The Looming Rental Boom, Cont’d.

Time to check in on the hypothesis that the fundamentals point to a rental/condo boom in urban housing. Here’s rental vacancy rates: Bill McBride comments: A record low number of multi-family units will be completed this year (2011). Only 8,700 apartments came on the market in Q1 (in the Reis survey area). This is the [...]

Hotels and Residential Density

Daryl Nerl has a good piece on what boosters are saying about the Sands hotel: Visitors who stay overnight, on average, spend three times as much during their visit as those who make day trips, Stershic said. In 2009, the Lehigh Valley had 3.9 million visitors who came to Pennsylvania as part of an overnight [...]

The Future is Job Density

Christopher Leinberger says firms are moving out of suburban office parks back into walkable urban cores to attract Millenials: In spite of the U.S. Census data for the past decade showing continued job de-centralization, there is now much anecdotal evidence for the just the opposite… The reason in nearly every case? The millennial generation is [...]

Our Urban Future, Cont’d

Spencer Soper: Another factor that is increasingly influencing the housing market is the high cost of gasoline, according to a recent national survey conducted by Coldwell Banker. Of nearly 1,200 real estate agents surveyed nationally, 75 percent said the recent spike in gasoline prices has influenced where their clients chose to live. Additionally, 93 percent [...]

81% of LV Residents Concerned About Loss of Open Space

I made a few Excel charts from the results of the Muhlenberg/Morning Call’s Annual Quality of Life survey that I’ll be posting over the next few days. Here’s the open space question. A political gold mine awaits anyone who wants to run against sprawl in the municipal elections : A combined 81% are either concerned [...]

Surprise! Higher Gas Prices = Less Driving

Reuters: U.S. highway travel declined 1.4 percent in March from a year ago as gasoline prices rose, marking the first year-on-year decline in the number of miles driven in 13 months, the U.S. Transportation Department said on Friday. The report provided some of the first government evidence that soaring prices at the pump have discouraged [...]

Quibbling With Alan Jennings on Affordable Housing

A few comments on this Spencer Soper interview with Alan Jennings. First, here’s Alan: Q: How has the Great Recession changed demand for affordable housing? A: Families still need housing. However, those who have lost their homes to foreclosure have not only depressed home sales and, therefore, prices; they will also drive up rents by [...]