Multifamily property prices decline in July
CoStar reported that its value-weighted index of multifamily property prices fell 0.6 percent month-over-month in July after three months of gains. This index was down 9.2 percent year-over-year. The value-weighted index of non-multifamily commercial property...
Multifamily concession offerings on the rise
Multifamily concession offerings are on the rise nationally as rent growth slows. According to Fannie Mae, almost 21 percent of multifamily units were offering concessions averaging five percent as of Q2 2024. The return...
Shakespeare asks the question
As we approach Labor Day weekend, in addition to looking forward to BBQ, the pool and celebrating the people I adore, I will admit I am also very much looking forward to the cooler...
Rent growth turns negative in August
The latest rent report from Apartment List shows that the national median monthly rent growth in August was -0.1 percent. Year-over-year rent growth was -0.74 percent. Rents have fallen on a year-over-year basis since...
Housing goals set and actions defined for GSEs
The Federal Housing Finance Agency (FHFA) has proposed 2025-2027 housing goals for Fannie Mae and Freddie Mac for lending on both single-family and multifamily housing. Fannie Mae and Freddie Mac have also announced how...
Analyzing office to residential conversion potential
A new report from CommercialEdge, a Yardi company, takes a standardized look at the characteristics of office properties to assess their potential for conversion to residential uses. It finds that 2.7 percent of existing...
SFR rent growth rate lower in June
CoreLogic reported that their single-family rent index (SFRI) for June rose 2.9 percent from its year-earlier level. This is down 0.3 percentage points from last month’s reported year-over-year single-family rent growth rate and is...
DOJ sues RealPage over revenue management
On August 23, the U.S. Department of Justice, along with the Attorneys General of several states*, file an antitrust lawsuit against property management software maker RealPage. The suit alleges that the revenue management software...
Affordability is re-emerging as a tailwind for market-rate apartments.
Affordability is re-emerging as a tailwind for market-rate apartments. One takeaway from data discussed on a RealPage podcast this week is that rent-to-income ratios have returned to pre-pandemic levels, suggesting affordability issues...
Adapting to the changes
I could be a James Bond villain; I have a white cat. His name is Buddy, and he is a magnificent mouser. He is very well behaved except that Buddy hates car rides (admittedly...
MSCI: Multifamily property prices slide in July
The latest commercial property price report from MSCI Real Capital Analytics said that multifamily property prices fell 0.7 percent in July from their level of the month before. This is larger than last month’s...
Outlook for multifamily starts brightens
Fannie Mae’s August housing forecast calls for a higher level of multifamily housing starts in 2024 than predicted in last month’s forecast. This is the second month in a row where the forecast for...
Q2 multifamily mortgage originations continue to trail last year’s level
A report from the Mortgage Bankers’ Association (MBA) says that originations of multifamily mortgages in Q2 2024 were down 14 percent year-over-year. This is larger than last quarter’s 7 percent decline. Originations of all...
Up-and-down multifamily housing construction stats move lower in July
The Census Bureau’s new residential construction report stated that multifamily permits and completions were down sharply in July after popping higher in June. However, multifamily starts were up slightly from the preliminary level reported...
New study suggests renters want modern conveniences and greater efficiency
A new study from RealPage reveals that renters will pay higher rents for modern conveniences and efficiencies and a moving and rent-pay process as easy as ordering from Amazon. The 2,000 U.S....
