Construction employment returns to growth in May
The Job Openings and Labor Turnover (JOLT) report from the Bureau of Labor Statistics (BLS) said that the number of job openings in May was 8.14 million. This was reported to be up 221,000...
Multifamily property prices move higher in May
CoStar reported that its value-weighted index of multifamily property prices rose 1.4 percent month-over-month in May, the first rise after 8 straight months of declines. In addition, last month’s reported decline of 1.4 percent...
Multifamily construction spending trending lower in May
The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in May was down 0.02 percent from the revised level of the month before. Spending on...
Rents continue to trail last year’s levels
The latest rent report from Apartment List shows that the national median monthly rent growth in June was +0.4 percent. Year-over-year rent growth was -0.7 percent. Rents have now fallen on a year-over-year basis...
Professionally managed apartments report lower vacancies than the broader market
Professionally managed apartments report lower vacancies than the broader market, according to data from RealPage and the U.S. Census Bureau. Since 2010, the professionally managed segment of the multifamily industry has averaged five...
Will the CRREM rise to the top?
When I first heard the term “CRREM” I admit that I got excited because I thought it might be a type of filling for a fancy donut. Maybe I was just hoping. Setting my...
Major U.S. Supreme Court decisions coming down the track MAJOR UPDATE
June 28, 2024 Update: The Supreme Court in an unprecedented victory for multifamily and other businesses, has today reversed its 40-year-old decision in Chevron v. Natural Resource Defense Council. This law governed how courts...
Multifamily starts predicted to pick up in 2025
Fannie Mae’s May economic forecast calls for multifamily housing starts to reach their low point in Q2 2024 and then to rise, if unevenly, through the end of 2025. Single-family housing starts are expected to...
MSCI: Multifamily property prices fall in May
The latest commercial property price report from MSCI Real Capital Analytics said that multifamily property prices fell 1.0 percent in May from their level of the month before. This is more than last month’s...
SFR rent growth rate declines in April
CoreLogic reported that their single-family rent index (SFRI) for April rose 3.0 percent from its year-earlier level. This is down 0.4 percentage points from last month’s reported year-over-year rent growth rate and is down...
Multifamily housing construction stats lower across the board
The Census Bureau’s new residential construction report for May showed weakness in all areas of multifamily housing construction. Permits, starts, units under construction and completions were all down from April’s levels. Multifamily housing permits continue...
RealPage breaks silence in response to allegations of price fixing
RealPage breaks silence in response to allegations of price fixing levied by renters' groups and the U.S. Department of Justice, releasing a statement that tells "the real story." The statement is a response...
Composting considerations
Rolling out a composting program on a multifamily property is hard. It smells. It is super confusing. It is also not always delightful to talk about. I am going to make it worse. Let’s...
Builder confidence falls again as interest rates remain high
Mortgage rates that continue to hover in the 7% range along with elevated construction financing costs continue to put a damper on builder confidence. Builder confidence in the market for newly built single-family homes...
Growth in multifamily mortgages outstanding rises in Q1
The Mortgage Bankers Association (MBA) reported that growth in multifamily mortgage debt outstanding in Q1 2024 was up significantly from the revised level reported for Q4 2023. However, the growth in debt outstanding in...
