Wednesday, April 1, 2020

COVID-19: What’s the Long-Term Impact of Moratoriums on Apartment Evictions? via RealPage

On Sunday, the National Multifamily Housing Council endorsed a number of unprecedented measures in response to the COVID-19 crisis. Among them is a 90-day moratorium on most evictions, meaning apartment owners and managers effectively stripped themselves the ability to remove residents delinquent on rent. The move comes after a wave of local and state governments across the country put similar bans in place.

The timing matches an expected increase in delinquency as job losses mount (particularly in the hotel and restaurant sectors) and unemployment claims surge.

Read more...COVID-19: What’s the Long-Term Impact of Moratoriums on Apartment Evictions? via RealPage

COVID-19 Hit on Multifamily Will Be ‘Modest’ via Multi-Housing News Online

If the numbers from China are accurate—and there’s no way to be certain about that—the COVID-19-induced recession should be a rather short one, according to RCLCO, the Bethesda, Md.-based real estate advisory firm. And the apartment sector won’t feel too much of a sting.

Charles Hewlett, a managing director at the company, said during a webinar late last week that the economic turndown should last a relatively quick two months.

Read more...COVID-19 Hit on Multifamily Will Be ‘Modest’ via Multi-Housing News Online

CRE Loan Defaults Soar Under Trepp Stress Test But Won’t Be as Bad as Great Recession via GlobeSt

To gauge the impact of the COVID-19 disruption, Trepp has applied an economic and real estate forecast scenario to a portfolio of 12,500 commercial real estate loans.

The findings were perhaps to be expected: defaults are expected to increase, in some cases significantly.

Under the scenario Trepp used, the cumulative default rate across commercial mortgages overall will rise to 8%, up significantly from the current 0.4% default rate. The impact will be most immediate and severe in the lodging sector, with a cumulative default rate approaching 35%.

Read more...CRE Loan Defaults Soar Under Trepp Stress Test But Won’t Be as Bad as Great Recession via GlobeSt

Tuesday, March 31, 2020

For Some Family Offices, Now Is the “Buying Opportunity of a Century” When It Comes to CRE via NREI

As America grapples with the coronavirus-impaired economy, family offices are feeling the same uncertainty as other investors are. In some cases, it means it’s time for them to selectively search for commercial real estate opportunities. In other cases, it’s time to pause investment activity.

For investors who want to act rather than stand still, execution of acquisitions and sales has been hampered by market volatility and illiquidity, says Randy Hubschmidt, managing partner of Fortis Wealth, a multi-family office in King of Prussia, Penn. He’s seen deals extended or canceled altogether due to the inability to wrap up previously approved financing.

Read more...For Some Family Offices, Now Is the “Buying Opportunity of a Century” When It Comes to CRE via NREI

Texas Economic Activity Suddenly Contracts in March; Outlook Worsens Due to COVID-19 via Dallas Fed

The economic downturn in Texas has begun, recent data suggest. The coronavirus (COVID-19) outbreak initially affected manufacturers and retailers with supply lines in China. The virus’ subsequent arrival in the U.S. has produced a severe drop-off in demand for large parts of the service sector.

Some of the demand declines have intensified due to public health measures, such as social distancing and shelter-in-place policies. Additionally, record-low oil prices and the prospect of sustained depressed levels in the energy sector will further slow growth in Texas.

Before the COVID-19 outbreak in the U.S., economic activity in Texas had broadly improved. Service sector revenue and manufacturing production increased in January and February.

Read more...Texas Economic Activity Suddenly Contracts in March; Outlook Worsens Due to COVID-19 via Dallas Fed

Texas Service Sector Outlook Survey March 2020 via Dallas Fed

The Texas service sector saw a dramatic decline in March amid the ongoing coronavirus (COVID-19) pandemic and related measures, according to business executives responding to the Texas Service Sector Outlook Survey. The revenue index, a key measure of state service sector conditions, plummeted from 14.0 in February to -67.0 in March, an all-time low reading for the survey.

Labor market indicators reflected a sharp contraction in employment and significantly shortened workweeks. The employment index fell from 6.1 to -23.8, its lowest reading on record. The hours worked index drastically dropped over 47 points to -43.0, with nearly half of respondents noting a cut in employee hours.

Read more...Texas Service Sector Outlook Survey March 2020 via Dallas Fed

Will coronavirus permanently change CRE lending? via American Banker

The economic paralysis from the coronavirus outbreak could upend commercial real estate and accelerate loan losses for banks.

High vacancies are hurting hotels, while closed retail outlets are poised to cause headaches for malls and shopping centers. Offices could struggle over the long run as more Americans work remotely and employers decide they can get by with less space.

Those developments are apt to cause near-term credit issues and long-term adjustments in the CRE business.

Read more...Will coronavirus permanently change CRE lending? via American Banker

Monday, March 30, 2020

Multifamily Remains Long-Term Investment Vehicle via GlobeSt

Not only has COVID-19 upended Americans’ daily routines but also how capital is invested and transactions are conducted in the multifamily industry. While the caution level in the industry is warranted, that same cautiousness must be met with careful optimism based on detailed analysis, hard data and level-headed assessment of the new reality, says Berkadia.

Initial lease renewal rates exceeded 53% in 2019. According to RealPage, renewal rent growth has consistently registered around 4.5% annually for the past few years. Operators can also expect renters to stay put in the meantime as the COVID-19 crisis continues to unfold.

Read more...Multifamily Remains Long-Term Investment Vehicle via GlobeSt

Evictions in Texas are halted, but what happens to renters when the suspension lifts? via Dallas Morning News

The stress that comes with the first day of every month has never been more acute for Dallas Fort-Worth residents forced out of work by the COVID-19 pandemic.

For the week ending March 21, jobless claims in Texas soared more than 860%. And if the swamped phone lines at Texas unemployment offices are any indicator, the state could see those numbers rise even more.

To a degree, local and state officials anticipated this.

Read more...Evictions in Texas are halted, but what happens to renters when the suspension lifts? via Dallas Morning News

Texas Manufacturing Outlook Survey March 2020 via Dallas Fed

Texas factory activity declined sharply in March, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, plummeted from 16.4 to -35.3, suggesting a notable contraction in output since last month.

Other measures of manufacturing activity also point to a sudden decline in March. The new orders index dropped to -41.3, its lowest reading since March 2009 during the Great Recession. Similarly, the growth rate of orders index fell to -44.9. The capacity utilization and shipments indexes fell to -33.4 and -33.8, respectively, also the lowest readings since the Great Recession. Capital expenditures declined sharply, with the index dropping from 6.9 to -34.3.

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

Friday, March 27, 2020

At Long Last, the Cycle Ends. What’s Next? via CPExecutive

Commercial real estate’s unusually long run of success over the past decade left many in the industry guessing when and how the cycle would end. Recessions aren’t inevitable, but nobody working in the industry today had ever before gone a decade without having to deal with a major downturn.

All the guessing about the next recession is now over. The fact that nobody had the “global pandemic” box filled in their recession bingo card is of no consequence. The economic effects of COVID-19 have been transmitted to the entire population, even as many states enact social distancing measures to avoid spreading the virus.

Read more...At Long Last, the Cycle Ends. What’s Next? via CPExecutive

Now is the Time to Prepare for the Future of Multifamily via GlobeSt

Many of today’s property managers and leasing agents have been only exposed to strong leasing demand if they entered the industry during the last decade, that is, after the meltdown of 2008 and 2009. But now, that has all changed and they’ve been thrown into the deep end of the pool very abruptly.

Specifically, measuring same-store change on a rolling seven-day average, traffic to multifamily property websites are down 15% year-over-year and guest cards are down nearly 3%. Lead volumes will likely plummet further as more cities adopt shelter in place ordinances, according to a new report from RealPage, provider of software and data analytics to the real estate industry.

Read more...Now is the Time to Prepare for the Future of Multifamily via GlobeSt

Thursday, March 26, 2020

COVID-19 Expected to Slow Rental Market for 3 to 6 Months via Multifamily Executive Magazine

The coronavirus, or COVID-19, has “brought a technical end to the 11-year bull market” in equity and bond markets, according to the Yardi Matrix National Multifamily Report for February 2020.

The virus’ spread has disrupted airline traffic, conference schedules, cultural events, and daily activities. Drastic quarantine and social distancing measures, especially in Italy and Wuhan, China, have taken effect to slow the disease’s spread and ease the burden on health care facilities. In addition, as of March 11, Donald Trump has instituted a 30-day ban on travel to the U.S. for all European citizens. As a result, the economy is likely already experiencing a “technical recession,” with the travel, restaurant, and tourist industries expected to take the hardest hit.

Read more...COVID-19 Expected to Slow Rental Market for 3 to 6 Months via Multifamily Executive Magazine

We’re Two Weeks In, What Should Multifamily Firms Do Now? via Multifamily Executive Magazine

As the COVID-19 outbreak continues to rock the nation, the multifamily industry continues to grapple with the new reality while reducing risk and disruption for its residents, employees, and businesses. In a period where it’s anything but business as usual, it’s critical that industry stakeholders arm themselves with guidance and resources that will accurately inform important business decisions.

By now, apartment firms’ senior-level crisis teams should be in the throes of putting their COVID-19 response plan to work and adapting it as needed to the ever-changing circumstances.

Read more...We’re Two Weeks In, What Should Multifamily Firms Do Now? via Multifamily Executive Magazine

Will U.S. Stimulus be Enough to Save the Upcoming Rent Shortfall? via Propmodo

There are two ways to fall off a bike. One way to do it happens suddenly. You are riding along and the next thing you know you are on the ground, left to examine your wounds and wonder what you did wrong. The other way happens seemingly in slow motion. You feel yourself getting off-balance but are powerless to stop your gradual, agonizing descent onto the pavement.

Right now it feels like the economy is doing the latter. The virus came on suddenly but the economic effects are tipping off balance, pushing us slowly off our bike seats. As many people are unable to work, or are out of work entirely, they are wondering the same question: “How do I pay rent?” Even in good times, there were shocking reports that showed that almost three-quarters of American’s are living off of their paychecks, with little or no savings cushion.

Read more...Will U.S. Stimulus be Enough to Save the Upcoming Rent Shortfall? via Propmodo

Wednesday, March 25, 2020

Rastegar: Multifamily, Self Storage Well Positioned for Current Market Turmoil via GlobeSt

Ari Rastegar, founder of Rastegar Property, has acquired 15 multifamily buildings and previously co-invested in more than 10,000 storage doors across the country. In this exclusive, Rastegar shares the trends he’s noticing, the investor feedback he’s receiving and other topics relevant to two particular real estate sectors.

Rastegar believes multifamily and self storage are desirable in today’s market for a couple of reasons. While the stock market is gyrating, underlying trends still show that the US economy appears strong.

Read more...Rastegar: Multifamily, Self Storage Well Positioned for Current Market Turmoil via GlobeSt

Multifamily Investors Expect Modest Impact from Virus via Multi-Housing News Online

The commercial real estate industry is bracing for disruption brought on by the coronavirus crisis, but a new survey by Institutional Property Advisors (IPA) suggests that the multifamily market may be a safe place to shelter during a time of turbulence.

Nearly two-thirds of respondents to the survey said their firms expected only a slight decrease in multifamily rents over the next six months, while 17 percent foresee a significant drop. Almost 41 percent anticipate that vacancy rates will stay the same or decline.

Read more...Multifamily Investors Expect Modest Impact from Virus via Multi-Housing News Online

Tuesday, March 24, 2020

Texas Supreme Court halts eviction proceedings through late April due to coronavirus via Fort Worth Star-Telegram

The Texas Supreme Court issued an emergency order Thursday halting all eviction proceedings in Texas through late April.

The order notes that while filings can still be submitted, no trial, hearing, or other eviction proceeding may be conducted until after April 19. The order is effective immediately, and can be extended by the Chief Justice of the Supreme Court.

Read more...Texas Supreme Court halts eviction proceedings through late April due to coronavirus via Fort Worth Star-Telegram

Coronavirus Fallout for North American CRE Firms to Vary via CPExecutive

North America’s highest-rated commercial real estate companies probably won’t have to shutter their doors due to fallout from the coronavirus, but a great percentage will have to brace for setbacks, according to new commentary from DBRS Morningstar. In the commentary, entitled The Impact of the Coronavirus Disease (COVID-19) on REITs and CRE Companies in Canada and the U.S., the credit ratings agency notes that there are many variables at play.

Read more...Coronavirus Fallout for North American CRE Firms to Vary via CPExecutive

What A Recession Could Mean For Multifamily Real Estate Investment In 2020 via Forbes

Multifamily real estate investment, specifically income-generating property, has generally been a stable and high-return asset class. However, amid speculations of an impending recession, you may find yourself asking, "Is multifamily a prudent choice heading into a possible recession in 2020? And, how do I find and maintain profitable investments in currently inflated markets?"

Read more...What A Recession Could Mean For Multifamily Real Estate Investment In 2020 via Forbes

Monday, March 23, 2020

FHFA Moves to Provide Eviction Suspension Relief for Renters in Multifamily Properties via FHFA

Today, to keep renters in multifamily properties in their home and to support multifamily property owners during the coronavirus national emergency, the Federal Housing Finance Agency (FHFA) is announcing that Fannie Mae and Freddie Mac (the Enterprises) will offer multifamily property owners mortgage forbearance with the condition that they suspend all evictions for renters unable to pay rent due to the impact of coronavirus. The eviction suspensions are in place for the entire duration of time that a property owner remains in forbearance. The forbearance is available to all multifamily properties with an Enterprise-backed performing multifamily mortgage negatively affected by the coronavirus national emergency.

Read more...FHFA Moves to Provide Eviction Suspension Relief for Renters in Multifamily Properties via FHFA

NMHC Commits to Support for Residents Impacted by Pandemic via Connect Media

Amid the COVID-19 outbreak, the National Multifamily Housing Council (NMHC) recommends that apartment firms consider adopting the following principles to help America’s renters retain their housing during the crisis:

*Halt evictions for 90 days for those who can show they have been financially impacted by the COVID-19 pandemic.
*Avoid rent increases for 90 days to help residents weather the crisis.
*Create payment plans for residents who are unable to pay their rent because of the outbreak, and waive late fees for those residents.

Read more...NMHC Commits to Support for Residents Impacted by Pandemic via Connect Media

Friday, March 20, 2020

As Unemployment Surges, Where Does Multifamily Stand? via GlobeSt

Unemployment in the US has skyrocketed and there is little expectation that the layoffs will subside in the near term. This week, the Labor Department reported a 30% increase in unemployment claims last week, one of the largest spikes on record. Estimates for future claims are grim, with David Choi, an economist from Goldman Sachs, expecting initial claims for the week ending March 21 to jump to a seasonally adjusted 2.25 million, according to MarketWatch.

Read more...As Unemployment Surges, Where Does Multifamily Stand? via GlobeSt

Thursday, March 19, 2020

Dallas-Fort Worth Economic Indicators March 2020 via Dallas Fed

Dallas–Fort Worth economic growth continued in January. Payroll employment expanded, unemployment stayed near record lows, and the Dallas and Fort Worth business-cycle indexes rose further. Homebuilding activity soared in January, and housing market indicators point to moderate price appreciation and stable affordability in fourth quarter 2019.

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

National Multifamily Report – February 2020 via Multi-Housing News Online

The novel coronavirus has made a significant impact on the real estate industry. However, despite this ongoing outbreak, rents increased 3.2 percent in February on a year-over-year basis, matching the previous month‘s growth rate, according to a Yardi Matrix survey of 127 markets.

Read more...National Multifamily Report – February 2020 via Multi-Housing News Online

Wednesday, March 18, 2020

In the Short Term, CRE Will Take a Hit. But Real Estate Economists Advise Investors Not to Panic via NREI

As the impact from the measures to stem the spread of COVID-19 takes hold of virtually every sector of the U.S. economy, real estate economists are revisiting their predictions for 2020 made at the beginning of the year.

Just over two months ago, industry economists were saying 2020 activity should largely mirror the level seen in 2019. But with the coronavirus outbreak, those predictions are changing.

Read more...In the Short Term, CRE Will Take a Hit. But Real Estate Economists Advise Investors Not to Panic via NREI

Commercial Real Estate Finding It’s Not Immune to the Coronavirus via CPExecutive

Commercial property executives are trying to maintain calm and complete transactions as efforts to stop the spread of the coronavirus intensify, but a business-as-usual approach is growing increasingly difficult as commerce is being shut down across the country.

Over the last 7 to 10 days, industry has moved between trying to take advantage of a historic drop in interest rates, to cautiously trying to maintain deal flow, to trying to close existing deals, trying to re-trade those deals and then waiting on the sidelines until there is more clarity.

Read more...Commercial Real Estate Finding It’s Not Immune to the Coronavirus via CPExecutive

Coronavirus Fuels Indecision Among Multifamily Investors via NREI

What a difference a week makes. Investors can now expect fewer deals and lower prices for apartment properties—at least in the immediate term—as the U.S. economy adjusts to the rapid spread of the coronavirus disease 2019 (COVID-19).

Read more...Coronavirus Fuels Indecision Among Multifamily Investors via NREI

Why CRE Isn’t Celebrating the Recent Interest Rate Cuts via GlobeSt

The Federal Reserve cut interest rates twice in two weeks in response to the impacts of the COVID-19 outbreak. First, the Fed cut rates to 1% to 1.25% on March 3, and then, in an emergency meeting, made a second cut to 0% to .25% on March 15. Many in the commercial real estate industry say the move was a necessary response to the economic impacts of the virus outbreak, but that they will have little impact on new acquisition commercial real estate deals.

Read more...Why CRE Isn’t Celebrating the Recent Interest Rate Cuts via GlobeSt

Tuesday, March 17, 2020

Global Uncertainties Add to Multifamily’s Investment Appeal via NREI

Global financial markets are reeling from the drastic steps governments are taking to fight the novel coronavirus COVID-19 pandemic. During the week of March 9, dramatic drops in the Dow Jones Industrial Average signaled the arrival of a bear market for U.S. equities, and European and Asian stocks have also taken a beating.

In the face of uncertainty, individual and institutional investors are taking a closer look at commercial real estate, with a particular interest in the multifamily sector. Unlike office, industrial, retail and hospitality properties that are directly affected by an economic downturn, multifamily tends to be a more stable asset class.

Read more...Global Uncertainties Add to Multifamily’s Investment Appeal via NREI

Wednesday, March 11, 2020

ALN Monthly Market Stats March 2020 via ALN Apartment Data

ALN Data just released their February 2020 market stats on occupancy and rents for over 80 markets. In Texas, it includes DFW, Austin, Houston, San Antonio, Lubbock, Amarillo, Abilene, Corpus Christi and more. It is a must read from a great provider of apartment data.

Read more...ALN Monthly Market Stats March 2020 via ALN Apartment Data

Monday, March 9, 2020

Rising rents: The hottest spots for apartments in Dallas-Fort Worth via WFAA

Trinity Groves/Oak Cliff North and Far South Dallas/Waxahachie, in that order, are the hottest apartment submarkets in North Texas, according to a ranking based on the combination of rental rate growth and absorption.

A submarket that includes downtown Dallas, the West End, and Deep Ellum ranked third, followed by the Denton submarket and the Allen/McKinney submarket, according to the ranking from ApartmentData.com.

Read more...Rising rents: The hottest spots for apartments in Dallas-Fort Worth via WFAA

Friday, March 6, 2020

Top 5 North Dallas Submarkets for Development by Number of Units via Multi-Housing News Online

Dallas-Fort Worth benefits from one of the most robust economies in the country, having remained on an upward trajectory and above national trends throughout the cycle. Growth is supported by the state’s economic environment which has come a long way since its energy-based roots. Although the state still has a substantial oil sector, other sectors have gained strength—education and health services, professional and business services, trade, construction, leisure and hospitality—have all seen remarkable increases. This economic cornucopia has boosted the multifamily sector and will likely continue to do so in the foreseeable future.

Read more...Top 5 North Dallas Submarkets for Development by Number of Units via Multi-Housing News Online

Rate Plunge Prompts Multifamily Borrowing Binge via Multi-Housing News Online

Interest rates have plunged over the last few weeks as the concerns grow about the spread of the coronavirus around the world and the impact on the global economy. The 10-year Treasury rate slipped below 1.0 percent for the first time ever this week, after having been as high as 1.63 percent as recently as Feb. 12. This happened just after the Federal Reserve held an emergency session to cut the interbank lending rate by 50 basis points.

Read more...Rate Plunge Prompts Multifamily Borrowing Binge via Multi-Housing News Online

Thursday, March 5, 2020

Rising rents: The hottest apartment submarkets in Dallas-Fort Worth via Dallas Business Journal

Trinity Groves/Oak Cliff North and Far South Dallas/Waxahachie, in that order, are the hottest apartment submarkets in North Texas, according to a ranking based on the combination of rental rate growth and absorption.

A submarket that includes downtown Dallas, the West End and Deep Ellum ranked third, followed by the Denton submarket and the Allen/McKinney submarket, according to the ranking from ApartmentData.com.

Read more...Rising rents: The hottest apartment submarkets in Dallas-Fort Worth via Dallas Business Journal

Why Demographic Trends Support Continued Multifamily Growth via Forbes

As the current economic expansion enters its 11th year — the longest on record — the “when will it end” speculation continues apace. As cap rates hover near historic lows and properties trade for historic highs, the question is particularly relevant for multifamily assets — one of the major beneficiaries of the current expansion.

It’s impossible to know when a correction will occur, so taking a long-term view is a smart approach. My belief is that there are three demographic trends shaping the future of the housing market that support the investment thesis of continued multifamily growth.

Read more...Why Demographic Trends Support Continued Multifamily Growth via Forbes

Wednesday, March 4, 2020

Texas is missing more than a half-million houses via Dallas Morning News

It’s no secret that home inventories around the country are at their lowest point in decades.

Many metro areas have a shortage of housing.

Texas alone is short more than a half-million houses from what’s needed, according to a report by mortgage giant Freddie Mac. And nationwide, there’s a deficit of more than 3 million homes.

Read more...Texas is missing more than a half-million houses via Dallas Morning News

Eleventh District Beige Book 3/4/2020 via Dallas Fed

The Eleventh District economy expanded moderately over the reporting period. Solid growth continued in nonfinancial services, and expansion in the manufacturing sector picked up to a more moderate pace. Housing demand continued to rise broadly, and sharply higher residential real estate lending boosted overall loan growth. Retail sales growth stalled out over the reporting period, and activity in the energy sector eroded slightly. Employment growth slowed to a modest pace, with a majority of hiring firms noting difficulty finding qualified workers. Upward wage pressures remained elevated. Input prices continued to rise while selling prices were mixed—holding steady in manufacturing but increasing in the service sector. Outlooks generally improved, though the coronavirus introduced new uncertainty into the business environment.

Read more...Eleventh District Beige Book 3/4/2020 via Dallas Fed

Is Multifamily Truly Recession Resistant? via GlobeSt

Multifamily is undoubtedly tremendously popular among investors—and for many reasons. Renter demand is up, and more young people want to live in urban, walkable markets, but the trend has led to a flood of class-A development and repositioning projects, which has taken away affordable housing supply. In a downturn, class-A apartments will be the first to see a dip in demand and rents. However, even with that in mind, multifamily remains the best asset to survive a downturn.

Read more...Is Multifamily Truly Recession Resistant? via GlobeSt

Houston Multifamily Report – Winter 2020 via Multi-Housing News Online

Despite several woes during the first half of this cycle, Houston’s economy is once again on a prolonged upswing. Rent growth is slowly but steadily rebounding again, bolstered by strong employment gains and a solid demographic expansion.

Metro Houston gained 82,800 jobs in the 12 months ending in September 2019, with the professional and business services sector accounting for nearly one-third of the total. Manufacturing and construction rounded out the top three, gaining a collective 25,600 positions.

Read more...Houston Multifamily Report – Winter 2020 via Multi-Housing News Online

Monday, March 2, 2020

Are Texas developers building too many apartments or not enough? via Dallas Morning News

Thousands of people move to North Texas every year, and they all need some place to live.

Most of the newcomers are renting.

“Population growth in the last 10 years has been enormous,” said Jeanette Rice, head of multifamily research for CBRE. “When we talk about growth, multifamily is going to help provide that housing.

Read more...Are Texas developers building too many apartments or not enough? via Dallas Morning News

Thursday, February 27, 2020

Apartment Developer Keep Building, Despite Fears of More Rent Control Laws via NREI

In spite of fears surrounding the expansion of rent control laws throughout the nation, developers in some of the biggest U.S. apartment markets haven't pulled back on new projects.

“These laws alone probably won’t slow down new construction,” says John Sebree, senior vice president and national director of Marcus & Millichap’s national multi housing group, based in Chicago. “However, these new rent control laws will do absolutely nothing to resolve the shortage of housing.”

Read more...Apartment Developer Keep Building, Despite Fears of More Rent Control Laws via NREI

Yardi: National Average Rent Falls $1 to $1,463; Rent Growth Steady at 3% via Multifamily Executive

The national average rent fell by $1 in January 2020, down to $1,463, while year-over-year rent growth has remained at 3%, according to the latest Yardi Matrix Multifamily National Report. January marks the third consecutive month of declines for the average U.S. rent, which Yardi Matrix attributes to seasonality and expects to continue for a few more month

Read more...Yardi: National Average Rent Falls $1 to $1,463; Rent Growth Steady at 3% via Multifamily Executive

Wednesday, February 26, 2020

Workers’ pay is rising faster in Dallas than the rest of the U.S. via Dallas Morning News

A rising economic tide is lifting workers’ pay, especially in Dallas County.

Private sector workers in Dallas saw average wages rise by 5.1% in the 12 months ended in September, according to newly released federal data. It was the biggest increase for the period since 2016, and Dallas County’s rise surpassed the average gain for the rest of the country.

That’s a reverse of recent trend. In four of the previous five years, wage growth in Dallas County had lagged increases nationwide.

Read more...Workers’ pay is rising faster in Dallas than the rest of the U.S. via Dallas Morning News

Tuesday, February 25, 2020

Is the Multifamily Asset Class Immune to Economic Shifts? via NREI

Most agree the real estate recovery post-recession has been lengthy and that multifamily has performed well across all stages of our current, mature cycle. At various points in time over the last decade, the other commercial real estate classes haven’t all fared as well as apartments, however.

This begs the question. Are apartments counter-cyclical and immune to economic shifts that negatively impact other types of real estate? Will multifamily maintain its position as the darling of the industry?

Read more...Is the Multifamily Asset Class Immune to Economic Shifts? via NREI

What Lenders Are Thinking as Multifamily Evolves via GlobeSt

Recently the Federal Housing Finance Agency created a new group with the goal of ensuring that both Fannie Mae and Freddie Mac foster a competitive, liquid and resilient multifamily market. “By creating a new group, it speaks to a commitment and dedication to focus on affordability in multifamily,” according to Siobhan Kelly, associate director for multifamily at the FHFA.

Read more...What Lenders Are Thinking as Multifamily Evolves via GlobeSt

Friday, February 21, 2020

The Future of Multifamily Investment via Multi-Housing News Online

Multifamily investment is exploding across the South and Western United States, particularly in suburban areas of Atlanta, Dallas and Phoenix, where garden apartments are plentiful. Mid- and high-rise multifamily assets are also selling in Manhattan, Seattle and Los Angeles, but Integra Realty Resources’ 2020 Viewpoint Multifamily Report notes that tertiary markets are the biggest beneficiaries of the search for yield.

“There is continued optimism, rent growth and investor interest in the multifamily sector, particularly in tertiary markets,” IRR CEO Anthony Graziano told Multi-Housing News.

Read more...The Future of Multifamily Investment via Multi-Housing News Online

Renewal-Lease Rent Growth Holds Steady via RealPage

Apartment rents climbed 4.5% during the past year for households who stayed in place at initial lease expiration. Renewal-lease rent growth now has stayed a little under the 5% mark for three consecutive years, after price inflation came in at higher levels during 2014 and 2015.

Rents are continuing to climb faster for renewal leases than for leases where a new resident is renting at a property for the first time. That new-resident annual rent growth has been running around the 3% mark since late 2016, specifically registering at 2.8% as of the end of 2019.

Read more...Renewal-Lease Rent Growth Holds Steady via RealPage

Top Markets for Rent Growth Shuffle in January via RealPage

The U.S. apartment market started 2020 in better occupancy shape than it did any other year in nearly two decades.

U.S. apartment occupancy hit 95.5% last month, the best January occupancy rate since the early 2000s. That rate was down somewhat from a 20-plus-year high of 96.3% achieved in August. But occupancy typically softens in winter, as many renters opt not to move in the coldest months.

Read more...Top Markets for Rent Growth Shuffle in January via RealPage

Investors Want to Place Capital Before the Next Recession via GlobeSt

Investors are anticipating the next downturn, but rather than taking their chips off the table, investors are looking to place capital this year before the next recession. According to an investor sentiment report from RCM LightBox, investors are looking to place capital in the first half of the year and before the November election.

Read more...Investors Want to Place Capital Before the Next Recession via GlobeSt

Tuesday, February 18, 2020

New Housing Starts Spike in December via RealPage

Total housing starts across the U.S. hit a record high in December. Multifamily starts haven’t reached current levels in more than 30 years and single-family starts are at a 13-year high, according to U.S. Census figures.

The seasonally adjusted annual rate for annual multifamily starts rose 32% from last month and 74.6% from year-ago figures (to 536,000 units). Single-family starts climbed 11.2% from the previous month and 29.6% above year-ago figures (1,055,000 units). Together, total residential starts rose almost 41% above 2018’s pace of 1.61 million units.

Read more...New Housing Starts Spike in December via RealPage

Freddie Mac Survey Profiles Renters vs. Owners via Multi-Housing News Online

A new Freddie Mac survey profiling renters and owners finds that an unprecedented number of renters—84 percent—believe renting is more affordable than owning, an all-time high for the survey and up 17 percentage points from two years ago. The number is even higher for Baby Boomers surveyed with 87 percent reporting renting is more affordable than owning, up 6 percent from last year.

Despite those numbers, the survey may be raising alarm bells about the impact of rising housing costs for many renters’ budgets as 42 percent of renters reported paying more than one-third of their income for rent, up 8 points from April 2019.

Read more...Freddie Mac Survey Profiles Renters vs. Owners via Multi-Housing News Online

Thursday, February 13, 2020

San Antonio Multifamily Report – Winter 2020 via Multi-Housing News Online

San Antonio’s multifamily market continued to benefit from sustained population and employment growth through 2019’s second half. Following robust supply for the better part of this cycle, the metro recorded a sharp deceleration in deliveries during 2019. This has helped keep demand in check, with rents going up 2.1 percent to $1,050 year-over-year as of November 2019. On the other hand, a consequence of the metro’s long-term strong pipeline is a descending occupancy rate in stabilized assets—93.0 percent as of October, down 20 basis points over 12 months and one of the lowest across all major national metros.

Read more...San Antonio Multifamily Report – Winter 2020 via Multi-Housing News Online

Houston Multifamily Report – Winter 2020 via Multi-Housing News Online

Metro Houston gained 82,800 jobs in the 12 months ending in September 2019, with the professional and business services sector accounting for nearly one-third of the total. Manufacturing and construction rounded out the top three, gaining a collective 25,600 positions. The latter is likely to get another boost from one of the largest infrastructure projects in the country. Texas Central has signed a design-build contract with the joint venture of Salini Impregilo and Lane Construction Corp. for a high-speed rail line connecting Houston and Dallas. The team aims to kick off the project this year, with the total civil works investment expected to exceed $14 billion.

Read more...Houston Multifamily Report – Winter 2020 via Multi-Housing News Online

ALN Monthly Market Stats February 2020 via ALN Apartment Data

ALN Data just released their January 2020 market stats on occupancy and rents for over 80 markets. In Texas, it includes DFW, Austin, Houston, San Antonio, Lubbock, Amarillo, Abilene, Corpus Christi and more. It is a must read from a great provider of apartment data.

Read more...ALN Monthly Market Stats February 2020 via ALN Apartment Data

Tuesday, February 11, 2020

Takeaways from the MBA CREF 2020 Conference, Day One via NREI

This week kicked off the annual Mortgage Bankers Association/Commercial Real Estate Finance conference in San Diego. Among the hot topics discussed during Monday’s panel sessions were the rising volume of collateral debt obligations (CLO), the impact of rent regulations on multifamily lending and whether proptech is going to make commercial mortgage bankers obsolete. Here are some takeaways from Monday’s discussions:

Read more...Takeaways from the MBA CREF 2020 Conference, Day One via NREI

Investors Still Willing to Pay Top Dollar for Multifamily via GlobeSt

Multifamily acquisition yields and price per unit have hovered at record lows for several years despite Treasury yields moving up and down by more than 150 basis points during that time. What does that mean for pricing? Yardi Matrix spells it out in its newest report on the asset class: it means investors are willing to pay up even as market conditions change. The average price per unit in 2019 was $155,000, up 8.8% from 2018, it notes.

Read more...Investors Still Willing to Pay Top Dollar for Multifamily via GlobeSt

Dallas Multifamily Report – Winter 2020 via Multi-Housing News Online

Adding residents three times faster than the nation and sporting the largest multifamily pipeline in the U.S., Dallas-Fort Worth remained one of the country’s most dynamic yet stable rental markets. And despite the addition of more than 45,000 apartments since the beginning of 2018, the Metroplex’s occupancy rate in stabilized assets dropped just 10 basis points over 12 months, to 94.3 percent as of October 2019.

Read more...Dallas Multifamily Report – Winter 2020 via Multi-Housing News Online

MBA Predicts Slow Economy, Stable Rates via Multi-Housing News Online

This will be a year of slow GDP growth (roughly 1.2 percent) and interest rates will stay in pretty tight range of where they are today. That was the big economic picture offered by the Mortgage Bankers Association CREF/Multifamily Housing Convention & Expo 2020 conference in San Diego.

According to Michael Frantantoni, MBA’s chief economist, the projected slowdown (GDP last year was 2.2 percent) is not surprising for an economy that has been so robust for so long. But there are so many more uncertainties this year.

Read more...MBA Predicts Slow Economy, Stable Rates via Multi-Housing News Online

Friday, February 7, 2020

Some Markets See Big Shifts in Rent Growth in 2019 via RealPage

While rent growth in the U.S. overall didn’t see much change throughout 2019, a handful of markets charted notable momentum in the past year.

After hovering at or above the 3% mark for all of 2019, annual rent growth for new leases in U.S. apartments faded to 2.8% right at the end of the year. That rate was 50 basis points (bps) behind the 3.3% increase in calendar 2018.

Read more...Some Markets See Big Shifts in Rent Growth in 2019 via RealPage

Gen Z Residents Reshape Multifamily Operations via Multi-Housing News Online

The letter “Z” may be the last in the alphabet. But for multi-housing builders and managers, it signals the start of a new era in which young adults born since the mid-1990s will begin occupying their apartments, if they haven’t already.

They’re called Generation Z, or GenZ for short, and they’re totally different from the population cohorts that preceded them—even Millennials. And apartment professionals need to take notice. If for nothing else, they account for a third of the U.S. population and contribute $44 million to the economy.

Read more...Gen Z Residents Reshape Multifamily Operations via Multi-Housing News Online

Kingsley: National Renter Satisfaction Levels Out in Q4 2019 via Multifamily Executive Magazine

National renter satisfaction started to level out at the end of 2019, ending the steady increase that began at the end of 2017. This past quarter, 78.4% of residents reported “Good” or “Excellent” satisfaction with their overall renting experience. The past two quarters have each seen a slight decrease of 0.1 percentage points, indicating the two-year upward trend is leveling out.

Read more...Kingsley: National Renter Satisfaction Levels Out in Q4 2019 via Multifamily Executive Magazine

Thursday, February 6, 2020

Harvard Report: Higher-Income Households Driving Rental Demand via Multifamily Executive Magazine

The nation’s affordability crisis is not just affecting the lowest bracket of renter households, it’s climbing the income ladder to impact more modest-income households, according to the “America’s Rental Housing 2020” report by Harvard’s Joint Center for Housing Studies (JCHS).

“Ultimately, we are in a rental affordability crisis,” says Whitney Airgood-Obrycki, a research associate at the JCHS. “We have seen another worsening of the affordability crisis this year, evident in the rising cost-burdened numbers as well as the increasing numbers of people experiencing homelessness.”

Read more...Harvard Report: Higher-Income Households Driving Rental Demand via Multifamily Executive Magazine

Texas Economy Building Momentum to Start Year via Dallas Fed

Growth in the Texas economy picked up at year-end 2019 and accelerated into January, according to the Texas Business Outlook Surveys (TBOS). Job gains in December were led by service sector growth, adjusted Bureau of Labor Statistics payroll employment data showed.

Separately, TBOS respondents reported a return to mild expansion in manufacturing at the start of 2020.

The housing industry remained a bright spot, with increased home sales and construction permits, while the oil and gas sector continued to decline. Company outlooks have improved, with Texas business executives optimistic about activity in 2020.

Read more...Texas Economy Building Momentum to Start Year via Dallas Fed

DFW led the nation’s metro areas in job creation in 2019 via Dallas Morning News

Dallas-Fort Worth led the nation’s metropolitan areas in job creation in 2019, marking the region’s third straight year topping the charts.

New, relocating and expanding businesses in North Texas created 127,600 jobs during the year, according to new data from the U.S. Bureau of Labor Statistics. That total bested New York and Los Angeles, which both added fewer than 100,000 new jobs.

Read more...Dallas-Fort Worth led the nation’s metro areas in job creation in 2019 via Dallas Morning News

Wednesday, February 5, 2020

Economic Fundamentals for Real Estate Remain Solid via Nareit

The economic fundamentals for commercial real estate were solid through the end of 2019. The economy continued to grow at a moderate rate, with a 2.1% annualized increase in GDP in the fourth quarter that matched the pace of expansion in the third quarter. The economy still has considerable scope to continue growing, in large part because labor markets are not nearly as tight as a 3.5% unemployment rate, the lowest since 1969, would suggest.

Read more...Economic Fundamentals for Real Estate Remain Solid via Nareit

A New Study Explores Rental Housing Cost in DFW (Spoiler: It’s Going Up) via D Magazine

Dallas-Fort Worth’s most affordable rental housing stock took a major hit during the decade ending in 2018 but made gains in more expensive apartments. Meanwhile, the region quadrupled in rentals that cost more than $1,400 a month, according to a new study from Harvard’s Joint Center for Housing Studies.

The metro area lost 238,000 rental units priced below $800 a month over the decade. The region added 110,000 units costing between $800 and $1,000 a month. It had just 64,000 units at $1,400 or more in 2008; today, there are 263,000.

The study’s five brackets breakdown like this:

Read more...A New Study Explores Rental Housing Cost in DFW (Spoiler: It’s Going Up) via D Magazine

NMHC Survey Indicates Mixed Multifamily Conditions via Multi-Housing News Online

Rent control laws in New York along with a lack of available deals and seasonal decline are among reasons cited in the NMHC Quarterly Survey of Apartment Market Conditions as possibly contributing to lower multifamily sales volumes in some markets.

The survey was conducted from Jan. 21 through Jan. 28 with 78 CEOs and other senior executives from apartment-related firms responding. The Sales Volume Index decreased from 46 to 43 with 28 percent of survey respondents reporting lower sales volume than three months prior.

Read more...NMHC Survey Indicates Mixed Multifamily Conditions via Multi-Housing News Online

Multifamily Investors Are on the Hunt in 2020 via GlobeSt

Buyers will be out in force in 2020. That was the emphatic message delivered by attendees who took our annual survey at the GlobeSt. Apartments Conference in Los Angeles late last year. In 2018, just 19% of the respondents to the annual Capital One survey said they anticipated primarily being buyers during the following year. In fall 2019, 74% declared their intention to focus on adding to their holdings.

There are multiple reasons for the pendulum to have swung so abruptly.

Read more...Multifamily Investors Are on the Hunt in 2020 via GlobeSt

The Cities with the Greatest Rent Jumps in the Past Decade via NREI

Apartment rents have risen steadily across the country and while most people know that the cities with the most expensive rents include markets in the Bay Area and New York City, those markets did not see the largest growth on a percentage basis in the past decade.

That's according to a recent analysis by PropertyClub, an apartment rental listing service.

Using data from Zillow, PropertyClub measured the 100 most populated cities in the U.S. and found the greatest percentage difference in median rents from 2010 to 2019.

Read more...The Cities with the Greatest Rent Jumps in the Past Decade via NREI

Tuesday, February 4, 2020

Top U.S. Multifamily Markets of the Decade via Arbor Realty Trust

The 2010s decade began in the wake of one of the deepest housing downturns the country had ever seen, amid a global financial crisis, and ended with uncertainties surrounding a trade war with China and accelerated climate change.

There was also a massive demographic shift previously unseen in the country. Baby boomers entered into retirement and millennials came of age.

Over the course of the decade, the multifamily real estate market emerged as a premier asset class.

Read more...Top U.S. Multifamily Markets of the Decade via Arbor Realty Trust

'Texas Expansion Likely to Continue,' in 2020, Says Dallas Fed Economist via Dallas Fed

Texas employment is forecast to grow about 2.1 percent in 2020, said Federal Reserve Bank of Dallas assistant vice president and senior economist Keith Phillips today in San Antonio.

The forecast means Texas should add about 274,000 jobs in 2020. State employment grew at 2.0 last year, adding approximately 254,100 jobs.

Read more...'Texas Expansion Likely to Continue,' in 2020, Says Dallas Fed Economist via Dallas Fed

Thursday, January 30, 2020

Texas Economic Indicators January 2020 via Dallas Fed

The Texas economy continued to grow in December, with payrolls expanding at an above-average pace. The unemployment rate increased for the first time since January 2019. The Texas Leading Index fell, and single-family home inventories tightened. Construction contract values ticked down. Migration to Texas between July 2018 and July 2019 increased.

Read more... Texas Economic Indicators January 2020 via Dallas Fed

Top 5 Markets for Multifamily Transactions in 2019 via Multi-Housing News Online

The nation’s transactions volume for multifamily assets reached $92.5 billion in 2019, almost on par with the 2018 level of $95 billion, according to Yardi Matrix data. The deals closed in the five markets on this list accounted for a combined total of $28.8 billion, about a third of the nation’s sales volume.

Read more...Top 5 Markets for Multifamily Transactions in 2019 via Multi-Housing News Online

Thursday, January 23, 2020

CBRE: Multifamily Market Benefiting From Student Debt via Multi-Housing News Online

CBRE’s latest U.S. Multifamily Research Brief, Student Debt Woes Feed Multifamily Markets, focuses on how student debt is holding back many Americans from home buying, and prolonging their stay in apartments. But it held a pleasant surprise from a societal viewpoint.

“The percentage of students graduating with student debt is edging down,” Americas Head of Multifamily Research for CBRE|CBRE Research Jeanette I. Rice, told Multi-Housing News. “Everyone—apartment owners alike—would agree that it would be good for the country if the younger generation did not have to take out as much student debt to obtain an undergraduate and/or graduate degree.”

Read more...CBRE: Multifamily Market Benefiting From Student Debt via Multi-Housing News Online

Tuesday, January 21, 2020

ALN Monthly Market Stats January 2020 via ALN Apartment Data

ALN Data just released their December 2019 market stats on occupancy and rents for over 80 markets. In Texas, it includes DFW, Austin, Houston, San Antonio, Lubbock, Amarillo, Abilene, Corpus Christi and more. It is a must read from a great provider of apartment data.

Read more...ALN Monthly Market Stats January 2020 via ALN Apartment Data

Thursday, January 16, 2020

More new apartments opening in D-FW than any other U.S. metro via Dallas Morning News

Dallas-Fort Worth is headed for another year of near record apartment openings — more than any other metro area in the country.

Almost 26,000 new apartments are set to open in North Texas this year, 14% more than in 2019, according to a new report from Richardson-based RealPage.

D-FW’s new apartment supply will far outrank number-two market Los Angeles, which is expecting 17,582 new rental units to open this year.

Read more...More new apartments opening in D-FW than any other U.S. metro via Dallas Morning News

Gross Domestic Product by State, Third Quarter 2019 via BEA.gov

Real gross domestic product (GDP) increased in 49 states and the District of Columbia in the third quarter of 2019, according to statistics released today by the U.S. Bureau of Economic Analysis. The percent change in real GDP in the third quarter ranged from 4.0 percent in Texas to 0.0 percent in Delaware

Read more...Gross Domestic Product by State, Third Quarter 2019 via BEA.gov

Eleventh District Beige Book 1/15/2020 via Dallas Fed

The Eleventh District economy expanded solidly over the reporting period, with growth increasing in most sectors. The energy sector remained weak, although drilling activity ticked up. Home sales continued to rise, even beating some expectations. The agriculture picture remained mixed. Employment growth was moderate, and upward wage pressures continued as labor availability remained a key concern. Selling prices were largely flat, while input prices continued to rise. Outlooks generally improved, with reduced trade uncertainty boosting optimism.

Read more...Eleventh District Beige Book 1/15/2020 via Dallas Fed

Tuesday, January 14, 2020

Freddie Mac: Originations Will Hit $390B in 2020 via Multi-Housing News Online

Freddie Mac is expecting continued growth in the multifamily market throughout 2020. In its just-released Multifamily 2020 Outlook report, the government-sponsored enterprise predicted that final numbers from 2019 will show the multifamily market in the U.S. finishing 2019 with solid rent growth and only modest vacancy rate increases, despite an increased amount of supply.

Read more...Freddie Mac: Originations Will Hit $390B in 2020 via Multi-Housing News Online

Friday, January 10, 2020

It’s cheaper to rent than to buy in Dallas, study says via Dallas Business Journal

Buying a home is more affordable than renting in 53 percent of U.S. housing markets, but Dallas County is not one of them, according to a new report.

In Dallas County, it’s less expensive to rent a three-bedroom property than it is to own a median-priced, three-bedroom home, according to real estate analytics company ATTOM Data.

Read more...It’s cheaper to rent than to buy in Dallas, study says via Dallas Business Journal

Survey: U.S. Economy and Real Estate Market Not Ready to Retire via Urban Land Magazine

There is no end in sight for the long-lived U.S. economic and real estate market expansion, according to leading real estate economists. The U.S. economy will continue to expand through 2022, job growth will slow but stay above the long-term average, and core real estate returns will decelerate but stay comfortably above fixed-income alternatives. Rent growth will be modest but positive for all property types, led by industrial and apartments. Even the much-maligned retail sector will have positive rental rate growth over the next three years.

Read more...Survey: U.S. Economy and Real Estate Market Not Ready to Retire via Urban Land Magazine

REIS Records Lowest Annual Rent Growth in Two Years for Q4 2019 via Multifamily Executive Magazine

The apartment vacancy rate rose to 4.7% in the fourth quarter of 2019, up from 4.6% in the third quarter, according to the latest REIS Preliminary Trends Report. The vacancy rate was 4.8% at the end of 2018 and 4.6% at the end of 2017.

Both the national average asking rent and effective rent rose by 0.5% in Q4 2019, up to $1,498 for asking rent and $1,426 for effective rent. Average asking and effective rents have risen by 3.7% and 3.8%, respectively, since the fourth quarter of 2018, marking the lowest annual rent growth rate in two years.

Read more...REIS Records Lowest Annual Rent Growth in Two Years for Q4 2019 via Multifamily Executive Magazine

Thursday, January 9, 2020

DFW apartment market ends 2019 on solid ground via Dallas Business Journal

Despite apartment absorption falling short of December 2018 and 2017, 2019 ended on solid footing for the local market, which saw a slight rise in occupancy and rents along with positive absorption overall, according to ApartmentData.com.

Dallas-Fort Worth's apartment occupancy rate ended the year at 91.3 percent, up slightly from November's 91.2 percent. Absorption remained positive at 596 units, thanks in part to no new apartment complexes entering the market in December.

Read more...DFW apartment market ends 2019 on solid ground - Dallas Business Journal

Expect Yields on Multifamily Investments to Tighten Further via NREI

The combination of strong fundamentals, low interest rates and intense interest from investors should make for another white hot year for the multifamily sector.

Although 2020 faces its fair share of uncertainty with worries of a potential recession, a volatile geopolitical picture and ongoing trade wars, investors looking for low-risk returns could still flock to the sector.

Read more...Expect Yields on Multifamily Investments to Tighten Further via NREI

Tuesday, January 7, 2020

Dallas-Fort Worth Economic Indicators January 2020 via Dallas Fed

Dallas–Fort Worth economic growth remained on track in November. Payroll employment grew at a rapid clip, and unemployment stayed low. The Dallas and Fort Worth business-cycle indexes expanded at an above-average pace. Housing market indicators suggest steady home-price appreciation and continued homebuilding activity. Home inventories remained tight, particularly at the lower price points.

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

Austin Economic Indicators January 2020 via Dallas Fed

The Austin economy continued to expand in November. The Austin Business-Cycle Index grew near its long-term average. Unemployment remained unchanged from the previous month, while job growth slowed somewhat in recent months. Housing affordability increased in third quarter 2019, metro home sales were robust, and median home prices decreased.

Read more...Austin Economic Indicators January 2020 - Dallasfed.org

Monday, January 6, 2020

DFW apartment leasing slowed to a crawl in fourth quarter via Dallas Morning News

North Texas apartment renters took a holiday during the final months of 2019.

Net leasing slowed to a crawl, with only 168 additional apartment units occupied during the fourth quarter.

That’s a plunge in rental activity from the more than 16,500 Dallas-Fort Worth apartments leased during the second and third quarters, according to RealPage.

Read more...DFW apartment leasing slowed to a crawl in fourth quarter via Dallas Morning News

Workforce Multifamily Rentals Will Remain CRE's 'Darling' In 2020 via Forbes

As the U.S. economy continues its longest ever expansion, the labor market is making history as well with the lowest unemployment rate in 50 years. That’s great news for investors looking for compelling return opportunities in the commercial real estate market. But because pricing for all types of CRE products has also increased, it’s vital to look for areas of opportunity, such as workforce multifamily rentals in secondary markets with strong fundamentals.

Read more...Workforce Multifamily Rentals Will Remain CRE's 'Darling' In 2020 via Forbes