The year-over-year change in rental prices leaped from a recent low of 1.8% in Q2 2021 to 8.6% in Q2 2023. Now, nine states have median market rents topping $2,000 per month. Here are the states and metros with the highest rent prices in the nation. Click for more.U.S. Cities With the Highest Rent Prices
Q: We are moving out of town for a job opportunity and have decided to sell our rental property. The lease still has six months to go. Do we need to wait until the tenant moves to be able to sell? If not, what do we do? — Yami A: You can sell the property in the middle of the lease.
Besides dealing with a new landlord, the lease remains unchanged for the tenant. The new owner becomes the landlord, collects the same amount of rent, and has the same rights and responsibilities you did.
If you think your tenant may be interested in purchasing the property, you may want to let them make the first offer. If not, explain the process to them, letting them know their lease will remain unchanged and asking for their cooperation.
When showing the home, give your tenant plenty of advance notice and work with their schedule. While your tenant must reasonably cooperate with the process, they do not need to be available for showings day and night with little or no notice.
The landlord and tenant relationship continues as usual during the sales process. You will collect rent and make any repairs, and your tenant must continue to use the property appropriately.
Regarding the closing, your buyer will want to ensure there are no outstanding repairs and the rent is current. When preparing to close escrow, you will provide the closing attorney information about the lease and any advance rent and security you are holding. The current month’s rent will be prorated, and any advance rent and security deposit will be transferred to the new owner as part of the closing process.
The new owner takes over all of your responsibilities as the landlord, including dealing with the deposits at the end of the lease.
Gary M. Singer is a Florida attorney and board-certified as an expert in real estate law by the Florida Bar.
He practices real estate, business litigation and contract law from his office in Sunrise, Fla. He is the chairman of the Real Estate Section of the Broward County Bar Association and is a co-host of the weekly radio show Legal News and Review. He frequently consults on general real estate matters and trends in Florida with various companies across the nation. Send him questions online at www.sunsentinel.com/askpro or follow him on Twitter @GarySingerLaw.
“Home ownership is a part of the American dream that is increasingly unattainable, but thanks to your work, the lives of two families are changing today,” said Terre Haute City Council President Curtis DeBaun IV at Habitat for Humanity’s twin housewarming ceremonies in North Terre Haute on Wednesday.
Those families were Bailey Rogers and her daughters Kendall, 5, Zy’Lynn, 3 and Ralieigh, 1, and Michelle Dowell and her children, Lucy and Lincoln Childress, 10 and 7, respectively.
They were given the keys to side-by-side homes on Third Avenue with spacious living room and kitchen areas, three bedrooms and one and a half baths and new appliances including a washer and dryer.
“I’m actually truly grateful,” Rogers said. “I never thought I would make this happen as a single mom, and I did.”
Dowell echoed Rogers’ sentiments.
“It’s amazing — I’m just so grateful,” she said. “It’s something I thought I’d never have the opportunity to do. Habitat for Humanity is so amazing.”
Habitat board member Valerie Craig said that housewarmings are “always this emotional. It makes me feel like we’re doing something worthwhile for this community, and especially on the north side of Terre Haute — we’re rebuilding neighborhoods by doing this.”
She lauded all of the volunteers who provided materials and help to construct the houses.
“All these people are pushing up their sleeves and saying, ‘Hey, we’ll help get somebody in something they don’t have to worry about slipping out from beneath them,’” Craig said. “This is a wonderful thing that we do. I’m am so glad to be a part of this.”
At the ceremony preceding the housewarming parties presided over by Wabash Valley Habitat for Humanity’s board president Chuck Norman, both families were given Christmas gift baskets from Century 21.
The Vigo County Public Library provided bags of books for each woman’s children. Habitat board members and those who assisted in constructing the homes were also in attendance, and Norman thanked them all profusely.
Norman called the cherry cabinets in the homes “the best cabinets in Terre Haute.” They were built by inmates at the United States Penitentiary in Terre Haute, who cannot sell them but donates them to Habitat, along with coffee tables with concrete countertops.
Todd Hart, vocational instructor at the federal prison, said Habitat provides the prison with the materials and the inmates build the finished products.
“It gives them a sense of accomplishment,” he said of the inmates building the cabinets. “They know it’s being donated.”
Phil Kesner, the Terre Haute Department of Redevelopment’s grants and planning administrator, said his department donated the land to Habitat and used Department of Housing and Urban Development money to shave $40,000 off the cost of building each home.
Norman’s daughter Donna, who’s on Habitat’s advisory board and serves as the organization’s attorney, said she enjoys watching her father immerse himself in nonprofit work.
“It’s such an opportunity for him to be part of the community in a way that’s meaningful to him,” she said. “It allows him to give back. He knows half of the people in this town and he knows how much need there is in this town and it just means the world to pay that forward.”
Donna said Habitat has put six families in homes in the past 12 months, alleviating Terre Haute’s housing crisis one house — or in this case, two houses — at a time.
“That’s how you do it,” she said.
After the housewarming ceremony, Rogers’ daughters gleefully tumbled around in their new front yard.
The St. Helena City Council has designated the former City Hall sites on Main Street and Railroad Avenue as surplus land, starting a process that could end with the sale of both properties.
Past councils have talked about pursuing a hotel at the Main Street site and affordable housing at the Railroad Avenue location. The current council didn’t identify potential uses on Tuesday. Instead its members focused on the state’s Surplus Land Act, which gives affordable housing developers first crack at both sites.
Before moving ahead with a sale, the Surplus Land Act requires the city to send a Notice of Availability to qualified affordable housing developers, which would have 60 days to indicate interest. Then the city and the developers would have 90 days to negotiate a deal. (The city couldn’t be forced to sell the land for less than fair market value.)
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If no agreement is reached, the state’s Department of Housing and Community Development could authorize the city to sell the land.
That whole process could last until next July, or sooner if no affordable housing developers show interest.
Selling one or both properties could raise much-needed money for a city that faces an operational gap of about $6.9 million per year and a long list of unfunded capital projects.
The former City Hall/police station at 1480 Main St. was abandoned at the end of 2019 due to smoke damage. The property was appraised at $4.9 million.
The second surplus parcel is at 1572/1574 Railroad Ave. 1572 was used as a temporary City Hall until city employees moved to the Napa Valley College Upper Valley Campus. 1574 is occupied by the Parks & Recreation Department, which could move to the Carnegie Building or Crane Park to free up the space.
The Railroad Avenue property was appraised at $3.1 million, and rezoning it would drive up its value.
Mayor Paul Dohring said he’s “committed to getting some housing on one of our properties.”
“I don’t want this to be focused totally on revenue,” he said. “We have to make a compromise there.”
The Surplus Land Act process could give the city a better idea of what’s possible on both sites. For example, developers could get creative by proposing commercial development on one site to finance affordable housing on the other.
Aside from the Surplus Land Act, there are other options to consider before the city sells the land.
The firehouse sits on the Main Street property, but City Manager Anil Comelo proposed a lot split that would allow for the sale of the City Hall/police station site without affecting the firehouse.
The city could also partially vacate the area of Pine Street known as Britton Way to enhance the property’s functionality.
As early as Dec. 12, the council could consider demolishing the old City Hall/police station and soliciting proposals for short-term use of the property.
Metros with the biggest housing shortages
Metros with the biggest housing shortages
Where shortages are happening
#15. Williamsport, Pennsylvania
#14. Youngstown, Ohio
#13. Trenton, New Jersey
#12. Manhattan, Kansas
#11. Salinas, California
#10. Syracuse, New York
#9. Lawrence, Kansas
#8. Springfield, Illinois
#7. Jefferson City, Missouri
#6. St. Joseph, Missouri
#5. Huntington, West Virginia
#4. Vineland, New Jersey
#3. Cape Girardeau, Missouri
#2. Anchorage, Alaska
#1. Scranton, Pennsylvania
You can reach Jesse Duarte at (707) 967-6803 or firstname.lastname@example.org.
CONTINENTAL, OH (WLIO) – A Putnam County family is getting a new home for the holidays, thanks to a lot of volunteers and Habitat for Humanity.
“It means a lot to me and my kids,” says Jamie Dudgeon, Homeowner. “It’s going to be a great home. It’s also going to teach me stuff and I just thank everyone that has helped tremendously. I just really appreciate it and it’s from the bottom of my heart. I just want to thank everybody.”
In around 20 weeks, Jamie Dudgeon new house went from a piece of ground to a home and future for her and her daughters. This is the 13th complete home that the Putnam County Habitat has built and it could have been their smoothest from start to finish.
“Really, we have such a dedicated group of volunteers that stepped right in from the last build. They were ready to go,” says Anne Coburn-Griffis, Ex. Dir. Putnam Co. Habitat for Humanity. “The family dove right in and worked very hard. Also, the village of Continental has been very supportive in the program and they help expedite the process as well.”
For Dudgeon, her new house is like a dream come true.
“It feels wonderful. Finally, a house of our own,” adds Dudgeon. “I am 46 years old, and I never thought I would be able to have a house of my own and now I do.”
“To know that they are going to move in within a week or two, it is really a feeling of accomplishment,” says Teresa Lammers, Putnam County Habitat for Humanity Board Member and Family Advocate. “It speaks so well of the Putnam County people and the numbers it took to build this house.”
While the Putnam County Habitat may not be putting up new homes every year, they are making sure that people are living safe and comfortable in the county year-round.
“All year round, 365 days a year, I think we do Critical Home Repair,” adds Coburn-Griffis. “So, where we don’t do complete homes, we do an awful lot of things to keep people living in their homes safely and decently.”
This is the 3rd home that Habitat for Humanity has built in Continental.
Copyright 2023 by Lima Communications Corporation. All rights reserved.
When Amazon launched in 1995, founder Jeff Bezos had a fairly modest goal. He wanted to disrupt the book-selling business. Bookstores, by their very nature, were inefficient because customers were encouraged to browse, handle the merchandise, and linger in stores without spending any actual money.
Amazon (AMZN) – Get Free Report, by getting rid of the brick-and-mortar store, lowered costs and decimated the industry. Two major bookstore chains Borders Books and Waldenbooks closed while the remaining industry titan, Barnes & Noble, got smaller and was at times at risk of going under itself.
What is Amazon trying to do?
Amazon tries to disrupt car sales (sort of)
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Yeti products almost never go on sale, but right now, in a rare turn of events, you can score major discounts on the brand’s most popular items during Amazon’s massive Black Friday sale that ends on Cyber Monday (Nov. 27). Now is the time to buy quality drinkware that keeps beverages cold and hot for hours on end for less.
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Long past its painful peak, inflation in the United States may be heading steadily back toward its pre-pandemic levels, without the need for further interest rate hikes by the Federal Reserve.
Such a scenario became more likely, if hardly guaranteed, after Nov. 14’s surprisingly tame report on consumer prices for October. The Labor Department’s data showed a broad-based easing of inflation across most goods and services. The price of gas? Down. Appliances? Down. Autos? Down. Same for airfares, hotel rooms and doctors’ fees.
Overall inflation didn’t rise from September to October, the first time that consumer prices collectively haven’t budged from one month to another in more than a year. Compared with a year earlier, prices rose 3.2% in October, the smallest such rise since June, though still above the Fed’s 2% inflation target.
Excluding volatile food and energy prices, so-called core inflation was just 0.2% last month, slightly below the pace of the previous two months. Measured year over year, core prices rose 4% in October, down from 4.1% in September, the smallest rise in two years.
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“The inflation fever has broken,” said Bill Adams, chief economist at Comerica Bank. “Rising petroleum production is holding down gas prices, house prices are rising more slowly after mortgage rates surged in 2023 and rents are also rising more gradually” as more apartment buildings are completed.
October’s milder-than-expected price figures make it much less likely that the Fed will impose another rate hike. Many economists now say that the Fed’s most likely next move will be to cut rates, likely sometime next year, though that would depend on whether inflation continues to cool.
What’s driving inflation lower?
A major factor has been a big improvement in the supply of many things — workers, housing and components for manufactured goods.
Millions of Americans have come off the sidelines in the past year and flooded back into the workforce, seeking and (mostly) finding jobs. Immigration has increased, too, and with it more people looking for work. With more hires available, businesses haven’t had to raise wages as much to fill jobs, thereby easing the pressure on those businesses to raise their prices.
At the same time, the largest number of new apartment buildings nationwide in decades are being completed, a trend that is helping slow rent increases. Rental costs, after a spike in September, rose at a much more gradual pace last month.
Rents and other housing costs are likely to keep coming down, economists say, as the cost of new leases continues to fall, according to real-time data providers such as Zillow. Those lower prices show up in the government’s data with a lag.
And the supply chains that were badly snarled during the pandemic have pretty much unwound. An ample availability of products, parts and components help keep a lid on their prices. Automakers, for example, are having a much easier time finding semiconductors.
Partly as a result, new car prices declined last month, defying fears that the now-settled autoworkers’ strike would reduce dealers’ inventories and send prices higher. Used car prices, too, are down. They fell for a fifth straight month in October and have tumbled 7% from a year ago.
“We’re finally undoing that and getting the benefits,” Austan Goolsbee, president of the Federal Reserve Bank of Chicago, said Tuesday in remarks at the Detroit Economic Club.
Separately, consumers are widely expected to pull back on spending after a blowout summer, with credit card debts — and delinquencies — rising and average savings falling. Cooler demand should force businesses to compete more on price.
Gas costs have kept falling this month, with the national average price at the pump averaging $3.35 Tuesday, down 42 cents from a year earlier. Those prices declines could push overall inflation, measured year-over-year, below 3% by December.
Aren’t things still pretty expensive?
Yes, inflation is still painfully apparent in many areas. They include auto and health insurance and some groceries, like beef and bread.
The average cost of auto insurance, which jumped 1.9% just from September to October, has soared nearly 20% from a year earlier. As new and used vehicles have grown more expensive, so has the cost of insuring them. And health insurance prices rose 1.1% last month, though that was largely due to a change in the government’s methodology.
But even as overall price increases slow, it doesn’t mean inflation is reversing or that most prices are falling back to pre-pandemic levels. The consumer price index, the most widely followed measure of inflation, remains about 20% higher than it was before the pandemic.
Milk prices, which have ticked down compared with the past year, are still 23% higher than they were pre-pandemic. Ground beef prices are 31% higher. Gas prices, despite a steep decline from a year ago, are still 46% higher than before the pandemic.
Many economists say a key reason why so many Americans hold a gloomy view of the economy despite very low unemployment and steady hiring is that these prices — on items that they buy regularly — remain much higher than they were three years ago.
Are paychecks keeping up?
Barring a deep and painful recession, prices aren’t going to fall to their pre-pandemic levels. Instead, economists say, Americans’ wages need to rise to help pay for the higher costs.
Wages and salaries trailed inflation in 2021 and 2022, exacerbating the pain of higher prices. Yet this year, as inflation has cooled, average pay has pulled ahead of inflation. By most measures, average paychecks, adjusted for inflation, are back to where they were before the pandemic.
Yet that essentially means that Americans, on average, have had scant real pay increases compared with three years ago. And while average pay may be back to pre-pandemic levels, many people have received below-average pay raises and are still behind inflation.
How might the Federal Reserve respond?
The Fed will likely welcome last Tuesday’s report as evidence of further progress toward getting inflation back to its target of 2%. Fed officials, led by Chair Jerome Powell, are considering whether their benchmark rate is high enough to quell inflation or if they need to impose another increase in coming months.
Powell said recently that Fed officials were “not confident” that rates were sufficiently high to tame inflation. The Fed has raised its benchmark interest rate 11 times in the past year and a half, to about 5.4%, the highest level in 22 years.
But the central bank has raised its key rate just once since May. Since its last meeting on Nov. 1, a government report showed that hiring cooled in October compared with September, and wage growth slowed, thereby easing pressure on companies to raise prices in the coming months.
Adams, the Comerica economist, said he thinks the Fed’s most likely next move will be to cut rates, likely by mid-2024.
The Fed’s rate hikes have increased the costs of mortgages, auto loans, credit cards and many forms of business borrowing, part of a concerted drive to slow growth and cool inflation pressures. The central bank is trying to achieve a “soft landing” — raising borrowing costs just enough to curb inflation without tipping the economy into a deep recession.
Said Eric Winograd, chief economist at AB Global, an asset management firm: “They look like they are on course to generate a soft landing. There’s no guarantee that they will actually manage to accomplish it. But right now, that’s the story that the data are telling.”
Home sales in six Forsyth County residential markets included in U.S. Treasury-certified “opportunity zones” continue to produce mixed results, according to a third-quarter report released by Attom Data Solutions.
Opportunity zones, launched in May 2018, are economically-distressed census tracts qualified to receive private investments.
The program was created by Congress and is designed to connect those tracts with investors, offering tax credits and other incentives.
All but one of the 11 Forsyth tracts are in the central part of Winston-Salem. They account for more than 25,000 residents. They are among 47 in the Triad and 252 statewide.
The Forsyth tracts reviewed by Attom for the third quarter are:
Tract 1 in the central business district. The average sales price was $413,750, compared with $268,000 in the second quarter and $190,000 a year ago.
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Tract 3.02 in the Kimberly Park neighborhood. The average sales price was $71,000, compared with $81,000 in the second quarter and $75,000 a year ago.
Tract 14, which contains Whitaker Park, a 1.7-million-square-foot former R.J. Reynolds Tobacco Co. plant. The average home sale price was $107,500, compared with $150,000 in the second quarter and a year ago.
The campus is part of a high-profile renovation project being undertaken by Whitaker Park Development Authority Inc. and Cavalier Winston Development, an affiliate of Frye Properties of Norfolk, Va.
Tract 16.02, Smith Reynolds Airport and neighborhoods south of the airport. The average home sale price was $62,500, compared with $50,000 in the second quarter. There was no sales during the third quarter of 2022.
Tract 17, which contains Lakeside Villas multifamily housing development. The average home sale price when the opportunity zone program began was $143,000. It has since fluctuated from a low of $55,000 in the third quarter of 2020 to $214,000 in the third quarter of 2022. It was $167,000 in the second quarter and $210,000 a year ago.
Tract 33.13, which contains Horneytown Road. The average home sale price was $235,000, compared with $277,500 in the second quarter and $296,500 a year ago.
Not reviewed for the third quarter were: Tract 2 in the central business district; Tract 3.01 in the Boston-Thurmond neighborhood; Tract 7 contains Innovation Quarter in downtown Winston-Salem; Tract 8.01, which encompasses Winston-Salem State University, the UNC School of the Arts and Happy Hill neighborhood; and Tract 8.02 covers the Atkins Community Development Corp.
Winston-Salem city officials consider opportunity zones as another “tool in the economic and community development toolbox that can be used to help spur private development and redevelopment in some of the areas in our community that have not seen the growth.”
There are 12 tracts in Guilford County, along with four in Alamance, three each in Randolph, Rockingham, Surry and Wilkes, two in Davidson and one each in Alleghany, Ashe, Davie, Stokes, Watauga and Yadkin.
The certified “opportunity zones” list for North Carolina has at least one low-income census tract in each of the state’s 100 counties.