Rent growth blooms in spring
The latest rent report from Apartment List shows that the national median monthly rent growth in March was +0.59 percent. Rents have now risen for 2 months in a row. However, year-over-year rent growth...
Multifamily CMBS special servicing rate rises in February
Trepp reported that special servicing rate for multifamily commercial mortgage-backed securities (CMBS) loans resumed its upward trend in February, rising 9 basis points. The overall CMBS special servicing rate on commercial property rose 45...
St Paul looks to revise its rent control ordinance
In November 2021, voters in St. Paul, Minnesota passed one of the most stringent rent control measures in the country. The St. Paul city council recently announced plans to revise it yet again.
Toning it...
MBA: commercial mortgage delinquency rates on the rise
A recent report from the Mortgage Bankers’ Association (MBA) states that commercial and multifamily mortgage delinquency rates have been rising for the last two years. For some categories of lenders, delinquency rates are now...
A change of scope
When I was in High School, I was a huge dork. I never ditched a class, and I turned in every assignment, even the extra (optional) ones. The people who were willing to be...
Rising cost of insurance continues to challenge multifamily operations
Two surveys published this month, one national from the National Multifamily Housing Council (NMHC) and the other regional from the Federal Reserve Bank of Minneapolis, highlight how the rising cost of insurance...
Fed keeps interest rate trajectory unchanged
The economic projections released by the Federal Open Market Committee (FOMC) after this week’s meeting indicate that they expect the interest rate trajectory to be the same as they projected with the last release...
GSEs dominate growth in multifamily mortgage debt in Q4
The Mortgage Bankers Association (MBA) reported that multifamily mortgage debt outstanding rose by $38.88 billion in Q4 from the revised level of the quarter before. Total multifamily debt reached a level of $2.157 trillion....
Multifamily starts rise as completions fall
The Census Bureau’s report on new residential construction stated that multifamily permits fell, multifamily starts rose and multifamily completions plunged. It also reported rising single family construction activity with increases in both starts and...
Higher construction materials prices coming
The producer price index (PPI) report from the Bureau of Labor Statistics (BLS) stated that construction materials prices rose 0.1 percent month-over-month in February on a seasonally adjusted basis. The index of components and...
Rising credit card debt signals challenges ahead for multifamily
Increasing household debt and delinquencies signals challenges ahead for multifamily owners, operators, and renters. Rising credit card debt and high credit-card interest rates make it difficult for renters to make ends meet,...
Does daylight savings save?
When I was in California, I had a famous quote by Albert Einstein on a sign by my door: “Energy cannot be created or destroyed.”
And underneath it in wiggly handwriting I wrote “But it...
EPA to revise WOTUS rule
EPA, along with the U.S. Army Corps of Engineers, announced new guidance on what qualifies as “waters of the United States” (WOTUS) in light of the Supreme Court’s Sackett decision. The agencies also announced...
NAHB honors the best in multifamily and SFR
Since 1990, the National Association of Homebuilders (NAHB) has sponsored the Pillars of the Industry Awards to recognize excellence in apartment and condominium design and development and superior property management and marketing. The Pillars Awards have...
Sharp rise in real estate job openings as leasing season approaches
The Job Openings and Labor Turnover (JOLT) report from the Bureau of Labor Statistics (BLS) said that the number of job openings in January was 7.74 million. Job openings in both construction and in...
