Multifamily mortgage originations fall in Q3
A report from the Mortgage Bankers’ Association (MBA) says that multifamily mortgage originations in Q3 2023 were down 16 percent quarter-over-quarter and were down 50 percent year-over-year. Originations of all commercial mortgages as a...
Multifamily employment higher in October
The Employment Situation Report from the Bureau of Labor Statistics stated that employment was up for the month in all 4 multifamily-related job categories we track. However, the prior month’s employment levels for all...
Rents fall for third straight month
The latest rent report from Apartment List shows that the national median monthly rent growth in October was -0.7 percent. Year-over-year rent growth was -1.2 percent. Apartment List reported the national median apartment rent to...
Developers expect further decline in apartment starts, survey suggests
Apartment developers expect a further decline in apartment starts over the next 12 months, after already falling more than 40 percent this year, suggests a chart from John Burns Research. The chart is based...
Multifamily construction spending up from last month’s report
The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in September was down 0.2 percent from the upwardly revised level of the month before. Spending...
September job openings reported higher
The Job Openings and Labor Turnover (JOLT) report from the Bureau of Labor Statistics (BLS) said that the number of job openings in September was 9.55 million. This was reported to be up 55,000...
Rental vacancy rate rises despite renter households up 52k
The Census Bureau released its quarterly report on home ownership and occupancy for Q3. It stated that the rental housing vacancy rate was 6.6 percent, up from a level of 6.3 percent in Q2...
White House supports adaptive reuse
The U.S. Department of Housing and Urban Development (HUD) and the Biden-Harris Administration announced new steps intended to bolster the nation’s housing supply and improve housing affordability. The White House released a guidebook, developed...
Multifamily mortgage borrowing slowdown expected
Total commercial and multifamily mortgage borrowing and lending is expected to fall to $442 billion this year, which is a 46 percent decline from 2022’s total of $816 billion. This is according to an...
Constitution crosses into digital world
The Supreme Court has been busy this year. Potentially adding to other notable recent decisions, the Supreme Court will hear cases involving property rights, arbitration clauses, copyright protection and whether social media platforms violate...
Multifamily property prices break string of declines
CoStar reported that its value-weighted index of multifamily property prices rose 1.3 percent month-over-month in September 2023, the first gain in 14 months. However, this index was still down 16.6 percent year-over-year. The value-weighted index...
RealPage compares markets by strength of lease-up absorption
Comparing markets by strength of apartment lease-up absorption sheds light on market-adjusted demand. Jay Parsons, RealPage SFV and chief economist, warned earlier this year that the glut of new apartment deliveries could result...
MSCI: Multifamily property prices lower again
The latest commercial property price report from MSCI Real Capital Analytics said that multifamily property prices in September were down 0.3 percent from their level of the month before and down 12.8 percent from...
Yardi Matrix reports student housing pre-leasing slowdown
Student housing pre-leasing slowed in the final weeks of summer and start of fall, according to the Yardi Matrix National Student Housing Report released October 19. Although the slowdown also impacted rent...
SFRI rent growth rate continues decline in August
CoreLogic reported that their single-family rent index (SFRI) for August rose 2.9 percent from its year-earlier level. This is down from the 3.1 percent year-over-year rent growth reported last month. The August report continues...
