Pulse Survey shows renter delinquencies stabilizing
The “Week 48” edition of the Census Bureau’s Pulse Survey shows that the portion of renter who are behind on their rent payments has stabilized at around 15 percent. What is the Pulse Survey? The Pulse...
Multifamily housing construction is the bright spot in housing
The Census Bureau’s new residential construction report for July showed multifamily housing construction permits and completions were both strong but that starts fell for the month. In single-family housing construction, permits and starts were both...
Housing starts weaken in July as market slowdown continues
A sharp decline in single-family home construction is another indicator that the housing slowdown is showing no signs of abating, as rising construction costs, elevated mortgage rates and supply chain disruptions continue to act...
Rising prices impact renters
Freddie Mac recently conducted a 20 question survey of 2000 adult American consumers to assess how the current era of rapidly rising prices is affecting them. Many of the questions dealt with housing, and...
Builder confidence underwater after falling for eighth consecutive month
Builder confidence fell for the eighth straight month in August as elevated interest rates, ongoing supply chain problems and high home prices continue to exacerbate housing affordability challenges. In another sign that a declining...
Construction materials price rises moderate in July
The Bureau of Labor Statistics (BLS) released its producer price index (PPI) report for July 2022. It stated that construction materials prices were up 0.3 percent in the month, seasonally adjusted. The index was...
Housing affordability falls to lowest level since Great Recession
Rising mortgage rates, high inflation, low existing inventory and elevated home prices contributed to housing affordability falling to its lowest point since the Great Recession in the second quarter of 2022. According to the National...
Rental vacancy rate declines in Census report
The Census Bureau released its quarterly report on home ownership and occupancy for Q2 2022. It showed that the rental housing vacancy rate was 5.6 percent, down from a level of 5.8 percent in...
Rent growth rate declines in July
Yardi Matrix reported that the national average apartment rent growth in July was $10, bringing the average rent to $1,717 per month. Rent growth rate slipping The national average apartment rent was up 12.6 percent in...
Multifamily jobs reported higher in July
The latest Employment Situation Report from the Bureau of Labor Statistics stated that employment in both apartment operations jobs and residential construction jobs was higher than in the prior month. Overall jobs number rise The Bureau...
Construction spending falls on single-family decline
The Census Bureau’s report on construction spending shows that the value of residential construction put in place in June was down 1.7 percent from the revised level of the month before. Residential construction spending...
Job openings down again in June
The Job Openings and Labor Turnover (JOLT) report from the Bureau of Labor Statistics (BLS) said that the number of job openings declined in June from last month’s level. This was the third month...
Multifamily property prices up despite sales slowdown
CoStar reported that its value-weighted index of multifamily property prices increased 22.9 percent, year-over-year, in June 2022. This index was up 1.4 percent month-over-month. The year-over-year increase is down from that seen in May,...
Above trend rent growth continues in July
The latest rent report from Apartment List shows that the national average rent growth in July was 1.1 percent month-over-month and 12.4 percent year-over-year. Both of these rates are down from those posted last...
NMHC and NAA statement on Biden Administration plan to increase housing supply
The National Multifamily Housing Council (NMHC) and National Apartment Association (NAA) applaud the Biden administration for continuing to recognize the nation’s critical shortage of affordable housing and taking additional steps to help address it. In...
