Mixed month for multifamily housing construction
The Census Bureau’s new residential construction report for April showed multifamily permits were lower, starts rebounded higher and completions remained about the same. Note that, with this report, the Census Bureau has revised its seasonal...
CBRE: multifamily investment volumes decline in Q1
A recent report by CBRE examines the state of commercial real estate finance in Q1. While the report considers investment in several commercial property types, this summary focuses on change in investment volumes for...
Builder confidence falls in May on higher interest rates
With mortgage rates averaging above 7% for the past four weeks per data from Freddie Mac, builder sentiment posted its first decline since November 2023. Builder confidence in the market for newly built single-family homes...
Construction materials prices rise in April
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 April on a seasonally adjusted basis. In addition, the change...
Q1 multifamily mortgage originations down from last year
A report from the Mortgage Bankers’ Association (MBA) says that originations of multifamily mortgages in Q1 2024 were down 7 percent year-over-year. Originations of all commercial mortgages as a single asset class fell 23...
Yardi Matrix special report reveals a tale of two markets
Yardi Matrix released an update to its most recent multifamily rent forecast. The special report reveals that when it comes to rent growth and supply, the multifamily sector is a tale of...
Let’s talk about sewer
When Salt-N-Pepa’s song “Let’s talk about sex” came out in August of 1991, I thought it was important. I am not certain that they are related but, within 24 months, the Japanese book, “Everyone...
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...
