Multifamily construction spending lower again in March
The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in March was effectively unchanged from the downwardly revised level of the month before. Spending on...
Rent control advances in Washington, stalls in California
Washington state is poised to join its left coast brethren in imposing statewide rent control. The state legislature passed House Bill 1217 on Sunday, April 27 and the bill was sent to the Governor...
Multifamily delinquencies lead CMBS delinquency rate higher
Trepp reported that the delinquency rate for multifamily commercial mortgage-backed securities (CMBS) loans surged higher again in April on a few large loans becoming delinquent. The overall CMBS delinquency rate also rose, gaining 38...
Construction jobs lower despite overall gains
The Job Openings and Labor Turnover (JOLT) report from the Bureau of Labor Statistics (BLS) said that the number of total non-farm job openings in March was down to 7.19 million, continuing a 3-year...
CoStar: multifamily property prices slide on low sales volume
CoStar reported that its value-weighted index of multifamily property prices fell 0.15 percent month-over-month in March, slightly less than last month’s reported decline. This index was up 5.8 percent year-over-year.
By contrast, MSCI Real Capital...
Renters dominate household growth in Q1 despite vacancy rate rise
The Census Bureau’s quarterly report on home ownership and occupancy for Q1 2025 stated that the rental housing vacancy rate was 7.1 percent, up 0.2 percentage points since last quarter’s report. The report found...
MSCI: Multifamily property price recovery stalls
The latest commercial property price report from MSCI Real Capital Analytics said that multifamily property prices were down 0.04 percent month-over-month in March compared to the revised level of the month before. Prices were...
Multifamily permits higher but starts lower in March
The Census Bureau’s report on new residential construction stated that multifamily permits moved higher for the first time in 4 months. Multifamily starts, which have been bouncing up and down month-by-month, fell this month....
CBRE reports cap rates continue downward movement in Q1
A new report from CBRE states that cap rates for core multifamily assets moved lower in Q1, continuing a trend that began in Q1 2024. Both buyer and seller sentiment improved, according to the...
Tightened rent control proposed in California
Assemblyman Ash Kalra (D-San Jose) has introduced AB 1157, which would tighten the provisions of California’s statewide rent control regime, which was introduced in the Tenant Protection Act of 2019. It would reduce the...
Redfin talks rents
Redfin’s rent report for March says that the national median asking apartment rent growth was 0.4 percent for the month, with rents reaching a level of $1,610. However, the median rent was down 0.6...
Lumber prices lead construction materials prices higher in March
The producer price index (PPI) report from the Bureau of Labor Statistics (BLS) stated that construction materials prices jumped 0.7 percent month-over-month in March on a seasonally adjusted basis. The index of components and...
Rent growth continues positive in March
Yardi Matrix reported that the national average asking apartment rent was up $5 in March compared to the revised level of the month before at $1,755 per month. The national average year-over-year asking apartment rent...
Job openings trend lower in February
The Job Openings and Labor Turnover (JOLT) report from the Bureau of Labor Statistics (BLS) said that the number of job openings in February was 7.57 million. Job openings in construction were up for...
Strong employment growth overall but construction trades suffer
The Employment Situation Report from the Bureau of Labor Statistics (BLS) stated that the economy experienced strong overall employment growth in March. However, the employment levels for only 2 of the 4 multifamily-related job...
