Smaller Cities Winning Big in Rental Demand

first_img About Author: Mike Albanese  Print This Post Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Previous: Economy: Recovery From Great Recession ‘Largely Uneven’ Next: Survey: Default Rates Expected to Grow Home / Daily Dose / Smaller Cities Winning Big in Rental Demand The Week Ahead: Nearing the Forbearance Exit 2 days ago Smaller Cities Winning Big in Rental Demand Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save January 23, 2020 1,354 Views center_img The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Related Articles Tagged with: Affordability large cities rental demand in Daily Dose, Featured, News Data from Zumper found that smaller cities on the outskirts of larger metropolitan areas are experiencing rent growth as affordability issues linger across the nation. Oakland, California, saw a 62% increase in rental demand from 2018 to 2019, while San Francisco’s demand grew by 23%. The report states many renters are being priced out of San Francisco, with rental prices hovering around $3,500. Other satellite cities that saw larger rental demand as opposed to their larger neighbors were: Scottsdale, Arizona (62% compared to Phoenix’s 22%) and St. Paul, Minnesota (33% compared to Minneapolis’ 21%). Zumper states that Dallas and Minneapolis saw rents decline over the past year, falling 4% and 2%, respectively. Their respective satellite cities—Fort Worth, Texas; and St. Paul—both recorded growth of 4%. CoreLogic recently reported that single-family rent prices rose 3.1% annually, which is being propped up by low-end rentals with prices less than 75% of the regional average. Low-end rentals were up 3.6% year-over-year in October 2019.The increase in single-family rental prices was fueled by the low rental home inventory, but price growth has slowed since February 2016. High-end rental prices grew alongside low-end, up by 2.9% from October 2018.“Increases in low-end rent prices have outpaced those on the high end for more than five years as newly-formed households push up demand for entry-level rentals,” said Molly Boesel, Principal Economist at CoreLogic. “However, high-end rents gained momentum for the sixth consecutive month in October 2019, while low-end rates slowed for the first time in roughly five months–resulting in the narrowest gap in rent growth for these price tiers since 2014.”By region, Phoenix had the highest year-over-year increase in single-family rents in October 2019 at 6.8%. Following Phoenix, Seattle took the second-highest rent price growth in October 2019 with gains of 5.8% and 5.4%. Phoenix, alongside Seattle, had high year-over-year rent growth driven by annual employment growth of 2.6% and 2.9%.Phoenix and Seattle’s year-over-year rent growth was driven largely by annual employment growth of 2.6% and 2.9%, respectively, larger than the national average of 1.4%. Demand Propels Home Prices Upward 2 days ago Affordability large cities rental demand 2020-01-23 Mike Albanese Subscribelast_img read more

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Eni given notice of order following Goliat audit

first_imgNotice of orderThe PSA’s audit showed improvements in a number of areas on the Goliat FPSO compared with earlier conditions. Nevertheless, the PSA identified deficiencies in key elements related to managing risk and barriers.On that basis, Eni was given a notice of order. The company was told to draw up a realistic and binding plan for completing outstanding safety-critical work. That also includes completing the status of the technical condition of safety-critical barriers.The deadline for compliance with the order is March 1, 2019. The PSA must be informed when the order has been carried out.Eni was also asked to explain to the PSA how the other nonconformities will be dealt with by January 15, 2019. The PSA also requested the company’s assessment of the improvement point which was observed.Once a response has been received from Eni, the PSA will take the initiative to hold a meeting with the company to review and verify the various responses. The meeting will take place by February 20, 2019, at the latest. Norwegian offshore safety body, the Petroleum Safety Authority Norway (PSA), has given a notice of order to Eni Norge regarding risk and barrier management at the Goliat field offshore Norway. Goliat FPSO; Source: Eni NorgeThe PSA said on Tuesday that the notice of order was given to Eni following an audit of the company’s follow-up and management of electrical facilities on Goliat.Conducted from October 15-19, the audit aimed to follow up how Eni is complying with technical, operational, and organizational regulatory requirements for electrical facilities on the Goliat floating production, storage, and offloading (FPSO) vessel in the Barents Sea.It was a follow-up to an earlier audit of Eni covering electrical safety and responsibility for electrical facilities on Goliat, which led to a report on in late 2017, and an associated order. Audit resultsThe PSA said that the orders issued after earlier audits of the Goliat FPSO had an effect. Eni’s work on following up Ex-motors improved and the company pursued further improvements related to training and procedures for electrical discipline.The safety watchdog added that there were challenges with the way the company worked to take overall care of issues identified earlier.Faults and deficiencies are still be uncovered which, combined with the quantity of outstanding maintenance, presents challenges related to handling individual and overall risks on the FPSO.Also, during the audit, the company could not explain how far the combined consequences of the non-conformities influenced the overall risk picture onboard.In the opinion of the PSA, the amount of outstanding work related to the electrical and instrumentation disciplines is relatively large. Also, technical faults and deficiencies in key barrier elements, and in the follow-up of these in the SAP maintenance management system, were identified by the audit.“The PSA’s observations from this audit show that faults and deficiencies still exist which, until they are corrected, represent a source of uncertainty which makes a negative contribution to the risk picture for the Goliat FPSO,” the safety body said.Following the audit, the PSA held a meeting with Eni on November 14 where the company presented aspects related to its management of major accident risk and measures already initiated to correct the non-conformity related to fire dampers.The audit identified a total of 11 non-conformities regarding fire dampers, emergency shutdown system, emergency power – uninterruptible power supply, emergency lighting, safety systems, monitoring and control, electrical installations, training, organisation and operating procedures, maintenance of safety critical equipment and functions, evacuation from rooms containing high-voltage installations, handling non-conformities, and risk and barrier management.An improvement point was also identified related to the availability of power in the emergency sick bay.last_img read more

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