Soft month for multifamily employment despite overall rise
The Employment Situation Report from the Bureau of Labor Statistics (BLS) stated that the economy continued to add jobs in May. However, the employment levels for 3 of the 4 multifamily-related job categories we...
Rent growth continues positive in May
Yardi Matrix reported that the national average asking apartment rent was up $6 in May from the revised level of the month before at $1,761 per month. The national average year-over-year asking apartment rent...
Job openings and hiring up in April
The Job Openings and Labor Turnover (JOLT) report from the Bureau of Labor Statistics (BLS) said that the number of total non-farm job openings in April ticked up to 7.39 million. Construction job openings...
CoStar: multifamily property prices lower
CoStar reported that its value-weighted index of multifamily property prices fell 1.34 percent month-over-month in April, an acceleration of last month’s reported decline. However, this index was up 4.0 percent year-over-year.
By contrast, MSCI Real...
Multifamily CMBS delinquency rate lower in May
Trepp reported that the delinquency rate for multifamily commercial mortgage-backed securities (CMBS) loans decreased in May after two months of sharp gains. However, the overall CMBS delinquency rate rose slightly, gaining 5 basis points...
Multifamily construction spending revised higher
The Census Bureau’s report on construction spending indicated that the value of multifamily residential construction put in place in April fell again. However, unlike in recent reports where revisions were to the downside, the...
A look at maturity dates on affordable multifamily mortgages
A new report from Yardi Matrix looks at upcoming loan maturities on affordable multifamily properties. It finds that these loans typically have longer terms than do those on market-rate properties.
Defining the focus
The report looks...
Year-over-year rent growth remains negative in May
The latest rent report from Apartment List shows that the national median monthly rent growth in May was 0.39 percent. Rents have now risen for 4 months in a row, which is typical for...
Multifamily CMBS special servicing rate rises in April
Trepp reported that the special servicing rate for multifamily commercial mortgage-backed securities (CMBS) loans moved modestly higher in April, reversing its fall in the month before. The overall CMBS special servicing rate on commercial...
MSCI: Multifamily property prices head lower
The latest commercial property price report from MSCI Real Capital Analytics said that multifamily property prices were down 0.4 percent month-over-month in April compared to the revised level of the month before. Prices were...
Multifamily starts forecast continues to rise
Revisions to Fannie Mae’s housing forecast in May call for more multifamily starts across the entire forecast horizon than in last month’s forecast. Fannie Mae is now predicting 371,000 starts in 2025 with 396,000...
EPA drops ESPM: hope for the best
While concerns about the potential elimination or privatization of ENERGY STAR Portfolio Manager (ESPM) are understandable, the possible transition away from ESPM could, in fact, present opportunities for innovation, competition, and improved data management.
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Multifamily mortgage originations up sharply in Q1
A report from the Mortgage Bankers’ Association (MBA) says that multifamily mortgage originations were up 39 percent year-over-year in Q1. Originations of all commercial mortgages as a single asset class rose 42 percent year-over-year.
Commercial...
Multifamily construction activity falls in April
The Census Bureau’s report on new residential construction stated that multifamily permits declined again after last month’s bump. Multifamily starts rose for the third consecutive month. Multifamily completions continued their slide which started last...
Construction materials prices rise moderately despite copper wire price jump
The producer price index (PPI) report from the Bureau of Labor Statistics (BLS) stated that construction materials prices rose 0.3 percent month-over-month in April on a seasonally adjusted basis. The index of components and...
