Monday, May 5, 2025

PRO Blog

Multifamily construction spending continues to fall in February

The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in February was down 0.03 percent from the revised level of the month before. Spending on...

CMBS delinquency rate rises on jump in multifamily delinquencies

Trepp reported that the delinquency rate for multifamily commercial mortgage-backed securities (CMBS) loans surged higher in March, more than reversing last month’s decline. The overall CMBS delinquency rate also rose, gaining 35 basis points. Overall...

CoStar: multifamily property prices and transactions both lower

CoStar reported that its value-weighted index of multifamily property prices fell 0.6 percent month-over-month in February, the second consecutive month-over-month loss. However, this index was up 2.2 percent year-over-year. By contrast, MSCI Real Capital Analytics...
Fannie Forecast

Multifamily starts forecast steady despite lower GDP growth

Revisions to Fannie Mae’s housing forecast in March call for slightly more multifamily starts in 2025 but slightly fewer starts in 2026 than in last month’s forecast. Fannie Mae is now predicting 349,000 starts...
multifamily property prices and commercial property prices on the rise

MSCI: Multifamily property prices continue recovery

The latest commercial property price report from MSCI Real Capital Analytics said that multifamily property prices were up 0.2 percent month-over-month in February from the revised level of the month before. However, prices were...

Rental housing economist debunks monopoly myths

Rental housing economist Jay Parsons is known for challenging conspiracy narratives about the multifamily industry. This week, on his LinkedIn page, he debunks monopoly myths that claim large corporate landlords dominate the...
Rents on the rise

Rent growth blooms in spring

The latest rent report from Apartment List shows that the national median monthly rent growth in March was +0.59 percent. Rents have now risen for 2 months in a row. However, year-over-year rent growth...
CBMS special servicing rates and loan losses

Multifamily CMBS special servicing rate rises in February

Trepp reported that special servicing rate for multifamily commercial mortgage-backed securities (CMBS) loans resumed its upward trend in February, rising 9 basis points. The overall CMBS special servicing rate on commercial property rose 45...
St Paul Minnesota rent control

St Paul looks to revise its rent control ordinance

In November 2021, voters in St. Paul, Minnesota passed one of the most stringent rent control measures in the country. The St. Paul city council recently announced plans to revise it yet again. Toning it...

MBA: commercial mortgage delinquency rates on the rise

A recent report from the Mortgage Bankers’ Association (MBA) states that commercial and multifamily mortgage delinquency rates have been rising for the last two years. For some categories of lenders, delinquency rates are now...
Federal Reserve keeps fed funds rate unchanged

Fed keeps interest rate trajectory unchanged

The economic projections released by the Federal Open Market Committee (FOMC) after this week’s meeting indicate that they expect the interest rate trajectory to be the same as they projected with the last release...
bank lending

GSEs dominate growth in multifamily mortgage debt in Q4

The Mortgage Bankers Association (MBA) reported that multifamily mortgage debt outstanding rose by $38.88 billion in Q4 from the revised level of the quarter before. Total multifamily debt reached a level of $2.157 trillion....
multifamily construction

Multifamily starts rise as completions fall

The Census Bureau’s report on new residential construction stated that multifamily permits fell, multifamily starts rose and multifamily completions plunged. It also reported rising single family construction activity with increases in both starts and...
plywood leads construction materials prices higher

Higher construction materials prices coming

The producer price index (PPI) report from the Bureau of Labor Statistics (BLS) stated that construction materials prices rose 0.1 percent month-over-month in February on a seasonally adjusted basis. The index of components and...
seasonal wetland not part of WOTUS

EPA to revise WOTUS rule

EPA, along with the U.S. Army Corps of Engineers, announced new guidance on what qualifies as “waters of the United States” (WOTUS) in light of the Supreme Court’s Sackett decision. The agencies also announced...
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