DOJ sues RealPage over revenue management
On August 23, the U.S. Department of Justice, along with the Attorneys General of several states*, file an antitrust lawsuit against property management software maker RealPage. The suit alleges that the revenue management software...
MSCI: Multifamily property prices slide in July
The latest commercial property price report from MSCI Real Capital Analytics said that multifamily property prices fell 0.7 percent in July from their level of the month before. This is larger than last month’s...
Outlook for multifamily starts brightens
Fannie Mae’s August housing forecast calls for a higher level of multifamily housing starts in 2024 than predicted in last month’s forecast. This is the second month in a row where the forecast for...
Q2 multifamily mortgage originations continue to trail last year’s level
A report from the Mortgage Bankers’ Association (MBA) says that originations of multifamily mortgages in Q2 2024 were down 14 percent year-over-year. This is larger than last quarter’s 7 percent decline. Originations of all...
Up-and-down multifamily housing construction stats move lower in July
The Census Bureau’s new residential construction report stated that multifamily permits and completions were down sharply in July after popping higher in June. However, multifamily starts were up slightly from the preliminary level reported...
Record apartment deliveries and absorption expected in 2024
In a mid-year look at the multifamily market, Berkadia reports that record levels of new supply are arriving but strong absorption is causing most of that new supply to be occupied. Deliveries surge Berkadia anticipates that...
Construction materials prices up fractionally in July
The producer price index (PPI) report from the Bureau of Labor Statistics (BLS) stated that construction materials prices were up 0.1 percent month-over-month in July on a seasonally adjusted basis. However, the change in...
Multifamily CMBS special servicing rate improves in July
Trepp reported that special servicing rate for multifamily commercial mortgage-backed securities (CMBS) loans moderated slightly in July, falling 6 basis points. However, the overall CMBS special servicing rate on commercial property rose driven by...
Multifamily property prices continue slow recovery
CoStar reported that its value-weighted index of multifamily property prices rose 0.3 percent month-over-month in June. However, this index was still down 8.2 percent year-over-year. The value-weighted index of non-multifamily commercial property fell 1.4 percent,...
Multifamily construction spending reported higher
The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in June was up 0.14 percent from the revised level of the month before. Spending on...
Employment growth down again in July
The Employment Situation Report from the Bureau of Labor Statistics reported that overall employment growth fell sharply again in July from the gain initially reported for last month. In addition, last month’s employment growth...
Multifamily CMBS delinquency rate trends upward
Trepp reported that delinquency rate for multifamily commercial mortgage-backed security (CMBS) loans moved higher again in July, rising 27 basis points. July is the third month in a row of increases in the multifamily...
New York City leads in rent growth in July
Yardi Matrix reported that national average apartment asking rent was up $4 in July compared to the revised level of the month before at $1,743 per month. The national average year-over-year apartment asking rent...
Rent growth remains slow but positive in July
The latest rent report from Apartment List shows that the national median monthly rent growth in July was +0.24 percent. Year-over-year rent growth was -0.76 percent. Rents have fallen on a year-over-year basis since...
Number of renter households exceeds 45 million in Q2
The Census Bureau released its quarterly report on home ownership and occupancy for Q2 2024. It stated that the rental housing vacancy rate was 6.6 percent. This was unchanged for the last year according...
