Lower multifamily construction spending in January
The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in January was down 0.4 percent from the revised level of the month before. Spending on...
Rent growth turns positive in February
The latest rent report from Apartment List shows that the national median monthly rent growth in February was +0.2 percent, the first increase after 6 months of rent declines. Year-over-year rent growth was -1.0...
Fannie Mae predicts a soft landing for economy
Fannie Mae’s February economic forecast calls for a steady decline in inflation while both GDP growth and employment growth remain positive, if subdued. The housing forecast predicts that multifamily starts will be higher in...
MSCI: Multifamily property prices lower in January
The latest commercial property price report from MSCI Real Capital Analytics said that multifamily property prices in January fell 0.4 percent from their level of the month before. Prices were down 7.9 percent from...
Construction materials prices continue to climb in January
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 January on a seasonally adjusted basis. The index of components...
Census report foretells multifamily construction slowdown
The Census Bureau’s new residential construction report for January showed rising level of multifamily construction completions. However, both multifamily permits and starts were down sharply for the month. If this trend continues, it would...
Yardi Matrix reports rents hold steady in January
Yardi Matrix reported that national average apartment rent was unchanged in January compared to the revised level of the month before at $1,710 per month. The national average year-over-year apartment asking rent growth was 0.5...
Multifamily mortgage originations fall in Q4
A report from the Mortgage Bankers’ Association (MBA) says that multifamily mortgage originations in Q4 2023 were down 27 percent year-over-year despite rising 13 percent from their level in Q3. Originations of all commercial...
Multifamily CMBS delinquency and special servicing rates drop again
Trepp reported that the delinquency rate for multifamily commercial mortgage-backed security (CMBS) loans declined in January, falling 71 basis point. Trepp also reported that the multifamily CMBS special servicing rate declined, falling 83 basis...
Yardi Matrix sees changing mix in multifamily starts
A new report from Yardi Matrix examines the changes in the number of multifamily starts and the sorts of developments started over the last 10 years. It takes a broad view of multifamily housing...
Multifamily property prices still falling, but more slowly
CoStar reported that its value-weighted index of multifamily property prices fell 0.4 percent month-over-month in December 2023, the fourth decline in a row. This index was down 10.7 percent year-over-year.
The value-weighted index of non-multifamily...
Multifamily construction spending ticks higher in December
The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in December was up 0.3 percent from the revised level of the month before. Spending on...
Multifamily employment reported to rise in January
The Employment Situation Report from the Bureau of Labor Statistics stated that January employment levels in 3 of the 4 multifamily-related job categories we track rose from the revised levels of the previous month.
Overall...
Vacancy rate unchanged as more households rent in Q4
The Census Bureau released its quarterly report on home ownership and occupancy for Q4 2023. It stated that the rental housing vacancy rate was 6.6 percent, unchanged from its level in Q3 but up...
Rent growth in winter chill
The latest rent report from Apartment List shows that the national median monthly rent growth in January was -0.3 percent. Year-over-year rent growth was -1.0 percent. Apartment List reported the national median apartment rent to...
