Apartments Are Best Investment Potential In 2001

WASHINGTON REPORT

According to a study jointly prepared by a national accounting firm and a real estate investment firm, apartments will offer the best investment and development potential in 2001. 

Because of encouraging demographic developments, investments in apartments are in a good position for near-term returns, with the outlook for the longer-term prospects looking even more encouraging. 

Prime market areas are on the West and East Coasts, where analysts anticipate a great demand for housing will be created by the emerging "Echo Boomers" – the large group of children born mostly to Baby Boomers between late 1970s and early 1990s.

The city named the best market for investment was San Francisco, which garnered this honor for the fourth consecutive year.  The other best market cities, in order, are: New York, Boston, Los Angeles and Washington, D.C.

Housing Accessibility Standards Adopted

A national industry organization succeeded in having an international code association write uniform building standards for housing accessibility.  The code follows federal accessibility requirements, and is published as Code Requirements Housing Accessibility (CRHA).

The importance of this eight-year struggle to publish uniform accessibility building standards, which are endorsed by the U.S. Department of Housing and Urban Development (HUD), is that a standard code with easy-to-follow guidelines will provide builders who follow the CHRA automatic compliance with the Fair Housing Act an affirmative defense for allegations of noncompliance. 

Fewer Than 1/3 Of Renters Insured

A national insurance information group reports that less than 30% of renters maintain renter's insurance, despite the fact that the average renters insurance policy costs only about $169 per year.

Another nationwide study, conducted by a nationwide coalition promoting open space, affordable housing and a better way to grow, reports that 78% of Americans back plans to curb growth in suburban areas.  77% would like to see neighborhoods become more pedestrian friendly, 66% believe that at least 15% of new housing should be set aside for affordable housing, and 60% want more spent on mass-transit. 

Another study, this one conducted by the National Association of Realtors (NAR), found that 82% who responded support preserving open space, although the respondents are a bit undecided about how to attain “smart growth.”  Just 53% support tax increases to protect open space, while 73% responded that they would not buy a home on a smaller parcel nearer to other homes in order to preserve open space.  Although some respondents said that greater housing densities would be better accepted when it includes things like trees, sidewalks, parks and attractive home design.