January Real Estate Notes

I want to share some stories that I read in Jan '19. 

Emotional Support Animal

It is unfortunate, but some people lie and call their animal, "emotional support animal" by providing some questionable certificate. This is their way of renting a house that does not allow animals. 

At least in Utah, this became a misdemeanor.

https://www.deseretnews.com/article/900052871/bill-to-make-lying-about-service-support-animals-a-misdemeanor-passes-in-utah-house.html?fbclid=IwAR1DCxKOE7IrVVjwNKLGJ2GESLCR7xD4UYXQbT3bUvD6Vmpun_Mp7WadlIY

Rental Inspection

It is increasingly common in Chicagoland for the village/town to require a rental license before you can rent a property, and an inspection is required prior to obtaining it. While this may help reduce code violations, it costs property owners time and money. Also, some consider this to be unconstitutional. I see more and more community/town/city adapting rental license. 

https://www.omaha.com/news/legislature/omaha-sen-justin-wayne-wants-state-to-require-rental-inspections/article_add1e995-6653-515e-ab89-ec93d0905602.html

Housing Crisis

While a lot of homeowners may be enjoying the equity growing, there's a lot of people out there who are struggling to find affordable housing, especially in an area where the housing price is very expensive, like Seattle. Microsoft pledged $500 million to tackle the issue by providing affordable loans to developers who want to build affordable housing. 

http://digitaledition.chicagotribune.com/infinity/article_share.aspx?guid=450ef1db-e0d6-4c3c-a830-b731643ce1f0

Future Development

Would it be nice if you can buy a house in an area where a huge development is going to happen in the near future, so that you can enjoy a hefty appreciation? Maybe not for those who bought houses around Mount Pleasant, WI where Foxconn came. While it's too early to know exactly what will happen in the area, Foxconn already adjusted its plan and will not build a factory as it was planned. 

https://www.cnn.com/2019/01/30/tech/foxconn-wisconsin-factory-plans/index.html

Rent Control

Rent control is gaining momentum in IL, so is the opposition. It is widely accepted that rent control will hurt everyone in general than help. Developers will be reluctant to build housings due to restricted rent, and rental property owners are more inclined to sell their properties when the controlled rent amount doesn't make financial sense. That means there will be less place available for rent. Here is one report of how rent control could affect the overall housing. 

https://www.illinoisrealtors.org/wp-content/uploads/2019/01/Anderson-Economic-Group-rent-control.pdf?_cldee=aW5mb0BwbS1pbC5jb20%3d&recipientid=contact-9756f4f3cd24479da3ef0c899174bc61-dd16167b20e9480a9e2905bbf967737f&utm_source=ClickDimensions&utm_medium=email&utm_campaign=Weekly&esid=76574b3f-1723-e911-9c24-00155d10101b

Dange of Being A Broker

When you are a property manager, sometimes you have to face tenants who may not be happy with you for one reason or another. While the details are not there, this real estate broker in Utah got killed by his tenants when he was trying to evict his tenants. My heart goes out to the family and friends of the broker.

https://www.nbcnews.com/news/us-news/tenants-arrested-death-utah-real-estate-broker-n961011