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...
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...
Strong rise in employment in March
The Employment Situation Report from the Bureau of Labor Statistics stated that March employment levels all 4 of the multifamily-related job categories we track rose from the preliminary levels reported last month. Blowout month for...
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,...
The tech it is a changin
I do not particularly care for the movie “Pretty Woman”, but I do think it provides an important frame of reference. Specifically, there is a scene in which one rich character uses a cell...
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 CMBS delinquency rate slightly higher in March
Trepp reported that delinquency rate for multifamily commercial mortgage-backed securities (CMBS) loans rose slightly in March, increasing 3 basis points. Overall CBMS delinquency rate declines For delinquencies, Trepp focuses on loans that are 30 or more...
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...
Construction job openings at near record high in February
The Job Openings and Labor Turnover (JOLT) report from the Bureau of Labor Statistics (BLS) said that the number of job openings in February was 8.76 million. This was reported to be down 8,000...
Multifamily construction spending continues decline in February
The Census Bureau’s report on construction spending said that multifamily residential construction spending in February was down 0.16 percent from the revised level of the month before. Single-family residential construction spending was reported to...
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...
New study from RealPage reveals portfolio-wide gap in leasing fraud protections
RealPage released its 2024 National Multifamily Fraud Research Study: Uncovering the Impact of Rental Application Fraud in Multifamily this month. The study reveals portfolio-wide gaps in leasing fraud protection, with 75 percent...
Shining a light on sustainability
“You cannot manage what you do not measure.” –Peter F. Drucker. I cannot tell you the number of times I have seen or heard that quote applied to the importance of benchmarking for sustainability. If...
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...
Renting cheaper than buying in top metros
A new report from Realtor.com finds that renting a starter home is less expensive than buying one in all 50 of the largest metros in the United States, sometimes by a wide margin. Assessing rents...
