Rent growth has slowed during the pandemic, seemingly a boost for rent affordability. But more expensive areas tended to soften the most, giving little respite to renters in lower-priced areas, reported Zillow, Seattle.
Category: News and Trends
Quote
“We believe the enactment of these taxes would exacerbate the affordable housing challenges in New York and effectively increase rents on low- to middle-income New York families and small businesses, at a time when they can least bear that increase.”
–MBA-led coalition letter to New York political leaders opposing a proposed tax and recording requirement for mezzanine debt and preferred equity.
CREF Policy Update March 25, 2021
Commercial and multifamily developments and activities from MBA relevant to your business and our industry.
Bellwether Enterprise Closes $41M in Financing for Two Texas Properties
Bellwether Enterprise Real Estate Capital, Cleveland, closed $41.1 million in financing for two Texas properties.
JLL, CBRE, KeyBank Lead MBA 2020 CMF Originators
The Mortgage Bankers Association yesterday released its 2020 Rankings of Commercial/Multifamily Mortgage Firms by origination volumes. The report said JLL, CBRE and KeyBank led commercial/multifamily overall rankings.
MBA RIHA Study: Affordability Growing Challenge for Low-, Moderate-Income Renters in Majority of Top 50 Metros
Home prices and rent appreciation have exceeded income growth since the turn of the 21st century. This has created economic obstacles for many American households, especially for low- and moderate-income renters living in cities with recent employment growth but significant housing supply constraints.
Investors Gauge Risks, Opportunities in ESG Factors
Environmental, Social and Governance factors are growing more important in both initial investment decisions and ongoing monitoring after investment, said UBS Asset Management, Zurich, Switzerland.
Work-From-Home Trend Pressures Office Properties
The central business district shutdowns that began just over a year ago dramatically increased remote working and pressure on office properties, said Fitch Ratings, New York.
Apartment Rents Increase at Fastest Rate in 2 Years
Apartment effective asking rents climbed 0.6 percent in February, the fastest single-month pace seen since the middle of 2019, reported RealPage, Richardson, Texas.
MBA: CMF Mortgage Debt Outstanding Up 5.8% in Fourth Quarter
Commercial/multifamily mortgage debt outstanding at the end of 2020 rose by $212 billion (5.8 percent) from the previous year, the Mortgage Bankers Association’s latest Commercial/Multifamily Mortgage Debt Outstanding quarterly report said.