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> Mortgage Rates as of 11/27/2024

Property Management

> Creating a Tenant Referral Program

Did you know a tenant referral program can be a win-win for both you and your current tenants? Offering a small incentive, like a rent credit or gift card, for referring a responsible tenant can help you attract quality renters. It not only reduces vacancy time but also boosts tenant retention, as tenants are more likely to stay in a place they’re happy with. Word-of-mouth referrals are often more reliable and come with the added benefit of a built-in trust factor. Plus, happy tenants who refer others are a good sign that you’re managing your property well.

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Featured Story

> Provo Considers Stricter Approval Pathways for Basement Apartments and ADUs

The Provo City Council is evaluating a proposal to eliminate one of two approval pathways for accessory dwelling units (ADUs), raising concerns about balancing affordability, enforcement, and accessibility for homeowners.

Main takeaways:

• Current ADU approval pathways:

  • Land Use Text Amendment: Homeowners or neighborhoods apply to amend zoning maps to allow ADUs in their area. This process is reviewed by the City Council and involves a $1,000 fee, though gathering neighborhood signatures can waive the fee.

  • Special Use Permit: Individual homeowners can apply by proving the ADU meets city standards, gaining 66% neighbor approval, and obtaining a rental dwelling license. This administrative process is quicker and doesn't require council approval.

• Proposed changes: The council is considering removing the special use permit option, which many argue is a more practical and affordable pathway for homeowners, leaving only the more time-consuming and costly land-use amendment process.

• Debate over impacts:

  • Supporters of ADUs: Proponents emphasize that ADUs help manage housing costs, promote sustainable growth, and address affordability in Provo’s housing market. They argue that enforcement and expanding legal pathways are better solutions than restricting them.

  • Opponents of the permit pathway: Critics, including some council members, worry about enforcement challenges and potential neighborhood disruption, preferring broader zoning decisions instead of door-to-door approval.

Many residents and council members advocate retaining the special use pathway, noting its manageable scale and effectiveness in ensuring compliance, while emphasizing the need for stronger enforcement and public education on ADU regulations.

More News and Reports

Utah Housing Voucher Delays In Utah, wait times for the Housing Choice Voucher Program, vital for many seeking affordable housing, extend from months to years due to insufficient supply and funding. This situation leaves many applicants without necessary immediate housing assistance, exacerbating the state's housing crisis.

Fed's Inflation Gauge Matches Predictions: The Federal Reserve's favored inflation measure, the personal consumption expenditures (PCE) price index, rose 0.2% monthly and 2.3% annually, aligning with expectations. Core inflation, excluding food and energy, increased slightly more at 0.3% monthly and 2.8% annually. Despite consistent inflation, expectations for a Fed rate cut in December have risen.

Trump's Immigration Policies Could Affect Housing Market: President-elect Donald Trump's plan to "seal the border" and deport millions could significantly impact the housing sector. Immigrants constitute about 30% of the construction workforce, and reducing this labor supply could increase construction costs and limit residential construction, potentially driving up home prices. While reducing immigration might slightly decrease housing demand initially, Trump's other housing policies, such as tax cuts and deregulation, could offset some negative impacts.

Zillow forecasts a dynamic 2025 housing market with fluctuating mortgage rates, increased home sales, and modest value growth, anticipating more buyer-friendly markets, particularly in the Southwest. The company also predicts growing popularity in smaller homes and warns of diminishing rent concessions due to a construction boom, alongside an increasing demand for pet-friendly rental properties.

Real Page 2025 U.S. Apartment Market Forecast: Over 500,000 apartment units are projected to be delivered across the U.S. in 2025, with New York leading at nearly 35,000 units. Key markets like Phoenix, Dallas, Austin, Houston, and Los Angeles will also see significant additions, varying from 14,000 to nearly 30,000 units each. Smaller markets such as Asheville and Huntsville are expected to grow their inventory by over 7%.

FreddieMac Economic, Housing and Mortgage Market Outlook – November 2024 The U.S. economy remains resilient, with a 2.8% GDP growth in Q3 2024. Housing struggles persist due to a 3.7 million unit shortage, while recent fluctuations in mortgage rates have impacted housing and mortgage activities. Expectations of economic moderation in 2025 could lead to further Federal Reserve rate cuts, potentially easing the housing market's challenges.

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