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...
Multifamily property prices break string of declines
CoStar reported that its value-weighted index of multifamily property prices rose 1.3 percent month-over-month in September 2023, the first gain in 14 months. However, this index was still down 16.6 percent year-over-year. The value-weighted index...
MSCI: Multifamily property prices lower again
The latest commercial property price report from MSCI Real Capital Analytics said that multifamily property prices in September were down 0.3 percent from their level of the month before and down 12.8 percent from...
SFRI rent growth rate continues decline in August
CoreLogic reported that their single-family rent index (SFRI) for August rose 2.9 percent from its year-earlier level. This is down from the 3.1 percent year-over-year rent growth reported last month. The August report continues...
Multifamily starts forecast lower
Fannie Mae’s October economic and housing forecast predicts lower multifamily starts in both 2023 and 2024 than called for in last month’s forecast. Multifamily starts predicted lower The current forecast for multifamily housing starts is shown...
Partial recovery in multifamily construction starts in September
The Census Bureau’s new residential construction report for September stated that the number of multifamily construction starts and unit completions were up from the levels reported last month. However, the number of multifamily permits...
Yardi Matrix reports rent growth turns negative in September
Yardi Matrix reported that national average apartment rents fell $6 in September, compared to the revised rent level of the month before. The average rent fell to $1,722 per month. The national average asking apartment...
Construction materials prices resume rise in September
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 September on a seasonally adjusted basis. In addition, last month’s...
BLS reports solid employment growth
The October Employment Situation Report from the Bureau of Labor Statistics stated that employment growth was positive for the month in all 4 multifamily-related job categories we track. In addition, the prior month’s employment...
CBRE reports cap rates trending higher in Q3
A new report from CBRE states that cap rates for prime class A multifamily assets moved higher in Q3 as both the 10-year Treasury yield and the Fed Funds rate also rose. The pulse of...
Multifamily CMBS delinquencies inch higher in September
Trepp reported that delinquency rate for multifamily commercial mortgage-backed securities (CMBS) loans ticked up slightly again in September, moving up 1 basis point. The delinquency rate for the overall CMBS market rose after falling...
Multifamily property prices move lower in August
CoStar reported that its value-weighted index of multifamily property prices fell 19.6 percent year-over-year in August. This index was down 1.4 percent month-over-month, reversing last month’s gain. The value-weighted index of non-multifamily commercial property also...
Job openings rebound in August
The Job Openings and Labor Turnover (JOLT) report from the Bureau of Labor Statistics (BLS) said that the number of job openings in August was 9.61 million, up 690,000 openings month-over-month. In addition, last...
Multifamily construction spending on the rise
The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in August was up 0.6 percent month-over-month. Spending on single-family residential construction rose 1.7 percent while...
MSCI: Multifamily property prices resume decline
The latest commercial property price report from MSCI Real Capital Analytics said that multifamily property prices in August were down 0.8 percent from their level of the month before and down 14.9 percent from...
