On-Time Collection Rates Dropping for Mom and Pop Multifamily Landlords via GlobeSt

A new report is offering real-time glimpses into how well non-institutional landlords are collecting monthly rental payments as the pandemic wears on⁠—and the data reveals that on-time collection rates among independent landlords have now dropped for four consecutive months. On-time payments are at their lowest rate since February 2021, and “some deterioration could still lay ahead.”

Read more...On-Time Collection Rates Dropping for Mom and Pop Multifamily Landlords via GlobeSt

1,000 New People Arrive in Texas Every Day. Half Are Newborns. via The New York Times

Every three minutes, a child is born somewhere in Texas.

At one hospital in North Texas, 107 babies were delivered over 96 hours this summer, shattering local records. At a hospital in San Antonio, more than 1,200 babies have been born this year, up nearly 30 percent since 2018.

Read more...1,000 New People Arrive in Texas Every Day. Half Are Newborns. via The New York Times

Texas Employment Forecast December 2021 via Dallas Fed

Texas employment grew at a strong 7.4 percent annualized rate in November after increasing a revised 4.5 percent (previously 3.8 percent) in October. The Texas Leading Index increased for the fourth consecutive month—the 17th rise in the last 19 months. The recent gains in the index suggest continued strong job growth over the next three to six months.

Read more... Texas Employment Forecast December 2021 via Dallas Fed

Reminder: All rental property owners must include flood disclosure info effective January 1 via Texas Apartment Association

Under a new Texas law, all new residential leases entered into or renewed on or after January 1, 2022 must contain certain flood disclosure information. The disclosure must be in a document that is separate from the lease.

Read more...Reminder: All rental property owners must include flood disclosure info effective January 1 via Texas Apartment Association

Report: In some parts of D-FW, rent has soared more than 30% in one year via WFAA

Does it feel like you started on the ground floor apartment, but the rent elevator (the one that only goes up) has made you feel like you are now in the penthouse? You’re not alone.

According to apartmentlist.com, Dallas-Fort Worth rents have soared 15.3% in the last year. That is substantial, but it is still below the national average of 17.7%.

Read more...Report: In some parts of D-FW, rent has soared more than 30% in one year via WFAA

Market Spotlight: Houston via ALN Apartment Data

We checked in on the Houston market back in May, and the multifamily rebound that was in full force then has not slowed much in the intervening time. At the national level, apartment demand continues to set records and rent growth is well into double digits. With this backdrop in mind, let’s revisit the Houston multifamily market.

As always, numbers will refer to conventional properties of at least 50 units.

Read more...Market Spotlight: Houston via ALN Apartment Data

ALN Monthly Market Stats December 2021 via ALN Apartment Data

ALN Data just released their November 2021 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 2021 via ALN Apartment Data

Pandemic payoff? D-FW leads major metros in pay gains via Dallas Morning News

The Dallas region isn’t only a leader in job growth and migration. It’s also surpassing rival metros in pay gains — and by a big margin.

In the 12 months ended in October, average weekly earnings rose 8.3% in Dallas-Fort Worth, easily topping national and statewide numbers, and ranking No. 1 among the 10 most populous metros.

Read more...Pandemic payoff? D-FW leads major metros in pay gains via Dallas Morning News

Advice to would-be Dallas homebuyers: Keep renting, economists say via Dallas Morning News

Economists have some advice for potential Dallas-Fort Worth home purchasers — don’t buy it.

With North Texas home prices at record levels, economists at two Florida Universities who track housing costs say you are better off renting here than ponying up for a pricey home.

Read more...Advice to would-be Dallas homebuyers: Keep renting, economists say via Dallas Morning News

Large corporate interest in relocating, expanding in DFW jumps fourfold amid pandemic via Dallas Business Journal

As the year draws to a close, more than 100 substantial prospects are weighing a corporate headquarters relocation or major expansion to North Texas, and a prestigious international conference is in the sights of business leaders and government officials tasked with luring prospects and raising the profile of the region.

The COVID pandemic has accelerated, rather than dampened, interest in Dallas-Fort Worth as a site for headquarters for businesses and other organizations seeking to move or grow, Dale Petroskey, president and of the Dallas Regional Chamber, said Friday at a luncheon for the economic development and business recruitment group.

Read more...Large corporate interest in relocating, expanding in DFW jumps fourfold amid pandemic via Dallas Business Journal

Houston Apartment Fundamentals Break Records in Another Sudden Turnaround via WMRE

Investors are likely to spend more money to buy apartment properties in Houston than ever before in 2021.

That’s a quick reversal for a city already known for sudden changes. Investors poured money into Houston apartments in the years just before the coronavirus pandemic. But developers struggled to rent thousands of new apartments during the crisis. Investors fled the market.

Read more...Houston Apartment Fundamentals Break Records in Another Sudden Turnaround via WMRE

Apartment rent and occupancy hit record highs, even as market enters its traditionally slow season via CNBC

Apartment rent growth and occupancy set new records in November, yet another sign that the nation’s housing market isn’t following seasonal patterns this year. Rent growth and occupancy usually cool heading into winter.

Apartment occupancy hit a new high of 97.5% in November, according to RealPage, a real estate technology platform. The rate is up roughly 250 basis points from the long-term norm of about 95% going back over the past three decades.

Read more... Apartment rent and occupancy hit record highs, even as market enters its traditionally slow season via CNBC

Dallas-Fort Worth Economic Indicators December 2021 via Dallas Fed

Economic growth in the Dallas–Fort Worth metroplex remained steady in October. Both payroll employment and the Dallas and Fort Worth business-cycle indexes—broad measures of local economic activity—increased strongly. New jobless claims continued their downward trend. Home sales and construction have cooled from their peaks but remained elevated, pushing up home prices to new highs.

Read more...Dallas-Fort Worth Economic Indicators December 2021 via Dallas Fed

Austin Economic Indicators December 2021 via Dallas Fed

The Austin economy continued to expand in October. The Austin Business-Cycle Index increased, led by strong payroll gains. The unemployment rate moved sideways, while the labor force grew strongly. Regional consumer spending growth remained healthy, and recent COVID-19 hospitalizations steadied after two months of decline. Existing-home sales contracted in October.

Read more...Austin Economic Indicators December 2021 via Dallas Fed

Apartment Rents Are Falling In More Than Half of Major Metros via GlobeSt

Apartment rents fell in more than half of the nation’s major markets this month, suggesting a widespread cooldown in a market that’s been buoyed by pandemic-driven shifts in consumer preferences.

Apartment List’s national index increased by just 0.1% in November, the lowest month-over-month growth rate all year. The uptick does come at a time when seasonality normally causes rents to dip, however, and the national median rent has increased by 17.8% since the beginning of the year, a staggering contrast to pre-pandemic averages, which sat around 2.6%.

Read more...Apartment Rents Are Falling In More Than Half of Major Metros via GlobeSt

Eleventh District Beige Book 12/1/21 via Dallas Fed

Robust expansion continued in the Eleventh District economy, with gains generally broad based across sectors. Growth in the manufacturing and nonfinancial services sectors stayed strong, though retail sales were mixed. Home sales and single-family construction remained elevated; however, activity was being constrained by labor, lot, and materials shortages. Apartment demand rose, and office leasing ticked up as well. Loan volumes rose broadly. The energy and agricultural sectors saw continued expansion. Employment rose robustly, and wage growth remained elevated due to widespread labor shortages. Supply-chain bottlenecks continued to drive up costs and prices rose. Outlooks improved though uncertainty surrounding labor and supply-chain challenges increased.

Read more...Eleventh District Beige Book 12/1/21 via Dallas Fed

Biden Administration to Redirect Rental-Assistance Funds to Areas With Greater Demand via WSJ

The Treasury Department is redirecting rental-assistance money from some states and localities that haven’t used the bulk of their funds to others facing backlogs of aid requests, according to administration officials.

The officials said they couldn’t specify which jurisdictions would lose and gain funds. But they said those with large amounts of unused funds include rural states—like Montana and North Dakota—while local officials in several more populous states—like New York and Texas—are expected to exhaust their rental-assistance money over the coming week and months.

Read more...Biden Administration to Redirect Rental-Assistance Funds to Areas With Greater Demand via WSJ

Everyone’s Moving to Texas. Here’s Why. via The New York Times

The traumas of the past few years have rearranged all of our lives. Many Americans have new needs, new desires, new possibilities and new priorities. They’re looking for bigger homes, second homes or any home at all. They’re searching for work — or trying to escape work. Some fear encroaching heat, fire or flood. Others are repulsed by bitter local politics. Many simply hear the distant siren of a better life elsewhere.

We’re here to help. First, we gathered data for thousands of towns and cities on more than 30 metrics, such as school quality, crime rates and affordability. Then we used that data to make a quiz: Select the criteria you find important, and we’ll show you places that might work for you.

Read more...Everyone’s Moving to Texas. Here’s Why. via The New York Times

Apartment Rent Concession Utilization at All-Time Low via RealPage

More apartment operators are ditching rent concessions offers as vacancies across the country have dropped to historic lows.

The share of apartment leases containing rent discounts is at the lowest ever in RealPage’s database that goes back to the early 1990s. This comes as occupancy remains at all-time highs and available apartment units are scarce. However, there are pockets of the market bucking that trend, and they tend to be pricey geographies where discounts are deep. The result is a larger-than-average rent discount for the nation overall.

Read more...Apartment Rent Concession Utilization at All-Time Low via RealPage

U.S. Apartment Monthly Rent Growth Slows in October via RealPage

Following the normal seasonal pattern, U.S. apartment leasing activity has slowed from the frenzied pace recorded in the spring and summer months. In turn, rent growth levels are easing.

Effective asking rents for move-in leases climbed 0.6% during October, the slowest pace of growth recorded since February. At the peak seen in June and July, rents were rising more than 2% per month.

Read more...U.S. Apartment Monthly Rent Growth Slows in October via RealPage

It’s Been A Booming Year For Investment Sales via GlobeSt

US sales volume approached $180 billion in the third quarter, with capital entering the market on track to hit an all-time high this year—and Q4 is primed to be another one for the history books.

A “record amount” of capital is on the sidelines waiting to be deployed in North America, according to new research from Colliers, and “investors are eager to tap into these funds.” Pricing also remains strong and on the uptick across all asset classes, led by multifamily (which saw a volume during the quarter that was in line with industrial and office combined).

Read more...It’s Been A Booming Year For Investment Sales via GlobeSt

Price Growth For CRE Assets Grew At Historic Pace in October via GlobeSt

Price growth for commercial real estate assets in the US grew at its fastest annual rate ever in October, as investors clamored for trophy properties.

The Real Capital Analytics CPPI National All-Property Index rose 15.9% from a year ago and 1.7% from September, according to the latest RCA data. In the year through October 31, investors poured $523.8 billion into commercial property assets, a 70% increase.

Read more...Price Growth For CRE Assets Grew At Historic Pace in October via GlobeSt

Texas employers add another 56,000 jobs in October amid steady pandemic recovery via Dallas Morning News

Texas continues to inch toward a full economic recovery, adding 56,600 jobs in October for employment gains in 17 of the last 18 months.

The jobs boost also knocked 0.2 percentage points off the state’s seasonally adjusted unemployment rate, according to the Texas Workforce Commission. The jobless rate fell to 5.4% in October, compared with 7.3% in the same month a year ago.

Read more...Texas employers add another 56,000 jobs in October amid steady pandemic recovery via Dallas Morning News

U.S. Apartment-Building Sales Soar to Record, With Sun Belt Driving Deals​ via Bloomberg

U.S. apartment building sales have jumped to record levels, outpacing all other forms of commercial real estate.

Deals totaled $241.9 billion in the 12 months through September, up 27% from the same period in 2019, according to a RealPage Inc. analysis of data from Real Capital Analytics Inc. going back to 2001. Apartments accounted for 44% of all transactions, the most for any commercial-property type.

Read more...U.S. Apartment-Building Sales Soar to Record, With Sun Belt Driving Deals​ via Bloomberg

Market Spotlight: Dallas – Fort Worth via ALN Apartment Data

In what has been a remarkable bounce back year for the multifamily industry nationally, the Dallas – Fort Worth market has been the leader in both new supply and apartment demand. In this installment of the Market Spotlight series, we take a closer look at Dallas – Fort Worth (DFW) from January through September of 2021.

As a reminder, all numbers will refer to conventional properties of at least 50 units.

Read more...Market Spotlight: Dallas – Fort Worth via ALN Apartment Data

ALN Monthly Market Stats November 2021 via ALN Apartment Data

ALN Data just released their October 2021 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 November 2021 via ALN Apartment Data

Dallas-Fort Worth Economic Indicators November 2021 via Dallas Fed

Dallas–Fort Worth economic expansion accelerated in September. Payroll employment grew and finally surpassed its prepandemic high 19 months after COVID-19 battered the local labor market. The Dallas and Fort Worth business-cycle indexes—broad measures of local economic activity—increased strongly. Consumer spending remained robust in early October and was well above prepandemic levels. Demand for industrial space was elevated, and office leasing activity remained sluggish.

Read more...Dallas-Fort Worth Economic Indicators November 2021 via Dallas Fed

Houston Economic Indicators November 2021 via Dallas Fed

Recent data for the Houston region have been positive for growth. The Delta wave of the coronavirus has retreated as the number of people being vaccinated progresses. Over two-thirds of pandemic job losses have been recovered, and the local unemployment rate fell to 5.8 percent as online job postings climbed. The oil and gas sector showed signs of picking up steam even before recent surges in commodity prices pushed retail fuel prices up. Altogether, after lagging the nation for the better part of the pandemic, the outlook for Houston is much improved.

Read more... Houston Economic Indicators November 2021 via Dallas Fed

Austin Economic Indicators November 2021 via Dallas Fed

The Austin economy continued to expand in September. The Austin Business-Cycle Index increased, led by strong payroll gains. Recent COVID-19 hospitalizations declined further from the latest peak in August. Regional consumer spending remained healthy, and existing-home sales increased after three months of declines.

Read more...Austin Economic Indicators November 2021 via Dallas Fed

Why Apartment Cap Rates Are Projected to Remain Low via GlobeSt

The multifamily sector entered the pandemic on solid footing, and despite challenges brought on by the pandemic, it has the potential to continue to outperform in the years ahead, according to Investcorp.

Despite treasury yield increases, apartment cap rates are projected to stay low in the next couple of years, supporting an increase in capital values.

Read more...Why Apartment Cap Rates Are Projected to Remain Low via GlobeSt

DFW apartment rents up nearly 20% for year, some areas up 33% via Dallas Business Journal

The Dallas-Fort Worth apartment market continues to sizzle, with an annualized rent growth rate of 19.6% — the second strongest of the Texas markets, according to a new report.

Landlords aren't seeing a seasonal slowdown and most expect some degree of growth to continue, according to the November Market Line report from ApartmentData.com.

Read more...Dallas-Fort Worth apartment rents up nearly 20% for year, some areas up 33% via Dallas Business Journal

Apartment Rent Growth Cools, Suggesting Slowdown Is Near via GlobeSt

Apartment rent growth grew at its slowest rate since February, though rents continue to buck seasonal trends.

Apartment List’s national rent index ticked up by 0.8% from September to October, the least growth since the beginning of this year. And 22 of the nation’s 100 largest cities saw rents fall this month, after a nearly six-month stretch of uninterrupted growth.

Read more...Apartment Rent Growth Cools, Suggesting Slowdown Is Near via GlobeSt

Apartment Rents Have Another 24 Months of High Growth via GlobeSt

“We have never seen anything like this,” said Jerry Fink, managing partner of the Bascom Group, about rent growth over the last 12 months. Fink spoke this week on the Investment Landscape: How Multifamily is Driving Economic Recovery panel at the GlobeSt.com Multifamily conference in Los Angeles this week. The discussion included Jeff Adler, VP of Yardi Matrix; David Harrington, EVP and managing director at Matthews Real Estate Investment Services; Brian Tranetzki, principal and head of multifamily at Taylor Street Advisors and Loryn D. Arkow, partner at law firm Stroock.

Read more...Apartment Rents Have Another 24 Months of High Growth via GlobeSt

Why Institutional Investors Are Bullish on Multifamily via GlobeSt

There are a lot of reasons to invest in multifamily today. Following the pandemic, apartment investors are enjoying substantial rent growth, record low vacancy rates and an attractive supply demand imbalance. But, institutional capital playing in the core and core-plus market, is more attracted to the stability of the asset class over the long term.

Read more...Why Institutional Investors Are Bullish on Multifamily via GlobeSt

Commercial Real-Estate Sales and Values Surge to Records via WSJ

Investors purchased a record amount of commercial real estate in the third quarter, defying warnings that the Covid-19 pandemic would erode these property values and starve the industry of cash.

Instead, purchases of apartment buildings, life-science labs and industrial properties, which serve as e-commerce distribution centers, rocketed commercial sales to more than $193 billion in the quarter. That is up 19% compared with the same three months in 2019, before the pandemic, and the biggest quarter for commercial property sales ever, according to data firm Real Capital Analytics.

Read more...Commercial Real-Estate Sales and Values Surge to Records via WSJ

Could Homeownership Derail the Rental Market In Secondary Cities? via GlobeSt

During the pandemic, people fled the urban core for secondary metros across the country. The great relocation, as some have called it, wasn’t necessarily a new trend; people had been slowly leaving big cities in favor of affordability in smaller cities, and last year, the trend exploded. In response, apartment markets in these cities are seeing high double digit rent growth, record low vacancy rates and new construction activity—but if these new folks in town are headed for homeownership, does the apartment boom already have a ticking clock?

Read more...Could Homeownership Derail the Rental Market In Secondary Cities? via GlobeSt

Surveying the Apartment Landscape For 2022 via GlobeSt

Apartment demand will likely remain robust and rent growth remain elevated in 2022, given the current rates of absorption, rising mortgage rates in 2022, and the lower level of construction activity relative to current demand, according to National Association of Realtors blogger Scholastica (Gay) Cororaton.

Demand for multifamily apartments remains strong so far in the fourth quarter, as of Oct. 19, with a net increase of 1.06 million apartment units occupied since Q2 2020. The multifamily vacancy rate has fallen to 4.6% (6.6% in Q2 2020) and the multifamily median asking rent is up 11.4% year-over-year (1.6% in Q2 2020).

Read more...Surveying the Apartment Landscape For 2022 via GlobeSt

Property Sales Shattered Records In Q3 via GlobeSt

Sales of commercial real estate assets in the US hit record-breaking highs in the third quarter, thanks largely to activity in the apartment and industrial sectors.

Real Capital Analytics’ latest US Capital Trends report shows that deal volume hit $450 billion in the first three quarters of the year, a high watermark for commercial real estate generally. Deal activity has not approached that level since 2007, prior to the Great Financial Crisis.

Read more...Property Sales Shattered Records In Q3 via GlobeSt

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

Solid expansion continued in the Eleventh District economy, though COVID-19 and labor and supply-chain constraints remained headwinds. Growth in the manufacturing and nonfinancial services sectors was strong, and retail sales rose at an average pace. Home sales were steady at elevated levels. Overall loan volumes rose broadly, and the energy sector continued to experience robust growth. Agricultural conditions were quite strong. Employment growth was robust, and wage growth remained highly elevated amid widespread labor shortages. Notable price increases were seen across sectors, with contacts noting that ongoing supply-chain disruptions continued to drive up costs. Outlooks improved, with most contacts expecting stronger business six months from now, though uncertainty increased.

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

Why the Recent Apartment Rent Growth Is Sustainable Over the Long Term via GlobeSt

Last year, apartment rent growth was a tale of two cities, or at least two types of cities. Rents plummeted in major metros—in some cases by double digits—and jumped in small cities and suburbs—in some cases by double digits. This year, rents rebounded back in the big cities and continued to grow in emerging markets. This new period of rent growth is likely to be the new normal over the next 12 months.

Read more...Why the Recent Apartment Rent Growth Is Sustainable Over the Long Term via GlobeSt

Mass Evictions Didn’t Result After U.S. Ban Ended, Despite Fears via WSJ

When the federal moratorium on evictions ended in August, many feared that hundreds of thousands of tenants would soon be out on the streets. More than six weeks later, that hasn’t happened.

Instead, a more modest uptick in evictions reflects how renter protections at the city and state levels still remain in parts of the country, housing attorneys and advocates said. Landlords, meanwhile, say the risk of an eviction epidemic was always overstated and that most building owners have been willing to work with cash-strapped tenants.

Read more...Mass Evictions Didn’t Result After U.S. Ban Ended, Despite Fears via WSJ

Is the Time Ripe for a Sale? via GlobeSt

Values are up. Rents are rising, Cap values are at historical lows in some markets. It’s a strengthening economy. Then there are the prospects of higher interest rates, ongoing inflation, and increased taxes with new regulations perhaps around 1031 exchanges. Growth may be slowing some already.

Is now the time to sell and take profits? Or is there a case for the buy-and-hold investor?

It’s a tricky question that doesn’t have a single answer.

Read more...Is the Time Ripe for a Sale? via GlobeSt

ALN Monthly Market Stats October 2021 via ALN Apartment Data

ALN Data just released their Septembert 2021 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 October 2021 via ALN Apartment Data

Austin Economic Indicators October 2021 via Dallas Fed

The Austin economy continued to expand in August. The Austin Business-Cycle Index increased, led by declines in the unemployment rate. Recent COVID-19 hospitalizations declined further from the latest peak in August. Existing-home sales fell in August for the third consecutive month, and regional consumer spending remained healthy.

Read more...Austin Economic Indicators October 2021 via Dallas Fed

U.S. Apartment Vacancy Plunges in September to Record Low as Lease Renewals Surge via RealPage

Apartment vacancies nationally dwindled to another record low in September at just 2.7%, according to RealPage, Inc. This marked the fourth consecutive month of record-breaking lows in a dataset going back three decades.

Ultra-low vacancy traces to unprecedented demand from both new renters moving in and existing renters choosing to renew leases.

Read more...U.S. Apartment Vacancy Plunges in September to Record Low as Lease Renewals Surge via RealPage

U.S. Apartment Demand in 3Q Reaches a Stunning High via RealPage

U.S. demand for apartments continued to soar in 3rd quarter 2021. Preliminary calculations from RealPage, Inc. showed that the nation’s occupied apartment count jumped by 255,094 units during the July to September time frame. That’s the biggest quarterly product absorption figure seen in records that go back to the early 1990s.

Read more...U.S. Apartment Demand in 3Q Reaches a Stunning High via RealPage

There is a Severe Shortage of Rental Housing at Every Price Point Now via GlobeSt

Apartment vacancies hit another historic low in September, declining to 2.7% for a fourth consecutive month of record-breaking lows.

New lease demand in the year ending in September 2021 also increased by 50.5%, with apartment resident retention surging to 58.%, an all-time high, according to data from RealPage.

Lease renewals surged last month, keeping vacancy rates low.

Read more...There is a Severe Shortage of Rental Housing at Every Price Point Now via GlobeSt

DFW Economic Indicators September 29, 2021 via Dallas Fed

DFW’s economic recovery remained on track in August. Job growth slowed from July but was robust relative to the historical average. The unemployment rate continued to decline, and the Dallas and Fort Worth business-cycle indexes expanded at above-average rates. Activity in the housing market remained robust, characterized by strong sales, tight inventories and vigorous construction of single-family homes.

Read more...Dallas-Fort Worth Economic Indicators September 29, 2021 via Dallas Fed

Apartment Demand Hits Record Cyclical High via GlobeSt

Consumer demand for apartments hit a record high in the third quarter of this year, with new data from RealPage showing that the nation’s occupied apartment count jumped by a staggering 255,094 units from July to September. The figures mark the biggest quarterly absorption since the 1990s.

Annual demand data as of Q3 registered at 597,354 units, well beyond a prior cyclical peak of 380,000 units recorded in the third quarter of 2018. Annual demand over the decade spanning 2010 to 2020 averaged around 250,000 units.

Read more...Apartment Demand Hits Record Cyclical High via GlobeSt

Ouch! D-FW apartment rents jumped by more than 15% in September via Dallas News

It’s not just homebuyers who are getting hammered by higher prices.

Area renters are also feeling the bite of soaring housing costs.

Dallas-Fort Worth apartment rents surged by 15.5% in September from a year ago, according to a new report by Apartment List.

Read more...Ouch! D-FW apartment rents jumped by more than 15% in September via Dallas Morning News

Bidding wars for rental units? 2021's rental market is also on fire via Dallas Business Journal

It's not uncommon to hear about bidding wars for homes in today's housing market. But "leasing wars" for rental units are popping up in some cities as demand for multifamily housing remains high.

Matt Scott, broker associate at residential real estate services firm Baird & Warner's office in Naperville, Illinois, said in the eight years he's been in the business, he hasn't seen anything like the current environment.

Read more...Bidding wars for rental units? 2021's rental market is also on fire via Dallas Business Journal

CRE Braces for the Climate Disclosures Regs Coming from the SEC via GlobeSt

When SEC chair Gary Gensler testified before the Senate Committee on Banking, Housing, and Urban Affairs recently, he was clear, if not detailed, that disclosures about climate risk, as well as human capital and cybersecurity, were on the short list.

“I’ve asked staff to develop proposals for the Commission’s consideration on these potential disclosures,” he said. “These proposals will be informed by economic analysis and will be put out to public comment, so that we can have robust public discussion as to what information matters most to investors in these areas.”

Read more...CRE Braces for the Climate Disclosures Regs Coming from the SEC via GlobeSt

Record Apartment Rent Growth Pulls Back Just a Bit in August via GlobeSt

Apartment rents on average are nearly $200 per month higher than they were a year earlier, according to a record-setting Zillow Observed Rent Index (ZORI) for August, issued this week.

August’s 11.5 percent annual appreciation is the largest in Zillow records going back to 2015. Typical U.S. rents measured by the Zillow Observed Rent Index (ZORI) are $1,874, meaning a $200 YoY rent spike was within reach.

Read more...Record Apartment Rent Growth Pulls Back Just a Bit in August via GlobeSt

Five Apartment Markets Likely to Overheat via GlobeSt

Phoenix, Raleigh-Durham, Las Vegas, Tampa and Denver are to be considered the most likely apartment markets to overheat in the coming months, according to Kimberly Byrum, Principal-Multifamily, Zonda Advisory, who presented Tuesday at the MFE Conference hosted by Zonda in Las Vegas.

She said that high occupancy is driving unprecedented rent growth in asking rents, primarily on new lease activity. “Will it hold?” Byrum said. “Let’s see how many leases are being signed at these rates?”

Read more...Five Apartment Markets Likely to Overheat via GlobeSt

Soaring Rents Make It a Very Good Time to Own an Apartment Building via WSJ

Despite a yearlong national eviction ban and continuing pandemic, it has rarely been a better time to be a big apartment-building landlord.

National asking rents rose 10.3% in August, measured on an annual basis, according to Real Page, a rental-management software company, which analyzed more than 13 million professionally managed apartments. That marked the first double-digit increase in the more than 20 years this data has been collected, and in several hot cities the rent increases were much greater than the national figure.

Read more...Soaring Rents Make It a Very Good Time to Own an Apartment Building via WSJ

ALN Monthly Market Stats September 2021 via ALN Apartment Data

ALN Data just released their August 2021 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 September 2021 via ALN Apartment Data

Houston Economic Indicators September 2021 via Dallas Fed

There are signs that Houston’s third wave of COVID-19 infections that began in late July was depressing local economic activity by the end of August, albeit modestly. Payroll growth in July accelerated as Houston’s recovery continued. On the negative side, surveys of business input prices continued to log near-record rises in price pressures. Overall, the outlook remains positive, but near-term risks from COVID-19 are rapidly rising.

Read more... Houston Economic Indicators September 2021 via Dallas Fed

Apartment Retention Rates Surge to Near Lockdown-Era Peaks via GlobeSt

Apartment retention rates are soaring back to lockdown-era highs, as more renters are determining that staying in place is often the best and most affordable option – given a remarkable lack of alternatives for all types of housing and for all price points.

The share of renters choosing to renew expiring leases in August 2021 surged 4 percentage points year-over-year, the largest increase on record.

Read more...Apartment Retention Rates Surge to Near Lockdown-Era Peaks via GlobeSt

Many Apartment Renters Fear They Will Never Become Homeowner via GlobeSt

Ask housing providers about consumers’ preference for renting versus owning and they will likely say that their product’s popularity is where the country is heading.

Multifamily operators suggest empty-nester trends, the desire of younger professionals to live downtown and the convenience that comes with the opportunity to not have to deal with maintenance and repairs.

Read more...Many Apartment Renters Fear They Will Never Become Homeowner via GlobeSt

Eleventh District Beige Book 9/8/21 via Dallas Fed

Solid expansion continued in the Eleventh District economy, though surging COVID-19 cases has added uncertainty to outlooks. Growth in the manufacturing and nonfinancial services sectors remained strong, and retail sales rose in August after holding steady in recent months. Home sales remained solid but eased. Overall loan volumes rose broadly, led by commercial real estate lending. Energy activity rose steadily, and agricultural conditions were very strong. Employment growth was robust, and wage growth remained elevated amid widespread labor shortages. Ongoing supply chain disruptions continued to drive up prices, though pressures eased slightly over the reporting period. Outlooks improved, though uncertainty increased.

Read more...Eleventh District Beige Book 9/8/21 via Dallas Fed

Texas leads U.S. in rent relief disbursal at more than 50% paid out, but hurdles remain via Dallas News

For Texas renters and landlords struggling amid the ongoing pandemic, rental relief can’t come quickly enough. And the state has now disbursed more than half of its available funds to residents across nearly all Texas counties, according to the Texas Department of Housing and Community Affairs.

The state agency has paid out $755 million of its $1.3 billion in rental assistance as of this week, benefiting more than 124,000 households. About $40 million in funds have also been approved and are in the process of being paid out to applicants.

Read more...Texas leads U.S. in rent relief disbursal at more than 50% paid out, but hurdles remain via Dallas Morning News

Apartment Rents Continue Their Upward Tear via GlobeSt

Apartment rents across the US increased by 2.1% from July to August⁠—a slight cool-down from 2.5% the month before⁠—but still continuing a trajectory of rent growth that began with a flash at the beginning of the year.

According to a new report from Apartment List, national median rent growth has increased by 13.8% since January, a staggering increase when compared to typical pre-pandemic growth, which averaged around 3.6% from 2017 to 2019.

Read more...Apartment Rents Continue Their Upward Tear via GlobeSt

Led By Multifamily, CRE Deal Volume Skyrockets 74% in July via GlobeSt

Overall deal volume was up 74% year-over-year and well over the average set across each July since 2005, according to Real Capital Analytics data, with apartment sales constituting 35% of all investment. Apartment pricing also gained the most ground last month, with prices of assets up 13.5% year-over-year.

Multifamily investment volume has skyrocketed this year, netting a 34% quarter-over quarter increase, according to CBRE. In response, cap rates have decreased, and some bidders are aggressively pushing up pricing as inflation fears persist.

Read more...Led By Multifamily, CRE Deal Volume Skyrockets 74% in July via GlobeSt

Austin Economic Indicators September 2021 via Dallas Fed

The Austin economy accelerated in July. The Austin Business-Cycle Index grew at a strong pace, led by declines in the unemployment rate and recent broad-based job gains. COVID-19 hospitalizations surged to an all-time high. Existing-home sales fell in July for the second consecutive month, and regional consumer spending remained healthy.

Read more...Austin Economic Indicators September 2021 via Dallas Fed

Dallas-Fort Worth Economic Indicators September 2021 via Dallas Fed

Recovery in the DFW economy continued at a healthy pace in July. The Dallas and Fort Worth business-cycle indexes expanded, buoyed by strong job growth. With the surge in leasing activity, apartment rents in DFW climbed. Daily COVID-19 cases were rising swiftly in August, though mobility was little changed, and consumer spending remained above prepandemic levels.

Read more...Dallas-Fort Worth Economic Indicators September 2021 via Dallas Fed

Texas Quarterly Apartment Report 2Q2021 via Real Estate Center

Economic activity in Texas improved during second quarter 2021 and is expected to continue its strong growth for the remainder of the year. Improved hiring in June resulted in solid second-quarter payroll growth, although joblessness in the Lone Star State was still higher than the national average. Moreover, inflation-adjusted headline wage numbers flattened due to supply bottlenecks, generating price pressures and driving up inflation. On the bright side, oil industry activity grew as oil prices increased and the global economic recovery continues. The relative health of the state's economy and favorable business practices attracted migrants and firms from other parts of the country, bolstering population growth and housing demand.

Read more...Texas Quarterly Apartment Report 2Q2021 via Real Estate Center

Supreme Court Strikes Down Eviction Ban via GlobeSt

The Supreme Court has struck down the Biden administration’s Covid-related eviction moratorium, writing in an unsigned, eight-page opinion that Congress must specially authorize any continued ban.

“Congress was on notice that a further extension would almost surely require new legislation, yet it failed to act in the several weeks leading up to the moratorium’s expiration,” the court wrote.

Read more...Supreme Court Strikes Down Eviction Ban via GlobeSt

Are Eviction Bans Driving Up Rents? via GlobeSt

As rents have skyrocketed to record levels this summer, we’re often asked: Are rents surging because of the eviction moratorium?

The answer? Not directly, but it’s likely a contributing factor. To what degree will depend heavily on the property and the location.

Read more...Are Eviction Bans Driving Up Rents? via GlobeSt

Apartment Rents Move Beyond Pre-Pandemic Levels via GlobeSt

Rents grew 9.2% year-over-year in July, pushing beyond pre-pandemic levels, according to the July 2021 Zillow Real Estate Market Report.

The monthly increase in the Zillow Observed Rent Index (ZORI) was the fastest observed by Zillow, which has been tracking data since 2015. In addition, Zillow estimates that the US ZORI in July was 2.9% ($52) higher than where it would have been if the last roughly 18 months had been more ‘normal.’

Read more...Apartment Rents Move Beyond Pre-Pandemic Levels via GlobeSt

ALN Monthly Market Stats August 2021 via ALN Apartment Data

ALN Data just released their July 2021 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 August 2021 via ALN Apartment Data

Multifamily Set to Continue as Ideal Inflationary Hedge via GlobeSt

The multifamily market is expected to continue its upward rise over the next year as strong demand, limited construction, and rising rents make the asset class an inflationary hedge.

A new report from Walker & Dunlop says low interest rates should continue to support CRE buyers, owners, and tenants, noting that yields remain “highly attractive” as compared to both the public equity and debt markets. And that’s particularly true for multifamily, where net absorption ended the year up 6.8% from 2019.

Read more...Multifamily Set to Continue as Ideal Inflationary Hedge via GlobeSt

Housing Starts Rise but Building Permits Portend Slowing via RealPage

Residential construction starts were up in June, but a lull in building permits points to a slowing of this measure in the near term.

U.S. housing starts increased by 6.3% in June to 1.643 million units despite higher costs for lumber and shortages of labor, appliances and furniture. At the same time, the U.S. Census Bureau reported that building permits for residential construction fell 5.1% from May to 1.598 million units, the lowest seasonally adjusted annual rate for building permits since October.

Read more...Housing Starts Rise but Building Permits Portend Slowing via RealPage

Class C Multifamily Properties Face Greatest Exposure As Moratoria Expire via GlobeSt

Institutional-grade multifamily product will likely emerge from the looming end of eviction and foreclosure moratoria relatively unscathed, but Class C properties in less recovered markets are staring down greater exposure.

That will leave some landlords in the precarious position of deciding whether to evict (and potentially draw big rent increases with new tenants) while assessing the risk of foregone rental arrears, according to a new report from Cushman & Wakefield.

Read more...Class C Multifamily Properties Face Greatest Exposure As Moratoria Expire via GlobeSt

Dallas-Fort Worth Economic Indicators August 2021 via Dallas Fed

DFW economic recovery continued in June. Job growth was mixed, with payrolls contracting in the goods sector. The unemployment rate continued to decline, and the Dallas and Fort Worth business-cycle indexes expanded. Activity in the office market was still finding its footing, while industrial leasing remained remarkably strong.

Read more...Dallas-Fort Worth Economic Indicators August 2021 via Dallas Fed

Austin Economic Indicators August 2021 via Dallas Fed

The Austin economy continued to post a strong performance in June. The Austin Business-Cycle Index accelerated, led by declines in the unemployment rate and recent broad-based job gains. COVID-19 hospitalizations increased markedly since early July. Existing-home sales decelerated in June amid historically tight inventories, and regional consumer spending remained healthy.

Read more...Austin Economic Indicators August 2021 via Dallas Fed

Houston Economic Indicators August 2021 via Dallas Fed

COVID-19 is increasing in Houston, but it is not clear that this has materially affected economic activity in the region yet. However, initial estimates for June payroll data showed a surprising slowdown in the pace of recovery, particularly for goods-producing sectors like oil and gas, which is seeing increased drilling activity and favorable commodity prices. Home sales and prices were surging in June due to strong demand. Overall, the outlook remains positive, but potential risks near term from the pandemic are increasing rapidly.

Read more... Houston Economic Indicators August 2021 via Dallas Fed

How Long Will Multifamily Rent Increases Last? via GlobeSt

From getting back on track at the end of 2020 to strong growth in 2021, according to the National Multifamily Housing Council, the ability to raise rents has been on a recent tear in multifamily.

But how long can that keep going?

Several factors have supported the rise. One is historically high costs of buying homes, in large part due to low inventory during the pandemic and a long-term lack of sufficient house construction. Even low interest rates can only do so much when necessary down payments skyrocket. Many people have no choice but to rent.

Read more...How Long Will Multifamily Rent Increases Last? via GlobeSt

Multifamily Investment Reached a Record $53B in Q2 via GlobeSt

Multifamily investment volume increased by 34% quarter-over-quarter in Q2 to reach $52.7 billion, according to CBRE.

This increase in apartment investment has dramatically exceeded expectations. If you subtract fourth-quarter volume—traditionally when most deals are down—second-quarter 2021 posted the highest transaction of any quarter in the last 15 years, CBRE explained.

Read more...Multifamily Investment Reached a Record $53B in Q2 via GlobeSt

Texas Economy Strongly Expands Despite Supply-Chain Disruptions, Hiring Challenges via Dallas Fed

Economic activity continued to expand at a robust pace in July, though growth was constrained by continued supply-chain disruptions and hiring difficulties. Texas employment rose at a healthy pace in June, and the unemployment rate inched down.

The labor market remained tight despite the rollback of supplemental federal unemployment benefits in late June. There has been strong upward pressure on prices and wages, though there were some signs of easing in July. The hot housing market continued to push up apartment rents, housing prices and construction.

Read more...Texas Economy Strongly Expands Despite Supply-Chain Disruptions, Hiring Challenges via Dallas Fed

CDC Issues New Eviction Moratorium via MHN

President Biden’s administration has enacted a new federal eviction moratorium that will focus on areas that have been hit the hardest by the Delta variant of COVID-19, the government agency announced last night.

The new order from the Centers for Disease Control and Prevention (CDC) went into effect August 3 and will last through October 3. The moratorium targets renters living in communities that are experiencing a surge in COVID-19 cases and is intended to give renters more time to obtain rent relief and for vaccination rates to increase.

Read more...CDC Issues New Eviction Moratorium via MHN

Apartment Rents Increase as Young Workers Head Back to Cities via WSJ

Apartment rents are rising fast, boosted by young professionals returning to cities and an expensive housing market that keeps many of them renting.

Stock prices of publicly traded apartment companies have jumped in stride. The FTSE Nareit Equity Apartments index, which tracks these landlords, is up 42% since January, trouncing the S&P 500’s 17% gain during the same period.

Read more...Apartment Rents Increase as Young Workers Head Back to Cities via WSJ

Top 20 Markets for Multifamily Sales in the First Half of 2021 via WMRE

Data from Real Capital Analytics showed some major reshuffling among the U.S. markets multifamily investors pouring money into during the first half of the year.

As the U.S. continues to go through a bumpy recovery from the pandemic, multifamily investors are trying to figure out the safest markets to place their money in. A recent report from real estate data firm Real Capital Analytics (RCA) shows that the multifamily sector has not only regained the momentum it had pre-2020, the overall investment sales volume for U.S. multifamily properties reached a record high in the second quarter of this year, at $43.3 billion, most of it driven by single-asset sales.

Read more...Top 20 Markets for Multifamily Sales in the First Half of 2021 via WMRE

FHFA Says Landlords Must Give Tenants 30 Days Notice Before Eviction via GlobeSt

The Federal Housing Finance Agency has announced that residents of multifamily properties with mortgages backed by Fannie Mae or Freddie Mac must be given 30 days’ notice to vacate before being evicted for not paying rent. The FHFA says this requirement applies to all agency-backed multifamily properties, regardless of whether the loan is in forbearance.

Read more...FHFA Says Landlords Must Give Tenants 30 Days Notice Before Eviction via GlobeSt

Investors Are Aggressively Bidding Up Apartment Prices As Housing Shortages Loom via GlobeSt

Fueled by fears of a continued rise in inflation, investors are aggressively bidding up apartment prices.

Nationally, the average apartment cap rates stand at 5.1%, but that’s for closed transactions, according to John Chang, senior vice president and director of research services at Marcus & Millichap.

Read more...Investors Are Aggressively Bidding Up Apartment Prices As Housing Shortages Loom via GlobeSt

NAA Sues the Federal Government For Damages From Eviction Moratorium via GlobeSt

The National Apartment Association announced that it filed a lawsuit on July 27, 2021 in the US Court of Federal Claims “to recover damages on behalf of rental housing providers that have suffered severe economic losses under the U.S. Centers for Disease Control and Prevention’s (CDC) overreaching federal eviction moratorium.”

Congress initially passed a national temporary moratorium on evictions for non-payment of rent on March 27, 2020, which ended on July 24, 2020. The CDC imposed a moratorium on September 4, 2020. Congress extended that moratorium through January 31, 2021. Then the CDC extended it three more times, ultimately through July 31, 2021.

Read more...NAA Sues the Federal Government For Damages From Eviction Moratorium via GlobeSt

Texas Service Sector Outlook Survey July 2021 via Dallas Fed

The pace of growth in the Texas service sector accelerated in July, according to business executives responding to the Texas Service Sector Outlook Survey. The revenue index, a key measure of state service sector conditions, increased from 16.7 in June to 21.7 in July.

Read more...Texas Service Sector Outlook Survey July 2021 via Dallas Fed

National Multifamily Report – June 2021 via Multi-Housing News Online

Multifamily rent growth has reached unprecedented levels according to Yardi Matrix’s June survey. Asking rents in June increased 6.3 percent over the previous 12 months, to an average of $1,482, the largest year-over-year increase in the history of the dataset. Rents increased nationally by 1.6 percent over the previous month. All of the top 30 markets reported positive month-over-month growth for the third month in a row, and 27 of those also reported positive year-over-year growth. For the first time since 2011, Lifestyle rents (7.2 percent) grew faster than Renter-by-Necessity rents (5.3 percent) on a year over year basis.

Read more...National Multifamily Report – June 2021 via Multi-Housing News Online

DFW tops the country in apartments opening in 2021 via Dallas News

With demand for rentals at an all-time high, Dallas is expected to lead the country in new apartment completions in 2021.

Developers in Dallas are on track to finish more than 21,000 apartments this year, the most of any U.S. metro area, according to a new report by Yardi Systems Inc. The new apartments will add about 2.6% to the Dallas area’s apartment stock.

Read more...D-FW tops the country in apartments opening in 2021 via Dallas Morning News

Freddie Mac Projects Return to Pre-Pandemic Trends via Multi-Housing News Online

Rising rents and falling vacancies are helping fuel strong investor demand in the multifamily sector and should lead to record-setting origination volume between $385 billion and $410 billion for the year, according to the Freddie Mac Multifamily Midyear Outlook.

Those projections are even stronger than those in the report released in late January which expected overall multifamily origination volume to reach $340 billion by year-end.

Read more...Freddie Mac Projects Return to Pre-Pandemic Trends via Multi-Housing News Online

Eviction ban ends this week; displacement to hit Dallas’ Black and Latino neighborhoods hardest via Dallas News

Housing advocates and local elected officials are bracing for the end of a federal moratorium on evictions that could displace thousands of vulnerable people just as rents are soaring to record highs and unemployment benefits have been slashed.

Data suggests that Texas renters sit in a particularly precarious position, and advocates say lifting the protection threatens to slow the economic recovery for renters, especially those in lower-income, mostly Black and Latino neighborhoods.

Read more...Eviction ban ends this week; displacement to hit Dallas’ Black and Latino neighborhoods hardest via Dallas Morning News

Texas Manufacturing Outlook Survey July 2021 via Dallas Fed

Texas factory activity continued its robust expansion in July, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, was largely unchanged at 31.0, a reading well above average and indicative of strong output growth. Other measures of manufacturing activity also pointed to continued growth this month.

Read more...Texas Manufacturing Outlook Survey July 2021 via Dallas Fed

Will Renting Become the New Status Quo? via D Magazine

We see the headlines every day: Housing demand is high, inventory is low, and builders are facing post-pandemic delays in materials. And with multiple cash offers—often significantly above asking price—the middle class has been virtually priced out of the Dallas-Fort Worth housing market.

The most recent S&P CoreLogic Case-Shiller Indices shows Dallas’ home prices surged 15.9 percent in April—the region’s all-time highest 12-month gain. This has led some potential buyers to forfeit the idea of buying a home altogether and opt instead for the flexibility and convenience of renting. Here are six reasons why they’re choosing multifamily renting over single-family homebuying.

Read more...Will Renting Become the New Status Quo? via D Magazine

NMHC: July Apartment Market Tightness Index Highest on Record via Calculated Risk

The National Multifamily Housing Council (NMHC) released their July report: July Apartment Market Conditions Showed Improvement Across All Metrics

Apartment market conditions showed continued improvement in the National Multifamily Housing Council’s Quarterly Survey of Apartment Market Conditions for July 2021. For the first time since October 2015, the Market Tightness (96), Sales Volume (79), Equity Financing (69), and Debt Financing (71) indexes all came in above the breakeven level (50).

Read more...NMHC: July Apartment Market Tightness Index Highest on Record via Calculated Risk

Dallas is the country’s top commercial property investment market for 2021 via Dallas News

The Dallas area was the country’s top market for commercial property investments in the first half of 2021.

Dallas retained the top real estate spot it gained last year during the start of the COVID-19 pandemic, according to a new report by Real Capital Analytics.

Through the first six months of this year, Dallas saw almost $13.4 billion in commercial property deals — 43% more than in the same period a year ago.

Read more...Dallas is the country’s top commercial property investment market for 2021 via Dallas Morning News

Texas Economic Indicators July 2021 via Dallas Fed

Texas’ economic recovery continued in June as payrolls grew and the unemployment rate declined. However, total Texas unemployment claims ticked up in the week ending June 26. Texas Business Outlook Surveys respondents indicated continued growth in manufacturing and services but contraction in retail. Texas exports increased in May, and median home prices rose in major Texas metros, largely driven by North Texas. Retail sales ticked up in May to a record high.

Read more... Texas Economic Indicators July 2021 via Dallas Fed

Texas Supreme Court extends state program to help tenants avoid eviction until Oct. 1 via Texas Tribune

A state eviction diversion program launched in response to the COVID-19 pandemic has been extended, according to a new emergency order from the Texas Supreme Court released on Monday.

The diversion program was set to expire on July 27. The new order extends it until Oct. 1.

Read more...Texas Supreme Court extends state program to help tenants avoid eviction until Oct. 1 via Texas Tribune

DFW leads the country in apartment leasing via Dallas News

The Dallas-Fort Worth area led the country in apartment demand during the most recent quarter.

Net apartment leasing in North Texas reached a record 15,400 units in the three months ending in June, according to the latest report by analysts at RealPage.

That was more than any other major U.S. metro area.

Read more...D-FW leads the country in apartment leasing via Dallas Morning News

ALN Monthly Market Stats July 2021 via ALN Apartment Data

ALN Data just released their May 2021 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 July 2021 via ALN Apartment Data

Eleventh District Beige Book 7/14/21 via Dallas Fed

Solid expansion continued in the Eleventh District economy. Growth in the manufacturing and nonfinancial services sectors was strong, though activity remained somewhat below pre-pandemic levels. Retail sales dipped as supply chain issues hampered activity. Home sales remained elevated, but buyer traffic and interest cooled off slightly. Apartment demand surged, pushing up rents. Retail leasing picked up, while office demand stayed weak. Overall loan volumes rose broadly. Energy activity and agricultural conditions saw moderate improvement. Employment growth was moderate, and upward wage pressures increased with labor shortages being a significant issue for many firms. Ongoing supply chain disruptions intensified price pressures. Outlooks improved, though uncertainty increased, and a much larger share of respondents was experiencing supply chain challenges compared with earlier in the year.

Read more...Eleventh District Beige Book 7/14/21 via Dallas Fed

Rent prices are soaring as Americans flock back to cities via The Washington Post

Lauren Campos opened the door to her Phoenix apartment last week to find a note stuck in the door frame. Her rent was going up nearly $400 a month, the note said, a 33 percent increase.

Campos and her fiancee read the letter in shock. The property management company gave them four days to decide whether to commit to stay or leave by the end of July. They spent the rest of the day poring over apartment listings online, only to realize that they would either have to move or downsize from their two-bedroom place to a one-bedroom.

Read more...Rent prices are soaring as Americans flock back to cities via The Washington Post

Dallas-Fort Worth Economic Indicators July 2021 via Dallas Fed

Recovery in the DFW economy continued in May. Payroll gains were broad based across sectors, the unemployment rate dipped, and the business-cycle indexes for Dallas and Fort Worth grew at a healthy clip. However, the recovery remains uneven and far from complete. Apartment demand ramped up in April and May, strengthening occupancy and rents. Apartment construction dipped in May but is up year to date.

Read more...Dallas-Fort Worth Economic Indicators July 2021 via Dallas Fed

Dallas-Fort Worth apartment rentals soar to record high via Dallas News

With the pandemic easing, Dallas-Fort Worth landlords leased a record number of apartments in the second quarter.

Net apartment rentals in North Texas hit an all-time high of 15,437 units in the just-completed quarter, according to the latest estimate by Richardson-based RealPage. That’s more than double the apartment rental pace of a year ago.

Read more...Dallas-Fort Worth apartment rentals soar to record high via Dallas Morning News

Residential construction up more than 40% across Dallas-Fort Worth via Dallas Business Journal

Residential construction in North Texas surged by more than 40 percent last month compared to a year earlier, as home and apartment builders moved to meet mounting demand despite escalating new home and multifamily rental prices.

New home construction in Dallas-Fort Worth rose 42 percent last month to just under $1.4 billion, versus $982.9 million in May 2020, according to a new report by Dodge Data & Analytics.

Read more...Residential construction up more than 40% across Dallas-Fort Worth via Dallas Business Journal

Texas Economic Indicators June 2021 via Dallas Fed

The Texas economic recovery continued in May as payroll growth ticked up and the unemployment rate continued to decline. The Texas Business-Cycle Index grew for the 12th month in a row, and Texas Business Outlook Surveys respondents reported solid increases in wages and benefits. Oil prices and the rig count both grew in the week ending June 18. Home prices across the state saw record year-over-year growth in the first quarter.

Read more... Texas Economic Indicators June 2021 via Dallas Fed

Apartment Price Growth Eclipses Industrial Increases via GlobeSt

Apartment prices have overtaken industrial as the fastest-growing in May, with increases coming in at 10.1% year-over-year.

Industrial price growth, conversely, grew by 9.5%, according to the most recent data from Real Capital Analytics. The US National All-Property Price Index increased 0.8% over April numbers and 8.9% from a year ago, while office and retail price growth clocked in at 2.9% and 2.3%, respectively.

Read more...Apartment Price Growth Eclipses Industrial Increases via GlobeSt

The Days of Discounted Pandemic Rents Are Over via GlobeSt

The pandemic hit at the worst time possible for apartment owners. As spring leasing season was picking up in 2020, the word went into lockdown.

Apartment List’s national index hovered around 4% below its projected level for the remainder of the year when that happened.

But things turned quicker than expected. After a strong 2021 performance, that gap has been eliminated. In May 2021, the national median rent price hit $1,189, just above the projected price of $1,185.

Read more...The Days of Discounted Pandemic Rents Are Over via GlobeSt

Dallas renews rental assistance program with $50 million in federal money via Dallas Morning News

The Dallas City Council approved a deal Wednesday to add more than $50 million in federal money to programs to help with rent and utilities.

To qualify for help with rent, Dallas residents must have an annual income at or below 80% of the area median income, or $48,000 for a single-person household.

Read more...Dallas renews rental assistance program with $50 million in federal money via Dallas Morning News

CDC Extends Federal Eviction Moratorium Through July via WSJ

The Biden administration has issued a monthlong extension of a moratorium, through July, on the eviction of tenants who have fallen behind on their rent during the pandemic, the Centers for Disease Control and Prevention said on Thursday.

An extension is needed to prevent a wave of evictions before states and local governments can distribute about $47 billion of rental assistance authorized by Congress to cover unpaid back rent, administration officials said. Progress has been slow.

Read more...CDC Extends Federal Eviction Moratorium Through July via WSJ

Sluggish recovery? Not in Dallas-Plano-Irving, where half the state’s new jobs were created in May via Dallas News

May’s job growth for Texas and the U.S. was disappointing, but Dallas-Plano-Irving has a different story.

The eastern side of the metro area created 17,400 jobs last month, accounting for half the new jobs statewide. That’s more than double its usual share and easily led Texas metros.

May’s job gains also were the highest for Dallas-Plano-Irving since November. They provided a sharp contrast to the state’s slow pace of growth, which lagged the U.S. increase in May.

Read more...Sluggish recovery? Not in Dallas-Plano-Irving, where half the state’s new jobs were created in May via Dallas Morning News

Apartments' Flexibility Provide Inflation Hedge via GlobeSt

Unlike other segments of commercial real estate, apartments offer owners flexibility. With shorter leases, often running between six and 24 months, apartment operators can be more attuned to a changing economy.

“As those leases roll-off, you’re able to readjust those rent roles based on current market conditions,” says David Vincent, Cadre’s Investment Specialist. “So you have a lot more flexibility than say industrial or office.”

Read more...Apartments' Flexibility Provide Inflation Hedge via GlobeSt

Texas Unemployment Rate falls to 6.5 % in May via Texas Workforce Commission

In May, the seasonally adjusted Texas unemployment rate was 6.5 percent, down 0.2 percentage points from April 2021. Texas added 34,400 total nonagricultural jobs over the month, making gains in 12 of the last 13 months. Texas added a total of 804,200 jobs since May 2020.

"Texas employers continue to add jobs, strengthening our economy and creating opportunities for Texas workers to connect to a rewarding career," said TWC Chairman Bryan Daniel. "Job seekers can access skills enhancement resources to prepare for these newly created jobs via our local Workforce Solutions partners and through TX.metrixlearning.com."

Read more...Texas Unemployment Rate falls to 6.5 percent in May via Texas Workforce Commission

Texas adds over 34,000 jobs in May as recovery continues via Dallas News

Texas added 34,400 nonfarm jobs in May as the economic recovery continued to gain momentum, and the state’s unemployment rate ticked down to 6.5%, the Texas Workforce Commission reported on Friday.

The gains in May were more than double the hiring in April but were still far short of the 109,700 jobs added in March. So far this year, Texas has added over 195,000 jobs, with monthly changes varying widely.

Read more...Texas adds over 34,000 jobs in May as recovery continues via Dallas Morning News

Dallas-Fort Worth Economic Indicators June 2021 via Dallas Fed

The pace of economic recovery in Dallas–Fort Worth eased in April. Payrolls expanded broadly but at a slower rate than in March. Unemployment dipped, and the business-cycle indexes for both Dallas and Fort Worth rose. Existing-home sales climbed in March and April, and home price gains accelerated further. Recently released data from the Census Bureau show that DFW ranked No. 1 among U.S. metros in net population increase in 2020.

Read more...Dallas-Fort Worth Economic Indicators June 2021 via Dallas Fed

Houston Economic Indicators June 2021 via Dallas Fed

The most recent data show continued economic recovery in Houston. In April, payrolls and the labor force increased, unemployment was down, the burden of COVID on the region continued to recede, and mobility moved sideways. Inflation and input prices have picked up. Overall, the outlook remains positive.

Read more... Houston Economic Indicators June 2021 via Dallas Fed

May Rental Data: U.S. Rental Prices Reach Highest Point in Two Years via Realtor.com

Nationally, monthly rents are finally growing faster than their pre-COVID rates, driving rental prices to their highest point in 27 months.

Last March, prior to the onset of the pandemic, rents in the 50 largest metro areas were growing by 3.2% year-over-year. That growth gradually slowed throughout the pandemic, down to 0.6% in February 2021. However, as of May 2021, the median national rent reached $1,527, up 5.5% ($79) year-over-year. Rents have fully recovered in many of the nation’s largest cities, and are on track to speedy recovery in many others. Because national rents slowed but never fell on a year-over-year basis during the pandemic, rents are up 7.5% over the last two years.

Read more...May Rental Data: U.S. Rental Prices Reach Highest Point in Two Years via Realtor.com

U.S. Apartments Have Risen to the Top of Foreign Investors’ Wish Lists via WMRE

International investors have a new favorite type of real estate. They now spend just as much money on apartment buildings in the U.S. as they spend on their old favorite property type, U.S. office space.

The change has been a long time coming. Foreign investors once had little knowledge of U.S. rental housing. Now they want the consistent, resilient income from apartments mixed into their investment portfolios and several are spending billions to buy apartment properties.

Read more...U.S. Apartments Have Risen to the Top of Foreign Investors’ Wish Lists via WMRE

Austin Economic Indicators June 2021 via Dallas Fed

The Austin economy turned in a healthy performance in April. The Austin Business-Cycle Index grew at a robust rate, the unemployment rate declined and recent payroll gains were broad based across sectors. COVID-19 hospitalizations have steadily declined since increasing briefly in late April. Existing-home sales decelerated in April, and regional consumer spending remained strong.

Read more...Austin Economic Indicators June 2021 via Dallas Fed

Urban Multifamily Back from the Dead via ALN Apartment Data

2021 for the multifamily industry has been partially characterized by a very active new construction pipeline and a robust rebound in apartment demand. In ALN newsletters and blog posts these developments have been touched upon from various angles including price class, market size, and evaluation of specific markets. One area that has yet to be addressed is how all of the action of 2021 has played out across the urban-suburban-outlying area divide.

Read more...Urban Multifamily Back from the Dead via ALN Apartment Data

ALN Monthly Market Stats June 2021 via ALN Apartment Data

ALN Data just released their May 2021 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 June 2021 via ALN Apartment Data

Logjams Are Keeping Much of $47 Billion in Federal Aid From Renters via WSJ

Many renters who missed rent payments during the pandemic are unable to access billions of dollars in federal rent aid that started flowing to states and cities five months ago.

Local governments across the U.S. have struggled with how to distribute the money, and some have complained that their staffs are being deluged by a flood of aid requests. Numerous renters are being disqualified for failing to correctly complete their applications, local officials say.

Read more...Logjams Are Keeping Much of $47 Billion in Federal Aid From Renters via WSJ

Multifamily Is CRE’s Most Liquid Sector via GlobeSt

Multifamily transaction volume topped $138 billion last year and hit $32 billion in the first quarter of 2021, making the asset class the most liquid among all commercial real estate property types.

A new report from JLL shows that closed-end fund closings targeting multi-housing assets have totaled $68.4 billion since 2016 and “will provide an ongoing source of liquidity,” especially as pricing discovery in the midst of COVID-19 resulted in more opportunities for private capital to invest in the space. That’s particularly true for high net worth individuals and institutional investors.

Read more...Multifamily Is CRE’s Most Liquid Sector via GlobeSt

‘We’re hiring like crazy’: Why DFW’s labor market is about to turn — with lasting changes via Dallas News

It’s a cliché to say the pandemic year was unlike any other, and don’t be surprised to hear the same about 2021, because both descriptions are likely to be true.

In Dallas-Fort Worth, where job growth feels like a birthright, the region lost nearly 122,000 jobs last year, according to seasonally adjusted data from the Federal Reserve Bank of Dallas. That’s the highest annual job loss ever for D-FW, and 12,000 more than in 2009 during the Great Recession.

Read more...‘We’re hiring like crazy’: Why DFW’s labor market is about to turn — with lasting changes via Dallas News

With the pandemic subsiding, apartment rents are heading higher in DFW via Dallas News

North Texas apartment renters are going to need deeper pockets.

After a slowdown during the early days of the pandemic, rents in Dallas-Fort Worth are rising again at the fastest clip in years.

Rents for new apartment leases were up almost 5% year-over year in May. It’s the biggest such increase since 2016, according to a new report by RealPage, a Richardson real estate technology firm.

Read more...With the pandemic subsiding, apartment rents are heading higher in Dallas-Fort Worth via Dallas News

U.S. housing regulator extends eviction freeze for some multifamily property via Reuters

A U.S. housing regulator announced Thursday it was extending until the end of September an ongoing moratorium on evictions at multifamily properties backed by Fannie Mae and Freddie Mac.

The move from the Federal Housing Finance Agency (FHFA) applies to any multifamily property owners who have sought forbearance with the enterprises due to financial hardship. Under the extension, which is now in effect until Sept. 30, those property owners cannot evict tenants for not paying rent, or charge late fees for unpaid rent.

Read more...U.S. housing regulator extends eviction freeze for some multifamily property via Reuters

Texas Quarterly Apartment Report 1Q2021 via Real Estate Center

Economic activity within Texas moderated during first quarter 2021 but remained on the path to recovery despite weather-related disruptions in February. Robust hiring in March resulted in solid first-quarter payroll growth, although joblessness in the Lone Star State was still higher than the national average. Moreover, inflation-adjusted headline wage numbers flattened compared with year-ago levels while initial unemployment claims surged unexpectedly. On the bright side, oil prices rebounded, contributing to increased export values.

Read more...Texas Quarterly Apartment Report 1Q2021 via Real Estate Center

Dallas renters can now apply for up to 1 year of rental assistance. Here’s how via Dallas News

DHA Housing Solutions for North Texas is accepting applications for up to 12 months of past due and future rent assistance.

The program, made possible by federal CARES Act funding, has $18 million to dole out before the end of 2021. It’s intended to provide assistance to people whose financial situations were negatively affected by the COVID-19 pandemic.

Read more...Dallas renters can now apply for up to 1 year of rental assistance. Here’s how via Dallas News

CoStar reports rising multifamily property prices via Yield PRO

A recent report from CoStar indicates that multifamily property prices are maintaining steady growth on a year-over-year basis.

The CoStar report focuses on a relative measure of property prices called the CoStar Commercial Repeat Sales Index (CCRSI). The index is computed based on the resale of properties whose earlier sales prices and sales dates are known. The index represents the relative change in the price of property over time rather than its absolute price.

Read more...CoStar reports rising multifamily property prices via Yield PRO

Eleventh District Beige Book 6/2/21 via Dallas Fed

The Eleventh District economy continued to expand at a solid pace during the reporting period. Growth in the manufacturing and nonfinancial services sectors was strong, though activity remained below pre-pandemic levels. Retail sales were mixed. Home sales and single-family construction remained robust, but activity was being constrained by labor, lot, and materials shortages. Apartment demand rose, while office leasing stayed weak. Overall loan volume increased sharply, buoyed by continued strength in real estate lending. Energy activity and agricultural conditions improved. Employment growth was moderate, and upward wage pressures continued as hiring remained a key challenge for many companies. Ongoing supply chain disruptions intensified price pressures, particularly in the construction and manufacturing sectors. Outlooks improved, though there was widespread apprehension about the sustainability of current demand growth in light of supply constraints, difficulty hiring, and rising costs.

Read more...Eleventh District Beige Book 6/2/21 via Dallas Fed

Buyers and Sellers Are Not Blinking On Pricing via GlobeSt

Deal volume for the industrial and multifamily sectors may be performing well as the pandemic begins to resolve, but investment activity remains well below pre-COVID levels for all other asset classes.

A new analysis from Real Capital Analytics reveals that potential buyers are still wary about the pace of the economic recovery, and owners are “generally hesitant to sell at prices that would provide enough of a discount to address the buyer caution.”

Read more...Buyers and Sellers Are Not Blinking On Pricing via GlobeSt

Lumber Prices Are Through the Roof, Punishing Apartment Builders via WSJ

The soaring lumber costs that have slowed construction of single-family homes are starting to pinch apartment-building developers too.

While many multifamily buildings are made of steel, glass and concrete, wood is also a major component, especially in low- and mid-rise buildings. Wood is also used extensively for floors, cabinets and other fixtures.

Read more...Lumber Prices Are Through the Roof, Punishing Apartment Builders via WSJ

Texas Employment Forecast​ May 2021 via Dallas Fed

Texas employment growth decelerated to a 1.3 percent annualized rate in April after increasing by a revised 12.3 percent in March. The Texas Leading Index increased at a record pace this month, suggesting an acceleration in growth over the second half of the year.

Read more...Texas Employment Forecast​ May 2021 via Dallas Fed

No surprise: Renting is a lot cheaper than owning in major Texas metros via Dallas News

With home cost increasing in Texas’ major metros, renting is increasingly cheaper than ownership —even with low mortgage rates.

Renting is cheaper than buying in most major U.S. markets, a new study by mortgage firm LendingTree found.

In the Dallas area, the median cost of renting is $619 a month less than paying for a home with a mortgage, according to the researchers.

Read more...No surprise: Renting is a lot cheaper than owning in major Texas metros via Dallas Morning News

ALN Monthly Market Stats May 2021 via ALN Apartment Data

ALN Data just released their April 2021 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 May 2021 via ALN Apartment Data

Multifamily Markets Rebounded in First Quarter While Office Continued Slide via Nareit

Multifamily markets rebounded in the first quarter with the second-highest quarterly demand growth on record, according to data recently released by CoStar, while the deterioration in office markets continued. Retail markets have stabilized somewhat, with small positive net absorption for the second quarter in a row after significant negative net absorption in the second and third quarters of 2020. Industrial markets enjoyed robust demand, with net absorption of 89 million square feet, the highest demand growth in three years.

Read more...Multifamily Markets Rebounded in First Quarter While Office Continued Slide via Nareit

Despite moratoriums, Dallas renters weren’t actually protected from eviction during pandemic via Dallas News

Do you know what to do if you find an eviction notice posted on your apartment door?

Many renters don’t – and a patchwork of quickly conceived eviction protections and confusing legal interpretations at all levels of government failed a number of Dallas County renters they were supposed to protect, a new study concludes.

Read more...Despite moratoriums, Dallas renters weren’t actually protected from eviction during pandemic via Dallas Morning News

20 Top Markets for Apartment Construction Completions via WMRE

The multifamily industry had a more challenging than usual year, dealing with both the COVID-19 pandemic and skyrocketing materials prices, but new units continued to be added in markets throughout the country. According to a recent report from real estate services firm CBRE, the nation’s 24 top markets for construction saw a total of 282,500 apartment units completed from the second quarter of 2020 through the end of the first quarter of 2021, an increase of 1.8 percent compared to existing inventory.

Read more...20 Top Markets for Apartment Construction Completions via WMRE

Apartment Owners Are Out $8B From Missed Rent Payments This Quarter via GlobeSt

The money lost by property owners from missed rent payments is up, but the number of delinquent tenants is declining, the Mortgage Bankers Association Research Institute for Housing America reported recently.

Rental property owners lost as much as $7.85 billion in first-quarter revenue from missed rent payments up from over $7.41 billion in the fourth quarter.

Read more...Apartment Owners Are Out $8B From Missed Rent Payments This Quarter via GlobeSt

Apartment Rents Rose Last Month at Fastest Pace Seen in a Decade via GlobeSt

US apartment rent growth is back in a big way, now that the country’s reopening local economies are fueling household creation and stimulating robust demand for all types of housing.

Effective asking rents for US apartments climbed 1.3% in April, rising at the fastest pace seen during a single month for the past decade or so and likely at the fastest pace ever. (RealPage’s long-term performance history for rents measured change by quarter, rather than by individual month.)

Read more...Apartment Rents Rose Last Month at Fastest Pace Seen in a Decade via GlobeSt

North Texas led the country in population gains during the pandemic via Dallas News

If you’re searching for the reason North Texas has a severe housing shortage, look no further than just-released census numbers.

The Dallas-Fort Worth area led the country in 2020 population growth — which includes births and in-migration. The area added almost 120,000 residents, according to the latest data from the U.S. Census. During the last five years, D-FW’s population has grown by more than 650,000.

Read more...North Texas led the country in population gains during the pandemic via Dallas Morning News

Texas Economic Activity Springs Ahead as Growth Strengthens via Dallas Fed

Following a winter-storm-related contraction in February, Texas employment rebounded in March, expanding an annualized 11.3 percent, compared with 8 percent for the U.S.

The growth in March was the strongest since June 2020 and contributed to an overall employment gain of 4.7 percent in the first quarter.

As a result of the strong performance and other economic tailwinds, the 2021 Texas employment forecast improved to 6.6 percent growth from 6.0 percent.

Read more...Texas Economic Activity Springs Ahead as Growth Strengthens via Dallas Fed

‘Stunning momentum’: D-FW apartment rents are heading higher via Dallas Morning News

Dallas-area apartment rents are rebounding after setbacks during the pandemic. Average North Texas apartment rent increases stalled in 2020 when the COVID-19 pandemic hit. Landlords increased the number of freebies used to attract renters.

But with the economy opening up and migration to the area continuing, local rents are again headed higher.

Read more...‘Stunning momentum’: D-FW apartment rents are heading higher via Dallas Morning News

Federal judge overturns national eviction ban via CNBC

Federal Judge Dabney Friedrich struck down on Wednesday the national eviction moratorium, potentially leaving millions of Americans at risk of losing their homes.

The Centers for Disease Control and Prevention has banned most evictions across the country since September. President Joe Biden extended that protection to renters until July.

Read more... Federal judge overturns national eviction ban via CNBC

Apartments Have Stabilized Earlier Than Expected via GlobeSt

In Q1 2021, the US multifamily market stabilized a quarter earlier than expected, according to a new report from CBRE.

While vacancy rose by 20 basis points to 4.7% in the quarter, the average rent rose 0.4%. That was the first quarterly rent increase since the pandemic began. Still, the average rent was down 4.2%, and vacancy was up 50 basis points compared to a year ago.

Read more...Apartments Have Stabilized Earlier Than Expected via GlobeSt

D-FW construction starts turned positive in the first quarter via Dallas Morning News

North Texas construction starts turned the corner in the first quarter of 2021 after big declines during the worst of the pandemic.

Starts for residential and commercial buildings in the Dallas-Fort Worth area were up 7% in the first three months compared with first-quarter 2020 totals, according to the latest report by Dodge Data & Analytics.

In 2020, the D-FW area saw a 20% decline in construction activity because of COVID-19.

Read more...D-FW construction starts turned positive in the first quarter via Dallas Morning News

Texas Service Sector Outlook Survey April 2021 via Dallas Fed

Activity in the Texas service sector in April increased at its fastest pace since late 2014, according to business executives responding to the Texas Service Sector Outlook Survey. The revenue index, a key measure of state service sector conditions, rose from 21.6 in March to 26.1 in April.

Read more...Texas Service Sector Outlook Survey April 2021 via Dallas Fed

Dallas-Fort Worth Economic Indicators April 2021 via Dallas Fed

DFW apartment absorption was strong, and rents rose in the first quarter, according to ApartmentData.com. Demand is generally sluggish in the first quarter, but absorption exceeded expectations with a total of 5,727 units absorbed, up from 2,009 units in the fourth quarter. Average monthly rents in DFW ticked up to $1,193 per unit, up 1.6 percent year over year (Chart 4). Rent concessions were ongoing, largely in Class A properties. Occupancy rose as well to 91 percent; however, it remained extremely low in Class A properties that were in the lease-up phase.

Read more...Dallas-Fort Worth Economic Indicators April 2021 via Dallas Fed

Houston Economic Indicators April 2021 via Dallas Fed

High-frequency data through March indicate continued recovery in Houston. Housing markets are very tight with elevated sales, low inventories, and rising input and selling prices for both new and existing homes. Vacancy rates in commercial office and industrial markets are elevated. Overall, the data point to further recovery and a positive outlook for Houston.

Read more... Houston Economic Indicators April 2021 via Dallas Fed

Texas No. 1 state for business for 17th year in a row, CEOs say via Dallas Business Journal

It seems many CEOs are able to look past Texas' recent winter storm, which caused massive headaches for some businesses, because the state's low taxes and robust talent pool are just too good to pass up.

On Wednesday, Texas topped Chief Executive's list of the best states for business for the 17th year in a row.

Read more...Texas No. 1 state for business for 17th year in a row, CEOs say via Dallas Business Journal

Rents in Dallas up 1.6% month-over-month via Dallas Business Journal

Rents in Dallas increased 1.6 percent month-over-month, compared to 1.9 percent nationally, according to the latest rent report from apartmentlist.com.

Median rents in Dallas now stand at $1,013 for a one-bedroom apartment and $1,215 for a two-bedroom.

Read more...Rents in Dallas up 1.6% month-over-month via Dallas Business Journal

Apartment Renters’ Shifted Amenities Preferences Are Likely to Last After COVID-19 via WMRE

During the pandemic, the kinds of amenities apartment renters looked for shifted. Outdoor spaces, reliable Internet connectivity and extra space for working all became “must haves” for some renters. And apartment industry experts say that even after the coronavirus pandemic is over, renters are likely to keep wanting more space in their apartments and more technology to keep them connected.

Read more...Apartment Renters’ Shifted Amenities Preferences Are Likely to Last After COVID-19 via WMRE