No Small Area Fair Market Rents, For Now

HUD has issued new 2017 Fair Market Rents, effective October 1st. The maximums are about a 4% increase over 2016: $1352 for a studio, $1419 for a one bedroom, $1637 for a two bedroom, $2101 for a three and $2267 for a four. HUD did not impose proposed Small Area Fair Market Rents nationally, but is expanding its trial of the zip code based rent setting method from Dallas to Bergen-Passaic, NJ and San Diego for 2017.

Ever wonder what HPD inspectors’ homes look like? One of them carved up his basement into illegal apartments, according to the Daily News.

Citi Habitats has become the first apartment broker to partner with Rentlogic, a new web listing service that posts landlord grades based on violations and complaints.

The ECB judgment amnesty program starts Monday. For judgments where you did not attend a hearing, the amnesty amount due will be the base penalty without additional penalties for failing to attend the hearing or interest. If you did attend a hearing, you may resolve your judgments by paying only 75% of the base penalty amount, also without interest.

There has been a lot of talk about the concentration of ownership of apartments, but it turns out construction has been consolidating too. An NAHB analysis found that large firms have taken a much larger share of home construction markets nationally, with, for example, the largest four firms in the Miami metro going from 21.9% of all housing construction in 2009 to 72.9% in 2015. In the New York metro area, the top four residential builders went from producing about 14% to 19% of units closed over the same period and builders who closed more than 3,000 units a year represented 21% of the NY/NJ metro market in 2015.

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