Construction materials prices rise in October
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 October on a seasonally adjusted basis. However, the change in construction...
Multifamily mortgage originations rise and return to seasonal pattern
A report from the Mortgage Bankers’ Association (MBA) says that multifamily mortgage originations were up 56 percent year-over-year in Q3. Originations of all commercial mortgages as a single asset class rose 59 percent year-over-year. Commercial...
Rent growth continues seasonal downturn in October
Yardi Matrix reported that the national average asking apartment rent was down $3 in October compared to the revised level of the month before at $1,748 per month. The national average year-over-year asking apartment rent...
Multifamily CMBS delinquency rate declines in October
Trepp reported that delinquency rate for multifamily commercial mortgage-backed securities (CMBS) loans fell in October, breaking a string of 5 consecutive monthly increases. However, the overall CMBS delinquency rate continued to rise, climbing 28...
Rent control fails (again) in California
Proposition 33, the latest attempt to open the door to rent control in California, went down to defeat Tuesday. It was supported by only 38.4 percent of the voters compared to the 61.6 percent...
Multifamily construction spending continues to fall
The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in September was down 0.10 percent from the revised level of the month before. Spending on...
Employment growth disappoints in October
The Employment Situation Report from the Bureau of Labor Statistics stated that overall employment growth collapsed in October. In addition, last month’s employment level was revised lower in this month’s report, so total employment...
CoStar: multifamily property prices rise in September
CoStar reported that its value-weighted index of multifamily property prices rose 1.3 percent month-over-month in September, reversing last month’s reported decline. This index was down 7.9 percent year-over-year. Note that CoStar's report indicates that prices...
Number of renter households continues rapid growth in Q3
The Census Bureau’s quarterly report on home ownership and occupancy for Q3 2024 stated that the rental housing vacancy rate was 6.9 percent. This was up 0.3 percentage points since last quarter’s report despite...
Job openings down sharply in September
The Job Openings and Labor Turnover (JOLT) report from the Bureau of Labor Statistics (BLS) said that the number of job openings in September was 7.44 million. This was reported to be down 418,000...
MSCI: Multifamily property prices fall in September
The latest commercial property price report from MSCI Real Capital Analytics said that multifamily property prices fell 0.4 percent in September from their level of the month before. In addition, last month’s reported increase...
Senior housing shows resilience
A new report from NIC MAP Vision indicates that senior housing is highly resilient, recovering quickly from both the setback it experienced during the pandemic and also from the global financial crisis 10 years...
Multifamily permits, starts and completions all lower in September
The Census Bureau’s new residential construction report stated that multifamily completions retreated from last month's high. Multifamily starts also fell as multifamily permit issuance continued its long-term slide. Multifamily housing permits lower The number of permits...
Multifamily starts forecast revised higher
Fannie Mae’s October housing forecast calls for more multifamily housing starts in 2024 and 2025 than did last month’s forecast. The current forecast is the first where Fannie Mae’s forecasters were able to factor...
Poll shows Californians evenly divided on rent control
In November, Californians will go to the polls for the third time in 6 years to decide whether to repeal the Costa Hawkins Act, which limits the ability of local governments to impose rent...
