MULTIFAMILY NEWS
- New York passes a major overhaul on rent laws leaving the real estate industry stunned. What it means? The new laws make it difficult to evict non-paying tenants. In addition, landlords will be under tighter restrictions to increase rent after improving buildings. The days of increasing rent as much as 20% on a new lease are over (for now) in New York.
- An increase in pet ownership is leading to new multifamily pet policies. The number of renters with pets show no signs of slowing down. To manage the increase in pets, property managers are adding more amenities including dogs parks and salons. Properties are also hosting pet-owner events and giving pet move-in gifts. Do you have a pet policy?
- Jacksonville property commands record per-unit price. RST Development recently acquired the Steele Creek Apartments in Jacksonville, Florida for $63.4m. The acquisition marks the highest price per unit ($211,333) for a suburban property in Northeast Florida.
- Sotheby’s is going private. After 30 years as a public company, Sotheby’s will return to its roots. Patrick Drahi, a French-Israeli billionaire will purchase the auction house for $3.7b. The purchase is expected to finalize in the fourth quarter of 2019.
NATIONAL NEWS
- Walmart launches ‘Delivery Unlimited.’ For $98 bucks a year, you get unlimited delivery from Walmart including Walmart Grocery. They are currently testing the pilot program in Salt Lake City, Houston, Miami, and Tampa. Don’t forget about Target either. They announced their own same-day delivery service on June 12th.
- The Most Expensive Office Markets: CBRE released its most expensive office markets report. Here are the top five:
- Beijing (Finance Street): $187.77 per sq. ft., per year
- New York (Midtown): $196.89 per sq. ft., per year
- Hong Kong (Kowloon): $208.67 per sq. ft., per year
- London (West End): $222.70 per sq. ft., per year
- Hong Kong (Central): $322 per sq. ft., per year
- 2019…The Year for Discount Retailers. Nearly 2,800 stores are slated to open nationwide in 2019 according to Bisnow. Almost 1,800 of those stores are part of discount chains. Dollar General, Family Dollar, Aldi, and Five Below are leading the charge.
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