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...
Multifamily developer confidence falls on production difficulties
Developer confidence in the market for new multifamily housing declined year-over-year in the second quarter, according to results from the August Multifamily Market Survey (MMS) released by the National Association of Home Builders (NAHB)....
Multifamily property prices continue slow recovery
CoStar reported that its value-weighted index of multifamily property prices rose 0.3 percent month-over-month in June. However, this index was still down 8.2 percent year-over-year. The value-weighted index of non-multifamily commercial property fell 1.4 percent,...
Multifamily construction spending reported higher
The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in June was up 0.14 percent from the revised level of the month before. Spending on...
Employment growth down again in July
The Employment Situation Report from the Bureau of Labor Statistics reported that overall employment growth fell sharply again in July from the gain initially reported for last month. In addition, last month’s employment growth...
Multifamily CMBS delinquency rate trends upward
Trepp reported that delinquency rate for multifamily commercial mortgage-backed security (CMBS) loans moved higher again in July, rising 27 basis points. July is the third month in a row of increases in the multifamily...
Low average renter household size could signal a decoupling in 2024
This year’s average renter household size, based on the number of adult signers on new leases, is at its lowest level since 2016. This low average renter household size could signal a...
We’re talking about our irrigation, sounds like a gusher.
This morning, as I was walking my property, enjoying the coolness of the early day, my neighbor’s sprinkler system turned on. Sadly, due to a break in their irrigation system, none of the sprinklers...
New York City leads in rent growth in July
Yardi Matrix reported that national average apartment asking rent was up $4 in July compared to the revised level of the month before at $1,743 per month. The national average year-over-year apartment asking rent...
Rent growth remains slow but positive in July
The latest rent report from Apartment List shows that the national median monthly rent growth in July was +0.24 percent. Year-over-year rent growth was -0.76 percent. Rents have fallen on a year-over-year basis since...
Number of renter households exceeds 45 million in Q2
The Census Bureau released its quarterly report on home ownership and occupancy for Q2 2024. It stated that the rental housing vacancy rate was 6.6 percent. This was unchanged for the last year according...
Multifamily employment grows despite fewer 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 June was 8.18 million. This was reported to be down 46,000...
Prettiest girl in the room
Did you ever watch a rom-com from the 1990’s? Invariably some super popular hot ultra cool guy is given a dollar to date some bookish, plain-Jane with a ponytail and glasses. At some point...
MSCI: Multifamily property prices continue to fall in June
The latest commercial property price report from MSCI Real Capital Analytics said that multifamily property prices fell 0.5 percent from their level of the month before in June. While still negative, this is less...
Single-family rent growth rate rises in May
CoreLogic reported that their single-family rent index (SFRI) for May rose 3.2 percent from its year-earlier level. This is up 0.2 percentage points from last month’s reported year-over-year rent growth rate but is down...
