Yearly Archives: 2015

Be Precise When Drafting Security Deposit Refund Checks

July 29th, 2015|

Security deposit

When returning a security deposit, it’s important to make the check payable to all of the Residents.  This prevents one of the Residents from individually claiming the Landlord failed to meet the statutory duty to timely account for the deposit.

The Pay To The Order Of line should list each Resident name and include the connector “and”.   Example: “Joe, Sue and Fred”.  This verbiage requires all the Residents to endorse the check.

Smaller Cities Led the Way in Rent Increases in 2014

January 23rd, 2015|

Vacancy_Rates

Rents in the U.S. continued to rise in 2014 due to strong demand and short supply.  Making it the fifth consecutive year for rising rates.  The national average rental rate was $1,124.38 per month in 2014.  While rental rates have continued to rise, vacancy rates fell to 4.2%, the lowest point since 2000.

The biggest surprise in the rent increases for the year was the fact that the largest jumps came in the smaller and mid-size metros with Denver leading the way with the highest rise at 7.9 percent.

Who Paid The Highest Monthly Rents in 2014

January 23rd, 2015|

rent

According to Zillow, the online real estate database company founded by two former Microsoft executives, the numbers speak for themselves.  Data shows that U.S, renters spent a combined $441 billion on housing in 2014 with rents continuing to outpace incomes.

When looking at the 50 largest metros in the U.S. it is surprising to note that a comparison of average quantity renters paid per month ranked by city had San Jose, California leading the list with renters paying on average $1,807 per month.  The top 20 list of the most highly-priced metro areas for renters has four of the top five located in California with San Jose #1 ($1,807), San Francisco #2 (1,598) , San Diego #4 (1,362) and Los Angeles #5 ($1,308).  The only east coast city to break into the top five was Washington D.C. at number three at $1,428.