Friday, January 17, 2025

PRO Blog

Rent growth rises in April

Yardi Matrix reported that national average apartment rent increased $5 in April to $1,709 per month. This is the largest monthly rent increase reported by Yardi Matrix since last July and indicates that a...
Construction employment

Mixed employment picture in April

The Employment Situation Report from the Bureau of Labor Statistics stated that apartment operations employment fell slightly while residential construction employment rose overall in the latest month. Total employment continues to grow The Bureau of Labor...
rental vacancy rate

Census reports rising vacancies in Q1

The Census Bureau released its quarterly report on home ownership and occupancy for Q4 2022. It stated that the rental housing vacancy rate was 6.4 percent, up from a level of 5.8 percent in...
construction employment

JOLT data reflect weakening jobs market

The Job Openings and Labor Turnover (JOLT) report from the Bureau of Labor Statistics (BLS) said that the number of job openings in March was 9.59 million, down 384,000 openings from last month’s revised...
new multifamily residential construction

Slow rise in multifamily construction spending in March

The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in March was up 0.4 percent month-over-month. Spending on single-family fell for the 11th month in...
multifamily property price increases

Multifamily property prices up on higher sales volume

CoStar reported that its value-weighted index of multifamily property prices fell 7.2 percent year-over-year in March 2023. However, this index was up 1.4 percent month-over-month, the first monthly rise after a string of 8...
rent growth

April rent growth lags prior years

The latest rent report from Apartment List shows that the national average monthly rent growth in April was a positive 0.5 percent, down 0.1 percentage point from last month’s increase. It was the third...
multifamily loans at risk of refinancing difficulty

Trepp examines refinance risk

A recent report from Trepp looked at the amount of securitized debt on multifamily property that is expected to come due over the next 2 years and estimated that 42 percent of that debt...

Fannie Mae forecasts shallower multifamily downturn

Fannie Mae’s April economic and housing forecast reduces the depth of the predicted downturn in multifamily housing starts, although it leaves the timing of the downturn largely unchanged. Multifamily starts forecast rises The current forecast for...
apartment prices

Multifamily property prices lead decline

The latest commercial property price report from MSCI Real Capital Analytics said that multifamily property prices fell 1.9 percent in March from their level of the month before. While this was again the largest...
single-family rental

SFR rent growth continues slide

A report from CoreLogic, a data and analytics company, states that the rate of rent growth in the single-family rental (SFR) market fell in February for the tenth month in a row. Year-over-year rents...

Rent delinquencies stabilize in latest Pulse Survey

The “Week 56” edition of the Census Bureau’s Pulse Survey shows that the portion of renters with rent delinquencies rose to 13.1 percent, up from the 12.4 percent reported in the Week 55 survey...
commercial lending

Mixed picture for CMBS in March

Two reports from Trepp give conflicting indications of the health of the CMBS market with one showing declining delinquency rates but the other showing rising special servicing rates. CBMS delinquencies edge lower One monthly Trepp report...
multifamily construction permit

Multifamily construction activity falls back in March

The Census Bureau’s new residential construction report for March stated that the number of multifamily permits issued, starts and completions all fell from last month's high levels. Once again, there were more starts than...

Construction materials prices up for the month

The March producer price index (PPI) report from the Bureau of Labor Statistics (BLS) stated that construction materials prices rose 0.5 percent for the month, seasonally adjusted. This is after a string of 4...
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