Multifamily employment grows despite lower overall openings
The Job Openings and Labor Turnover (JOLT) report from the Bureau of Labor Statistics (BLS) said that the number of job openings in July was 7.67 million. This was reported to be down 237,000...
Multifamily CMBS delinquency rate continues to move higher
Trepp reported that the delinquency rate for multifamily commercial mortgage-backed securities (CMBS) loans moved higher again in August, rising 67 basis points. This is by far the highest monthly increase in the delinquency rate...
Multifamily construction spending slides in July
The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in July was down 0.04 percent from the revised level of the month before. Spending on...
Multifamily property prices decline in July
CoStar reported that its value-weighted index of multifamily property prices fell 0.6 percent month-over-month in July after three months of gains. This index was down 9.2 percent year-over-year. The value-weighted index of non-multifamily commercial property...
Rent growth turns negative in August
The latest rent report from Apartment List shows that the national median monthly rent growth in August was -0.1 percent. Year-over-year rent growth was -0.74 percent. Rents have fallen on a year-over-year basis since...
Housing goals set and actions defined for GSEs
The Federal Housing Finance Agency (FHFA) has proposed 2025-2027 housing goals for Fannie Mae and Freddie Mac for lending on both single-family and multifamily housing. Fannie Mae and Freddie Mac have also announced how...
Analyzing office to residential conversion potential
A new report from CommercialEdge, a Yardi company, takes a standardized look at the characteristics of office properties to assess their potential for conversion to residential uses. It finds that 2.7 percent of existing...
SFR rent growth rate lower in June
CoreLogic reported that their single-family rent index (SFRI) for June rose 2.9 percent from its year-earlier level. This is down 0.3 percentage points from last month’s reported year-over-year single-family rent growth rate and is...
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...
