Uncertain economic conditions continue to impact multifamily businesses
The June edition of the NMHC Quarterly Survey of Apartment Construction & Development Activity found that multifamily development and construction firms continue to face headwinds. The rising cost of capital, coupled with a slowing...
Costa Mesa adds housing through rehabs
As part of a statewide initiative to remediate its housing shortage, the state of California has mandated that the city of Costa Mesa zone for 11,760 new units of housing by 2029. To this...
FHA increases multifamily large loan processing limit
The Federal Housing Administration (FHA) published a Mortgagee Letter on June 28 that increased the threshold at which a Multifamily loan is considered a Large Loan from $75 million to $120 million. This was...
Multifamily at mid-year
Yardi Matrix released its Summer 2023 U.S. Multifamily Outlook report. It examines the multifamily housing business by looking at 4 factors driving it: the economy, rents, new supply and capital markets. Economy The economy has been...
New research from Assurant finds renters value tech support and connected living options
New research from Assurant, Inc., a leading global business services company that supports, protects and connects major consumer purchases, reveals that the average renter believes offering tech support, as well as connected home ecosystems,...
Fannie Mae forecasts later downturn
Fannie Mae’s June economic and housing forecast predicts that the expected economic downturn will occur slightly later than did other recent forecasts. It also predicts a higher level of multifamily starts in 2023 but...
NMHC statement on today’s meeting with the Homes Guarantee Campaign
Today, NMHC met with representatives from the Homes Guarantee Campaign to learn more about their priorities and personal stories. While the meeting was unscheduled, the discussion confirmed our mutual desire to see an increase...
New home sales jump in May
A lack of existing inventory coupled with solid consumer demand helped to boost new home sales in May to their highest level since February 2022. Sales of newly built, single-family homes in May increased 12.2...
Multifamily property prices down again in May
The latest commercial property price report from MSCI Real Capital Analytics said that multifamily property prices in May fell 0.9 percent from their level of the month before and fell 12.5 percent from their...
Renting cheaper in majority of largest U.S. cities
The average monthly mortgage costs 25 percent more on average than renting across the nation’s 50 most populous cities with just four exceptions: Detroit, Philadelphia, Cleveland and Houston. Of these cities, in Detroit it...
Home foreclosure starts continue to climb, up 5 percent y/y
Inflation continues to wreak havoc on the American economy according to one important indicator: foreclosures. Foreclosures are rising across the country. Foreclosure data is compiled into categories: Foreclosure starts and completed foreclosures. Entering and moving...
NAHB Publication offers inside look into the financial records of remodelers
Remodelers now have a unique opportunity to see how their business stacks up against the competition with a new publication from the National Association of Home Builders (NAHB). NAHB’s publishing arm, BuilderBooks, recently released...
SFR rent growth rate decline continues
CoreLogic reported that their single-family rent index (SFRI) for April rose 3.7 percent from its year-earlier level. This is down from the 4.3 percent SFR rent growth reported last month. It also marks 12...
Rents fall for first time since 2008
After three years of double-digit increases, apartment rents declined in May for the first time in 15 years according to Rent.com. Now in the ninth month of deceleration, with rent growth averaging less than...
Multifamily construction has a great month
The Census Bureau’s new residential construction report for May stated that the number of multifamily permits issued, starts and unit completions were all up for the month, starts significantly so. Starts again outpaced completions...
