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TurboTenant launches mobile app revolutionizing rental property management

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Prioritizing efficiency and tenant satisfaction, the new mobile app streamlines every aspect of rental property management TurboTenant, a rental property management company empowering landlords to self-manage their businesses, announced the launch of its all-in-one mobile app of the same name. The new app equips landlords with user-friendly tools for self-managing their rental properties — anywhere, at any time. “Recognizing the challenges landlords face in effectively managing their properties while maintaining tenant satisfaction, we built a solution for every stage of rental management,” said Seamus Nally, TurboTenant’s CEO. “Our new app places powerful tools directly into the hands of the people managing rental properties, enabling them to take control and become great landlords.” Available for iOS and Android, TurboTenant’s app boasts the same features as its beloved software, giving landlords unique flexibility and convenience plus push notifications to receive real-time updates. Streamlining how rental property managers find, screen, and manage tenants, TurboTenant offers: “It’s very nice to be able to use TurboTenant from the couch or whenever I’m not in front of [my] computer,” said experienced landlord David Turner. “[The app’s] fluid and intuitive, [making it] easy to use!” TurboTenant is committed to continuous improvement and rolls out regular updates based on user feedback to enhance the app’s capabilities. More than 550,000 independent landlords leverage TurboTenant software to create welcoming rental experiences for over 12 million tenants nationwide. Learn more at turbotenant.com. About TurboTenantBuilt by landlords for landlords, TurboTenant empowers independent property managers at every step of the rental process. More than 550,000 independent landlords nationwide enjoy TurboTenant’s free, all-in-one online property management solutions. Features offered by TurboTenant include rental applications, tenant screening, property marketing, rent payments, lease agreements, and rent reporting, streamlining every aspect of rental business operations in one place. Please contact press@turbotenant.com for specific data requests or visit turbotenant.com for more information. Contact:Krista Reutherpress@turbotenant.com SOURCE TurboTenant, Inc.

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1 in 5 Millennial Respondents Believe They’ll Never Own a Home

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About half of Gen Zers and millennials who don’t plan to buy a home in the near future say it’s because homes are too expensive Nearly one of every five (18%) millennials and 12% of Gen Zers who replied to a recent housing survey believe they will never own a home, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Lack of affordability is the number-one barrier to homeownership for young Americans. Roughly half of Gen Z and millennial renters who believe they’re unlikely to purchase a home in the near future say the high price of homes on the market is blocking them from buying. That’s the most commonly cited barrier, and it’s followed by several other affordability-related reasons. Nearly half (46%) of millennials and one-third (33%) of Gen Zers say their lack of ability to save for a down payment is a barrier, and more than one-third of both Gen Zers and millennials say mortgage rates are too high. Roughly one-third also say they’re unable to afford monthly mortgage payments. About one in five (21%) Gen Zers and 16% of millennials say they need to pay off their student loan debt before they’re able to buy a home. That’s according to a Redfin-commissioned survey conducted by Qualtrics in May and June 2023. The survey was fielded to 5,079 U.S. residents who either moved in the last year, plan to move in the next year, or rent their home. This report focuses on the 1,340 Gen Z (aged 18 to 26) and 1,973 millennial (aged 27 to 42) respondents. “The worsening housing affordability crisis has an outsized impact on Gen Zers and millennials because they’re much less likely to own a home than older generations,” said Redfin Chief Economist Daryl Fairweather. “That means many young Americans don’t benefit from rising home prices by gaining equity. Instead, these would-be first-time homebuyers bear the burden of high prices, high down payments and high monthly mortgage payments, without profits from a previous home to offset the cost. Many young people don’t have a choice between renting and buying. They’re renting their home because even though rent payments have increased, too, it’s still more affordable than buying in much of the country–and renters don’t need a down payment.” It has become much harder to afford a home since the pandemic began, especially for first-time homebuyers. Median home-sale prices are at record highs, up 40% since 2019. Wages have risen, too, but not as much: Average hourly earnings rose roughly 20% over the same period. Record-low mortgage rates and the increasing prevalence of remote work during 2020 and 2021 fueled intense homebuying demand, which drove prices up. Now, rising mortgage rates have exacerbated the expense of owning a home. Mortgage rates have more than doubled from their low, hitting their highest level in more than 20 years in August, while home prices remain high. Roughly one-quarter (26%) of Gen Z adults and half (52%) of millennials own their home, compared to 71% of Gen Xers and 79% of baby boomers. Roughly 40% of Gen Zers and millennials are working second jobs to save for their down payment, and about one-quarter plan to use a cash gift from family Of the young Americans who are planning to buy a home in the next year, many are turning to side hustles for their down payment. About two of every five Gen Zers (41%) and millennials (36%) say they’ll work a second job to help fund their down payment, the most commonly cited method aside from saving directly from paychecks. Roughly one-quarter of Gen Z (28%) and millennial (23%) homebuyers expect to receive a cash gift from family for their down payment, while 20% of Gen Zers and 15% of millennials plan to use an inheritance. Young Americans also cite investments as a way they’ll fund down payments. Just over 20% of both Gen Zers and millennials plan to sell stock, and roughly 15% of both generations plan to sell cryptocurrency. To view the full report, including charts and more details on the survey, please visit:https://www.redfin.com/news/gen-z-millennial-affordability-barrier-to-homeownership To learn about housing market trends and download data, visit the Redfin Data Center.

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Institutional Property Advisors Releases National Multifamily Construction Report

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Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI), published a new national report, Pullback in Multifamily Construction Starts. “As access to development capital across the country diminishes and rent growth slows, multifamily starts are cooling,” stated Greg Willett, first vice president and national director, research services, IPA. “Among the 15 markets that account for over half of the nation’s ongoing apartment construction, building starts in the second quarter of 2023 totaled just under half the average volume recorded during the previous two years.” Pullback in Multifamily Construction Starts research report provides investors with the latest apartment construction research and analysis, including key findings such as: “Rent growth is likely to regain momentum as early as spring 2024, when the normal seasonal upturn in leasing velocity should coincide with obvious signs that today’s new supply excess is temporary,” added John Sebree, senior vice president and national director of the firm’s Multi Housing Division. “Price increases should prove robust during 2025.” Access IPA’s complete Pullback in Multifamily Construction Starts report here. About Institutional Property Advisors (IPA) Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com Contacts Gina Relva, VP of Public RelationsGina.Relva@marcusmillichap.com

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Unusual Housing Market Dynamics Contributing to Stall in Consumer Sentiment

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HPSI’s Low-Level Plateau Continues as Consumers Remain Frustrated by Lack of Affordability The Fannie Mae Home Purchase Sentiment Index® (HPSI) remained effectively unchanged in August, as consumer confidence toward housing continued along the low-level plateau set earlier this year. Three of the HPSI’s six components increased month over month, most notably the component measuring perceived home-selling conditions. In August, 66% of consumers reported that it’s a good time to sell a home, compared to only 18% who said it was a good time to buy a home. Additionally, despite the significant rise in rates over the last couple years, only 18% expect mortgage rates to go down in the next 12 months. Overall, the full index is up 4.9 points year over year. “Mortgage rates once again breached the 7-percent mark in August, hitting a 22-year high and doing no favors for consumer sentiment,” said Doug Duncan, Fannie Mae Senior Vice President and Chief Economist. “Consumers remain pessimistic toward the housing market in general and homebuying conditions in particular. The overall HPSI is maintaining the low-level plateau set a few months back, and we don’t see much upside to the index in the near future, barring significant improvements to home affordability, which we also don’t expect. While renters are slightly more pessimistic than homeowners, for two years now a large majority of both groups have told us that it’s a bad time to buy a home, and they’ve continuously cited affordability concerns as the primary reason. If mortgage rates remain elevated, many existing homeowners will likely continue to hold on to their current historically low mortgage rates, suppressing existing home listings and providing support for home prices – assuming mortgage demand maintains resilience despite the higher rate environment. Considering that existing home sales have traditionally represented approximately 85-90% of total home sales, even substantial quantities of new home production are unlikely to produce the inventory needed to meaningfully improve affordability.” Duncan continued: “From a historical perspective, the current housing market is unusual, as demonstrated in part by the HPSI and its recent plateauing. Given the significant home price appreciation and rapid rise in mortgage rates, it is very much a tale of two markets, at least from a consumer perspective. Of course, a third perspective exists among homebuilders, who are currently thriving amid the surge in demand for new home construction, a function of the unusual dynamics at play in the existing home space between would-be sellers and would-be buyers, as well as changing labor market dynamics owing to the ongoing prevalence of remote work. In the past, first-time homebuyers typically sought to purchase existing homes, which were generally more affordable than new homes. They then invested sweat equity before moving further up the housing ladder, often in response to an expanding family or another significant life event. However, Baby Boomers’ desire to age in place and the impact of the ‘lock-in effect,’ in which existing homeowners are disincentivized from listing their homes for sale because their existing mortgage rate is well below current market rates, across demographic groups – but particularly among Gen Xers – has thrown a wrench into this historical cycle, making it more difficult for would-be homebuyers to find affordable existing home purchase options. This is driving demand toward newly constructed homes, which, again, has been great news for homebuilders and the larger economy, at least to this point.” Home Purchase Sentiment Index – Component Highlights Fannie Mae’s Home Purchase Sentiment Index (HPSI) increased in August by 0.1 points to 66.9. The HPSI is up 4.9 points compared to the same time last year. Read the full research report for additional information. SOURCE Fannie Mae

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Rate Hikes Continue to Slow Housing Market Activity and Create Market Uncertainties

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Interest Rates Surge to 22-Year Highs, Fueling Housing Market Uncertainties Shift Towards Rental Market Intensifies as Purchasing Activity Declines, Represented by a 27.5% Year-Over-Year Decline in New Listing Volume Closed Prices Continue to Rise as Listed Prices Reached Their Peak in June HouseCanary, Inc. (“HouseCanary”), a national brokerage known for its real estate valuation accuracy, released its August Market Pulse report, which finds that list prices peaked in June while closed prices continued to achieve positive year-over-year growth, despite market activity remaining low from a historical perspective. Interest rates are now at the highest level seen in 22 years due to the Federal Reserve’s efforts to combat the 3.3% year-over-year inflation growth observed in July. Federal Reserve officials and experts are now predicting rates to hike yet again in September, creating more uncertainty in the housing market and overall economy. Homeowners and potential buyers continue to distance themselves from the purchase market and redirect their interest toward the rental market, as can be seen by the continuous year-over-year declines in purchasing market activity and rapidly increasing inventory of single-family rentals. In addition, the low market activity has caused net new listing volume to continue lagging behind contract volume, contributing to depressed inventory. Looking ahead to Q3 and beyond, market activity and inventory are expected to remain low as more rate hikes from the Federal Reserve are likely to be introduced in the upcoming FOMC meetings. Jeremy Sicklick, Co-Founder and Chief Executive Officer of HouseCanary, commented: “In August, the housing market continued to show low net new listings and slow price increases, and with the latest round of rate hikes, these market conditions are only expected to linger. Single-family rentals remain the most desired choice for potential homebuyers in the current uncertain market environment, as price and inventory increase on a year-over-year basis persist. Notably, single-family rental inventory is up 41.4% when compared to August 2022, while inventory in the purchasing market is down 12.5%. As we move into September, we can expect an additional rate hike to be set in the upcoming meeting, continuing the trend of low market activity we have been experiencing over the past year.” Key Takeaways:  Learn more at www.housecanary.com.

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More than 80% of home shoppers consider climate risks when looking for a new home

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Floods, fires and extreme weather are reshaping how people view climate risk and real estate More than 4 out of 5 prospective home buyers consider climate risks as they shop, new Zillow research shows. Most say their major concern is flood risk, followed by wildfires, extreme temperatures, hurricanes and drought. “Climate risks impact where most prospective buyers shop for a home,” said Zillow senior population scientist Manny Garcia. “While all generations juggle trade-offs like budget, floor plans and commute times, younger home shoppers are more likely to face another consideration: They want to know if their home will be safe from rising waters, extreme temperatures and wildfires.” A clear majority of prospective buyers in each region of the United States consider at least one climate risk when shopping for a home. People in the West are most likely to report climate risk as very or extremely impactful in their home search, followed by those in the Northeast. On the flip side, one-third of Midwestern and Southern shoppers say climate risks are not very impactful or not at all impactful to their real estate journey. Total Midwest Northeast South West Share of prospective buyers whoconsidered at least one climate risk 83 % 77 % 85 % 79 % 90 % Share of buyers who said climaterisks are: Very/extremely impactful 49 % 42 % 50 % 43 % 59 % Not at all/not very impactful 28 % 34 % 27 % 33 % 20 % Climate risks are a major concern for younger home shoppers, who are driving the market. The median age of today’s home buyer is 39, and first-time buyers make up 50% of all buyers. Millennial and Gen Z shoppers — who comprise 54% of all home buyers — are most likely to consider a climate risk when determining where to shop for a home. Across generations, a majority of shoppers reported taking into account at least one climate risk when looking for their next home. Total Gen Z(Ages18–28) Millennial(Ages 29–43) Gen X (Ages44–58) Boomers & theSilent Generation(59+) Share of prospective buyers whoconsidered at least oneclimate risk 83 % 84 % 86 % 82 % 70 % Share of buyers whoconsidered each climate risk: Flood 41 % 36 % 42 % 41 % 44 % Extreme temperatures 37 % 37 % 44 % 30 % 26 %77 Wildfires 37 % 39 % 37 % 36 % 37 % Hurricane 33 % 33 % 36 % 30 % 22 % Drought 31 % 30 % 35 % 27 % 23 % While climate risk is affecting attitudes, it isn’t to the point where majorities of buyers are considering a move to a region they consider less risky. About half plan to remain in areas that pose the same climate risks they already face. Some are even thinking about moving to areas with more risks. Only 23% reported that they are considering homes in areas that they believe to be safer from the dangers of climate disasters. Compared to where they live now, prospective buyers are consideringmoving to places with: Total Fewer climate risks 23 % More climate risks 27 % The same climate risks 49 % Affordability is still the greatest hurdle for consumers, especially first-time home shoppers, who tend to accept what they can afford. It takes nearly 12 years for a typical first-time buyer to save up for a down payment. Zillow home listings display down payment assistance, and a new app filter helps shoppers understand their actual monthly mortgage cost rather than a home’s list price. Working with a knowledgeable real estate professional is a great way to navigate both the affordability hurdle and climate challenges in today’s home shopping search. Zillow also publishes industry-leading research to help inform consumers, increase transparency and shape the conversation in real estate. SOURCE Zillow

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