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...
CMBS delinquencies rise on large loan problems
Trepp reported that delinquency rate for multifamily commercial mortgage-backed securities (CMBS) loans moved higher in October, rising 79 basis point. However, the size of this increase was due to one large single-asset, single-borrower apartment...
Multifamily mortgage originations fall in Q3
A report from the Mortgage Bankers’ Association (MBA) says that multifamily mortgage originations in Q3 2023 were down 16 percent quarter-over-quarter and were down 50 percent year-over-year. Originations of all commercial mortgages as a...
Multifamily employment higher in October
The Employment Situation Report from the Bureau of Labor Statistics stated that employment was up for the month in all 4 multifamily-related job categories we track. However, the prior month’s employment levels for all...
Rents fall for third straight month
The latest rent report from Apartment List shows that the national median monthly rent growth in October was -0.7 percent. Year-over-year rent growth was -1.2 percent. Apartment List reported the national median apartment rent to...
Multifamily construction spending up from last month’s report
The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in September was down 0.2 percent from the upwardly revised level of the month before. Spending...
September job openings reported higher
The Job Openings and Labor Turnover (JOLT) report from the Bureau of Labor Statistics (BLS) said that the number of job openings in September was 9.55 million. This was reported to be up 55,000...
Rental vacancy rate rises despite renter households up 52k
The Census Bureau released its quarterly report on home ownership and occupancy for Q3. It stated that the rental housing vacancy rate was 6.6 percent, up from a level of 6.3 percent in Q2...
