Let’s talk about my favorite “F” word…. Free (Sort of)
I am not much for wearing makeup because I cannot stop rubbing my face. Typically, any applied eye makeup ends up on my check, neck, sleeves, and on any furniture I happen to encounter....
SFR rent growth returns to pre-pandemic levels
CoreLogic reported that their single-family rent index (SFRI) for September rose 2.6 percent from its year-earlier level. This is down from the 2.9 percent year-over-year rent growth reported last month. September marks 17 months...
GDP downturn still expected, but later
Fannie Mae’s November economic and housing forecast still predicts that GDP growth will turn negative, but not until later than in their prior forecasts. With the November forecast, Fannie Mae’s forecasters are now providing estimates...
FHFA announces 2024 multifamily loan purchase caps
The Federal Housing Finance Agency (FHFA) announced that the 2024 multifamily loan purchase caps for Fannie Mae and Freddie Mac (the GSEs) will be $70 billion for each GSE, for a combined total of...
Rent remains high, but more properties offer incentives
Rental concessions—offers meant to entice tenants, such as free months of rent or free parking—are at their highest level in more than two years despite strong renter demand, Zillow's latest data shows. That's because...
Fannie Mae extends pilot rent reporting program
Fannie Mae has extended its Positive Rent Payment pilot program through December 2024. The program pays the first-year cost of having one of three data collection services gather information about on-time rent payments and...
Multifamily construction starts higher while completions fall
The Census Bureau’s new residential construction report for October stated that the number of multifamily construction permits and starts were up from the levels reported last month. However, the number of multifamily unit completions...
Balance of apartments shifts to third-party management
The shifting balance of owned and managed apartments in the U.S points to a trend that has been developing over the past 10 years. The nation's largest owned portfolios have gotten smaller, leading...
Energy Is Sexy
When I was at Prometheus Real Estate Group, I used to have a bumper sticker outside my office door that said, “Energy is Sexy.” It was a slightly “blue” statement for a corporate office,...
MSCI: Multifamily property price drop accelerates
The latest commercial property price report from MSCI Real Capital Analytics said that multifamily property prices in October were down 1.0 percent from their level of the month before and down 12.6 percent from...
Construction materials prices higher in October
The producer price index (PPI) report from the Bureau of Labor Statistics (BLS) stated that construction materials prices were up 0.2 percent month-over-month in October on a seasonally adjusted basis. In addition, last month’s...
Yardi Matrix reports rent growth again negative in October
Yardi Matrix reported that national average apartment rents fell $3 in October, compared to the revised rent level of the month before. The average rent fell to $1,718 per month. The national average asking apartment...
Poll shows Californians support rent control initiative
A poll from the Public Policy Institute of California (PPIC) says the 55 percent of likely voters are currently in support of an initiative scheduled for the November 2024 ballot that would expand the...
Multifamily completions predicted to slow beginning in 2026
Yardi Matrix revises its forecast of multifamily construction starts and completions as development activity slows, predicts new supply will bottom in 2026 Yardi Matrix released its revised Q4 2023 Multifamily Supply Forecast for...
CMBS delinquencies rise on large loan problems
Trepp reported that delinquency rate for multifamily commercial mortgage-backed securities (CMBS) loans moved higher in October, rising 79 basis point. However, the size of this increase was due to one large single-asset, single-borrower apartment...
