Multifamily construction spending weakens
The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in October was down 0.2 percent from the revised level of the month before. Spending on...
October job openings fall sharply
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 8.73 million. This was reported to be down 617,000...
CoStar: Multifamily property prices fall in October
CoStar reported that its value-weighted index of multifamily property prices fell 1.3 percent month-over-month in October 2023, reversing last month’s reported gain. This index was down 16.5 percent year-over-year. The value-weighted index of non-multifamily commercial...
New requirements for green mortgage insurance premium compliance reporting
The Department of Housing and Urban Development (HUD) has announced revised compliance reporting requirements for participants in its green mortgage insurance premium program. This program was established in 2016 to provide reduced mortgage insurance...
Rents continue winter decline
The latest rent report from Apartment List shows that the national median monthly rent growth in November was -0.9 percent. Year-over-year rent growth was -1.1 percent. Apartment List reported the national median apartment rent to...
DOJ weighs in on RealPage suit
The Biden Department of Justice (DOJ) has come down on the side of the plaintiffs suing RealPage and many property management companies over their use of revenue management software in setting rents. The DOJ...
Is multifamily distress ahead?
A research brief from Gray Capital looks at the impact of the emerging “higher for longer” interest rate environment on multifamily property. It finds that near-term distress may arise as borrowers seek to replace...
SFR rent growth returns to pre-pandemic levels
CoreLogic reported that their single-family rent index (SFRI) for September rose 2.6 percent from its year-earlier level. This is down from the 2.9 percent year-over-year rent growth reported last month. September marks 17 months...
GDP downturn still expected, but later
Fannie Mae’s November economic and housing forecast still predicts that GDP growth will turn negative, but not until later than in their prior forecasts. With the November forecast, Fannie Mae’s forecasters are now providing estimates...
Fannie Mae extends pilot rent reporting program
Fannie Mae has extended its Positive Rent Payment pilot program through December 2024. The program pays the first-year cost of having one of three data collection services gather information about on-time rent payments and...
Multifamily construction starts higher while completions fall
The Census Bureau’s new residential construction report for October stated that the number of multifamily construction permits and starts were up from the levels reported last month. However, the number of multifamily unit completions...
MSCI: Multifamily property price drop accelerates
The latest commercial property price report from MSCI Real Capital Analytics said that multifamily property prices in October were down 1.0 percent from their level of the month before and down 12.6 percent from...
Construction materials prices higher in October
The producer price index (PPI) report from the Bureau of Labor Statistics (BLS) stated that construction materials prices were up 0.2 percent month-over-month in October on a seasonally adjusted basis. In addition, last month’s...
Yardi Matrix reports rent growth again negative in October
Yardi Matrix reported that national average apartment rents fell $3 in October, compared to the revised rent level of the month before. The average rent fell to $1,718 per month. The national average asking apartment...
Poll shows Californians support rent control initiative
A poll from the Public Policy Institute of California (PPIC) says the 55 percent of likely voters are currently in support of an initiative scheduled for the November 2024 ballot that would expand the...
