by admin | Jan 12, 2016 | Market Data
Sky-high rents and falling vacancies have characterized the U.S. apartment market for the past six years, but that is suddenly changing.
Source: www.cnbc.com
“The low vacancy rate, improving economy, tightening labor market and gradually rising income growth is providing all of the fodder for continued rent growth, even in the face of rising construction,”
That said, the market is getting crowded at the top end of the luxury segment. Affordability concerns are being raised as there is simply a finite number of people that can afford the nicest properties in each market.
This creates and opportunity for well positioned second tier properties that can provide more affordable accommodations, albeit for maybe a little older property with less amenities.
by admin | Jan 11, 2016 | Market Data
The mayor and city council chair faced reporters at City Hall to talk about the new plan.
Source: www.bizjournals.com
St. Petersburg Mayor Rick Kriseman seems to be on the right track with discussions regarding the Tampa Bay Rays future. What has been largely dismissed in the past is the fact that the 85 acres the stadium sits on could be redeveloped into a much larger project which would better serve the community and further enhance the live-work-play vibe downtown St. Petersburg has today.
by admin | Jan 11, 2016 | Market Data
Among investors set to benefit are foreign property buyers and those who invest in energy-efficient features.
Source: nreionline.com
Congress gave a nice Christmas present to the apartment building industry in the omnibus budget package, passed just before the holidays.
The budget package includes a long list of good things for apartment investors. International investors finally got some relief from the punishing Foreign Investment in Real Property Act (FIRPTA). Affordable housing investors will benefit from the extension of provisions to the federal low-income housing tax credit (LIHTC).
Congress also renewed bonus depreciation, small business expensing and the New Markets Tax Credit Program, in addition to tax benefits that reward energy-efficient buildings.
The bill passed through both houses of Congress December 18, and President Obama signed it the same day.
by admin | Jan 11, 2016 | Market Data
The university is prepping for long-term growth.
Source: www.bizjournals.com
The University of Tampa continues its expansion efforts with the purchase of nearly 2 acres of land. The parcels are located on the west side of railroad tracks between N. Willow Avenue which marks an notable physical barrier to breach to acquire additional land for future growth.
by admin | Jan 11, 2016 | Market Data
The first quarter numbers reflect a strong showing in October, the month Tampa hosted the closing night of Taylor Swift’s “1989” national tour.
Source: www.bizjournals.com
Nearly $2 million in hotel bed taxes were collected in December for a new record, and nearly $6 million was collected for the first quarter of fiscal year 2016, according to numbers from Visit Tampa Bay and Hillsborough County.
These numbers highlight the strong growing interest in the Tampa Bay region.
