The multifamily market produced exceptional rent growth in the first half of 2022, driven by robust household formation, strong employment growth and households getting frozen out of homeownership, said Yardi Matrix, Santa Barbara, Calif., The sector, however, is at an inflection point as soaring inflation prompts the Federal Reserve to raise interest rates to reduce growth.
Tag: Multifamily
Multifamily Posts Broad Gains; Asking Rents Top $2,000
Multifamily performance continued its strong run in May, reported Yardi Matrix, Santa Barbara, Calif. In a separate report, Redfin, Seattle, said median monthly asking rents topped $2,000 for the first time.
Record-Breaking Start for U.S. Multifamily Market
CBRE, Dallas, reported the multifamily sector saw strong momentum in early 2022, with robust demographic trends underpinning record leasing activity, rent growth and investment.
MBA Chart of the Week May 13, 2022: Multifamily Construction
Housing markets are tight. Multifamily developers are responding. Developers are currently building 800,000 new homes in buildings with 5 or more units – the most since the mid-1970s – and will put-in-place a record $100 billion of multifamily housing construction this year.
Solid Apartment Rent Gains Continue
Multifamily rent growth continues to exceed normal seasonal patterns, reports said.
RealPage: Apartment Rent Growth Points to Moderation
Apartment rents reverted to more normal rate in February even as occupancy held at record highs, reported RealPage, Richardson, Texas.
HUD Removes Temporary COVID-19 Underwriting Guidelines for Multifamily Transactions
HUD on Monday announced it would remove temporary COVID-19 underwriting guidelines for multifamily transactions under Section 223(f) of the National Housing Act, a move commended by the Mortgage Bankers Association.
CRE Professionals Optimistic for Multifamily Market
The multifamily market will likely continue to see strong demand following a positive year of investment activity in 2021, said Berkadia, New York.
Freddie Mac: Leverage Existing Rental Housing Stock
As states and localities seek to provide economic incentives to create new housing supply, they must also consider how to leverage the existing rental housing stock, said Freddie Mac, McLean, Va.
Rent Payment Percentages Vary by Class, Market
Apartment rent payments have held up reasonably well during the global COVID-19 pandemic, but a report says different markets and different classes report very different results.