Despite growth, rents trail last year
The latest rent report from Apartment List shows that the national median monthly rent growth in May was +0.5 percent. However, year-over-year rent growth was -0.8 percent. Rents have now fallen on a year-over-year...
MSCI: Multifamily property price drops moderate
The latest commercial property price report from MSCI Real Capital Analytics said that multifamily property prices in April fell 0.3 percent from their level of the month before. This is less than last month’s...
The Fed looks at how we are doing
The Federal Reserve Board (Fed) recently released the results of its 2023 survey of the financial well-being of U.S. households. The report contains insights on how renter households were faring in late 2023.
Survey background
The...
Forecast: multifamily starts lower as interest rates to remain high
Fannie Mae’s May economic forecast calls for multifamily housing starts to decline through the end of 2024 before slowly recovering in 2025 despite persistently high interest rates. Single-family housing starts are expected to rise...
Where the jobs are going
The Bureau of Labor Statistics (BLS) recently released their State Employment and Unemployment Survey for April. The report provides figures on total employment for each of the states plus the District of Columbia. It...
CBRE: multifamily investment volumes decline in Q1
A recent report by CBRE examines the state of commercial real estate finance in Q1. While the report considers investment in several commercial property types, this summary focuses on change in investment volumes for...
Construction materials prices rise in April
The producer price index (PPI) report from the Bureau of Labor Statistics (BLS) stated that construction materials prices were up 0.3 percent month-over-month in April on a seasonally adjusted basis. In addition, the change...
Q1 multifamily mortgage originations down from last year
A report from the Mortgage Bankers’ Association (MBA) says that originations of multifamily mortgages in Q1 2024 were down 7 percent year-over-year. Originations of all commercial mortgages as a single asset class fell 23...
Positive rent growth reported in April
Yardi Matrix reported that national average apartment rent was up $6 in April compared to the revised level of the month before at $1,725 per month. The national average year-over-year apartment asking rent growth...
HUD provides guidance on use of AI in acquiring residents
In October 2023, President Biden issued an executive order on the safe development and use of artificial intelligence (AI). It directed the HUD secretary to issue guidance on the use of AI in resident...
Multifamily CMBS delinquency rate falls despite overall delinquency rise
Trepp reported that delinquency rate for multifamily commercial mortgage-backed securities (CMBS) loans fell in April, declining 51 basis points.
Overall CBMS delinquency rate higher
For delinquencies, Trepp focuses on loans that are 30 or more days...
Employment growth slows in April
The Employment Situation Report from the Bureau of Labor Statistics stated that April employment levels in 3 of the 4 multifamily-related job categories we track rose from the preliminary levels reported last month despite...
Multifamily construction spending trends lower
The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in March was down 0.61 percent from the revised level of the month before. Spending on...
Construction jobs market cools in March
The Job Openings and Labor Turnover (JOLT) report from the Bureau of Labor Statistics (BLS) said that the number of job openings in March was 8.49 million. This was reported to be down 325,000...
Renter households on the rise
The Census Bureau released its quarterly report on home ownership and occupancy for Q1 2024. It stated that the rental housing vacancy rate was 6.6 percent, unchanged from its level in the last two...
