Yardi Matrix reports rent growth rate falls again in August
Yardi Matrix reported that national average apartment rent growth was $1 in August, compared to the revised rent level of the month before. The average rent reached $1,728 per month. Rent growth rate continues its...
Multifamily CMBS delinquency rate holds steady in August
Trepp reported that delinquency rate for multifamily commercial mortgage-backed securities (CMBS) loans was effectively unchanged in August, moving up 1 basis point. The delinquency rate for the overall CMBS market fell for the first...
Employment said to grow as prior month’s levels revised lower
The Employment Situation Report from the Bureau of Labor Statistics stated that employment was up for the month in only 2 of the 4 multifamily-related job categories we track despite downward revisions to the...
Residential construction spending still rising
The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in July was up 0.2 percent month-over-month. Spending on single-family residential construction rose 2.8 percent while...
EPA announces new WOTUS rule
On August 29 EPA issued a revised final rule updating their definition of “waters of the United States” (WOTUS). The revision was made in response to the Supreme Court’s May decision in the case...
Rent growth turns negative in August
The latest rent report from Apartment List shows that the national average monthly rent growth in August was -0.1 percent, the first negative reading since February. Year-over-year rent growth was -1.2 percent. The month-over-month...
Job openings much lower in July
The Job Openings and Labor Turnover (JOLT) report from the Bureau of Labor Statistics (BLS) said that the number of job openings in July was 8.83 million, down 338,000 openings month-over-month. In addition, last...
Multifamily property prices rise in July
CoStar reported that its value-weighted index of multifamily property prices rose 1.4 percent month-over-month in July, the first month-over-month increase since June 2022. However, this index fell 18.0 percent year-over-year. The value-weighted index of non-multifamily...
Fannie Mae examines multifamily construction pipeline
The multifamily commentary that accompanied Fannie Mae’s monthly forecast for August reported on the number of units in the multifamily construction pipeline. In doing so, it used data from Dodge Data and Analytics (Dodge). Starts...
MSCI: Multifamily property prices up in July
The latest commercial property price report from MSCI Real Capital Analytics said that multifamily property prices in July were up 0.1 percent from their level of the month before but still down 12.2 percent...
Fannie Mae forecasts lower multifamily starts
Fannie Mae’s August economic and housing forecast predicts higher single-family starts but lower multifamily starts than did last month’s forecast. Multifamily starts slow The current forecast for multifamily housing starts is shown in the first chart,...
IRR reports multifamily cap rates rising
Intergra Realty Resources (IRR) released its 2023 Mid-Year Viewpoint Summary, an update to its annual Viewpoint report. Unlike the year-end report, the update does not discuss the state of the US economy but rather...
Higher rent increases seen in latest Pulse Survey
The “Week 60” edition of the Census Bureau’s Pulse Survey shows that the portion of renters who are reporting that their rent increased in the last 12 months has been rising. The most common...
Tighter lending standards and multifamily lending
A recent report from Berkadia examines whether the widely reported recent tightening in lending standards by banks has significantly impacted the banks’ lending on commercial real estate. It concludes that, in the case of...
July multifamily construction completions down sharply
The Census Bureau’s new residential construction report for July stated that the number of multifamily permits issued, starts and unit completions were all down from the levels reported last month. The number of multifamily...
