Multifamily starts reported sharply lower
The Census Bureau’s new residential construction report stated that multifamily permits jumped higher in November but both starts and completions were sharply lower month-over-month. Multifamily permits rebound The number of permits issued for buildings with...
Rent growth follows seasonal pattern
Yardi Matrix reported that the national average asking apartment rent was down $5 in November compared to the revised level of the month before at $1,744 per month. The national average year-over-year asking apartment rent...
Construction materials prices up again in November
The producer price index (PPI) report from the Bureau of Labor Statistics (BLS) stated that construction materials prices rose 0.3 percent month-over-month in November on a seasonally adjusted basis. In addition, the change in...
Positive employment growth seen in November
The Employment Situation Report from the Bureau of Labor Statistics stated that overall employment growth bounced back in November after last month’s collapse. In addition, last month’s employment level was revised higher in this...
Rent growth remains in autumn lull
The latest rent report from Apartment List shows that the national median monthly rent growth in November was -0.82 percent. Year-over-year rent growth was -0.62 percent. Rents have fallen on a year-over-year basis since...
Multifamily CMBS special servicing rate jumps in November
Trepp reported that special servicing rate for multifamily commercial mortgage-backed securities (CMBS) loans moved higher for the fourth month in a row in November, jumping 116 basis points. The overall CMBS special servicing rate...
Multifamily CMBS delinquency rate jumps in November
Trepp reported that delinquency rate for multifamily commercial mortgage-backed securities (CMBS) loans rose sharply in November, more than reversing last month’s decline. The overall CMBS delinquency rate also rose, climbing another 42 basis points...
Job openings higher in October
The Job Openings and Labor Turnover (JOLT) report from the Bureau of Labor Statistics (BLS) said that the number of job openings in October was 7.74 million. This was reported to be up 372,000...
Multifamily construction spending slide continues
The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in October was up 0.16 percent from the revised level of the month before. Spending on...
CoStar: multifamily property prices higher in October
CoStar reported that its value-weighted index of multifamily property prices rose 1.4 percent month-over-month in October. This index was down 7.1 percent year-over-year. Note that the month-over-month price movement reported by CoStar varies significantly from...
SFR rents rise, but more slowly
CoreLogic reported that their single-family rent index (SFRI) for September rose 2.0 percent from its year-earlier level. This is down 0.4 percentage points from last month’s reported year-over-year rent growth rate and is down...
Multifamily starts forecast to rise throughout 2025 and 2026
Fannie Mae’s November housing forecast calls for multifamily housing starts to bottom out at the end of 2024 and then to steadily increase through the rest of the forecast horizon. Despite the growth, the...
MSCI: Multifamily property prices lead decline in October
The latest commercial property price report from MSCI Real Capital Analytics said that multifamily property prices fell 0.3 percent in October from their level of the month before. Prices were down 6.1 percent from...
Multifamily starts higher despite fall in permits
The Census Bureau’s new residential construction report stated that multifamily starts moved higher after last month's fall. However, both multifamily permits and completions were lower for the month. The number of permits issued for buildings...
Multifamily CMBS special servicing rate higher in October
Trepp reported that special servicing rate for multifamily commercial mortgage-backed securities (CMBS) loans moved higher for the third month in a row in October, rising another 14 basis points. The overall CMBS special servicing...
