Rent delinquencies stabilize in latest Pulse Survey
The “Week 56” edition of the Census Bureau’s Pulse Survey shows that the portion of renters with rent delinquencies rose to 13.1 percent, up from the 12.4 percent reported in the Week 55 survey...
Mixed picture for CMBS in March
Two reports from Trepp give conflicting indications of the health of the CMBS market with one showing declining delinquency rates but the other showing rising special servicing rates. CBMS delinquencies edge lower One monthly Trepp report...
Multifamily construction activity falls back in March
The Census Bureau’s new residential construction report for March stated that the number of multifamily permits issued, starts and completions all fell from last month's high levels. Once again, there were more starts than...
Lack of existing inventory continues to support builder sentiment
Builders remained cautiously optimistic in April as limited resale inventory helped to increase demand in the new home market even as the industry continues to grapple with building material issues. Builder confidence in the market...
Construction materials prices up for the month
The March producer price index (PPI) report from the Bureau of Labor Statistics (BLS) stated that construction materials prices rose 0.5 percent for the month, seasonally adjusted. This is after a string of 4...
Improving fundamentals for senior housing in Q1
An NIC Map Vision summary report shows that the fundamental metrics for the senior housing industry are strengthening. However, they remain below pre-pandemic levels. Segmenting the market The senior housing market is highly fragmented, with NIC...
2023 NMHC 50 highlights a tumultuous year for multifamily with market improvements expected
Pandemic-related household growth and economic impacts resulted in a complicated 2022 for the multifamily industry. An extremely tight market in the first quarter of 2022 yielded to slower rent growth and higher vacancy rates...
Construction employment falls in March
The Employment Situation Report from the Bureau of Labor Statistics stated that apartment operations employment rose while residential construction employment fell in the latest month. Overall job growth continues, but more slowly The Bureau of Labor...
Multifamily property prices and transactions down again
CoStar reported that its value-weighted index of multifamily property prices fell 7.0 percent year-over-year in February 2023. This index was down 1.4 percent month-over-month, the eighth monthly decline in a row. The value-weighted index of...
Biden’s veto of Congressional WOTUS resolution a blow to housing affordability
Alicia Huey, chairman of the National Association of Home Builders (NAHB) and a custom home builder and developer from Birmingham, Ala., today issued the following statement after President Biden vetoed a congressional resolution that...
Rent growth in spring thaw
Yardi Matrix reported that national average apartment rent increased $3 in March to $1,702 per month. This follows two months where Yardi Matrix had reported no rent growth. Year-over-year rent growth slide continues The national average...
MBA forecasts slowdown early in 2023
The Mortgage Bankers’ Association (MBA) recently released its Q4 2022 quarterly databook which contains updated forecasts for key economic metrics through 2025. It still predicts that an economic downturn will begin in Q1 2023. What’s...
Multifamily job openings rise in February despite overall decline
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 9.93 million, down 632,000 openings from last month’s figure...
Seattle’s Fair Chance Housing Ordinance largely upheld
A three-judge panel of the 9th Circuit Court of Appeals has struck down one provision of Seattle’s Fair Chance Housing Ordinance while leaving key parts of the law intact. The law was passed by...
Multifamily construction spending rises while single-family falls
The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in February was up 1.4 percent month-over-month. Spending on single-family housing fell for the 10th month...
