Census reports improving multifamily construction figures for December
The Census Bureau’s new residential construction report for December showed a rebounding multifamily housing construction business, with multifamily construction permits, starts and completions numbers all rising from the levels reported last month. The number of...
CBRE 2024 economic outlook foresees lower rent growth
CBRE recently released its economic outlook for 2024. It predicts that the high level of new deliveries in 2024 will cause rent growth to be lower than what we have seen recently. What’s ahead for...
Construction materials prices up again in December
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 December on a seasonally adjusted basis. The index of components...
Yardi Matrix reports rents continue to fall at year end
Yardi Matrix reported that national average apartment rents fell $4 in December, compared to the level of the month before. The average rent fell to $1,709 per month. The national average year-over-year apartment asking rent...
CMBS delinquency and special servicing rates fall slightly
Trepp reported that delinquency rate for multifamily commercial mortgage-backed securities (CMBS) loans declined slightly in December, falling 7 basis points. Trepp also reported that the multifamily CMBS special servicing rate edged downward, falling 8...
Rent growth remains negative in December
The latest rent report from Apartment List shows that the national median monthly rent growth in December was -0.8 percent. Year-over-year rent growth was -1.0 percent. Apartment List reported the national median apartment rent to...
Multifamily employment reported to rise in December
The Employment Situation Report from the Bureau of Labor Statistics stated that December employment levels in 3 of the 4 multifamily-related job categories we track rose from the revised levels of the previous month. Overall...
Multifamily construction spending remains steady
The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in November was up 0.1 percent from the revised level of the month before. Spending on...
Hiring down despite steady job openings in November
The Job Openings and Labor Turnover (JOLT) report from the Bureau of Labor Statistics (BLS) said that the number of job openings in November was 8.79 million. This was reported to be down 62,000...
CoStar: Multifamily property prices lower as transactions plunge
CoStar reported that its value-weighted index of multifamily property prices fell 0.6 percent month-over-month in November 2023, a smaller drop than last month’s revised decline of 0.9 percent. This index was down 13.5 percent...
Yardi Matrix looks to 2024
Yardi Matrix recently released its 2024 U.S. Multifamily Outlook report. The report looks at the recent multifamily market conditions and projects how they will develop in the year ahead. A surprisingly strong economy Despite many forecasters...
MSCI: Multifamily property prices continue slide
The latest commercial property price report from MSCI Real Capital Analytics said that multifamily property prices in November were down 0.7 percent from their level of the month before and down 12.1 percent from...
SFR rent growth rate continues slow decline
CoreLogic reported that their single-family rent index (SFRI) for October rose 2.5 percent from its year-earlier level. This is down from the 2.6 percent year-over-year rent growth reported last month. October marks 18 months...
Multifamily construction starts rise in November
The Census Bureau’s new residential construction report for November stated that multifamily construction starts and completions were up from the levels reported last month. However, the number of multifamily construction permits fell. The number of...
Fannie Mae sees milder housing downturn
Fannie Mae’s December economic and housing forecast predicts that single-family and multifamily starts will fall in 2024, but not as far as they predicted last month. Multifamily starts will have milder downturn The current forecast for...
