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...
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...
