Multifamily employment grows despite fewer job openings
The Job Openings and Labor Turnover (JOLT) report from the Bureau of Labor Statistics (BLS) said that the number of job openings in June was 8.18 million. This was reported to be down 46,000...
MSCI: Multifamily property prices continue to fall in June
The latest commercial property price report from MSCI Real Capital Analytics said that multifamily property prices fell 0.5 percent from their level of the month before in June. While still negative, this is less...
Single-family rent growth rate rises in May
CoreLogic reported that their single-family rent index (SFRI) for May rose 3.2 percent from its year-earlier level. This is up 0.2 percentage points from last month’s reported year-over-year rent growth rate but is down...
Higher growth for multifamily starts predicted
Fannie Mae’s July housing forecast calls for higher levels of multifamily housing starts in 2024 and 2025 than in their two most recent past forecasts. Single-family housing starts are expected to pull back slightly through...
Multifamily housing construction bounces back from May lows
The Census Bureau’s new residential construction report for June stated that multifamily permits, starts, and completions were all up from May’s depressed levels. In addition, revisions to May’s multifamily housing construction data were all...
Biden calls for rent control -update
In President Biden’s press conference on July 11, he mentioned his plan to impose rent control with a 5 percent rent increase cap on corporate landlords as part of his second term agenda if...
Tenant protections to be imposed for GSE loans
The Federal Housing Finance Agency (FHFA) has announced tenant protections that will be imposed on all multifamily properties with financing from the Government Sponsored Entities (GSE’s), Fannie Mae and Freddie Mac. The protections will...
Construction materials prices edge higher in June
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 June on a seasonally adjusted basis. In addition, the change...
Renters agree it’s a bad time to buy
Fannie Mae’s National Housing Survey revealed that 80 percent of renters believe that this is a bad time to buy a home. This is in line with the beliefs of other consumers. Long term look The...
Rent growth slows in June
Yardi Matrix reported that national average apartment asking rent was up $4 in June compared to the revised level of the month before at $1,739 per month. The national average year-over-year apartment asking rent...
Multifamily CMBS delinquency rate and loan loss severity rise in June
Trepp reported that the delinquency rate for multifamily commercial mortgage-backed securities (CMBS) loans moved higher in June, rising 66 basis points. While the multifamily CBMS delinquency rate is still well below the rates for...
Employment growth slows in June
The Employment Situation Report from the Bureau of Labor Statistics reported that overall employment growth in June fell sharply from the gain initially reported for last month. In addition, employment growth for the previous...
Construction employment returns to growth in May
The Job Openings and Labor Turnover (JOLT) report from the Bureau of Labor Statistics (BLS) said that the number of job openings in May was 8.14 million. This was reported to be up 221,000...
Multifamily property prices move higher in May
CoStar reported that its value-weighted index of multifamily property prices rose 1.4 percent month-over-month in May, the first rise after 8 straight months of declines. In addition, last month’s reported decline of 1.4 percent...
Multifamily construction spending trending lower in May
The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in May was down 0.02 percent from the revised level of the month before. Spending on...
