Positive rent growth reported in April
Yardi Matrix reported that national average apartment rent was up $6 in April compared to the revised level of the month before at $1,725 per month. The national average year-over-year apartment asking rent growth...
HUD provides guidance on use of AI in acquiring residents
In October 2023, President Biden issued an executive order on the safe development and use of artificial intelligence (AI). It directed the HUD secretary to issue guidance on the use of AI in resident...
Multifamily CMBS delinquency rate falls despite overall delinquency rise
Trepp reported that delinquency rate for multifamily commercial mortgage-backed securities (CMBS) loans fell in April, declining 51 basis points.
Overall CBMS delinquency rate higher
For delinquencies, Trepp focuses on loans that are 30 or more days...
Employment growth slows in April
The Employment Situation Report from the Bureau of Labor Statistics stated that April employment levels in 3 of the 4 multifamily-related job categories we track rose from the preliminary levels reported last month despite...
Unprecedented supply dampens favorable demand trends, says RealPage
Unprecedented apartment supply is dampening favorable demand trends, according to RealPage Analytics. Many owners report lease-up demand does not feel strong at the property level, despite positive demand.
Year-over-year national apartment demand tripled...
Where the water goes
People have said to me, “we cannot control our property’s water consumption because we cannot affect what the residents do in their units.” Oh, really? According to EPA’s WaterSense program, 26.7% of all indoor water...
Multifamily construction spending trends lower
The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in March was down 0.61 percent from the revised level of the month before. Spending on...
Construction jobs market cools in March
The Job Openings and Labor Turnover (JOLT) report from the Bureau of Labor Statistics (BLS) said that the number of job openings in March was 8.49 million. This was reported to be down 325,000...
Renter households on the rise
The Census Bureau released its quarterly report on home ownership and occupancy for Q1 2024. It stated that the rental housing vacancy rate was 6.6 percent, unchanged from its level in the last two...
Multifamily property prices down again in March
CoStar reported that its value-weighted index of multifamily property prices fell 1.0 percent month-over-month in March, the seventh decline in a row. This index was down 11.0 percent year-over-year.
The value-weighted index of non-multifamily commercial...
Class A apartments in high-supply markets outpace Class B on year-over-year rent growth
Although it might defy conventional wisdom, Class A apartments in high-supply markets are outperforming upper tier Class B assets on year-over-year rent growth, according to RealPage Analytics. New apartment supply is at...
The sun will heat it
As I have shared before, I grew up in a rural part of California in a farmhouse built in 1913 which was surrounded by 1.5 acres of grapes, oranges, walnuts, and various farm structures....
Studying commercial to residential conversions
The Multifamily Economic and Market Commentary for April from Fannie Mae focused on the conversion of commercial property to residential uses. It looked at different approaches and discussed the factors that may dictate the...
Fannie Mae sees lower multifamily starts as inflation persists
Fannie Mae’s April economic forecast calls for multifamily housing starts to decline modestly through the end of 2025. Single-family housing starts are expected to rise but at a lower rate than predicted last month.
Fannie...
MSCI: Multifamily property prices continue to fall
The latest commercial property price report from MSCI Real Capital Analytics said that multifamily property prices in March fell 0.9 percent from their level of the month before. This is down slightly from last...
