Number of renter households reaches all-time high
The Census Bureau released its quarterly report on home ownership and occupancy for Q2. It stated that the national rental housing vacancy rate was 6.3 percent, down from a level of 6.4 percent in...
MBA forecast: Higher rates, uncertainty to slow commercial/multifamily lending in 2023
Total commercial and multifamily mortgage borrowing and lending is expected to fall to $504 billion this year, which is a 38 percent decline from 2022’s total of $816 billion. This is according to an...
Job openings continue slide in June
The Job Openings and Labor Turnover (JOLT) report from the Bureau of Labor Statistics (BLS) said that the number of job openings in June was 9.58 million, down 34,000 openings month-over-month. In addition, last...
Residential construction rebounds
The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in June was up 1.5 percent month-over-month. Spending on single-family residential construction rose 2.1 percent while...
More new apartments coming
Yardi Matrix released an updated multifamily supply forecast which predicts more new apartments completing in 2023, 2024 and 2025 than did earlier forecasts. However, the new apartment supply forecast for 2026 through 2028 was...
California rent control – round 3 is on
The California Secretary of State’s (CASoS) office announced that the rent control initiative called the Justice for Renters Act has qualified for the November 2024 election ballot. California voters will have their third opportunity...
Multifamily property prices fall in June
CoStar reported that its value-weighted index of multifamily property prices fell 19.2 percent year-over-year in June 2023. This index was down 1.4 percent month-over-month. The value-weighted index of non-multifamily commercial property rose by 1.6 percent,...
NMHC encouraged following HUD meeting on expanding housing supply
Yesterday, NMHC President Sharon Wilson Géno participated in a roundtable discussion with HUD leaders, housing providers and other housing stakeholders on policy solutions to grow the nation’s housing supply. Hosted by HUD Deputy Secretary Adrianne...
Rent growth slows in July
The latest rent report from Apartment List shows that the national average monthly rent growth in July was 0.3 percent, down slightly from last month’s increase. Year-over-year rent growth was negative 0.7 percent. The...
CBRE reports stable cap rates in Q2
A new report from CBRE states that cap rates used for underwriting prime class A multifamily assets were nearly unchanged in Q2 from their levels of the previous quarter. The pulse of the market The report...
New home sales cool in June on higher mortgage rates
Rising mortgage rates and elevated construction costs put a damper on new home sales last month. Sales of newly built, single-family homes in June fell 2.5 percent to 697,000 seasonally adjusted annual rate from a...
Student housing has solid fundamentals at mid-year
Yardi Matrix recently released a report on the off-campus dedicated student housing industry which shows strong operational performance from the sector. However, property sales transaction volume has been declining. Yardi Matrix collects information on a...
Economic momentum drives Fannie Mae forecast
Fannie Mae’s July economic and housing forecast reflects the surprising strength of the U.S. economy in early 2023. It predicts a higher level of multifamily starts and single-family starts in both 2023 and 2024...
The good and bad of June multifamily property price changes
The latest commercial property price report from MSCI Real Capital Analytics said that multifamily property prices in June were unchanged from their level of the month before but down 11.7 percent from their level...
SFR rent growth rate down in May
CoreLogic reported that their single-family rent index (SFRI) for May rose 3.4 percent from its year-earlier level. This is down from the 3.7 percent year-over-year SFRI growth reported last month. The year-over-year SFRI growth...
