Monday, March 18, 2024

Apartment watch

Things to watch, what to know, in your apartment operation

Mary likes commercial conversions

The opportunity in commercial conversions

When I first started in multifamily, I heard an acronym that I admit I had to look up: NIMBY. Not In My Back Yard. As I learned from many conversations with developers, there is...
lumber prices lead construction materials prices higher

Lumber prices lead construction materials prices higher in February

The producer price index (PPI) report from the Bureau of Labor Statistics (BLS) stated that construction materials prices were up 0.3 percent month-over-month in February on a seasonally adjusted basis. The index of components...

Multifamily distress logs largest increase in 18 months

The multifamily distress anticipated last year is finally starting to materialize. Although multifamily loan defaults remain relatively low, the multifamily distress rate rose as lenders push maturities forward, wrote Yardi Matrix in...
NYC leads in year-over-year rent growth

Rent growth inches higher in February

Yardi Matrix reported that national average apartment rent was up $1 in February compared to the revised level of the month before at $1,713 per month. The national average year-over-year apartment asking rent growth was...
property management jobs grow

Property management jobs grow as construction jobs stall in February

The Employment Situation Report for February from the Bureau of Labor Statistics stated that employment in property management rose while residential construction employment fell fractionally compared to the revised levels of the month before. Overall...
consider the emotional benefits of lighting

Consider the emotional benefits of lighting

Have you ever walked down the freezer aisle of a store and found that the cases look a little dark? Then, as you approach, the insides light up. I personally love that! It makes...
Zillow group makes rental listings agreement with Realtor.com

Realtor.com and Zillow ink new rental listings syndication agreement

Realtor.com® and Zillow announced a new agreement for Zillow to be the exclusive provider of multifamily rental listings on Realtor.com, generating additional exposure for listings to millions of renters. As part of the new agreement,...
increasing housing supply leads to improved housing affordability

NMHC responds to Biden’s SOU remarks on housing supply

NMHC urges lawmakers at all levels of government to enact policies and programs that will expand housing supply, which experts agree is the solution to broadening housing opportunity and making housing more affordable. We...
job openings

Three-bedroom units lose some luster as occupancy returns to pre-pandemic norms

The multifamily arena is finally returning to pre-pandemic norms and so are renter preferences for unit types. Three-bedroom units, which saw the greatest increases in occupancy during COVID, have settled back to...
Job openings, quits and hiring lead to employment gains

Employment rises despite lower job openings

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 8.86 million. This was reported to be down 26,000...
declining quality of multifamily CMBS loans

Multifamily CMBS delinquency rate lower in February

Trepp reported that delinquency rate for multifamily commercial mortgage-backed securities (CMBS) loans declined slightly in February, falling 10 basis points. Overall CBMS delinquency rate declines For delinquencies, Trepp focuses on loans that are 30 or more...
multifamily property prices decline

Multifamily property price slide accelerates

CoStar reported that its value-weighted index of multifamily property prices fell 1.4 percent month-over-month in January 2024, the fifth decline in a row and the 16th decline in the last 18 months. This index...
new multifamily residential construction

Lower multifamily construction spending in January

The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in January was down 0.4 percent from the revised level of the month before. Spending on...
multifamily housing construction

Building more luxury apartments lowers rent for all classes

One of ten unintended consequences of rent control, according to the National Apartment Association, is that it reduces developers’ incentives to build new rental housing. Rent control has proven to backfire on...
Mary calls for use of whole building data

What will whole building data reveal?

“Don’t be upset by the results you didn’t get for the work you didn’t do.” --Unknown On January 25, 2024, HUD, the DOE and EPA joined forces in a superhero mashup to sign a joint...
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