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...
Multifamily construction spending continues to fall in February
The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in February was down 0.03 percent from the revised level of the month before. Spending on...
CMBS delinquency rate rises on jump in multifamily delinquencies
Trepp reported that the delinquency rate for multifamily commercial mortgage-backed securities (CMBS) loans surged higher in March, more than reversing last month’s decline. The overall CMBS delinquency rate also rose, gaining 35 basis points.
Overall...
CoStar: multifamily property prices and transactions both lower
CoStar reported that its value-weighted index of multifamily property prices fell 0.6 percent month-over-month in February, the second consecutive month-over-month loss. However, this index was up 2.2 percent year-over-year.
By contrast, MSCI Real Capital Analytics...
Multifamily starts forecast steady despite lower GDP growth
Revisions to Fannie Mae’s housing forecast in March call for slightly more multifamily starts in 2025 but slightly fewer starts in 2026 than in last month’s forecast. Fannie Mae is now predicting 349,000 starts...
MSCI: Multifamily property prices continue recovery
The latest commercial property price report from MSCI Real Capital Analytics said that multifamily property prices were up 0.2 percent month-over-month in February from the revised level of the month before. However, prices were...
Rental housing economist debunks monopoly myths
Rental housing economist Jay Parsons is known for challenging conspiracy narratives about the multifamily industry. This week, on his LinkedIn page, he debunks monopoly myths that claim large corporate landlords dominate the...
Rent growth blooms in spring
The latest rent report from Apartment List shows that the national median monthly rent growth in March was +0.59 percent. Rents have now risen for 2 months in a row. However, year-over-year rent growth...
Multifamily CMBS special servicing rate rises in February
Trepp reported that special servicing rate for multifamily commercial mortgage-backed securities (CMBS) loans resumed its upward trend in February, rising 9 basis points. The overall CMBS special servicing rate on commercial property rose 45...
St Paul looks to revise its rent control ordinance
In November 2021, voters in St. Paul, Minnesota passed one of the most stringent rent control measures in the country. The St. Paul city council recently announced plans to revise it yet again.
Toning it...
MBA: commercial mortgage delinquency rates on the rise
A recent report from the Mortgage Bankers’ Association (MBA) states that commercial and multifamily mortgage delinquency rates have been rising for the last two years. For some categories of lenders, delinquency rates are now...
Fed keeps interest rate trajectory unchanged
The economic projections released by the Federal Open Market Committee (FOMC) after this week’s meeting indicate that they expect the interest rate trajectory to be the same as they projected with the last release...
GSEs dominate growth in multifamily mortgage debt in Q4
The Mortgage Bankers Association (MBA) reported that multifamily mortgage debt outstanding rose by $38.88 billion in Q4 from the revised level of the quarter before. Total multifamily debt reached a level of $2.157 trillion....
