With retail and hospitality industries in a perpetual state of uncertainty since the global pandemic started in 2020, real estate investors have been drawn to multifamily properties. There is particular excitement about properties in areas outside of major metros, like Jacksonville. During the pandemic, these more affordable, less dense areas have become newly popular with former urbanites looking for more space and easier access to nature.
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Investors Show Their Love for Multifamily Properties
Utility Rates are Ever-Increasing
Electricity
Nationwide, property owners should expect across-the-board ongoing utility increases, with some jurisdictions expected to see double-digit rate hikes. According to a survey from the U.S. Energy Information Administration, the residential electricity price nationwide increased just under 1% between 2020 and 2021, continuing an upward trend - rates have gone up 6% in the last decade.
The Rental Market in Major Cities During Year One of the Global Pandemic
Renters fled from the most expensive cities in droves after the coronavirus pandemic began in the spring of 2020, in some states remote work continued into the following year and those who were able continued to leave major cities in search of more square footage, private outdoor spaces, less density and greater affordability.
The Livable Team’s Favorite Apartment Industry Tech
“As a technology company that serves the multifamily market, we often run across other unique and innovative firms that also use smart systems to make running an apartment building or community easier. We’d like to highlight a few of these cutting-edge businesses”
Rent Control Is Back on the Ballot in 2020
Here We Go Again
It may be 2020 but it’s starting to feel like 2018 all over again. A big election is looming and tenant advocates are once again bringing a rent control measure to the California ballot.
Utilities NOT Included — Now More than Ever
At Livable we provide utility management and cost recovery solutions for commercial and residential properties. Although you can't regulate the rates, you can take steps to keep costs at a minimum. In the fall of 2020, over 7 million in California were filing jobless claims since businesses began closing in March, many moved in with loved ones to save money or left the state altogether.
Livable is Committed to Teaching your Team About Ratio Utility Billing
At Livable we provide a Ratio Utility Billing System designed to help reduce your environmental footprint while generating revenue for your property. You may have started a conservation program in your properties, let the Livable team further your savings and teach you new and improved ways to save.
How Livable has Dealt with the Covid-19 Pandemic
Across the board, since 2020 Livable staff have continued to be a productive team while spending valued time with family and even taking time to give back while dealing with lockdowns and restrictions.