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...
Rents continue to trail last year’s levels
The latest rent report from Apartment List shows that the national median monthly rent growth in June was +0.4 percent. Year-over-year rent growth was -0.7 percent. Rents have now fallen on a year-over-year basis...
Multifamily starts predicted to pick up in 2025
Fannie Mae’s May economic forecast calls for multifamily housing starts to reach their low point in Q2 2024 and then to rise, if unevenly, through the end of 2025. Single-family housing starts are expected to...
MSCI: Multifamily property prices fall in May
The latest commercial property price report from MSCI Real Capital Analytics said that multifamily property prices fell 1.0 percent in May from their level of the month before. This is more than last month’s...
SFR rent growth rate declines in April
CoreLogic reported that their single-family rent index (SFRI) for April rose 3.0 percent from its year-earlier level. This is down 0.4 percentage points from last month’s reported year-over-year rent growth rate and is down...
Multifamily housing construction stats lower across the board
The Census Bureau’s new residential construction report for May showed weakness in all areas of multifamily housing construction. Permits, starts, units under construction and completions were all down from April’s levels. Multifamily housing permits continue...
Growth in multifamily mortgages outstanding rises in Q1
The Mortgage Bankers Association (MBA) reported that growth in multifamily mortgage debt outstanding in Q1 2024 was up significantly from the revised level reported for Q4 2023. However, the growth in debt outstanding in...
Multifamily property investment environment improves in Q1
Freddie Mac recently released its Apartment Market Investment Index (AIMI) for Q1 2024. The national index was up 8.8 percent in the quarter, indicating improving conditions for multifamily property investment. The improvement was largely due...
