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Welcome to -- -- Jeff Flock focus this week is on a rental.
Apartments dot com -- soul.
A guy who -- -- a developing rental property.
What unity that the insight on this right now -- -- Give me a sense of why it's -- market is booming right.
The -- -- markedly for budget reasons right now there's not enough inventory and outsourcing vacancies come down Jeff for one they're down about four point 3% we think you're gonna hold there.
Finally -- bottoming out is result rents are going up.
Developers like Fred see opportunities they build units with the units can't come -- fast enough and that's what's driving it says despite the fact that we got strength in the in the single family market is what a lot of people that said I don't want a single family home anymore I don't wanna own anything.
I wanna rent this gives me flexibility because that's exactly the mentality that drives folks -- to -- -- flexibility is also driving this move towards multifamily folks like the mobility provides.
Folks like the certainty of cost and have to worry about national disasters in up to about things -- on the roof.
And collectively to perhaps -- a little closer to where they want to be.
-- more desirable neighborhood still relatively affordable to rent.
Effort even in the downturn for Glasgow has developed a lot of rental property.
Even in the downturn because he had people falling out of the single family market -- was pretty strong even in the downturn.
It was real strong that's actually how I survived -- -- apartment buildings to people had money.
And right now they're coming back -- replace.
Things happen now rate date -- build them.
Is alive eighties because the markets and being kind of -- Actress thing this site that were looking at right now it's a vacant lot.
You help this property for hell.
Six years and was ready to break -- six years ago it doesn't virtually.
It didn't I didn't quite oddly with wind and you managed to hang onto it for the six years -- paying taxes on a piece of property all the -- everything.
Keeps ticking away that doesn't that.
Eight give -- -- sense of this economy right now and how things have changed as a result of the recession in terms of the housing market.
You you you pointed out and and exporting -- a lot of people decided I don't wanna be a single family homeowner might wanna be a Condo homeowner I might wanna be.
An apartment -- because of that flexibility.
I think people like that but I think a lot of people sold their houses in the can get a lot of money -- In authority had no choice.
But to be -- -- And then there is about where they're trying to find a good deal and a house in and those were all picked up so I mean it's spyware you know it's islamists are -- -- unanimous council.
You're gonna go and rent where you -- by.
It's actually it if it's a difficult situation so the renters are there may be not because -- -- sometimes that you I want to show you.
Aside I mean -- that Reynolds is is kind of boom and everywhere on tech walked out of like can't walk with me gentlemen if you would.
I got a building right down here -- in Chicago.
That you might think would be in better times would be a Condo building but that's a rental building.
There's just enough interest where you get some real nice rental property used to be the stuff that was -- left.
Noted very prime properties -- right now on the near north or we are today just.
Six buildings like this -- -- -- The building are going up and other such a demand folks like the proximity of the city -- like the mobility job markets picking up they wanna -- the move at the times come.
-- -- -- at 30% of the folks looking on apartments that complex.
Used to be homeowners so there's some folks who cannot own but there are many folks were consciously choosing to own naturally steal the development here and you also see people movement don't you as well afraid that you were -- addicted.
You get a number of people that every year change apartments they like to move up -- -- Maybe get a new job they want to move.
-- they do and that's actually one of the harder things in the rental business could highlight of evil and they don't look out.
We've seen -- -- 60% of the folks who -- -- -- move every year.
Which is a -- of great opportunity for our business but that's a challenge for for developers can say is if you developing a new unit you want those people to stay in it for -- -- Right thing -- -- -- saying that if Beasley building sold and a large building brand new building.
And the new owners -- -- the rents.
In what they are.
Indicates team that there's a lot of demand out there and that's not going away despite the strength in the single -- not not going anytime soon Jeff more more properties are going to be coming on line.
But from 2008 to 2000 virtually no construction maybe thirty or 40000 units would come online.
That was almost an -- protect what they used to be another coming on line but not fast enough.
Real quickly before we get away just your feeling about the economy as we go forward as the job as the job market -- a for a while there we were -- kind of a freeze mode on jobs.
Now we've got people actually.
Moving for new jobs willing to take on a new job.
How do you feel about the economy going forward.
And I'm very hopeful I'm not an economist but.
It's a little scary the way things are going again and unity our I was gonna say you've seen this -- yes I think we're really have a chance -- -- there.
-- -- that's why -- advocate in the day it's all about location.
We gonna say you said you like apartment like apartments because if it doesn't rent for a thousand in my rent for 900.
And have 900 gates -- Friday.
They always especially in the case.
If it's if it's -- sales -- where economic sale might not be able -- That wouldn't be me and definitely going to be countless others that.
Interest and -- Fred appreciate very much your insights on the rental market which continues to boom at this moment.
Some interest in takeaways -- about where the economy is headed perhaps.
And some senses but it -- but the concern counters well thanks for watch conference object --
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