Fannie Mae lowers housing starts forecasts on higher interest rates
Fannie Mae’s March economic forecast calls for multifamily housing starts to decline modestly through the end of 2025. Single-family housing starts are expected to rise but at a lower rate than predicted last month.
Fannie...
Multifamily completions hit 50 year high
The Census Bureau’s new residential construction report for February showed multifamily construction unit completions continuing their recent surge. In addition, both multifamily permits and multifamily starts rose from the low levels they reached last...
GSEs dominate growth in multifamily mortgages outstanding in Q4
A Mortgage Bankers Association (MBA) report shows that the growth in multifamily mortgage debt outstanding in Q4 2023 was down from that in Q3. This is very different from the usual annual pattern where...
Builder sentiment rises above breakeven point in March
A lack of existing inventory that continues to drive buyers to new home construction, coupled with strong demand and mortgage rates below last fall’s cycle peak, helped push builder sentiment above a key marker...
The opportunity in commercial conversions
When I first started in multifamily, I heard an acronym that I admit I had to look up: NIMBY. Not In My Back Yard. As I learned from many conversations with developers, there is...
Lumber prices lead construction materials prices higher in February
The producer price index (PPI) report from the Bureau of Labor Statistics (BLS) stated that construction materials prices were up 0.3 percent month-over-month in February on a seasonally adjusted basis. The index of components...
Multifamily distress logs largest increase in 18 months
The multifamily distress anticipated last year is finally starting to materialize. Although multifamily loan defaults remain relatively low, the multifamily distress rate rose as lenders push maturities forward, wrote Yardi Matrix in...
Rent growth inches higher in February
Yardi Matrix reported that national average apartment rent was up $1 in February compared to the revised level of the month before at $1,713 per month. The national average year-over-year apartment asking rent growth was...
Property management jobs grow as construction jobs stall in February
The Employment Situation Report for February from the Bureau of Labor Statistics stated that employment in property management rose while residential construction employment fell fractionally compared to the revised levels of the month before.
Overall...
Consider the emotional benefits of lighting
Have you ever walked down the freezer aisle of a store and found that the cases look a little dark? Then, as you approach, the insides light up. I personally love that! It makes...
Realtor.com and Zillow ink new rental listings syndication agreement
Realtor.com® and Zillow announced a new agreement for Zillow to be the exclusive provider of multifamily rental listings on Realtor.com, generating additional exposure for listings to millions of renters.
As part of the new agreement,...
NMHC responds to Biden’s SOU remarks on housing supply
NMHC urges lawmakers at all levels of government to enact policies and programs that will expand housing supply, which experts agree is the solution to broadening housing opportunity and making housing more affordable. We...
Three-bedroom units lose some luster as occupancy returns to pre-pandemic norms
The multifamily arena is finally returning to pre-pandemic norms and so are renter preferences for unit types. Three-bedroom units, which saw the greatest increases in occupancy during COVID, have settled back to...
Employment rises despite lower job openings
The Job Openings and Labor Turnover (JOLT) report from the Bureau of Labor Statistics (BLS) said that the number of job openings in January was 8.86 million. This was reported to be down 26,000...
Multifamily CMBS delinquency rate lower in February
Trepp reported that delinquency rate for multifamily commercial mortgage-backed securities (CMBS) loans declined slightly in February, falling 10 basis points.
Overall CBMS delinquency rate declines
For delinquencies, Trepp focuses on loans that are 30 or more...
