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Don't forget the Business Exchange
CAA
Registration is FREE* and now open for management company executives (member and non-member) that participate in the Aug. 13 Business Exchange. Not only are attendees able to network with their peers and 60+ vendors in 2 1/2 hours, but by donating their time they will help raise money for the CAA's Political Action Committee. Sixteen management companies currently have representatives registered.
Registration for associate members (only) is also open online. Registration opened at 10 a.m. CST today and is sold on a 1st come, 1st served basis. Registration is limited to one employee per company at this point. Be sure to log in to shorten your check-out time. We look forward to seeing you there!
*No-shows will be charged $50 after the event.
New tax bills are sign of new trend: Decreasing values and increasing rates
Myer Blank
Significant tax rate increases in many Cook County property tax bills should be a wake-up call for taxpayers, specifically owners of apartment buildings, to take action. Many districts in northern Cook County saw their tax rates increase 10-20 percent in the latest calculations. In Chicago, the overall rate continued to increase from 6.4 percent to 6.8 percent, with the next reassessment scheduled for 2015. As values are reduced for some taxpayers, specifically homeowners, the tax burden shifts to others whose properties have maintained value. Taxpayers whose values did not decline in the northern Cook County suburbs are in for "sticker shock."
New! Summer Social
CAA
The Products & Services Committee is putting on an end of summer networking event called the "Summer Social" on Wednesday, Sept. 17. The event is only $40 per member and will take place at Rebel Bar & Grill in Wrigleyville. Click here for more details and to register. We look forward to seeing you there!
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Budget for CAMME in 2015
CAA
The CAMME Committee just started meeting and we are excited to look at the event and see what we can change to make it an even more prominent industry event. As budget season approaches, we'd like to remind you to put the line item back in the budget for 2015. We do not have pricing yet but will be getting you all of that information as it becomes available.
Save the date in 2015
CAA
Mark your calendars for the following events that have been scheduled so far for 2015:
| New Year Kick Off (NYKO) — Jan. 15, 2015 — Carnivale |
Trade Show & Education Conference — April 14, 2015 — Drury Lane Theatre & Conference Center
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Golf Outing — May 15, 2015 — Cog Hill Golf & Country Club
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Visit the CAA event calendar for other class and event information.
Chicago Buildings Commissioner attends CAA meeting
CAA
City of Chicago Department of Buildings Commissioner Felicia Davis attended the June 27 CAA board of directors’ meeting to discuss the Dec. 31, 2014 deadline for compliance with the Life Safety Evaluation ordinance. She emphasized the importance of NOT waiting until the last moment, when it may be impossible to find a contractor who can do necessary work, but for buildings to get their final inspections done early. Answers about the LSE ordinance can be found here.
Welcome new members!
National Apartment Leasing Professional (NALP)
CAA
Aug. 12-14, 2014
CAA Office | 557 W. Randolph, Suite 201 | Chicago, IL
8:30 a.m.-4:30 p.m. | Each Day
Member Ticket: $695 | Non-Member Ticket: $895
Program Objective: To enhance the skills of the apartment leasing professional, resulting in better-informed, highly professional individuals with increased lease activity and improved resident relations.
Designation Requirements
To qualify for the NALP program, candidates must:
- have worked in the apartment industry for six months
- complete all 7 NALP courses
- complete the Market Survey Project and Presentation, which requires candidates to demonstrate professional-level written and verbal communication skills in English and submit accurately completed paperwork
- receive a passing grade of at least 70 percent on the comprehensive exam
Certified Apartment Manager (CAM)
CAA
Sept. 15-19, 2014
CAA Office | 557 W. Randolph, Suite 201 | Chicago, IL
8:30 a.m.-4:30 p.m. | Each Day
Member Ticket: $955 | Non-Member Ticket: $1145
Program Objective: To enhance the skills of the apartment manager, which can result in better managed and more profitable rental properties, improved resident retention rates and increased employee productivity.
Designation Requirements
To qualify, CAM candidates must have:
- Worked in the apartment industry for at least 12 months (can be obtained during the candidacy period for CAM);
- Successfully completed the nine courses (which total 55 1/2 hours)
- Receive a passing grade of at least 70 percent on the two-part online comprehensive exam
Certified Apartment Supplier (CAS)
CAA
Sept. 16, 17, 19, 2014
CAA Office | 557 W. Randolph, Suite 201 Chicago, IL
8:30 a.m.-4:30 p.m. | Each Day
Member Ticket: $499 | Non-Member Ticket: $699
Program Objective:
To enhance the skills of the apartment community supplier, resulting in individuals with increased professionalism and an improved knowledge of the needs of today's apartment community managers and supervisors.
Designation Requirements
To qualify for the CAS program, candidates must:
- Pass comprehensive exam including the four required course sections of the CAM modules.
- Sign an agreement not to solicit products in classroom.
Click here to see our other upcoming seminars on the Housing Choice Voucher program, leasing, guns, marijuana and more!
Median rents for Chicago apartments by neighborhoods
CBS
In another mark of the evolution of the South Loop and West Side, the neighborhoods currently have a higher median rent than Lincoln Park and are approaching the high-end rental prices of the Gold Coast and Streeterville. In the 1980s, much of the South Loop was railroad tracks and factories.
Why everyone wants to flip a house in Chicago
Chicago magazine
In Chicago and around the country, the private individual home flipper is poised to make a comeback, suggests a report by national real estate brokerage Redfin using MLS data. For the first time since 2007, a majority of flips were performed by people rather than banks looking to clear foreclosures from their books — 74.8 percent, in fact.
Rental market remains hot with national apartment occupancy at 6-year high
US Finance Post
In May, national apartment occupancy rose once more to reach the highest level in six years, according to Axiometrics, an apartment data and research firm. Ninety-five percent of all rental units are filled despite thousands of new units becoming available.
The news has been a surprise to investors, who have largely moved out of multifamily real estate investment trusts as everyone focuses on improving home sales.
Why multifamily housing matters
U.S. News & World Report
The growth of multifamily construction in the past few years has been a significant source of job creation. Moreover, the recent market focus on multifamily rental housing has been a reminder of the importance of supplying housing to the marketplace that reflects consumer choice. While homeownership confers key benefits for families and neighborhoods, ensuring access to rental housing is an important component of the housing recovery.
10 most stressed out cities
CNN via WSBT-TV
From sky-high rents and gridlocked traffic to widespread poverty and unemployment, residents in these cities have a lot to stress about. Find out why Chicago made No. 6 on the list.
As home sales remain restrained, big builder eyes home rental market
The Wall Street Journal
Stuart Miller sounds like a home builder who doesn't expect first-time and entry-level buyers to surge back into the housing market any time soon. In fact, he is considering expanding into building homes for rent if first timers remain largely unable to buy. Miller, chief executive of Lennar Corp., one of the largest U.S. home builders, told investors in a quarterly conference call that he doesn't anticipate mortgage-qualification standards easing quickly enough to bring first timers off the sidelines anytime soon.
Minorities, millenials play key role in housing growth
Latin Post
Six years since the economic downturn known as the Great Recession, the U.S. economy has slowly recovered. However, the area that caused the initial collapse, the housing market, has seen steady growth.
Playing a pivotal role in this expansion will be two groups that have grown in influence over the last decade. According to a study released by the Joint Center for Housing Studies from Harvard University, minorities and millenials will play a role in the growth of the housing economy.
Missed last week's issue? See which articles your colleagues read most.
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CAA In Focus
Colby Horton, Vice President of Publishing, 469.420.2601
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Esther Cho, Content Editor, 469.420.2671
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