Friday, May 23, 2025

PRO Blog

residential construction spending

Multifamily construction spending continues to fall in January

The Census Bureau’s report on construction spending said that multifamily construction spending in January was down 0.74 percent from the revised level of the month before. Spending on single-family residential construction was reported to...
multifamily property prices

MSCI: Multifamily property prices show positive trend

The latest commercial property price report from MSCI Real Capital Analytics said that multifamily property prices were up 0.7 percent month-over-month in January from the revised level of the month before. However, prices were...

SFR rents rise, but slowly

CoreLogic reported that their single-family rent index (SFRI) for December rose 1.8 percent from its year-earlier level. This is down 0.4 percentage points from last month’s revised year-over-year rent growth rate and is down...
multifamily starts and multifamily completions

Multifamily starts lower despite steady permits

Recent reports on new residential construction from the Census Bureau have been up and down in the number of multifamily starts reported. Last month’s report was up and this month’s report was down. This...
loan losses rise in January

Multifamily CMBS special servicing rate eases in January while loan losses surge

Trepp reported that special servicing rate for multifamily commercial mortgage-backed securities (CMBS) loans fell slightly in January, declining by 30 basis points. It had risen for 5 months in a row. The overall CMBS...

Rate of construction materials price rise is higher in January

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 January on a seasonally adjusted basis. The index of components and...
commercial mortgage

Steady growth in multifamily mortgage originations seen in 2024

A report from the Mortgage Bankers’ Association (MBA) says that multifamily mortgage originations were up 69 percent year-over-year in Q4. Originations of all commercial mortgages as a single asset class rose 84 percent year-over-year. Commercial...
NYC leads rent growth

Rent growth turns positive in January

Yardi Matrix reported that the national average asking apartment rent was up $3 in January compared to the revised level of the month before at $1,746 per month. The national average year-over-year asking apartment rent...
construction employment growth

Mixed report for residential construction employment growth

The Employment Situation Report from the Bureau of Labor Statistics (BLS) stated that the economy experienced modest overall employment growth in January. While the employment levels for 3 of the 4 multifamily-related job categories...

Number of renter households falls in Q4

The Census Bureau’s quarterly report on home ownership and occupancy for Q4 2024 stated that the rental housing vacancy rate was 6.9 percent. This was unchanged since last quarter’s report despite a slight drop...

Multifamily CMBS delinquency rate edges higher

Trepp reported that the rise in the delinquency rate for multifamily commercial mortgage-backed securities (CMBS) loans continued in January, although more slowly than in recent months. The overall CMBS delinquency rate declined marginally, falling...

Job openings down sharply in December

The Job Openings and Labor Turnover (JOLT) report from the Bureau of Labor Statistics (BLS) said that the number of job openings in December was 7.60 million. This was reported to be down 556,000...

Multifamily construction spending lower to end the year

The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in December was down 0.28 percent from the revised level of the month before. Spending on...

CoStar: multifamily property prices rise as transactions surge

CoStar reported that its value-weighted index of multifamily property prices rose 1.4 percent month-over-month in December, slightly lower than last month’s reported increase. This index was down 2.8 percent year-over-year. By contrast, MSCI Real Capital...

Rents start the new year on a down note

The latest rent report from Apartment List shows that the national median monthly rent growth in January was -0.21 percent. Rents have fallen on a month-over-month basis for 6 straight months. Year-over-year rent growth...
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