Mar 11

In a previous post on foreclosures in Milwaukee I mentioned that rental owners spend $90 – 120 million per year in repairs and renovations, to which a reader expands upon by asking what do rental owners pay in property taxes per year.  I thought that an interesting and relevant question so we dug into it a bit.

Rental property owners in Milwaukee pay about $266 million per year in property taxes, another $26 million or so in special assessments, which could be everything from fire inspections to alley and sidewalk repairs to so called reinspection fees. The includes owner occupied properties with a rental unit, as they are landlords as well.

As a side note I was surprised to see how many properties that were clearly investor owned, the owner address was not the same as the property address or the owner is a LLC or corp,  were listed by the city as owner occupied.

Rental owners also pay somewhere around $32 million a year in sewer and water plus associated fees.  This number is much harder to arrive at and may be higher than this. I simply took the gross amount and divided it by number of dwelling units.

One very interesting factoid that I stumbled across while searching for the answer is the number of properties actually taken by the city through tax foreclosure was 745 in 2012, a very significant 60% increase over the 464 taken in 2011.  The treasurer is budgeting even a slightly greater number for 2013.  1152 properties entered the city tax foreclosure pipeline in 2012.  Source: Milwaukee City Treasurer Dept Metrics

Per the U.S. Census around 54.5% of all dwelling units in the city are rentals.  City assessment data puts that number higher, around 64%. The city publicly claims higher owner occupancy as they report the percentage of residential parcels rather than units that are owner occupied.  The census puts vacant housing units at 11.3% with rental vacancies at 4.2% 302,000 people in Milwaukee are tenants. Source: U.S. Census Fact Finder

Apr 23

HUD is reporting

Rental housing markets in major metropolitan areas of the Midwest region are balanced to tight, with rent increases reported in all major markets, continuing a year- long trend of strengthening conditions.

http://www.huduser.org/portal/periodicals/ushmc/winter11/USHMC_4q11_regional.pdf

(The linked document contains rental and housing stats for the entire nation)

Nov 13

A different way of municipalities interacting with property owners

In Washington  D.C. they have  The Housing Provider Ombudsman a information resource for small housing providers.

Blacklisting bad tenants

THE NAMES of 400,000 Australian renters have swelled national blacklists for crimes ranging from pouring concrete down toilets to stealing entire kitchens from properties. [Source]

Oct 23

I’ve spent most of the past 22 years as a director of the Apartment Association of Southeastern WI, yet I feel this is a question that must be asked often so that the Association continues to add value.

 

Continue reading »

Aug 09


A reader of the ApartmentAssoc Yahoo Group asks:

What is the size of Residential apartment industry in Southeast of Wisconsin?

It is pretty big. I haven’t gone through the work to assemble this data recently, but here is some older data. Assembling fresh data should be less today due to the amount of information you can find on the internet these days.

Ten years ago there were 25,000 rental owners in the City of Milwaukee and 31,000 if you included owner occupied duplexes and fours. Continue reading »


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