SEATTLE, WA – Renters in Seattle, Los Angeles, and Boston need the largest income increases in 2017 to keep up with rising rents, according to a new Zillow analysis. In each of these metros, renters need their annual incomes to be at least $1,000 higher next year to have the same amount of money left over after paying rent.

Nationally, annual incomes would need to rise just $168 for renters to keep up with rising rents in the next year alone – an increase that comes on top of nearly five years of rising rents putting a dent in paychecks across the country.  

These income increases will only maintain the current amount of left over cash after paying rent. In several major metros, the share of income needed to pay rent already surpasses the general rule of not spending more than 30 percent of income on housing. In nearly all large markets, the median rent requires a larger share of income than it did before the housing bubble and bust.

Housing affordability is still a significant issue for renters, who have experienced rising rents for years. In some markets, the median rent requires more than 40 percent of the typical household income. But, rent appreciation is slowing, and rents are predicted to rise just 1 percent over the next year.

“For a long time now, renters have faced an affordability crisis when it comes to housing, and renters in some hot markets will still need significant raises just to keep up with rising rents,” said Zillow Chief Economist Dr. Svenja Gudell. “Incomes have a ways to go to bring rental affordability closer to historical levels, but recent gains are being met with slowing rent appreciation, a welcome sign for renters.”

Not all rental markets are expected to see as strong of rent appreciation. Renters in the Bay Area, Chicago, and Houston, for example, do not need their incomes to grow to have the same amount of money left over after paying rent. Income growth in these markets will provide some much needed relief for renters in terms of housing affordability.

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ORLANDO, FL – Irving on Park goes vertical in the coveted Highland neighborhood in downtown Orlando’s north side, featuring 21 fee-simple, contemporary boutique townhomes with five unique floorplans ranging from approximately 1,700 to 2,600 square feet.

Irving’s architecture is based on the timeless style of Irving Gill, utilizing a minimalist California-mission inspired design with a clean color palette and decorative wood accents. Townhomes at Irving on Park will feature rooftop terraces, two-car garages, and optional elevators in select units. All residents can customize select designer finishes based on their specific tastes and each home is fitted with stainless steel appliances, hard surface countertops, and concrete block construction.

Becky Carey and Carla Snow with Crestview Reality are the exclusive agents and the sales office is located at 720 E Colonial Dr. Orlando, FL 32803. Homes are priced from the high $300s.

Irving on Park, situated along brick-lined streets near scenic lake vistas and amongst majestic oak canopies, is an ideal urban address. Its location just north of downtown Orlando promotes a pedestrian-friendly lifestyle with simple access to local shopping, dining, entertainment venues and parks. There is much to explore beyond downtown Orlando so Irving residents are within a small drive of world-renowned theme parks and attractions, arts, culture and sporting pursuits, as well as the gorgeous Florida beaches on either coast.

“Our team’s fundamental strategy is to re-urbanize alluring neighborhoods near city centers to develop attractively designed townhomes for today’s urban buyers,” said ICON Residential Principal Mike Bednarski, a managing partner with the developer. “This centrally-located boutique townhome community is ideal for buyers seeking a maintenance- & hassle-free, live-work-play lifestyle.”

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CHARLOTTE, NC – Bluerock Residential Growth REIT announced that it has bought the 301-unit, Class-A multifamily Wesley Village Apartments in Charlotte, North Carolina. The REIT bought the property for a total buy price of approximately $56.85 million, or roughly $189,000 per residential unit.

The Company will implement a $2 million renovation program to upgrade units and common spaces, and projects the acquisition will yield a pro-forma stabilized cap rate of 6.0%.

BRG bought the property with an investment of $16.5 million, financing the remainder with a fixed rate loan of $40.5 million from Freddie Mac.

Wesley Village is in the heart of a vibrant urban submarket but offers residents the ample floorplans and surface parking typical of residences found in lower density, suburban locations. Built in 2010, the property features studio, one- two- and three-bedroom units averaging a generous 1,025 square feet, a resort-style saltwater pool with grilling area and wet bar, fitness center, game room with billiards table, business center with Wi-Fi, and a dog park.

The property is situated just one mile from the thriving Uptown CBD, fewer than seven miles from the Charlotte airport and directly within the expanding and sought-after FreeMoreWest submarket. FreeMoreWest has sustained a robust population growth of more than 10% since 2010, while the greater Charlotte metro area, fueled by an influx of new firms to the area, has added more than 30,000 jobs over the past year.

“The Wesley Village Apartments property is squarely in the path of growth for Bluerock. We were able to buy the property at a very favorable cost basis and, with implementation of value-added improvements and management efficiencies, we are confident that Wesley Village will be a strong performer for the REIT as well as a highly-competitive player in its market,” said Ramin Kamfar, Chairman and CEO of BRG.

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