|| Print ||
|Articles - September 2013|
|Monday, August 19, 2013|
BY PAIGE FRANK
Safety in single family. Terry Shockley had a good thing going with his Eugene-based Property Management Concepts for 18 years, building it by 2007 into a seven-employee operation managing 500 single-family homes and duplexes with 2,000 beds. With the University of Oregon in his front yard, the former fast-food franchisee and real estate agency principal had opted not to wrangle student apartment renters. Eugene is the original Animal House town, after all, and who wants to get mixed up with less-than-conscientious tenants?
A reluctant risk. At the request of two property owners, Shockley in 2007 agreed to test out the student-rental waters. Housing near the university looked dated to the influx of out-of-state students driving the university’s nearly 20% enrollment growth from 2007 to 2011. Investors began tearing down single-family rentals near campus and replacing them with snazzy apartment buildings, and students on Mom and Dad’s tab snapped them up.
“A lot of our students, they’re living on a lifestyle of $50,000 a year,” Shockley says. “There’s a sense of entitlement. We’re learning how to deal with that.” One tactic: expanding his two-page rental agreement to 21 rule-laden pages. “I would say at least 90%, probably more, of our students are wonderful,” Shockley says. “They’re not destructive.”
Shockley’s move immediately paid off. Year-over-year revenues increased 20% in 2008, 29% in 2010 and 38% in both 2011 and 2012. Today Shockley manages 3,000 single-family and duplex beds and 3,000 student-housing beds, tripling the size of his office to 17 full-time and four part-time workers.
Won’t stop believing. A shortage of classroom space is depressing the UO’s once manic enrollment growth, which inched up by less than 1% to 24,591 students last year. National student housing developers have built or will build big projects that would flood campus and downtown neighborhoods with about 2,800 beds. Some of Shockley’s property owners, accustomed to vacancy factors of less than half a percent, were shaken by last fall’s 4% rates.
Shockley remains a convert. He’s encouraged by the big developers’ presence and predicts his owners’ studio, one- and two-bedroom apartment buildings will remain popular with upperclassmen and graduate students who’ve tired of sharing space with roommates in three- and four-bedroom megacomplexes. Shockley expects that the Oregon Legislature’s vote to give the UO and Portland State University their own governing boards will usher in classroom construction and spur another enrollment boom. Preleasing is strong going into fall, he says: “That 10-year picture looks remarkably good.”
Turns out catering to the college crowd can be a good business strategy — at least in a college town.
Wednesday, November 11, 2015
BY LINDA BAKER
“What we’ve seen traditionally over the past few decades is a reduction of short line railroads. This is a rare opportunity to see a line being opened.”
Friday, October 02, 2015
BY KIM MOORE
Our intrepid (and expecting) research editor finds the child care search involves long waiting lists, costly fees and no certainty of securing a place before she goes back to work.
Wednesday, October 28, 2015
BY DAN COOK
The artisan generation redefines manufacturing.
Tuesday, November 17, 2015
BY LINDA BAKER
The past month has been marked by upheaval in the health insurance markets. I also check in on clients of the Export-Import bank, a federal credit agency that subsidizes, and insures, foreign exports.
Thursday, November 05, 2015
BY LINDA BAKER
Gov. Kate Brown delivered the keynote speech at the Associated Oregon Industries annual policy forum yesterday. Speaking to a Republican-aligned audience of about 100 business and public policy leaders, the governor was out of her comfort zone.
Thursday, October 01, 2015
PHOTOS BY JASON E. KAPLAN
Images from the big 2015 celebration of worker-friendly organizations that make a difference.
Wednesday, October 28, 2015
BY APRIL STREETER
The world's second-largest wind energy project yields costs and benefits for a sheep-farming family in Eastern Oregon.
|The Love Boat|
|The Food Pod Grows Up|
|Tinker, Tailor, Portland Maker|
|The High Road|
|The Shift to Community Health Care|
|The Harder They Fall|
|Another chapter to the Bezos/Musk space race story|
|Thanksgiving travel: Fuel costs low, terrorism anxiety high|
|Costco chicken salad linked to E. coli case in Washington|
|Nestle comes clean about benefitting from slave labor|
|Enormous drugmaker emerges from Pfizer, Allergan deal|
|Startups joining lobbying game|
|Merchants complain as Square goes public|
Economic diversity has proven a smart strategy for the Port of Hood River. How can other Oregon communities replicate the model?
Phone, Internet needs of small community school districts earn attention of top-five telecom provider.
Farmland LP grows its vision for organic farming in Oregon.
The Salem Convention Center has capped its tenth anniversary year by earning the prestigious “Best of the Best 2015” award from NW Meetings & Events magazine. Selected as the Best Convention/Conference Venue in Oregon by meeting and event planners from Alaska, British Columbia, Idaho, Oregon and Washington, the Salem Convention Center ranked above the Oregon Convention Center and the Portland Art Museum.
The Oregon Cooperative Hall of Fame honors individuals for their outstanding contributions to the successful building and operation of Oregon agricultural cooperatives.
Health insurer reports $10.2 million in net income after taxes through the first nine months of 2015.