Annual rent growth rate falls as rents decline
Yardi Matrix reported that the national average year=over-year apartment rent growth in August was $10, bringing the average rent to $1,718 per month. However, rents fell in August from the revised level of the...
NMHC names Sharon Wilson Géno president
The National Multifamily Housing Council (NMHC) named Sharon Wilson Géno, a 30-year veteran of the housing industry, as the organization’s President-Elect effective October 11. Wilson Géno will assume the role of President from Doug...
CoStar reports multifamily property prices fall in July
CoStar reported that its value-weighted index of multifamily property prices increased 17.7 percent year-over-year in July 2022. The index fell 1.1 percent month-over-month. The combined value-weighted index of non-multifamily commercial property rose by 6.0 percent,...
Shift in single-family home building toward smaller markets continues
New findings from the National Association of Home Builders (NAHB) Home Building Geography Index (HBGI) show a shift in home building activity over the past 30 months, with notable slowing in large, metro urban...
Mixed employment report in August
The latest Employment Situation Report from the Bureau of Labor Statistics said that employment in residential construction jobs was higher than in the prior month but that employment in apartment operations jobs fell. Overall jobs...
Residential construction spending down in July
The Census Bureau’s report on construction spending shows that the value of residential construction put in place in July was down 1.5 percent from the revised (+1.2 percent) level of the month before. Residential...
Blackstone suspends 38 metros in downturn
Home Partners of America (HPA), a single-family rental (SFR) business, will stop all property acquisitions in Boise, Reno, Spokane, Fresno, Memphis and 33 other geographic areas due to the market downturn in the single-family...
CBRE looks at cap rate trends
CBRE released its semiannual cap rate survey for H1 2022. It found that investors expect cap rates to expand in light of rising interest rates. Survey participants also expect lending standards to tighten in...
Rent growth rate trending lower
The latest rent report from Apartment List shows that the national average rent growth rate fell in August. Rent growth was 0.5 percent month-over-month and 10.0 percent year-over-year. These rates are down from the...
Job openings rebound in July
The Job Openings and Labor Turnover (JOLT) report from the Bureau of Labor Statistics (BLS) said that the number of job openings rose in July from last month’s level. This is on top of...
Multifamily property prices rise at high but declining rate
The latest commercial property price report from MSCI (formerly Real Capital Analytics) said that multifamily property prices rose 20.9 percent year-over-year in July and that they rose 0.9 percent from the month before. Both...
Trepp sees NOI growth under pressure
A report from Trepp examined the operational and loan performance of multifamily properties in 19 Metropolitan Statistical Areas (MSAs) and found that year-over-year expense growth outpaced revenue growth in 15 of the MSAs in...
Investor share of single-family home purchases down in Q2
A new report from CoreLogic notes that the share of single-family homes purchased by investors fell from a high of 28 percent in February 2022 to 20 percent in June. While this is a...
Multifamily mortgage originations outperform in Q2
A report from the Mortgage Bankers’ Association (MBA) says that originations of multifamily mortgages in Q2 were up 24 percent on a year-over-year basis, outpacing the 19 percent rise in commercial/multifamily mortgages generally. Tracking multifamily...
Fannie Mae revises GDP growth forecast lower again
Fannie Mae’s August economic and housing forecasts predict a recession in early 2023. The economic slowdown is expected to bring inflation under control by late 2023 but at the cost of reducing employment and...
