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....
You know the feeling
Some years ago, during a major renovation of a very large community, my employer did not renew leases for a particular building. We emptied it of all occupants and then substantially renovated it. It...
Record apartment deliveries and absorption expected in 2024
In a mid-year look at the multifamily market, Berkadia reports that record levels of new supply are arriving but strong absorption is causing most of that new supply to be occupied. Deliveries surge Berkadia anticipates that...
Construction materials prices up fractionally in July
The producer price index (PPI) report from the Bureau of Labor Statistics (BLS) stated that construction materials prices were up 0.1 percent month-over-month in July on a seasonally adjusted basis. However, the change in...
Multifamily CMBS special servicing rate improves in July
Trepp reported that special servicing rate for multifamily commercial mortgage-backed securities (CMBS) loans moderated slightly in July, falling 6 basis points. However, the overall CMBS special servicing rate on commercial property rose driven by...
Apartment market fundamentals stabilized in July, reports RealPage
According to data from RealPage Analytics, apartment fundamentals stabilized in July. Rent growth and occupancy remained relatively steady during the month. National occupancy was 94.2 percent for the third straight month, which...
Making things better with heat pumps
A dear friend of mine, Art Bailey Jr., whom we lost too young to a heart attack, was one of those individuals who could fix anything mechanical. When he was a boy and his...
