Modest growth continued in the Eleventh District economy overall. Growth accelerated in manufacturing but abated in the service sector. Retail sales and home sales fell further, while oil and gas activity expanded. Rising interest rates prompted further deterioration in loan demand. Local nonprofits cited higher demand for assistance amid rising household costs. Rainfall improved agricultural conditions. Employment growth remained moderate overall and wage growth stayed elevated. Prices climbed further although firms expect pressures to moderate somewhat next year but remain elevated. Outlooks were mostly pessimistic except for the energy sector, and many contacts voiced concern about weakened demand, a potential recession, and inflation.
Read more...Eleventh District Beige Book January 2023 via Dallas Fed
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Friday, January 20, 2023
Friday, January 13, 2023
How Far Will Apartment Rents Fall This Year? via GlobeSt
With apartment rents clearly decelerating now, the market is waiting to see where the bottom could be.
Greg Willett, First Vice President, National Director IPA Research, tells GlobeSt.com that his base case scenario calls for overall apartment rent growth of 3.1 percent during 2023.
Read more...How Far Will Apartment Rents Fall This Year? via GlobeSt
Greg Willett, First Vice President, National Director IPA Research, tells GlobeSt.com that his base case scenario calls for overall apartment rent growth of 3.1 percent during 2023.
Read more...How Far Will Apartment Rents Fall This Year? via GlobeSt
Thursday, January 12, 2023
ALN Monthly Market Stats January 2023 via ALN Apartment Data
ALN Data just released their December 2022 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 2023 via ALN Apartment Data
Monday, January 9, 2023
New Apartment Demand 'All But Evaporated' via GlobeSt
Demand for new apartment leases has “all but evaporated” as consumer confidence remains low and inflation continues to rise, according to the latest data from RealPage.
In other words, say farewell to the days of record-high household formations.
Read more...New Apartment Demand 'All But Evaporated' via GlobeSt
In other words, say farewell to the days of record-high household formations.
Read more...New Apartment Demand 'All But Evaporated' via GlobeSt
Friday, December 30, 2022
This Year Marked a Turning Point for Multifamily Fundamentals via GlobeSt
There’s good news in 2023 for multifamily says a CBRE report. Overall demand should hold steady. But a moderating force of new units is coming online, so don’t expect the results of the previous two years.
“It appears 2022 will be a turning point for multifamily fundamentals,” CBRE wrote.
Read more...This Year Marked a Turning Point for Multifamily Fundamentals via GlobeSt
“It appears 2022 will be a turning point for multifamily fundamentals,” CBRE wrote.
Read more...This Year Marked a Turning Point for Multifamily Fundamentals via GlobeSt
Thursday, December 15, 2022
ALN Monthly Market Stats December 2022 via ALN Apartment Data
ALN Data just released their November 2022 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 December 2022 via ALN Apartment Data
Friday, December 9, 2022
Yardi Revises Year-End Multifamily Outlook As Midsize Markets Thrive via GlobeSt
Yardi has revised its 2022 year-end outlook for multifamily rent and occupancy upward from 6.9% to 7.6%, as many midsize markets in the Southeast and Midwest continue to overperform.
At the same time, Yardi has lowered its 2023 expectations from 3.7% to 3.5%.
Read more...Yardi Revises Year-End Multifamily Outlook As Midsize Markets Thrive via GlobeSt
At the same time, Yardi has lowered its 2023 expectations from 3.7% to 3.5%.
Read more...Yardi Revises Year-End Multifamily Outlook As Midsize Markets Thrive via GlobeSt
Young Renters Making Trade-Offs in Response to Inflation via MHN
Young American renters are already facing a historic shortage of rental housing and are now encountering inflation in the form of higher rents and higher prices of everyday necessities.
Grubb Properties’ survey of 1,000 renters between the ages of 22 and 35 found that these young renters are taking action and making trade-offs as necessary to address this economic reality.
Read more...Young Renters Making Trade-Offs in Response to Inflation via MHN
Grubb Properties’ survey of 1,000 renters between the ages of 22 and 35 found that these young renters are taking action and making trade-offs as necessary to address this economic reality.
Read more...Young Renters Making Trade-Offs in Response to Inflation via MHN
Rent prices fall for a third straight month in November: RealPage data via Yahoo News
Apartment rents across the U.S. recorded a third consecutive monthly decline in November, signaling a further cooldown in the U.S. housing market.
The latest data from real estate platform RealPage showed asking rents for new leases nationally fell 0.59% in November, the third-largest monthly cut since 2010 outside of the pandemic-altered months of April and May 2020.
Read more...Rent prices fall for a third straight month in November: RealPage data via Yahoo News
The latest data from real estate platform RealPage showed asking rents for new leases nationally fell 0.59% in November, the third-largest monthly cut since 2010 outside of the pandemic-altered months of April and May 2020.
Read more...Rent prices fall for a third straight month in November: RealPage data via Yahoo News
GSEs Unlikely to Meet Allocations via MHN
Multifamily transaction activity has slowed so much in recent months that the government-sponsored enterprises Fannie Mae and Freddie Mac—possibly for the first time ever—may not lend all the capital allocated to them by the federal government.
Through the end of October, Fannie and Freddie were nowhere near the $78 billion in allocations they were granted by the Federal Housing Finance Agency. Fannie originated $54.7 billion and Freddie $51.2 billion in the first 10 months of the year, according to the agencies’ public filings. With many in the multifamily industry putting their pencils on hold through year-end, there is little chance that the agencies will meet their lending capacity, probably ending the year at around $70 billion in originations.
Read more...GSEs Unlikely to Meet Allocations via MHN
Through the end of October, Fannie and Freddie were nowhere near the $78 billion in allocations they were granted by the Federal Housing Finance Agency. Fannie originated $54.7 billion and Freddie $51.2 billion in the first 10 months of the year, according to the agencies’ public filings. With many in the multifamily industry putting their pencils on hold through year-end, there is little chance that the agencies will meet their lending capacity, probably ending the year at around $70 billion in originations.
Read more...GSEs Unlikely to Meet Allocations via MHN
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