California rent control update
A measure which would expand the number of properties in California which could be subject to rent control is working its way through the State Senate. The bill, SB-466, would allow local jurisdictions to...
Construction materials prices unchanged in April
The April producer price index (PPI) report from the Bureau of Labor Statistics (BLS) stated that construction materials prices were unchanged for the month, seasonally adjusted. The index of components and materials for construction...
HUD strengthens standards and aligns inspection regulations for HUD assisted housing
The U.S. Department of Housing and Urban Development (HUD) published the Final Rule for the National Standards for the Physical Inspection of Real Estate (NSPIRE) in the Federal Register. The rule proposes a new...
Multifamily CMBS delinquencies improve in April
Two reports from Trepp show small improvements in the multifamily CMBS market with declines in both the CMBS delinquency rate and the special servicing rate.
CBMS delinquency rate unchanged overall
One monthly Trepp report focuses on...
Multifamily mortgage originations down in Q1
A report from the Mortgage Bankers’ Association (MBA) says that multifamily mortgage originations in Q1 2023 were down 55 percent on a year-over-year basis. Commercial mortgage originations overall fell 56 percent.
Commercial mortgage originations down...
Rent growth rises in April
Yardi Matrix reported that national average apartment rent increased $5 in April to $1,709 per month. This is the largest monthly rent increase reported by Yardi Matrix since last July and indicates that a...
Mixed employment picture in April
The Employment Situation Report from the Bureau of Labor Statistics stated that apartment operations employment fell slightly while residential construction employment rose overall in the latest month.
Total employment continues to grow
The Bureau of Labor...
Census reports rising vacancies in Q1
The Census Bureau released its quarterly report on home ownership and occupancy for Q4 2022. It stated that the rental housing vacancy rate was 6.4 percent, up from a level of 5.8 percent in...
JOLT data reflect weakening jobs market
The Job Openings and Labor Turnover (JOLT) report from the Bureau of Labor Statistics (BLS) said that the number of job openings in March was 9.59 million, down 384,000 openings from last month’s revised...
Multifamily fundamentals begin to stabilize
The U.S. multifamily sector is beginning to stabilize as vacancy rate expansion and negative absorption ease—trends that are expected to continue in 2023, according to CBRE’s latest research.
The overall multifamily vacancy rate increased by...
First Republic takeover deals yet another blow to Bay Area real estate
The takeover of First Republic by JPMorgan Chase adds another complication to a local real estate market already hampered by high interest rates, difficulties in financing and low occupancy.
And for Bay Area real estate...
Slow rise in multifamily construction spending in March
The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in March was up 0.4 percent month-over-month. Spending on single-family fell for the 11th month in...
Multifamily property prices up on higher sales volume
CoStar reported that its value-weighted index of multifamily property prices fell 7.2 percent year-over-year in March 2023. However, this index was up 1.4 percent month-over-month, the first monthly rise after a string of 8...
April rent growth lags prior years
The latest rent report from Apartment List shows that the national average monthly rent growth in April was a positive 0.5 percent, down 0.1 percentage point from last month’s increase. It was the third...
Trepp examines refinance risk
A recent report from Trepp looked at the amount of securitized debt on multifamily property that is expected to come due over the next 2 years and estimated that 42 percent of that debt...
