Job openings and quits set records in March
The Job Openings and Labor Turnover (JOLT) report from the Bureau of Labor Statistics (BLS) said that the number of job openings hit a new record high at the end of March. Hiring was...
Residential construction spending rises despite multifamily stall
The Census Bureau’s report on construction spending shows that the value of residential construction put in place in March was up 1.0 percent from the revised level of the month before. Residential construction spending...
Rent growth rises with the season
The latest rent report from Apartment List shows that the national average rent growth in April reached 1.0 percent month-over-month and 16.4 percent year-over-year. The history of rent growth The last two years have been extraordinary...
Student housing suffers supply/demand pressures
U.S. college enrollment has been declining for years but higher education institutions faced an unprecedented drop in students during COVID. Undergraduate enrollment across U.S. colleges and universities dropped by over 1 million students in...
Marcus and Millichap assesses economic headwinds
Marcus & Millichap recently presented a webinar on its 2022 Outlook, which examined how the economy, inflation and Federal Reserve policy are impacting the commercial real estate market. Presenters were Hessam Nadji, President and...
Investors see growing demand but tougher conditions
Apartment markets tightened further according to the National Multifamily Housing Council’s Quarterly Survey of Apartment Market Conditions for April 2022, while financing became more costly. The Market Tightness (60) index was the only index...
Census reports uptick in rental vacancy rates
The Census Bureau released its quarterly report on home ownership and occupancy for Q1 2022. It showed that the rental housing vacancy rate was 5.8 percent, up from a level of 5.6 percent in...
NOI is growing, but slowly
A new report from Trepp seeks to measure the growth in net operating income (NOI) from 2020 to 2021. It did this by analyzing multifamily properties with loans issued by Freddie Mac for which...
Housing industry warns Biden on affordability
More than 10,000 members of the National Association of Home Builders (NAHB) sent a letter to President Biden calling on the White House to take immediate action as the growing housing affordability crisis is...
Declining affordability conditions put a damper on new home sales
Worsening affordability conditions stemming from growing supply chain disruptions and rising mortgage rates pushed new home sales lower in March. Sales of newly built, single-family homes in March fell 8.6 percent to a 763,000 seasonally...
Are multifamily property price rises cresting?
A new report from Real Capital Analytics (RCA) said that multifamily property prices rose 22.4 percent year-over-year in March and that they rose 1.1 percent from the month before. The annual rate of increase...
Rent delinquencies fall in latest Pulse Survey
The “Week 44” edition of the Census Bureau’s Pulse Survey has been released. It shows that the portion of renters who are behind on their rent payments dropped slightly since we last reported on...
Fannie Mae forecasts a downturn in 2023
Fannie Mae’s April economic and housing forecasts anticipate that rising interest rates will cause the U.S. economy to contract in the second half of 2023. While this is expected to reduce the number of...
Census reports strong multifamily housing construction stats in March
The Census Bureau’s new residential construction report for March showed high levels of multifamily permit issuance and rising unit starts. However, multifamily unit completions are not keeping pace resulting in an increase in the...
Housing market at inflection point as builder confidence continues to fall
Rapidly rising interest rates combined with ongoing home price increases and higher construction costs continue to take a toll on builder confidence and housing affordability. Builder confidence in the market for newly built single-family homes...
