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Rental Housing – Apartment Markets William Ktsanes Director of Research RealFacts Outline Sources of private vendor apartment data RealFacts History, scope, methodology and clients California’s apartment markets Southern MSAs vs. Northern MSAs Bay Area’s apartment markets

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rental housing apartment markets

Rental Housing –Apartment Markets

William Ktsanes Director of Research RealFacts

outline
Outline
  • Sources of private vendor apartment data
  • RealFacts
    • History, scope, methodology and clients
  • California’s apartment markets
    • Southern MSAs vs. Northern MSAs
  • Bay Area’s apartment markets
    • San Francisco, San Clara, Alameda and San Mateo County rents
  • Two Interesting trends
    • Single-family home prices vs. apartment rents
    • Condo Conversions
words of wisdom for housing data users
Words of Wisdom forHousing Data Users…

“As we know, there are known knowns. There are things we know we know. We also know there are known unknowns. That is to say we know there are some things we do not know. But there are also unknown unknowns, the ones we don't know we don't know.”

words of wisdom for housing data users4
Words of Wisdom forHousing Data Users…

“As we know, there are known knowns. There are things we know we know. We also know there are known unknowns. That is to say we know there are some things we do not know. But there are also unknown unknowns, the ones we don't know we don't know.”

- Donald Rumsfeld, Secretary of Defense

private data providers
Private Data Providers
  • National Multifamily Housing Council publishes on their website (www.nmhc.org > Research and Statistics > Sources of Apartment Data) an extensive list of private sources of apartment data.
  • Their Directory of Private Data Providers identifies companies providing information on apartment market conditions and demographics in local areas throughout the country.
  • Some private data providers “recycle” government-collected “pubic” data from sources such as the US Census Bureau, Bureau of Labor Statistics and HUD; others conduct their own surveys and collect proprietary data.
a few private sector apartment data providers
National Vendors/Providers

Claritas

CB Richard Ellis

Clayton-Fillmore

First-American Real Estate Solutions

M/PF Research

Marcus & Millichap

National Real Estate Index

NPA Data Services

Real Capital Analytics

Reis

Torto Wheaton Research

Regional Vendors/Providers

Delta Associates (Washington DC and Baltimore)

Dupre + Scott Apartment Advisors (Western Washington state)

Monarch Data (Texas)

Pierce Eislen (Southern California)

RealFacts (Western US)

Tracy Cross and Associates (Chicago)

Triad Research and Consulting (Florida)

A few Private-Sector Apartment Data Providers
slide7
RealFacts has been collecting, analyzing and publishing data relevant to multifamily housing markets for fifteen years. 
  • We are a leading source of timely, property-specific data for the multifamily industry.
  • Each quarter we survey the individual rents, occupancy and ownership of over 10,000 properties in primarily Western states.
  • Clients include investors, owners, property managers, brokers, lenders and government officials.
  • A subscription to our quarterly data and web-based software RealFactsonline provide tools to quickly produce market overviews, market comparisons, rental trends, rental comps, sales trends, sales comps, property profiles, and ownership information, as well as customized reports and analyses for user-defined submarkets and property groups. 
california overview
San Diego MSA

Average 2Q04 rents – $1,197

Year-over-year change in rents - up 3.3%

Over last four years – up 21.2%

Los Angeles-Orange MSA

Average 2Q04 rents – $1,336

Year-over-year change in rents - up 3.7%

Over last four years – up 19.3%

Inland Empire (Riverside MSA)

Average 2Q04 rents – $978

Year-over-year change in rents - up 5.9%

Over last four years – up 29.0%

Sacramento MSA

Average 2Q04 rents – $902

Year-over-year change in rents - up 2.6%

Over last four years – up 22.4%

San Francisco-Oakland MSA

Average 2Q04 rents – $1,310

Year-over-year change in rents - down 1.0%

Over last four years – down 12.5%

San Jose-Sunnyvale MSA

Average 2Q04 rents – $1,271

Year-over-year change in rents - down 2.8%

Over last four years – down 27.1%

California Overview
bay area overview
San Francisco County

Average 2nd quarter 2004 rents – $1,790

Last quarter change in rents – up 1.9%

Year-over-year change in rents - up 1.5%

Over last four years – down 18.8%

Alameda County

Average 2nd quarter 2004 rents – $1,201

Last quarter change in rents – down 0.8%

Year-over-year change – down 1.9%

Over last four years – down 10.8%

Santa Clara County

Average 2nd quarter 2004 rents – $1,271

Last quarter change in rents – 0.6%

Year-over-year change - down 1.8%

Over last four years – down 27.2%

San Mateo County

Average 2nd quarter 2004 rents – $1,378

Last quarter change in rents – none

Year-over-year change – down 2.0%

Over last four years – down 20.8%

Bay Area Overview
condo conversions
Condo Conversions
  • “Rondos” – Rental units converted into condominiums
  • Mostly happening in San Diego and Las Vegas (estimated to be about 4,000 units in San Diego)
  • Starting to occur in Los Angeles
  • Essex on Lake Merritt is a high-profile, high-end example in the Bay Area
  • Not yet a big impact on apartment markets
    • Buyers are largely coming out of the ranks of renters
    • Likely to slow down considerably as interest rates rise
  • “Condo Craze” is shaping current development
    • In some hot markets condos pencil-out where rental apartments do not