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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Jim McMannis who wrote (40655)	9/5/2005 7:33:23 PM
From: KM	Respond to of 306849

Real estate agents await renter wave Company relocations helping fill many area apartment complexes 12:00 AM CDT on Monday, September 5, 2005 By STEVE BROWN / The Dallas Morning News Texas apartment owners and real estate agents say they are expecting a flood of residents from Louisiana to fill empty rental units and homes in the state. "We are picking up a lot of people," said Gerry Henigsman, executive vice president of the Apartment Association of Greater Dallas. "We are getting relocations where companies are moving sizable numbers of their employees in. We are also getting walk-ins off the street." Mr. Henigsman said apartment management companies in the area are being asked to waive security deposits and provide short-term rental agreements for people fleeing the aftermath of the storm. "We are warning everyone against any kind of price-gouging," he said. The Dallas area is a day or two behind Texas cities farther south that have already seen a wave of renters coming in. "An asset I am selling in Houston leased 43 units in one day and went to 100 percent overnight," said Will Balthrope of Cushman & Wakefield of Texas Inc. "The Texas apartment markets, especially Houston but also probably Dallas, are having corporate relocation companies block up thousands of units for the next six to 12 months to accommodate displaced employees from the gulf disaster. "Companies are setting up shop over here," he said. "Houston – the most overbuilt market in the country – suddenly overnight improves dramatically." Collecting information The National Multi Housing Council, an organization of apartment owners and builders, is asking members to collect information on available housing for hurricane victims. New York-based Time Equities said it would donate shelter to at least 200 people in empty apartments in the Dallas-Fort Worth area. Storm victims won't have to pay rent or utility bills for three months, according to chief executive Francis Greenburger. The Texas Association of Realtors, which is raising money for hurricane relief, is trying to identify available housing in the state. "Texas Realtors have also been asked to identify temporary housing, such as apartments, commercial lots and mobile home parks," said public relations manager Stacey Lawson. North Texas real estate firms are also organizing an effort to help people displaced by Katrina. "We are working on a list of 500 brand new homes all across the metroplex and have found builders will give the 3 percent down and the closing costs," said Rick Schmidt of SRS Promotions, who's teaming up with Keller Williams Realty. "With all these people coming into town, this will help the builders and the people." 'Dwarf the losses' The National Association of Home Builders said Thursday that the loss of homes by Katrina is "almost certain to dwarf the losses from any previous U.S. natural disaster." But the Washington builders organization doesn't expect a sudden spike in homebuilding. "Although the loss of tens of thousands of homes implies increased demand for, and construction of, new homes, past experience has shown that there is no massive surge in homebuilding in affected areas," the builders group said. "Replacing units destroyed by the storm will not begin for many months and will take place slowly, over a number of years." E-mail stevebrown@dallasnews.com