Tuesday, April 23, 2024

Apartment watch

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

rent growth blooms in spring NYC

Rent growth blooms in spring

Yardi Matrix reported that national average apartment rent was up $8 in March compared to the level of the month before at $1,721 per month. The national average year-over-year apartment asking rent growth was...
apartment construction

March is a down month for multifamily housing construction

The Census Bureau’s new residential construction report for March showed multifamily permits were flat for the month, and that was the relative bright spot. Both multifamily unit starts and completions were sharply lower. The report...
HUD sets new Section 8 income rule

New Section 8 income rule would cap rent growth for LIHTC properties

On January 9, HUD proposed changes to how they calculate Section 8 income limits. The summary of the change as posted on the Regulations.gov website read in part: “The United States Housing Act of...
multifamily property prices decline again

Multifamily property price slide continues

CoStar reported that its value-weighted index of multifamily property prices fell 1.4 percent month-over-month in February 2024, the sixth decline in a row and the 17th decline in the last 19 months. This index...
homebuilder sentiment is positive

Builder sentiment unchanged in April

Builder sentiment was flat in April as mortgage rates remained close to 7% over the past month and the latest inflation data failed to show improvement during the first quarter of 2024.   Builder confidence in...
jerome Powell leads discussion of Fed Funds rate changes

Fed raises rate forecast for 2025

Federal Open Market Committee (FOMC) met this week and decided to keep the Fed Funds rate unchanged. However, the Federal Reserve’s updated forecasts for key economic metrics projected that interest rates after 2024 will...
Mary celebrates Earth Day with Richard Nixon

Remembering Earth Day

I know, when people think of U.S. presidents who made significant impacts on the environment, we think of Teddy Roosevelt and the founding of National Parks. We think of Jimmy Carter expanding the national...

Insurance costs lead the rise in multifamily expenses

Insurance costs are leading the rise in multifamily expenses, which abated somewhat in the second half of 2023, but still remain high, while increases in property insurance premiums accelerated throughout the year,...
construction materials prices for steel jump

Construction materials prices reported lower in March

The producer price index (PPI) report from the Bureau of Labor Statistics (BLS) stated that construction materials prices were down 0.1 percent month-over-month in March on a seasonally adjusted basis. The index of components...
falling multifamily property prices and commercial property prices

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...
senior housing

Senior housing occupancy recovery continues in Q1

An NIC MAP Vision summary report shows that senior housing occupancy rose in Q1 while its year-over-year rent growth rate fell. Segmenting the market The senior housing market is divided into several sub-markets. NIC MAP Vision...
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...
NMHC top 50

NMHC 50 recognizes industry’s top firms

The National Multifamily Housing Council (NMHC) released their 2024 list of the largest firms in the US multifamily housing industry. The firms are ranked by units in buildings with 5 or more units. The...

YieldPro interviews Trepp Research Director Stephen Buschbom

On April 4, YieldPro editors asked Trepp, Inc. Research Director Stephen Buschbom to share his company's latest analysis of the multifamily sector. Trepp is a data and analytics provider for structured finance,...
positive rent growth in March

Rent growth again positive in March

The latest rent report from Apartment List shows that the national median monthly rent growth in March was +0.6 percent, the second consecutive gain after several months of declines. Year-over-year rent growth was -0.8...
Yield PRO