New laws to take effect for local apartment owners.
According to KUSI, "The Tenant Protection Ordinance will apply protections from day one of a lease with exemptions for short-term leases, offer financial assistance to tenants from landlords when a tenant’s lease is terminated through no fault of their own and have accountability measures to punish those violating tenant protections."
Bed Bath & Beyond Store Closers to Add New Retail Inventory
CNN reports on the Bed Bath & Beyond home goods retailer that was not able to weather the pandemic and increases online shopping and is having to liquidate its commercial real estate portfolio. Most of the stores are in the suburbs of mid-size and large cities with square footage under 50,000 square feet.
New Section 8 Policies in the City of San Diego
A lawsuit has prompted changes to Section 8 threshold levels in multiple zip codes. This impacts both rental property owners and families that can qualify for the Section 8 housing program.
The City of San Diego is starting to pull out all the stops to get more housing approved and online. The Mayor has issued a new executive order. It will be interesting to see how many developers step up based on the potential for fast-track project approval.
San Diego Executive Order For Rapid Approval of Affordable Housing Projects
San Diego is listed as one of the top most competitive apartment markets in the United States, according to a report released by Rent Cafe. The study has San Diego ranked as the 13th most competitive apartment market in the United States, with a 97.1% apartment occupancy rate and a 55.3% apartment lease renewal rate, with most apartments having 22 applicants.
Apartment renters want to pull out of leases in downtown San Diego due to the increase in the homeless population. Renters that have leased downtown are reporting that they are concerned enough about the increase in the homeless population that they are considering relocating.
San Diego short-term rental regulations are taking effect for the first time this year. The City has announced that the number of whole-home short-term rental applications for San Diego was less than half of the 5,416 maximum licenses allowed. While the Mission Beach area, which has a separate allowance, had whole-home short-term rental applications that exceeded the limit of 1,100.
Union-Tribune subscribers can read the full story here City of San Diego Short-Term Rental Regulations. The City is going to continue to accept applications until the 1% housing stock limit is reached.
Slate has an article discussing residential real estate values leveling off and some markets starting to decline in the U.S. They interview Arpit Gupta, a finance professor at New York University and look at regional trends.
The New York Times has an interesting article about changes in the buying patterns of retirees. Realtors report that retirees are now looking in markets less likely to experience extreme weather events, such as wildfires, drought, and flood. The risk aversion makes sense in light of higher insurance premiums.
Retirees Reconsider Housing Decisions In Light of Increased Storms and Flooding Events
Curious about what your after-tax income by state will be in 2022? Forbes has an app for this that will allow you to compare tax rates by state.
Time magazine reports on the most recent trends for short-term rental income properties. Investors have been very active in this sector which has driven up inventory and reduced occupancy in some market areas. Average daily rates have not gone down but have remained level.
After many years of debate, the City of San Diego has formalized its short-term rental regulations. The new laws have been summarized and posted on the City website.
City of San Diego Short-Term Rental Regulations Implemented in 2022
"The U.S. saw more than twice as many migrants this year from Venezuela, Cuba, and Nicaragua compared to the previous fiscal year."
The Governor of California is trying to clear a path and make it easier for commercial real estate developers to re-purpose commercial land for new housing inventory with two new laws.
California Governor Signs New Law Expanding Commercial Zoning Rights To Increase Housing
As larger investment groups have gone into the short-term rental market, the Airbnb Industry Is Changing with fewer single property owner/operators. We are also seeing broader advertising and more competition among rental units in many markets. Websites that previously only advertised apartment units are now starting to sell short-term rentals. The City of San Diego has finalized its short-term rental permit requirements and limiting the number of permits it will issue each year.
Appraisal Buzz reports on the new infrastructure bill that was recently signed into law.
What Impact Will the Infrastructure Bill Have on the Housing Crisis?
First Tuesday is one of my favorite resources for real estate information.
This site is designed for real estate agents but also has value to real estate buyers.
This week they are reporting on the Real Estate Buyers Listing Agreement.
