Construction materials prices continue to climb in January
The producer price index (PPI) report from the Bureau of Labor Statistics (BLS) stated that construction materials prices were up 0.3 percent month-over-month in January on a seasonally adjusted basis. The index of components...
Multifamily construction spending weakens
The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in October was down 0.2 percent from the revised level of the month before. Spending on...
MBA reports commercial mortgage delinquency rates on the rise
The Mortgage Bankers Association (MBA) reported that delinquency rates are growing for commercial mortgages issued by 4 of the 5 classes of lenders they track.
Distress definitions differ
The MBA report is issued quarterly, with the...
Multifamily property price slide accelerates
CoStar reported that its value-weighted index of multifamily property prices fell 1.4 percent month-over-month in January 2024, the fifth decline in a row and the 16th decline in the last 18 months. This index...
Lumber prices lead construction materials prices higher in February
The producer price index (PPI) report from the Bureau of Labor Statistics (BLS) stated that construction materials prices were up 0.3 percent month-over-month in February on a seasonally adjusted basis. The index of components...
Construction job openings at near record high in February
The Job Openings and Labor Turnover (JOLT) report from the Bureau of Labor Statistics (BLS) said that the number of job openings in February was 8.76 million. This was reported to be down 8,000...
Yardi Matrix reports rents continue to fall at year end
Yardi Matrix reported that national average apartment rents fell $4 in December, compared to the level of the month before. The average rent fell to $1,709 per month. The national average year-over-year apartment asking rent...
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...
Yardi and property managers sued over revenue management software
Property management software firm Yardi Systems was sued in the U.S. District Court for the Western District of Washington on September 8 over its revenue management software product, currently called Revenue IQ. The suit...
Cap rates rise in latest reading from IRR
Intergra Realty Resources (IRR) recently released its annual Viewpoint report for 2024. The report discusses the state of the US economy and presents an update on the operating and sales performance data for four...
DOJ weighs in on RealPage suit
The Biden Department of Justice (DOJ) has come down on the side of the plaintiffs suing RealPage and many property management companies over their use of revenue management software in setting rents. The DOJ...
Fed raises rate forecast for 2025
Federal Open Market Committee (FOMC) met this week and decided to keep the Fed Funds rate unchanged. However, the Federal Reserve’s updated forecasts for key economic metrics projected that interest rates after 2024 will...
Strong rise in employment in March
The Employment Situation Report from the Bureau of Labor Statistics stated that March employment levels all 4 of the multifamily-related job categories we track rose from the preliminary levels reported last month.
Blowout month for...
Multifamily starts slowdown forecast to come later
Fannie Mae’s September economic and housing forecast predicts higher multifamily starts in 2023 but lower multifamily starts in 2024 than called for in last month’s forecast.
Multifamily starts expected to slow - later
The current forecast...
Yardi Matrix sees changing mix in multifamily starts
A new report from Yardi Matrix examines the changes in the number of multifamily starts and the sorts of developments started over the last 10 years. It takes a broad view of multifamily housing...
