Multifamily construction spending in decline
The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in April was down 0.30 percent from the revised level of the month before. Spending on...
Multifamily CMBS delinquency rate edges higher in May
Trepp reported that delinquency rate for multifamily commercial mortgage-backed securities (CMBS) loans rose slightly in May, climbing 10 basis points. Overall CBMS delinquency rate also down slightly For delinquencies, Trepp focuses on loans that are 30...
Construction employment falls as quits rise
The Job Openings and Labor Turnover (JOLT) report from the Bureau of Labor Statistics (BLS) said that, despite higher construction job openings, April saw a net loss of 8,000 construction jobs as quits jumped...
Apartment renters signing longer leases than ever
Higher than average demand in the first half of 2024 failed to keep pace with the unprecedented supply that delivered during the same period, according to RealPage Analytics. With national apartment supply...
SFR rent growth rate edges higher in March
CoreLogic reported that their single-family rent index (SFRI) for March rose 3.4 percent from its year-earlier level. This matches last month’s reported year-over-year rent growth but is down from the 4.3 percent annual rent...
As irrigation season arrives, adapt to the weather
As we cruise into summer, we anticipate it being warm, hot, or perhaps even stupid hot, depending on where you live in the country. Regardless, summer means that we tend to increase our irrigation...
Despite growth, rents trail last year
The latest rent report from Apartment List shows that the national median monthly rent growth in May was +0.5 percent. However, year-over-year rent growth was -0.8 percent. Rents have now fallen on a year-over-year...
MSCI: Multifamily property price drops moderate
The latest commercial property price report from MSCI Real Capital Analytics said that multifamily property prices in April fell 0.3 percent from their level of the month before. This is less than last month’s...
Multifamily’s prime leasing season altered by pandemic
Multifamily property management has entered its historical leasing season, which runs from May through September with July and August typically seeing the most volume. But according to a write-up in RealPage Analytic's...
Finding the low-hanging fruit of efficiency retrofits
I get asked a lot what are the top opportunities for efficiency retrofits. I never answer that question because there are always SO MANY opportunities for retrofit. Let’s face it, we are only limited...
The Fed looks at how we are doing
The Federal Reserve Board (Fed) recently released the results of its 2023 survey of the financial well-being of U.S. households. The report contains insights on how renter households were faring in late 2023. Survey background The...
Forecast: multifamily starts lower as interest rates to remain high
Fannie Mae’s May economic forecast calls for multifamily housing starts to decline through the end of 2024 before slowly recovering in 2025 despite persistently high interest rates. Single-family housing starts are expected to rise...
Where the jobs are going
The Bureau of Labor Statistics (BLS) recently released their State Employment and Unemployment Survey for April. The report provides figures on total employment for each of the states plus the District of Columbia. It...
Completions outpace new starts by widest levels in decades
Multifamily analysts predict supply will continue to exceed demand this year, keeping vacancy elevated and putting downward pressure on rents. So far in 2024, U.S. multifamily completions are outpacing new starts at...
Finding value in green building designations
On January 11, 1964, U.S. Surgeon General Luther Terry issued a report that linked smoking cigarettes with developing lung cancer. We then debated into the 1970’s if smoking was bad for people. As someone...
