Construction delays and high costs persist, but conditions may begin to improve
The December edition of the NMHC Quarterly Survey of Apartment Construction & Development Activity found small improvements in terms of the share of respondents experiencing construction delays and deals being repriced up, but conditions...
Reflecting a weakening housing market, builder confidence declined every month in 2022
High mortgage rates, elevated construction costs running well above the inflation rate and flagging consumer demand due to deteriorating affordability conditions have dragged builder sentiment down every month in 2022. Builder confidence in the market...
Fed forecasts higher interest rates, slower growth ahead
While the big news coming out of the recent meeting of the Federal Open Market Committee (FOMC) was their decision to raise the Fed Funds rate by another half point, the Federal Reserve also...
Banks increase holdings of multifamily mortgage debt in Q3
A Mortgage Bankers Association (MBA) report on commercial and multifamily mortgage debt holdings shows that banks and thrifts again had by far the largest net increase in multifamily mortgage holdings in Q3 2022. The MBA...
Rent growth turns negative in November
Yardi Matrix reported that national average apartment rent growth turned negative in November with rents falling $9 from October’s revised level to $1,719 per month. YoY rent growth rate slide continues The national average asking apartment...
Construction materials prices continue to fall
The November producer price index (PPI) report from the Bureau of Labor Statistics (BLS) stated that construction materials prices fell 0.2 percent in the month, seasonally adjusted, the third monthly decline in a row....
Yardi Matrix updates rent growth forecast
A research brief from Yardi Matrix projects that the national average asking rent growth in 2022 will reach 7.6 percent, up from their previous estimate of 6.9 percent. However, their rent growth forecast for...
Growing demand and construction costs lead universities to get creative
Quality student housing and other amenities have proven to be key considerations for attracting and retaining top students at colleges and universities. As the cost of construction and need for financial subsidies both increase,...
Commercial property loan delinquencies under watch
A pair of reports, one from Trepp and one from the Mortgage Bankers Association (MBA) show that delinquency rates for commercial mortgages are generally low. However, delinquencies rates are rising for certain categories of...
Senior housing construction activity slows
NIC Map Vision reports that senior housing construction starts slowed dramatically in Q3 in the face of rising interest rates and construction costs. However, results vary greatly by the market segment of the product...
Single-Family construction slows in post-Covid hot markets
The big jump in single-family home building activity that occurred in the aftermath of the COVID-19 pandemic in large metro outlying counties and exurban areas has shown a marked decline over the past 12...
Rising employment reported for multifamily
The Employment Situation Report from the Bureau of Labor Statistics stated that employment in both residential construction and in apartment operations edged higher in November. Economy continues to add jobs The Bureau of Labor Statistics (BLS)...
Multifamily construction spending steady as single-family falls
The Census Bureau’s report on construction spending shows that the value of multifamily residential construction put in place in October was up 0.6 percent month-over-month. Spending on single-family fell for the 6th month in...
Zillow’s hot housing takes for 2023
Midwestern markets will heat up, and more friends and family members will pool their money to buy homes together in 2023, as people look for new ways to overcome the housing affordability crisis. However,...
CoStar: multifamily property prices falling
CoStar reported that its value-weighted index of multifamily property prices was down 1.4 percent month-over-month in October, the fourth monthly decline in a row. However, this index was still up 10.5 percent, year-over-year. The value-weighted...
