MULTIFAMILY NEWS
- Homes are getting smarter. According to data from Statista, in 2019, more than 33% of U.S. homes will have some type of smart home technology. Expected revenue in smart technology is to exceed to $44b in 2023. What does that mean for multifamily builders? They’re rushing to deliver smart home packages. From smart speakers to lighting and thermostat control, smart technology is taking over.
- Rent is rising in the Sun Belt. ‘Of the 10 fastest-rising rental markets in the United States, only one – Salt Lake City – is not in the sun belt.’ The median rent in Phoenix is $1,545 a month, up 6.8% from a year ago.
- Airbnb launches a luxury component called Airbnb Luxe. Accommodations include chateaus to $21k/night Bel-Air mansions. As the global luxury travel market continues to grow, Airbnb and other brands like Marriott are jumping into the short-term upscale rentals. Check out Airbnb Luxe here.
- Senior Housing on the rise. According to a recent survey by CBRE, 62% of investors said they plan to increase senior housing purchases over the next 12 months. Investors continue to disrupt the senior housing sector by focusing on creating a better lifestyle product.
NATIONAL NEWS
- Malls and Video Games. Simon Property Group, the largest mall owner in the U.S. announced a partnership with esports promotion and arena operator Allied Esports. What does that mean? The two companies will build venues for esports competition in malls across the country.
- Don’t live near the beach? Bring it to you. That’s exactly what they did in Prosper, Texas. The North Dallas suburb opened up a Crystal Lagoon, about the size of 15 olympic-sized pools. Tenants are paying up to $300 more per unit to have a view of the lagoon. Check it out here.
- Austin is running out of room. The $1b new Apple Austin, TX campus will add over 40k jobs to the economy. This news coupled with the strong economy makes Austin one of the most sought-after markets for investors.
- iStar Inc. closed on a $442m cold storage net lease. “A recent report by CBRE finds that the growth of online grocery sales has the US market for cold-storage warehouses poised for strong growth, potentially creating demand for up to 100 million square feet of cold-storage space over the next five years.