Thursday, March 28, 2024

Apartment watch

Things to watch, what to know, in your apartment operation

Yardi matrix reports strong student housing preleasing activity

Yardi Matrix reports strong student housing preleasing in its most recent Yardi Matrix National Student Housing Report. The off-campus student housing sector continues to post solid fundamentals, beating out last year’s preleasing rate...
declining quality of multifamily CMBS loans

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...
multifamily mortgage maturities

12 percent of multifamily mortgage balances mature in 2024

Twenty percent ($929 billion) of the $4.7 trillion of outstanding commercial and multifamily mortgages held by lenders and investors will mature in 2024, a 28 percent increase from the $729 billion that matured in...

Multifamily CMBS delinquency and special servicing rates drop again

Trepp reported that the delinquency rate for multifamily commercial mortgage-backed security (CMBS) loans declined in January, falling 71 basis point. Trepp also reported that the multifamily CMBS special servicing rate declined, falling 83 basis...
multifamily property prices decline

Multifamily property price slide accelerates

CoStar reported that its value-weighted index of multifamily property prices fell 1.4 percent month-over-month in January 2024, the fifth decline in a row and the 16th decline in the last 18 months. This index...
Sabal Court Apartments

Class B is the place to be, say analysts

Class B apartment properties outperformed their luxury siblings in 2023, and most analysts expect they will continue outperforming in 2024. Berkadia concluded that data published in a December 2023 report entitled, “Is...

Construction materials prices continue to climb in January

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 January on a seasonally adjusted basis. The index of components...
housing vacancy for rent

Vacancy rate unchanged as more households rent in Q4

The Census Bureau released its quarterly report on home ownership and occupancy for Q4 2023. It stated that the rental housing vacancy rate was 6.6 percent, unchanged from its level in Q3 but up...

Fannie Mae predicts instability and cloudy skies in 2024

Fannie Mae issued a multifamily market forecast this month predicting instability and cloudy skies in 2024. “Our prediction of turbulence in the multifamily market last year was correct, and it appears that it...

Office-to-apartment conversions gather steam

Office-to-apartment conversions gather steam as developers seek adaptive reuse as a way to fix pandemic-related problems in the office market. Adaptive reuse of office buildings has become so popular, CoStar dubbed 2023...
NYC multifamily sales

New York City multifamily sales fell in 2023

In 2023, the multifamily sector in New York City experienced a notable downturn, with total dollar volume of $7.4 billion spread across 1,036 transactions, a year-over-year drop of 52% and 35%, respectively, according to...
source of power influences worst emissions scope

Which is the “worst” is very personal

When it comes to emissions Scopes, which is the worst? I get asked that a lot. I think it is sort of subjective and depends on where you are standing and what “worst” you...

Water management is elemental

Since California got a hose-in-the-sky rain this week, it is a good time for us to think about water. Right now, California has loads of water, possibly more than its infrastructure was designed to...
job openings

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...
NYC leads in rent growth

Yardi Matrix reports rents hold steady in January

Yardi Matrix reported that national average apartment rent was unchanged in January compared to the revised level of the month before at $1,710 per month. The national average year-over-year apartment asking rent growth was 0.5...
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