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Multifamily News Feed
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Multifamily News
Sep 22nd, 2023 - Dive Brief: Total construction starts rose 6% in August to a seasonally adjusted annual rate of $1.3 trillion, according to Dodge Construction Network , buoyed by pickups in the manufacturing and transportation building sectors. The two sectors' gains help lift starts in the broader nonresidential construction category by 40% and kept the overall index in positive territory. For example, residential and nonbuilding construction fell 1% and 14%, respectively, according to Dodge. That bifurcation ... [Read More]
Source: constructiondive.com
Sep 21st, 2023 - Inland Empire rent evolution, click to enlarge The Inland Empire's fundamentals were soft but steady in mid-2023. Rent growth was tepid but above negative territory, up 0.3 percent on a trailing three-month basis through June, to $2,131, still well above the $1,726 U.S. figure. The occupancy rate in stabilized properties decreased by 130 basis points year-over-year through June but was still healthy, at 95.5 percent. Inland Empire sales volume and number of properties sold, click to enlarge The ... [Read More]
Source: multihousingnews.com
Sep 21st, 2023 - SAN JOSE, CA - Urban Catalyst, a real estate fund manager and developer based in San Jose, California, has launched a new fund, UC Multifamily Equity I LLC (UCME). UCME focuses on the development of a 272-unit luxury apartment building named Aquino. Located within walking distance of Downtown San Jose's western edge, Aquino is next to the site of Google's planned Downtown West campus and within walking distance of the SAP Center and Diridon Station, one of the West Coast's busiest transit ... [Read More]
Source: multifamilybiz.com
Sep 21st, 2023 - It took a while, but the borough got its groove back. Manhattan rent evolution, click to enlarge Although economic softening has had an impact on most major metros, Manhattan fell back on its strong fundamentals throughout the first half of the year. Rents recovered once more, and growth improved 0.9 percent on a trailing three-month basis through June—more than double the U.S. pace—to an average of $4,743. Occupancy in stabilized assets remained high in the borough, at a healthy ... [Read More]
Source: multihousingnews.com
Sep 20th, 2023 - A Mortgage Bankers Association (MBA) report shows that total net growth in multifamily mortgage debt outstanding in Q2 2023 rebounded from the very low level of Q1. However, growth in multifamily mortgage holdings was well below the levels of recent years. The MBA reported that multifamily mortgage debt outstanding rose by $26.4 billion in Q2, well above the $9.3 billion increase in Q1. Total multifamily mortgage debt reached a level of $2.027 trillion. Compared to the year-earlier level, ... [Read More]
Source: yieldpro.com
Sep 20th, 2023 - Higher mortgage rates averaging above 7% put a damper on single-family production in August, as builders also continue to face supply-side challenges in the form of elevated construction costs, a lack of skilled labor and a shortage of buildable lots. Led by a sharp decline in multifamily production, overall housing starts fell 11.3% in August to a seasonally adjusted annual rate of 1.28 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. ... [Read More]
Source: lbmjournal.com
Sep 19th, 2023 - The Census Bureau 's new residential construction report for August stated that the number of multifamily permits issued and unit completions were up from the levels reported last month. However, the number of multifamily starts was reported to be much lower. The reported data is highly volatile with both the starts and completions figures being more than 100,000 units different than the equivalent figures from the month before. The number of multifamily units reported to be under construction ... [Read More]
Source: yieldpro.com
Sep 19th, 2023 - Persistently high mortgage rates above 7% continue to erode builder confidence, as sentiment levels have dropped below the key break-even measure of 50 for the first time in five months. Builder confidence in the market for newly built single-family homes in September fell five points to 45, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). This follows a six-point drop in August. The two-month decline in builder sentiment coincides with when ... [Read More]
Source: lbmjournal.com
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