Multifamily mortgage originations rise from Q1 to Q2
A report from the Mortgage Bankers’ Association (MBA) says that originations of multifamily mortgages in Q2 2023 were up 37 percent quarter-over-quarter but were down 48 percent year-over-year. Originations of all commercial mortgages as...
Construction materials prices nearly unchanged in July
The producer price index (PPI) report from the Bureau of Labor Statistics (BLS) stated that construction materials prices were up 0.1 percent month-over-month in July, seasonally adjusted. The index of components and materials for...
Yardi Matrix reports slowing rent growth in July
Yardi Matrix reported that national average apartment rent increased $2 in July from the revised level of the month before. The average rent reached $1,729 per month. Year-over-year rent growth rate continues to fall The national...
Multifamily CMBS delinquencies rise again in July
Trepp reported that the delinquency rate for multifamily commercial mortgage-backed securities (CMBS) loans moved higher in July. The delinquency rate for the overall CMBS market also rose, with only industrial properties seeing delinquency rates...
Employment growth slows in July
The Employment Situation Report from the Bureau of Labor Statistics stated that employment rose in only one of the two categories of residential construction employment and in only one of the two categories of...
Number of renter households reaches all-time high
The Census Bureau released its quarterly report on home ownership and occupancy for Q2. It stated that the national rental housing vacancy rate was 6.3 percent, down from a level of 6.4 percent in...
Job openings continue slide in June
The Job Openings and Labor Turnover (JOLT) report from the Bureau of Labor Statistics (BLS) said that the number of job openings in June was 9.58 million, down 34,000 openings month-over-month. In addition, last...
Residential construction rebounds
The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in June was up 1.5 percent month-over-month. Spending on single-family residential construction rose 2.1 percent while...
More new apartments coming
Yardi Matrix released an updated multifamily supply forecast which predicts more new apartments completing in 2023, 2024 and 2025 than did earlier forecasts. However, the new apartment supply forecast for 2026 through 2028 was...
California rent control – round 3 is on
The California Secretary of State’s (CASoS) office announced that the rent control initiative called the Justice for Renters Act has qualified for the November 2024 election ballot. California voters will have their third opportunity...
Multifamily property prices fall in June
CoStar reported that its value-weighted index of multifamily property prices fell 19.2 percent year-over-year in June 2023. This index was down 1.4 percent month-over-month. The value-weighted index of non-multifamily commercial property rose by 1.6 percent,...
Rent growth slows in July
The latest rent report from Apartment List shows that the national average monthly rent growth in July was 0.3 percent, down slightly from last month’s increase. Year-over-year rent growth was negative 0.7 percent. The...
CBRE reports stable cap rates in Q2
A new report from CBRE states that cap rates used for underwriting prime class A multifamily assets were nearly unchanged in Q2 from their levels of the previous quarter. The pulse of the market The report...
Student housing has solid fundamentals at mid-year
Yardi Matrix recently released a report on the off-campus dedicated student housing industry which shows strong operational performance from the sector. However, property sales transaction volume has been declining. Yardi Matrix collects information on a...
Economic momentum drives Fannie Mae forecast
Fannie Mae’s July economic and housing forecast reflects the surprising strength of the U.S. economy in early 2023. It predicts a higher level of multifamily starts and single-family starts in both 2023 and 2024...
