Monday, October 26, 2020

Texas Manufacturing Outlook Survey October 2020 via Dallas Fed

Texas factory activity expanded in October for the fifth month in a row following a record contraction due to the COVID-19 pandemic, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, rose three points to 25.5, indicating a slight acceleration in output growth.

Read more...Texas Manufacturing Outlook Survey October 2020 via Dallas Fed

Dallas-Fort Worth Economic Indicators October 2020 via Dallas Fed

The DFW economy continued to expand in September, although the pace of growth slowed from August. Job growth moderated, and the unemployment rate increased. Movement in the Dallas and Fort Worth business-cycle indexes was mixed. Activity in the housing market remained robust. Apartment demand picked up in the third quarter, while office leasing activity weakened further.

Read more...Dallas-Fort Worth Economic Indicators October 2020 via Dallas Fed

Friday, October 23, 2020

15 U.S. Cities Most Popular with Millennial Renters via NREI

In the following cities, millennials have been filling out more than a third of all apartment rental applications.

Millennials are the largest living generation in size and are increasingly taking up a greater share of the U.S. workforce. For this reason, commercial real estate professionals are keeping close tabs on where millennials prefer to live, especially as a large portion of them continues to rent rather than own their homes. Last year, 18.4 million of the estimated 45.9 million households that rent apartments identified as millennials, according to the Pew Research Center.

Read more...15 U.S. Cities Most Popular with Millennial Renters via NREI

Thursday, October 22, 2020

Rents Plummet on Urban Apartments via NREI

Thousands of apartments stood empty in August 2020 that had been occupied only a few months before in urban cores across the country, including in previously white-hot markets like San Francisco and New York.

Desperate owners have been dropping rents and offering eye-popping concessions and optimizing on-site amenities in attempts to lure tenants. But it’s not nearly been enough to offset the trend of residents relocating to more spacious and less expensive markets as well others, including many young renters, who have lost jobs and moved back home to live with their parents.

Read more...Rents Plummet on Urban Apartments via NREI

Yardi: Rent Growth Falls by 0.3% YOY in September via Multifamily Executive Magazine

The national average multifamily rent rose by $1 in September, up to $1,463 overall, according to the latest Multifamily National Report by Yardi Matrix. Despite initial fears, rents have only risen or fallen by a few dollars each month since the beginning of the COVID-19 pandemic, amounting to an $8 rent decline overall since February.

Read more...Yardi: Rent Growth Falls by 0.3% YOY in September via Multifamily Executive Magazine

Texas Multifamily Still Attractive to Global Apartment Investors via Realty News Report

The coronavirus pandemic has taken a chunk out of another American real estate market. But Texas was still able to find some good in the depressing numbers

CBRE’s U.S. Multifamily Inbound Investment Trends report for the first half of 2020 says global spending in the U.S. multifamily sector decreased by 49.2% year-over-year from the first half of 2019. Outside-the-U.S. investors purchased $3.1 billion in multifamily property during the first six months of 2020.

Read more...Texas Multifamily Still Attractive to Global Apartment Investors via Realty News Report

Wednesday, October 21, 2020

Eleventh District Beige Book 10/21/20 via Dallas Fed

Economic growth resumed in the Eleventh District after a spike in COVID-19 infections over the summer disrupted the budding recovery. Growth in the services and manufacturing sectors picked up pace in September, and retail sales increased. However, revenues remained well below normal levels in most industries. The housing market continued to perform well. In the banking sector, real estate lending picked up further but was offset by declines in consumer and commercial and industrial loan volumes, and most contacts expect an increase in nonperforming loans over the next six months. Energy activity remained depressed but started to show some signs of improvement. Employment in the district edged higher, with increasing reports of hiring. Input costs rose modestly while selling prices were flat to up slightly. Outlooks were largely positive but highly uncertain, particularly with regard to the presidential election and the unknown trajectory of the COVID-19 pandemic.

Read more...Eleventh District Beige Book 10/21/20 via Dallas Fed

Class A Apartments in Top Markets Are Leading the Rise in Concessions via GlobeSt

Apartment concessions are increasing in the nation’s most expensive markets. The coronavirus pandemic has undoubtedly put pressure on the apartment market, and many metros are seeing an increase in concessions as a result. However, metros with higher rent levels and also more construction are seeing a substantially higher increase in concessions than lower priced metros, according to research from Fannie Mae.

Read more...Class A Apartments in Top Markets Are Leading the Rise in Concessions via GlobeSt

Texas Adds 40,700 Nonfarm Positions Over the Month via Texas Workforce Commission

The Texas unemployment rate rose to 8.3 percent in September, after dipping from the high of 13.5 percent in April 2020 when the peak of COVID-19 impacts occurred. The increase was due to the civilian labor force shrinking as the number of individuals actively looking for work contracted, while the unemployed rose.

Read more...Texas Adds 40,700 Nonfarm Positions Over the Month via Texas Workforce Commission

Time’s up: After a reprieve, a wave of evictions expected across U.S.​ via Reuters

On Sept. 1, U.S. health officials announced they would suspend evictions across the United States to help stem further spread of the novel coronavirus.

That was three days too late for Latrise Bean.

About 72 hours before the declaration by the U.S. Centers for Disease Control and Prevention (CDC), Bean, 35, was ordered evicted from her Milwaukee apartment. She’d lived there for three years despite the sagging ceilings, smell of urine in the hallways and homeless squatters in the basement - because it was all she could afford.

Read more...Time’s up: After a reprieve, a wave of evictions expected across U.S. via Reuters