Demand for Apartments Grow

Posted on October 8, 2013 by gottarunrunrun

The demand for apartments is at a new high, pushing national vacancy rates way down. This is great news for residents in Arcadia Run, who can now boast the high value of their new apartment!

Despite the improvements in the housing market, the rental market is still booming. Only four percent of U.S. apartments were vacant in the second quarter of 2013. “The simple fact that vacancy continues to compress despite such low vacancy rates speaks volumes about the ongoing demand for apartments. The national vacancy rate now stands 380 basis points below the cyclical peak of eight percent observed right after the recession,” says Ryan Severino, senior economist at Reis, a company that provides current information on commercial real estate.

The average rent may be rising because of the decrease in vacancies, but it’s still extremely affordable compared to buying a house. Like we mentioned in our last post, home prices in Manassas are on the rise, showing that our area is increasing in value and demand. What better way to live in a sought-after region while still saving your money? Arcadia Run is the best choice for young professionals who want to get the best bang for their buck.

AOL Real Estate says renting an apartment is the ideal choice for young Americans. Apartment markets are thriving the most near college and university communities, much like Manassas. Being so close to several colleges, Washington D.C., Jiffy Lube Live, and an abundance of bars and restaurants, it’s clear why this region is so popular among renters with active lifestyles.

As we’ve seen in the past, the housing market can be very unpredictable. Renting is a great option for those who want security and don’t want to deal with the stresses of homeownership. Arcadia Run apartments are also of higher quality than many of the homes sold in our area. With up-to-date features that are above the standard of most new homes, and a dynamic community for residents, our apartments have proven to be the hottest new place to live.

At Arcadia Run, it’s easy to see why these apartments are in such high demand. They’re newly built, come with the best features, and have gained a following of fun and lively residents. As the demand for luxury apartments continue to rise, you can bet Arcadia Run will fill up quickly!

Source: AOL Real Estate

Home Prices Soar

Posted on October 1, 2013 by gottarunrunrun

Nearly every time statistics are published regarding the housing market, renters benefit from the good news in some way. Now, home prices are once again rising, reassuring renters all over the country. Renters get the best of both worlds; they can take advantage of the improving economy, while avoiding the increases in home prices by renting.

According to the Federal Housing Finance Agency (FHFA), in July, home prices rose 1.0 percent since the previous month, totaling in a 12.5 percent price increase since January 2012. July also marked the 18^th month in a row to see increases on the House Price Index- Purchase Only, conducted by the FHFA.

Additionally, the S&P/Case-Shiller House Price Index – 20 City Composite grew by 12.4 percent over this past year. This contributed to a 21.2 percent gain on this index since March 2012. Despite these current gains in home prices, there is still much more room for improvement. Basically, this means that home prices are going to continue to rise until they reach pre-recession levels.

It’s clear that housing markets are improving everywhere in the country, including Manassas. Pulling statistics from Trulia.com, the median sales price in our city has increased over 20 percent since this time last year. While increases in home prices mean that the economy is recovering, it doesn’t help out those who want to move into a new home. And, as Manassas becomes a more popular and desired place to live, home prices are only expected to keep growing.

Renters in Arcadia Run can live in this great area, without paying for an expensive house. Our apartments are all newly built, luxury apartments. They incorporate features not likely to be available in other residences; like extended windows, new designer cabinets, and granite kitchen countertops. The amenities offered to renters are equally as impressive, including a jogging trail, a playground, a fitness center, and a swimming pool planned for 2014. Arcadia Run is also in close proximity to Washington D.C. and major highways, ensuring you get everywhere you need to be.

You too could live in the charming historic Manassas, in an expertly built apartment. When you rent in Arcadia Run, you get all the benefits of owning a beautiful, quality home and much more, but without drying out your bank account.

Sources:

The National Association of Home Builders (NAHB)

Trulia.com

Apartment Market Gains Momentum in Q2

Posted on September 25, 2013 by gottarunrunrun

Good news released late last month by the National Association of Home Builders (NAHB) improves the outlook on multifamily housing. The NAHB published their Multifamily Production Index (MPI) for the second quarter of 2013. The index shows a nine-point increase to 61, which is the highest reading since the inception of the index in 2003.

Multifamily housing refers to apartments and condominiums. The index measures builder and developer responses about current market conditions – rating on a scale from 0 to 100. Any reading above 50 shows that more professionals report conditions are improving rather than getting worse. The index is measured using three key elements: construction of low-rent units, “for-sale” units, and market-rate rental units.

In the second quarter, all components saw a welcomed increase. Market-rate rental properties rose six points to 67. This is the 11^th straight quarter where this number was above 50. Low-rent units also increased five points to 60 and for-sale units saw an incredible 16-point jump.

W. Dean Henry of Legacy Partners Residential and chairman of NAHB’s Multifamily Leadership Board says, “Multifamily developer confidence is currently at an all-time high … we expect to see that continue for the foreseeable future. Much of the consumer demand that we are now seeing is coming from a large generation of young people who are able to find jobs and establish their own households as the economy continues to improve.”

With every aspect of the MPI improving, we’ll see a much-needed boost in the apartment industry. The Chief Economist of NAHB, David Crowe, notes that the expanding production is necessary to keep up with the demand and to catch up with new unit production that was lost during the housing downturn. We’re definitely moving in the right direction!

Arcadia Run is a prime example of positive apartment production. Our apartments are the nicest in the Manassas area and offer the perfect living alternative for those who don’t want to buy a house. Not to mention, our spaces provide the best features available while still being affordable. With more people choosing to rent, the demand for Arcadia Run apartments will grow, and their availability will soon be limited – so don’t hesitate! As the economy and apartment industry improve, there is no better time to rent with Arcadia Run.

Source: The National Association of Home Builders

Welcoming the Fall Season

Posted on September 24, 2013 by gottarunrunrun

Ahh, it’s officially fall. What do you have on your bucket list this season? Here are a few of our favorite fall activities around the Manassas area – and we think you’ll enjoy them too!

Bands, Brews, and Barbeque Festival

To kick off your fall festivities, visit the 3^rd annual Bands, Brews, and Barbeque Festival this weekend (Sep. 28, 12:00pm to 7:00pm) on The Manassas Museum Lawn. This is a free festival where attendees can enjoy a picnic on the lawn, the best barbeque in Virginia, and listen to talented bands play everything from rock to jazz.

Manassas Fall Jubilee

The following weekend, stop by the 31^st Annual Manassas Fall Jubilee in Old Town Manassas. This event is the classic fall festival with everything from crafts, to face painting, to food and entertainment. If you’re not quite ready for fall, this festival is sure to put you in the mood.

Visit a Farm

Just 20 minutes out of Manassas is Burnside Farms, a farm that offers pick-it-yourself organic produce. You can pick out the perfect pumpkin for carving or get a basket full of fresh apples.

Shop at a Farmer’s Market

If you can’t make it to a farm, visit the Farmer’s Market held every week in Manassas. In the fall, produce switches to pumpkin, squash, kale, and other seasonal fruits and vegetables. Visiting a local farmer’s market lets you buy the freshest produce while supporting local farmers.

Manassas National Battlefield Park

Feel like indulging in a little history? No problem. Visit the Manassas National Battlefield Park on a sunny day to explore the rich history of our town. This park is also the number one ranked attraction in Manassas! Go with your friends or family to take a tour and learn a little bit about the 1^st and 2^nd Battle of Manassas. The crisp air and colorful leaves will only add to your experience.

These are only just a few of the many, many things to do in Manassas during the fall season. We look forward to more festivals, spooky attractions, and colder weather in the future!

14.5% of US Homeowners Underwater

Posted on September 18, 2013 by gottarunrunrun

Just one more reason why you’ll be happy you’re renting: Despite gains in the real estate market and increases in home prices, millions of homeowners still owe more on their home than their home is worth.

When the housing bubble burst a few years ago, home values dropped dramatically. Homeowners lost upwards to 60 percent of their home’s value in just a matter of years. Salaries were cut and employment dropped, but many still had to pay their mortgages on a home that was no longer worth the price.

As a whole, American homeowners are missing $428 billion of equity that has yet to be recovered. According to CoreLogic, a residential property analytics company, this puts 7.1 million people, or nearly 15 percent of all homeowners, underwater on their mortgages. Unfortunately, many still have a long and taxing road to recovery, if they recover at all.

The Chief Economist for CoreLogic says, “In just the first half of 2013, almost three and a half million homeowners have returned to positive equity, but the pace of improvement will likely slow as price appreciation moderates in the second half.” While many remain optimistic from the major improvements in the housing market, homeownership may no longer be an option for millions of Americans.

This daunting reality has encouraged more and more people to rent instead of buy. And with the headache that so many homeowners will continue to face in the future, there’s no better way to enjoy your home than to rent. Renters can live in nicer apartments for less – without the fear of losing their house.

Also, for those who aren’t ready to take on the extra costs that come with owning a home – like maintenance, repairs, homeowners insurance, and much more – renting is the perfect option for your active lifestyle.

Arcadia Run offers the best of apartment living at a huge pricing advantage. Renters live in homes with the best, most up-to-date features, and only pay a fraction of what homeowners are currently paying. Within the next year, Arcadia Run residents will also enjoy a jogging trail, a playground, a fitness center, and a resort-style swimming pool.

All of this without the stresses of homeownership, what could be better?

Source: Money Watch – CBS News

Renters Can Afford More for Less

Posted on September 4, 2013 by gottarunrunrun

Earlier this summer, CoreLogic released their Rental Applicant Risk report for the first quarter of 2013. The report was encouraging for current and prospective renters all over the country.

The report details that during the first quarter of this year, the Renter Applicant Risk (RAR) index was up two points to 104, which is considered healthy. This new number is also up from the 99 that was reported at this time in 2011. Any number above 100 means that applicants have better credit and are most likely able to meet their lease requirements.

“As the economy continues to grow slowly, conditions appear cautiously optimistic for continued improvement in renter applicant qualifications in the year ahead”, says CoreLogic Safe Rent senior director Jay Harris. “During this relatively upbeat period, renter trends are pointing toward increased confidence among property owners and applicants.”

Additionally, national apartment vacancy rates are falling. The U.S. Department of Commerce reports that rental vacancy rate declined more than one percent in the second quarter. And according to Wells Fargo, “Solid fundamentals and employment growth are expected to continue to support the rental market.” This just further proves that the rental market is making a major comeback.

Rental properties are in high demand, encouraging renters to move quickly when choosing a new apartment. Renters, especially in today’s market, are able to get better, bigger, and nicer apartments by choosing to rent instead of buy. Arcadia Run is a perfect example why. We provide the absolute best apartment buildings in Manassas. We take care of maintenance costs and our renters have access to a gym, walking and jogging trails, a soon-to-be pool, and much, much more. Those who buy a home might never have access to these types of amenities without paying a huge price.

Upscale apartments offered at reasonable rent have proven to be extremely popular. Our apartments are newly built with the best amenities and features, and nestled in an ideal location. It couldn’t get any better than this! The rental market won’t be slowing down any time soon with more renters than ever choosing this active lifestyle. Renters get the best of all worlds when they choose Arcadia Run.

Sources:

Aol Real Estate

The Wall Street Journal Market Watch

Stay Social with Arcadia Run

Posted on August 29, 2013 by gottarunrunrun

Are you addicted to everything social media and want to stay connected to Arcadia Run? Perfect! We’ve got just the fix for you.

Here at Arcadia Run, we want to keep our residents, as well as our future renters, informed on all of the neat things going on in our community. Feel free to friend us, follow us, tweet at us, or even re-pin us through any of these social sites!

Facebook: Of course, Facebook is a must! With so many people on the site, this is how we can share photos, events, and other information directly with our residents and followers.

Flickr: Flickr is a great way to view pictures of our new apartment buildings and rooms. You can also take a look at past events we’ve attended, like the Manassas Mall fashion show and the taste of Prince William Block Party!

GooglePlus: Want to follow us on Google+? No problem! Join our circle to stay up-to-date with the latest Arcadia Run news and blog posts. You can also use Google+ as means to connect with your new neighbors.

Pinterest: Want ideas on how to decorate your new bedroom? Click through our pins to find a little inspiration. Hosting a dinner party? We’ve got the tastiest recipe pinned for that. Actually, we have almost everything you could imagine pinned to our boards – health, fashion, community… the list goes on!

Tumblr: Bloggers will love our Arcadia Run tumblr. If you want everything combined into one feed, you must check out our tumblr! You’ll be able to see our latest blogs, photos, and videos – all from one site.

Twitter: Want tidbits of information phrased in 180 characters or less? Then you will love following Arcadia Run on Twitter! We give you the most important details regarding regional information, events, openings, or local happenings in one sentence. Feel free to favorite, tweet, or retweet and share with your own followers!

YouTube: YouTube is ideal for showing more of an apartment or event that a picture simply cannot express. We don’t have any videos posted yet, but stayed tuned!

Renting – The New American Dream?

Posted on August 20, 2013 by gottarunrunrun

Years ago, the American Dream included owning a house in the suburbs, among other old-school ideals. However through unstable markets and changing mindsets, the dream has transformed into something new. The new American Dream includes renting, urban living, and revolves around consumer convenience.

Even though many people can afford to buy a house, they are opting to rent their homes instead. Residents can avoid costs for maintenance, homeowner’s taxes, and other housing burdens by renting. Many apartment complexes, Arcadia Run included, take care of maintenance costs for you, making your living experience that much better.

This allows tenants to spend their extra money elsewhere. They can save up for a new car or put more money away for savings. Rent is also typically cheaper than mortgage payments, allowing residents to save even more money. Many homeowners will put any extra cash they have straight back into their home. But with how the housing market has been in the past, if they lose the house, they’ll also lose all the money and hard work they invested into it.

With renting comes the security and reassurance that you won’t be losing your house or be drowning in mortgage payments. More and more people are seeing this lifestyle as more desirable (who wouldn’t?) than going through the process of owning a home. Not to mention, more people want to live in environments where they are close to everything they need. When buried in the suburbs, homeowners have to drive to virtually everywhere they go. Renting in Arcadia Run allows tenants to walk to many places like the gym and other apartment amenities. It’s also close to downtown historic Manassas, a huge venue for fun and activities.

Renting allows residents to live the American Dream to the fullest, without worrying about mortgages, interest rates, or even foreclosures. And, it helps them to pocket the extra money they save, allowing them to splurge on themselves and their families more often. The American Dream isn’t gone; it has only changed to become more relevant and universally accepted today. Arcadia Run apartments make it easy to choose this lifestyle over any other. Our residents are active, living life to the fullest, and achieving the American Dream every day.

Home Affordability Plunges in 2nd Quarter

Posted on August 20, 2013 by gottarunrunrun

More news was published from the housing market that shows yet another reason why it’s better to rent. In the second quarter of this year, home affordability plunged to shockingly low rates. In the first quarter of 2013, 73.7 percent of homes sold were considered affordable with the national median income of $64,400. In the second quarter, that rate dropped to just 69.3 percent. This is the first time since 2008 that home affordability has fallen below 70. While the percentage difference doesn’t seem too significant, it represents thousands of people who can no longer afford homes.

According to CNN Money, the fall in affordability is most likely due to “stagnant incomes, higher home prices, and climbing mortgage rates”. Even though increasing home prices mean the economy is improving, for the average person, buying a home just isn’t a smart or financially responsible move. So, what’s the better option? Renting, of course!

Arcadia Run offers a better living alternative for families and young professionals alike. Renting means that tenants can avoid the rising home prices and mortgage rates that are currently plaguing the housing market. Compared to mortgage payments, renting is much more affordable. Additionally, renters don’t need to deal with the time and hassle that’s put into maintaining a house – Arcadia Run takes care of that for you!

Our buildings are brand new and have the best features you’ll find in any apartment. Each unit has granite countertops, 9-foot ceilings, and extended windows. Residents are comfortably close to downtown historic Manassas, something that would not be feasible if they were to buy a house. There are also wonderful amenities available to all renters that include a pool (coming 2014), ball courts, a fitness center, a playground, and a jogging trail.

The renting industry is seeing a great boost this year from more and more people choosing to rent over buying a house. This has an amazing impact on the industry as a whole, bringing in more renters and revenue, and ultimately making apartment living more enjoyable. Instead of taking the many financial risks that come with buying a house, make a smarter investment and choose Arcadia Run.

The Renting Industry’s Impact on the Economy

Posted on August 19, 2013 by gottarunrunrun

Earlier this year, the National Multi Housing Council and the National Apartment Association published an infographic brochure that outlined the incredible impact apartments have on the economy. The numbers were shocking to many, but here at Arcadia Run, we weren’t too surprised. Apartment buildings aren’t always considered to be revenue-generating buildings, but this is just a common misconception. In fact, apartment buildings have a hugely positive impact on the health of the economy.

Apartment living has become more popular in recent years, which means more buildings are being constructed to keep up with the demands. Building just one apartment complex is a huge production. Contractors, builders, designers, and suppliers all need to be hired in order to bring a plan to life. In the past five years, the apartment industry created an average of 260,000 jobs per year and supported 662,000 jobs. Not many industries can support or create nearly this many jobs.

The construction of apartment buildings aids the economy in monetary terms as well. The apartment industry is a $2 trillion industry. Buying and planning an apartment is costly, and much of the money spent encourages economic recovery even further. After the initial building of the apartments, there will be upkeep and maintenance costs. This supports jobs and brings in revenue and taxes as well.

An increase in rental properties has transformed communities and neighborhoods. They add diversity within the residents that might not be possible when buying homes. Rental properties also add incredible value to an area and give the local economy a deserving boost. Building just 100 new apartments in your neighborhood will create 32 local jobs, $2.3 million in local revenue annually, and $400,000 in taxes and other spending. Renters are also more inclined to spend their money locally, within walking distance of their apartment, which can support local shops and stores.

So, what does this mean for you, the apartment tenant? Well it means that just by renting your apartment in Arcadia Run you will help to improve the economy. In times like today, economic recovery is always a welcomed effort. You can enjoy the diversity of your apartment community and adopt a new appreciation for apartment living.