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Multifamily News

Year Percent Markets Hepp Rates Construction
- At the International Builders' Show, experts predicted that construction starts will decline this year. In a session at the International Builders Show moderated by Dean Schwanke, Danushka Nanayakkara-Skillington of NAHB and Selma Hepp of CoreLogic delivered their 2023 multifamily outlooks. Photo by Diana Mosher Multifamily construction boomed last year, up an estimated 15 percent from the previous year, according to economists speaking at the National Association of Home Builders International ... [Read More]

Construction Housing Projects Developers Panelists Nrp Group
- First published on Apartment developers are getting creative in order to keep the construction pipeline flowing amid construction and capital challenges. Four of the developers leading those efforts described their approach to continue building new housing in a session at the 2023 NMHC Apartment Strategies Conference in Las Vegas Tuesday. Each of the panelists has seen delays in their construction projects as the macroeconomic environment has shifted. Jair Lynch Real Estate Partners had planned ... [Read More]

Construction Employment January Jobs Rate Job
- Job growth rebounded in January. After declines for five consecutive months, total nonfarm payroll employment increased by 517,000 in the first month of 2023 and the unemployment rate hit a 53-year low at 3.4% as more people entered the labor market. Construction industry employment (both residential and non-residential) totaled 7.9 million and exceeds its February 2020 level. Residential construction gained 5,500 jobs, while non-residential construction employment gained 19,300 jobs in ... [Read More]

Starts Construction Multifamily Starts Dodge Las Vegas Richard Branch
- Dive Brief: The New York City metropolitan area finished as the top market for commercial and multifamily starts in 2022 at $37.1 billion, an increase of 37% from 2021, according to a recent Dodge Construction Network report . The Dallas metropolitan area placed second, reaching $16.7 billion in 2022, a 51% jump from 2021, while the Washington, D.C. metro area ranked third during 2022 with $11.4 billion in starts, a 38% gain over 2021, according to Dodge. "2022 will go down as a banner year for ... [Read More]

Jobs Percent Year Basis Detroit Project Detroit Rent
- Despite the market cooling, transactions marked a record. Detroit rent evolution, click to enlarge Detroit's multifamily fundamentals slowed down after the third quarter, following a similar pattern observed in most major metros. Rent expansion decreased to 0.3 percent on a trailing three-month (T3) basis through October, after lagging the U.S. average rate for most of the year, now exceeding it by just 10 basis points. On a year-over-year basis, rents grew 7.3 percent to $1,251—below the ... [Read More]

Homes Year Prices Housing Builders Construction
- The nation might be in the clutches of a dire housing shortage, but builders won't be putting up enough new homes this year to make much of a dent. Housing starts, which is when construction has begun but not yet completed, are expected to fall to about 744,000 single-family homes in 2023 as builders continue to pull back, according to the National Association of Home Builders forecast. That's down about 12% from last year. However, NAHB expects new construction will rebound in the second half ... [Read More]


Construction December Rate Labor Market Data
- The count of open, unfilled jobs for the overall economy increased in December, rising to 11 million, the highest level since July. This was a surprise rise, as noted by many analysts, particularly given a growing chorus of corporate hiring freezes and job cuts. For now, the December data appears to be more noise than signal, although certainly that conclusion could reverse given data for January. Ideally, the count of open, unfilled positions slows to the 8 million range in the coming quarters ... [Read More]

Property Percent Index Prices Costar Year
- CoStar reported that its value-weighted index of multifamily property prices increased only 1.0 percent year-over-year in December 2022. The index was down 1.4 percent month-over-month, the fifth monthly decline in a row. The value-weighted index of non-multifamily commercial property fell by 1.6 percent year-over-year in December. This index rose 1.5 percent month-over-month. The other commercial property types tracked by CoStar are office, retail, industrial and hospitality. For more ... [Read More]




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