Multifamily distress logs largest increase in 18 months
The multifamily distress anticipated last year is finally starting to materialize. Although multifamily loan defaults remain relatively low, the multifamily distress rate rose as lenders push maturities forward, wrote Yardi Matrix in...
Rent growth inches higher in February
Yardi Matrix reported that national average apartment rent was up $1 in February compared to the revised level of the month before at $1,713 per month. The national average year-over-year apartment asking rent growth was...
Property management jobs grow as construction jobs stall in February
The Employment Situation Report for February from the Bureau of Labor Statistics stated that employment in property management rose while residential construction employment fell fractionally compared to the revised levels of the month before. Overall...
Consider the emotional benefits of lighting
Have you ever walked down the freezer aisle of a store and found that the cases look a little dark? Then, as you approach, the insides light up. I personally love that! It makes...
Realtor.com and Zillow ink new rental listings syndication agreement
Realtor.com® and Zillow announced a new agreement for Zillow to be the exclusive provider of multifamily rental listings on Realtor.com, generating additional exposure for listings to millions of renters. As part of the new agreement,...
NMHC responds to Biden’s SOU remarks on housing supply
NMHC urges lawmakers at all levels of government to enact policies and programs that will expand housing supply, which experts agree is the solution to broadening housing opportunity and making housing more affordable. We...
Three-bedroom units lose some luster as occupancy returns to pre-pandemic norms
The multifamily arena is finally returning to pre-pandemic norms and so are renter preferences for unit types. Three-bedroom units, which saw the greatest increases in occupancy during COVID, have settled back to...
Employment rises despite lower 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 January was 8.86 million. This was reported to be down 26,000...
Multifamily CMBS delinquency rate lower in February
Trepp reported that delinquency rate for multifamily commercial mortgage-backed securities (CMBS) loans declined slightly in February, falling 10 basis points. Overall CBMS delinquency rate declines For delinquencies, Trepp focuses on loans that are 30 or more...
Multifamily property price slide accelerates
CoStar reported that its value-weighted index of multifamily property prices fell 1.4 percent month-over-month in January 2024, the fifth decline in a row and the 16th decline in the last 18 months. This index...
Lower multifamily construction spending in January
The Census Bureau’s report on construction spending said that the value of multifamily residential construction put in place in January was down 0.4 percent from the revised level of the month before. Spending on...
Building more luxury apartments lowers rent for all classes
One of ten unintended consequences of rent control, according to the National Apartment Association, is that it reduces developers’ incentives to build new rental housing. Rent control has proven to backfire on...
What will whole building data reveal?
“Don’t be upset by the results you didn’t get for the work you didn’t do.” --Unknown On January 25, 2024, HUD, the DOE and EPA joined forces in a superhero mashup to sign a joint...
Rent growth turns positive in February
The latest rent report from Apartment List shows that the national median monthly rent growth in February was +0.2 percent, the first increase after 6 months of rent declines. Year-over-year rent growth was -1.0...
NAHB: Multifamily housing construction will decline in 2024
Multifamily housing starts are predicted to decline in 2024, according to the National Association of Home Builders (NAHB). Meanwhile, the remodeling sector remains on solid ground and will hold steady this year. Multifamily starts totaled...
