% minimum
The Residences at 1093 will help bridge this gap, contributing to the town's long-term development plan
Developed by Gaetan "Guy" Rocamora, with 35+ years of experience and a portfolio of about 80 diverse housing units
This project, proposed under Connecticut's 8-30g law, represents a significant step towards meeting Rocky Hill's evolving housing needs.
ForwardDallas 2.0: The Great Housing Debate
As Dallas prepares to update its comprehensive land use plan, "ForwardDallas 2.0," the city finds itself at a crossroads. This plan, set for a public hearing, has ignited a passionate debate about the future of housing in our city. Let's examine the key points from both sides:
The Case for Increased Density
Affordability Crisis: With the median home price in Dallas skyrocketing (e.g., a $65,000 home in 1980 now valued at $528,000), advocates argue that increasing housing supply through densification is crucial for affordability.
Diverse Housing Options: Proponents suggest that mixing housing types can create more inclusive neighborhoods and provide options for various income levels and life stages.
Efficient Land Use: In a landlocked city, increasing density could maximize the use of available land and potentially reduce urban sprawl.
Concerns About Protecting Single-Family Neighborhoods
Economic Engine: Single-family homes comprise about 40% of Dallas's zoning and are described as the "power engine for the Dallas economy."
Unintended Consequences: Critics argue that replacing single-family homes with higher-density dwellings may actually increase land values and reduce affordability.
Infrastructure Strain: More density could lead to increased pressure on infrastructure, city services, and schools.
Population Trends: Dallas County lost 5,000 residents between 2020 and 2023, raising questions about the need for increased density.
The DFW Multifamily Landscape
Dallas-Fort Worth leads the nation in apartment construction:
Over 70,000 units currently under construction
26,000+ units delivered last year
41% increase expected this year over the six-year average
$6.8 billion in D-FW apartments traded in the first nine months of 2023
Key Considerations
Balancing Act: How can Dallas provide more affordable housing options while preserving the character of single-family neighborhoods?
Long-Term Vision: What will be the long-term effects of increased densification on Dallas's urban fabric and community dynamics?
Alternative Solutions: Are there other ways to address housing affordability without significant zoning changes, such as first-time home buyer programs or land trusts?
Learning from Others: What lessons can Dallas draw from cities like Houston (with no citywide zoning) or Austin (which allowed additional dwelling units)?
As the City Plan Commission reviews ForwardDallas 2.0, residents are encouraged to stay informed and participate in the upcoming public hearing. The decisions made today will shape the Dallas of tomorrow.
The Great Rent Control Debate: Industry Leaders Speak Out
In a bold move, a coalition of 19 national real estate associations has voiced strong opposition to the Biden administration's proposal for nationwide rent caps. This development could significantly impact the housing market and affordability landscape. Here's what you need to know:
United Front Against Rent Control: A diverse group of real estate organizations, including the National Association of REALTORS®, Mortgage Bankers Association, and National Apartment Association, have joined forces to address the administration directly. Their message is clear: rent control is not the solution to America's housing affordability crisis.
The Economic Argument: The coalition cites extensive research, including a study by the National Bureau of Economic Research, showing that rent control can backfire. In San Francisco, for instance, rent control reportedly reduced rental housing supply by 15%, leading to a 5.1% city-wide rent increase. Jason Furman, a former top economist in the Obama administration, warns that expanding rent control could exacerbate housing supply problems.
Impact on Development and Investment: The letter highlights a concerning statistic: 87.5% of multifamily developers avoid building in jurisdictions with rent control. This suggests that rent caps could significantly hinder new housing development, potentially worsening the supply shortage. The associations argue that rent control disincentivizes necessary housing investments, particularly in communities already lacking affordable options.
Alternative Solutions Proposed: Instead of rent control, the coalition advocates for increased funding for proven federal programs. They support expanding initiatives like the Low-Income Housing Tax Credit (LIHTC), Section 8 programs, and other voluntary efforts that provide financial resources for affordable housing development. The group emphasizes that only one in four Americans in need currently receives housing assistance, underscoring the need for more resources rather than rent caps.
The EV Charging Revolution - A New Frontier for Rental Properties
As electric vehicles (EVs) gain traction, a new divide is emerging in the rental market. Here's what real estate professionals need to know about this electrifying trend:
The Renter's EV Dilemma: Renters are three times less likely than homeowners to own an EV, largely due to the lack of accessible charging stations. Unlike homeowners who can charge at home, renters often rely on public charging facilities.
Market Leaders: Some cities are charging ahead in EV-friendly rentals. Austin, TX, and Los Angeles top the list with 1.7% of rental listings mentioning EV amenities, followed by San Jose, CA, and Orlando, FL (both at 1.4%).
Luxury Leads the Way: According to Realtor.com Chief Economist Danielle Hale, "luxury rental communities are more likely to be EV-friendly." This suggests a premium market opportunity for forward-thinking property managers.
Legislative Drivers: California is pioneering change with building codes requiring 25% of parking spots to be EV-ready since September 2022. This could set a precedent for other states to follow.
Top EV-Friendly Rental Markets (% of listings mentioning EV amenities)
Austin, TX (1.7%)
Los Angeles, CA (1.7%)
San Jose, CA (1.4%)
Orlando, FL (1.4%)
Atlanta, GA (1.3%)
Phoenix, AZ (1.1%)
San Francisco, CA (1.0%)
San Diego, CA (1.0%)
Market Implications
Growing Demand: "As the number of EV owners grows, we anticipate increased demand for on-site charging or EV-friendly features from renters," predicts Realtor.com economist Jiayi Xu.
Competitive Advantage: Property managers and landlords who can meet this demand—in both new developments and older properties—will have a clear market advantage.
Search Trends: Rental platforms are adapting, with Realtor.com/rentals now offering filters for EV chargers and related amenities.
Investment Opportunity: While luxury properties currently lead in EV amenities, there's potential for growth across all market segments.
Looking Ahead
As EV adoption accelerates, we can expect:
Increased demand for EV-ready rentals across all price points
More local legislation supporting EV infrastructure in multi-family housing
Potential for higher rents or premiums for EV-friendly properties
Growing retrofit market for older properties to add EV charging capabilities
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👉 More Stories
JLL has arranged $33.6 million of joint venture equity and $51.4 million in debt financing for the development of West End II, a 252-unit luxury apartment development underway in downtown Raleigh’s West End neighborhood.
One of the benefits of being an affordable housing community is property tax exemption for the value created for low-income households. 60% of Nitya’s current portfolio falls under affordable housing.
Empty units could mean more affordable rents in the near future, but the long-term picture is more complicated
Algorithms might help corporate landlords raise the rents, lawsuits allege
Marcus & Millichap, a leading commercial real estate brokerage firm announced the sale of Sandalwood West, 142 build-to-rent single-family homes in Greenfield, Indiana.
Olympics coming to L.A, the Pro’s and Con’s of renting your home on Airbnb
Proptech in the Luxury Residential Market Is All About Access. Renters, buyers and owners obsess over tech innovations in a race to close deals and polish properties
⚡ Inspiration
2024 Home Decor Trends: 25 Interior Design Ideas to Transform Your Space
As we step into 2024, the world of interior design is buzzing with exciting new trends. Whether you're staging a home for sale or helping clients refresh their living spaces, these trends will inspire and elevate any interior. Let's dive into the 25 key trends that are set to define home decor in 2024:
Biophilic Design: Bringing the outdoors in with natural materials and plenty of plants.
Curved Furniture: Soft, organic shapes replacing harsh angles for a more welcoming feel.
Sustainable Materials: Eco-friendly options like bamboo, cork, and recycled plastics gaining popularity.
Textured Walls: 3D wall panels and tactile wallpapers adding depth to spaces.
Multifunctional Spaces: Rooms designed to serve multiple purposes, reflecting our evolving lifestyles.
Smart Home Integration: Seamlessly incorporated tech for convenience and energy efficiency.
Earth Tones: Warm, grounding colors inspired by nature dominating color palettes.
Statement Lighting: Oversized or artistically designed light fixtures becoming focal points.
Dramatic Statement Furniture: Bold, eye-catching pieces that serve as the centerpiece of a room, often featuring unique designs, unexpected materials, or oversized proportions. These pieces are conversation starters and can define the entire aesthetic of a space.
How to Incorporate These Trends
Start small: Introduce trends through accessories or accent pieces before committing to larger changes.
Mix and match: Combine different trends that complement each other for a personalized look.
Consider longevity: While trendy, ensure choices align with the overall style of the home for lasting appeal.
Consult with experts: Interior designers can help integrate trends seamlessly into existing decor.
For dramatic statement furniture: Choose one key piece per room to avoid overwhelming the space. Ensure it complements the room's overall design while still standing out.
Remember, the key to successful interior design is creating spaces that reflect the personality and lifestyle of the inhabitants while staying fresh and current. These trends offer a roadmap, but personal taste should always guide the final decisions.
📸 Dwelling’s
Listed for $68 million, the 38,000-square-foot compound known as Crestview Manor is the week’s most popular home on Realtor.com®.
And…that's a wrap on this edition!
Got questions or feedback? write to us [email protected] - we'd love to hear from you.
