Property Management News

U.S. apartment vacancies rose in the fourth quarter as a construction surge in pricier urban locations overshadowed rising demand for older properties in the suburbs, Reis Inc. said. The national vacancy rate averaged 4.4 percent in the three months through December, up from 4.3 percent a year earlier and in the third quarter, the New York-based research company said Tuesday. Vacancies rose from the previous three months for a second straight quarter — the first time that’s happened since 2009. Vacancies remain close to their lowest in more than a decade, with rising demand for older apartments in suburban locations keeping the national rate down. The surge in apartment... Read more

When Eduardo’s roommate moved out of his New York City dorm room before the summer term was finished, Eduardo saw a business opportunity. Here was an empty bed in a city where hotel rooms typically cost more than $200 per night. Renting it on Airbnb made so much sense that it didn’t even seem unusual. “I figured that renting out dorm space would just be a thing to do,” he says. He listed the extra bed for $80 per night. The photo on his Airbnb page shows two twin beds, with a few feet of space between them. “About 150 sq. ft.,” the description reads, adding, perhaps optimistically, “with ample closet space.” So far, he estimates that... Read more