Multifamily at mid-year
Yardi Matrix released its Summer 2023 U.S. Multifamily Outlook report. It examines the multifamily housing business by looking at 4 factors driving it: the economy, rents, new supply and capital markets. Economy The economy has been...
Fannie Mae forecasts later downturn
Fannie Mae’s June economic and housing forecast predicts that the expected economic downturn will occur slightly later than did other recent forecasts. It also predicts a higher level of multifamily starts in 2023 but...
Multifamily property prices down again in May
The latest commercial property price report from MSCI Real Capital Analytics said that multifamily property prices in May fell 0.9 percent from their level of the month before and fell 12.5 percent from their...
Renting cheaper in majority of largest U.S. cities
The average monthly mortgage costs 25 percent more on average than renting across the nation’s 50 most populous cities with just four exceptions: Detroit, Philadelphia, Cleveland and Houston. Of these cities, in Detroit it...
Home foreclosure starts continue to climb, up 5 percent y/y
Inflation continues to wreak havoc on the American economy according to one important indicator: foreclosures. Foreclosures are rising across the country. Foreclosure data is compiled into categories: Foreclosure starts and completed foreclosures. Entering and moving...
SFR rent growth rate decline continues
CoreLogic reported that their single-family rent index (SFRI) for April rose 3.7 percent from its year-earlier level. This is down from the 4.3 percent SFR rent growth reported last month. It also marks 12...
Rents fall for first time since 2008
After three years of double-digit increases, apartment rents declined in May for the first time in 15 years according to Rent.com. Now in the ninth month of deceleration, with rent growth averaging less than...
Multifamily construction has a great month
The Census Bureau’s new residential construction report for May stated that the number of multifamily permits issued, starts and unit completions were all up for the month, starts significantly so. Starts again outpaced completions...
Fed signals higher interest rates ahead
The Federal Open Market Committee (FOMC) met this week and decided to keep interest rates unchanged. However, the Federal Reserve’s updated forecasts for key economic metrics indicated that higher interest rates may be coming...
Construction materials prices trend lower in May
The May producer price index (PPI) report from the Bureau of Labor Statistics (BLS) stated that construction materials prices fell 0.1 percent month-over-month, seasonally adjusted. The index of components and materials for construction was...
Multifamily CMBS delinquencies edge lower in May
Trepp reported that both delinquency rates and special servicing rates for multifamily CMBS loans declined slightly in May. Delinquency rates and special servicing rates for the overall CMBS market rose driven by problems with...
Rent growth picks up in May
Yardi Matrix reported national average apartment rent growth of $7 in May, bringing rents to $1,716 per month. The increase is up by $2 from last month’s reported value. Year-over-year rent growth rates down again The...
California rent control: one measure advances as another fails
California Senate Bill 466 was withdrawn by its author after failing a floor vote. At the same time, a proposed rent control ballot measure seems to be on its way to qualifying for the...
Mixed signals in May employment report
The Employment Situation Report from the Bureau of Labor Statistics stated that apartment operations employment and residential construction employment both rose compared to their revised levels from the month before. Total employment growth continues, or...
Multifamily construction spending continues slow rise
The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in April was up 0.6 percent month-over-month. Spending on single-family continued to fall while spending on...
