Regional Apartment Association Removes Executive Director
The Apartment Association, California Southern Cities (AACSC), has removed Johanna Cunningham from the position of executive director and is seeking a replacement, according to Board of Director Vice President Gary DeLong. Senior staff will handle day-to-day operations, DeLong explained, adding that Board President Michael Pollack would step in when additional authority is needed in the interim.
“Due to the recent local rent control effort, as well as efforts at the state level to repeal Costa Hawkins legislation, the AACSC felt it was necessary to make some organizational changes to ensure that we are prepared for the battles that are clearly headed our way,” DeLong stated today in an e-mail response to a Business Journal question. “We will be using an executive search firm to obtain the necessary skill set to meet these oncoming challenges, as well as perform an operational assessment of the organization to see what systemic changes might be needed to improve our effectiveness and become a model for other apartment associations to emulate. We anticipate achieving these goals over the next 90 days. We have a very competent staff at AACSC and expect smooth operations on a continuing basis.”
Tax Credit Applications Available
The second application period is open for businesses to apply for the California Competes Tax Credit, the Governor’s Office of Business and Economic Development (GO-Biz) announced. The tax credit is available for businesses that want to relocate to, or stay and grow in, California. If local businesses hope to apply, the application deadline is August 20. Webinars regarding the tax credit are available through GO-Biz on August 8 at 2 p.m. and August 13 at 9 p.m.
Average Multi-Family Rent Reaches All-Time High
The average United States multi-family rent hit an all-time high of $1,409 in July, according to commercial real estate data firm Yardi Matrix’s recent survey of 127 markets. The report states that year-over-year rent growth in all classes within the Los Angeles Metropolitan Area was 4%, while the national average was 2.8%. The forecasted rent growth for 2018 is 4.3%. The occupancy rate in the L.A. metro area decreased from 96.9% in June 2017 to 96.6% in June of this year, according to the report.