Friday, February 26, 2021

CRE Transactions Retreat in January After Closing 2020 with a Bang via GlobeSt

US commercial real estate transaction volume started the year with a whimper. A new report from Real Capital Analytics shows a 58% decrease in year-over-year transaction volume in January.

The fumble comes on the heels of record activity in December, when transactions volumes increased 8% year-over-year. January experienced similar declines to the second and third quarters of 2020, which directly followed the onset of the pandemic.

Read more...CRE Transactions Retreat in January After Closing 2020 with a Bang via GlobeSt

Federal Judge Finds CDC’s Eviction Moratorium Unconstitutional via GlobeSt

US District Judge John Barker in Texas has ruled that an eviction moratorium put in place by the Centers for Disease Control and Prevention last year and then extended until March is unconstitutional. The ruling does not affect states’ eviction moratoriums.

The judge did not issue a preliminary injunction.

The plaintiffs in the lawsuit argued that the federal government does not have the authority to order property owners not to evict specific tenants; rather the decision whether to enact an eviction moratorium rests with a given state.

Read more...Federal Judge Finds CDC’s Eviction Moratorium Unconstitutional via GlobeSt

Tuesday, February 16, 2021

Multifamily Market Sees Record 4th Quarter: Newmark via Multi-Housing News Online

The fourth quarter of 2020 was the strongest quarter on record for the U.S. multifamily market, which saw investment sales volumes totaling $56.7 billion, up 115.2 percent quarter-over-quarter. Most of that volume came in December, when pent-up demand helped fuel nearly $25 billion in sales.

Despite the record fourth-quarter results and a strong third quarter, the multifamily market ended 2020 at $138.7 billion, down 27.6 percent from 2019 due to the market slowdown earlier in the year because of the COVID-19 crisis, according to the 4Q20 United States Multifamily Capital Markets Report from Newmark.

Read more...Multifamily Market Sees Record 4th Quarter: Newmark via Multi-Housing News Online

Dallas, Fort Worth renters rank high in U.S. for on-time payments via Dallas Business Journal

Some 87.5 percent of Dallas renters paid February rent on time — a relatively solid number compared to markets nationwide and amidst the coronavirus pandemic and related spike in unemployment.

Nationally, 79.2 percent of households had paid their rent for February through Feb. 6, according to the latest data from Richardson-based RealPage and the National Multifamily Housing Council’s Rent Payment Tracker.

Read more...Dallas, Fort Worth renters rank high in U.S. for on-time payments via Dallas Business Journal

ALN Monthly Market Stats February 2021 via ALN Apartment Data

ALN Data just released their January 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 February 2021 via ALN Apartment Data

Thursday, February 11, 2021

Apartment Resident Retention Gets Messy via GlobeSt

After a decade when apartment resident retention gradually got better and better, it’s now harder for property owners and operators to hold onto renters in some metros and some apartment product segments.

Influencing that shift, the world has simply changed over the past year. Many households have experienced income disruptions, and sometimes challenges in employment have led to shifts in household composition. Even if there are no significant changes in household finances, more people working from home can shift choices in apartment location as well as space needs and preferences.

Read more...Apartment Resident Retention Gets Messy via GlobeSt

Wednesday, February 10, 2021

Behind on rent? Texans can soon apply for pandemic rental and utility assistance online and by phone via Dallas Morning News

Texans looking to tap $1 billion in stimulus money for rental assistance can apply for aid through the state, beginning Feb. 15.

The state created the program to administer rental assistance funds allocated under the most recent COVID-19 stimulus bill passed by Congress in December.

Read more...Behind on rent? Texans can soon apply for pandemic rental and utility assistance online and by phone via Dallas Morning News

Dallas beats out Austin as favorite Texas city for new residents during pandemic via CultureMap Dallas

New York Mayor Bill de Blasio recently tweeted a link to a Forbes article along with the following caption: "Move over Austin, because as the song says, if you can make it here, you can make it anywhere — and it’s easier than ever for young dreamers to make it in the greatest city in the world!"

Though it's a stretch to say de Blasio was trying to start a "feud," the tweet does illustrate the national hype surrounding Austin — from major news outlets reporting on a COVID-induced wave of people trading big cities for a better quality of life in Central Texas to companies such as Oracle moving their operations to the Capital City.

But new data from Redfin says it's actually not Austin pulling the most newcomers into Texas. It's ... Dallas.

Read more...Dallas beats out Austin as favorite Texas city for new residents during pandemic - CultureMap Dallas

Tuesday, February 9, 2021

Our K-shaped recovery: Dallas has regained almost all its lost jobs of the past year - if you exclude leisure and hospitality losses via Dallas Morning News

The pandemic economy has created sharply uneven outcomes, devastating some industries and families while improving the prospects for others.

The recovery is proceeding in a similar K-shaped fashion with some job sectors mired in high unemployment while others are posting strong growth.

Such disparities extend to regions, too. Consider this: By the end of December, the Dallas-Plano-Irving metro division had recovered nearly all its lost jobs over the previous 12 months -- if the hard-hit leisure and hospitality sector were excluded.

Read more...Our K-shaped recovery: Dallas has regained almost all its lost jobs of the past year - if you exclude leisure and hospitality losses via Dallas Morning News

Multifamily Fundamentals Expected to Stabilize By Q2 via GlobeSt

Multifamily fundamentals are expected to stabilize as soon as the second quarter of this year, according to new research from CBRE. In a new report, the firm says it expects “steady market recovery” through the second half of 2021.

Net absorption for multifamily during the fourth quarter of 2020 totaled 55,600 units, a number the firm described as “far better than expected” since leasing is normally anemic during these months of any year, as well as during recessions. Absorption for the past four quarters clocked in at 190,600 units, and suburban submarkets, smaller markets, and the Midwestern, Mountain West and Southeast regions fared better than average—as did Class B and C assets.

Read more...Multifamily Fundamentals Expected to Stabilize By Q2 via GlobeSt

What Q4 Tells Us About the Multifamily Market: CBRE via Multi-Housing News Online

CBRE’s Q4 U.S. Multifamily Figures report shows a sector still impacted by the COVID-19 crisis with average rent declining 1.6 percent for the quarter and 4.2 percent from the fourth quarter of 2019. But there were some bright spots, like Q4 net absorption coming in much higher than anticipated at 55,600 units, and investment volume marking a new quarterly high that indicates overall multifamily fundamentals should stabilize by the second quarter, with steady market recovery expected later in 2021.

Read more...What Q4 Tells Us About the Multifamily Market: CBRE via Multi-Housing News Online

Friday, February 5, 2021

A different kind of surge: Why Texas and D-FW are poised to lead a strong recovery when the pandemic fades via Dallas Morning News

Is it too soon to talk about green shoots?

We’re still in the throes of the pandemic economy with over 1 million Texans looking for work and an unemployment rate twice as high as a year ago.

But there are encouraging signs, including strong interest from outsiders, which has always been crucial to Texas’ growth story.

Read more...A different kind of surge: Why Texas and D-FW are poised to lead a strong recovery when the pandemic fades via Dallas Morning News

Houston Economic Indicators February 2021 via Dallas Fed

Recent indicators continue to portray an ongoing recovery hampered by the second wave of coronavirus infections. COVID-19 statistics for the Houston area worsened through mid-January, and weekly unemployment claims increased. However, COVID hospitalizations were easing heading into February and vaccinations of the general public were ramping up. Houston jobs continued to recover through the end of 2020, lagging the rest of Texas but on par with the nation. Local and international measures of manufacturing activity improved in December, while exports through Houston-area ports leveled off.

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

Austin Economic Indicators February 2021 via Dallas Fed

The Austin economy expanded in December as strong job growth and a lower unemployment rate boosted the Austin Business-Cycle Index. Recent COVID-19 hospitalizations have declined since peaking in mid-January. Regional consumer spending has held at pre-COVID-19 levels since early December. However, existing-home sales weakened in December.

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

Thursday, February 4, 2021

Apartment Rents Are Near Pre-Pandemic Highs via GlobeSt

Average rents for US apartments now are within a hair of the all-time highs seen in early 2020, as more individual metros are moving back into price growth mode.

Across the country’s largest 150 metros, effective asking rents for new leases in January 2021 came in only 0.3% below the rates seen at the start of 2020, before the spread of COVID-19 and the resulting economic struggles led to rent cuts.

The nation’s average effective asking rent is now $1,382 per month.

Read more...Apartment Rents Are Near Pre-Pandemic Highs via GlobeSt

Texas Employment Forecast​ January 2021 via Dallas Fed

Texas employment grew an annualized 7.1 percent in December after increasing a revised 5.2 percent in November. Jobs had been rising since May, but they still ended the year down 4.5 percent from December 2019. The Texas Leading Index increased for the eighth consecutive month in December, indicating continued positive growth over the next six months.

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

Wednesday, February 3, 2021

DFW Economic Indicators February 2021 via Dallas Fed

Dallas–Fort Worth’s economic recovery gained some momentum in December, following softening in the previous month. Job growth accelerated and unemployment dipped, boosting the Dallas and Fort Worth business-cycle indexes. Apartment demand outpaced expectations in the fourth quarter, while absorption of office space remained negative. Strong industrial leasing activity kept vacancy stable and below its historical average, despite elevated supply.

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

Wednesday, January 27, 2021

Homeownership Trends Having Little Effect on Multifamily Investment via WMRE

Just because more people are buying homes, that doesn’t have to hurt the outlook for investment in rental apartments, according to housing economists.

The percentage of people who own their own homes rose sharply in the second and third quarters of 2020, according to U.S. Census data. Usually such a spike would mean millions of renters had moved out of their apartments and bought homes of their own. And for much of 2020, there were many anecdotal stories of Americans relocating during the pandemic from urban apartments to suburbs or less expensive secondary and tertiary urban markets.

Read more...Homeownership Trends Having Little Effect on Multifamily Investment via WMRE

Texas Economic Indicators 1/26/21 via Dallas Fed

The Texas economy showed signs of growth in December as payroll employment strengthened and the unemployment rate inched down. Respondents to the Texas Business Outlook Surveys indicated healthy activity in December, followed by weaker results in January. Oil prices and the Texas active rig count continue to climb, while the level of dining out in Texas varied by metro. The dramatic rise in hospitalizations in the state and nation due to COVID-19 in recent months is putting a strain on the health care system.

Read more... Texas Economic Indicators 1/26/21 via Dallas Fed

Tuesday, January 26, 2021

Treasury Releases Emergency Rental Assistance Frequently Asked Questions via NMHC

On January 19, the U.S. Treasury published a Frequently Asked Questions (FAQ) regarding the $25 billion Emergency Rental Assistance Program (ERAP), approved in the COVID-19 relief package signed into law December 27.  These FAQs answer 14 questions and provide information on participation requirements, recordkeeping and definitions.

The FAQ outlines criteria for both prospective rent, rental arrears, utilities and home energy costs.  Specifically, the following are among some provisions included:

Read more...Treasury Releases Emergency Rental Assistance Frequently Asked Questions via NMHC

Freddie Mac Expects Rebound in Multifamily Lending This Year via Connect Media

Overall multifamily origination volume will rebound in 2021, growing to $340 billion by year-end as the economy is boosted by another federal stimulus package, Freddie Mac says in a new report.

The recovery is supported in part by growth in smaller metropolitan markets, like Phoenix and Tampa, with larger cities expected to recovery more gradually, the report says.

Read more...Freddie Mac Expects Rebound in Multifamily Lending This Year via Connect Media

Rent Collection Is Down, and Apartment Owners Feel the Squeeze via WSJ

The apartment business has weathered the Covid-19 pandemic better than most of the real-estate sector. That is starting to change.

Owners of multifamily buildings are falling behind on loan payments. Banks view a greater number of rental loans as high risk, and fewer lenders are available to help struggling developers with financing. Eviction protections, lower rent collections and unprecedented declines in the asking rent in some urban markets are also taking their toll on apartment owners.

Read more...Rent Collection Is Down, and Apartment Owners Feel the Squeeze via WSJ

Friday, January 22, 2021

Lots More Apartments Are On the Way in 2021 via RealPage

Look for another round of substantial apartment completions across the U.S. in 2021. Scheduled deliveries top 2020’s already big volumes in many metros, including most of the gateway markets where rent achievement has deteriorated so much during recent months.

RealPage project-by-project information for ongoing development shows 583,280 market-rate units under construction across the country’s 150 largest metros at the end of 2020. That figure is off its recent peak by nearly 100,000 units, reflecting that building starts slowed during the course of 2020.

Read more...Lots More Apartments Are On the Way in 2021 via RealPage

The Fastest-Growing Suburban Markets for Renters via Multifamily Executive Magazine

Given the shift to working from home, whether by preference or by necessity, RENTCafe researcher Sanziana Bona notes that the suburbs have a “newfound appeal” for renters, as they often offer larger apartments, lower density, and lower rents than big cities. Based on Yardi Matrix data for large-scale apartment buildings of 50 units or more, the markets best equipped to meet this new demand are those where the multifamily supply has already been expanding, with a spike in population growth—and in turn new apartment construction—over the past five years.

Read more...The Fastest-Growing Suburban Markets for Renters via Multifamily Executive Magazine

U.S. Multifamily Tenants Owe $70B in Unpaid Rent via WMRE

Renters have racked up a stunning $70 billion in unpaid rent since the start of the economic crisis cause by the coronavirus, according to an analysis of Census data by Moody’s Analytics. And that pain is not evenly spread. Top tier properties tend to have tenants who have been less affected by the pandemic and who have been able to continue to pay regularly. Meanwhile class-B and class-C apartments, where residents have been more likely to have hours cut or lost their jobs entirely, have increasingly struggling to collect rents, especially as the federal government was slow to extend further aid after initial rounds of legislation helped keep many Americans afloat throughout the first half of 2020.

Read more...U.S. Multifamily Tenants Owe $70B in Unpaid Rent via WMRE

The New Rental Assistance Program is Tremendous But Has Five Big Flaws via GlobeSt

When Congress passed the Consolidated Appropriations Act in late December, renter advocates and housing providers achieved a long-fought, milestone win with $25 billion going toward the newly created Emergency Rental Assistance program. The legislation uniquely unites renters and landlords together with funds to keep at-risk renters in their homes while also protecting property owners from losing their businesses.

Renter distress was a crisis that long pre-dates the pandemic – a problem largely ignored by policymakers until COVID-19 brought it to the forefront. Lawmakers initially responded with eviction bans, but that quickly backfired on both landlords and renters.

Read more...The New Rental Assistance Program is Tremendous But Has Five Big Flaws via GlobeSt

Tuesday, January 19, 2021

National Multifamily Report – December 2020 via Multi-Housing News

Multifamily rents continue to decline, showing a 0.8 percent drop in December on a year-over-year basis. Rents declined $4 to $1,462, dropping 30 basis points from the month before. This marks the largest one-month decline since the beginning of the pandemic, when rents dropped by $5 back in April.

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

Bank Economists See Brighter Days Ahead via GlobeSt

While the American Bankers Association’s Economic Advisory Committee expects the economy to decelerate in this quarter, it says there are brighter days ahead.

The committee predicts that the US economy will grow at about 4% over the four quarters of 2021, which will be the most robust growth in nearly two decades.

As mass vaccinations across the nation bring many consumers back to stores, restaurants, movie theaters and travel, the committee members agree that the economic outlook will brighten considerably.

Read more...Bank Economists See Brighter Days Ahead via GlobeSt

Friday, January 15, 2021

Multifamily Permits and Starts Jump in November via RealPage

Despite the weakened economy and a resurgence in new COVID-19 cases, multifamily permitting and starts both experienced a significant jump in November.

According to the U.S. Census Bureau, multifamily permitting increased 22.8% from October’s annual rate to 441,000 units, while multifamily starts were up 8% over the same period to 352,000 units.

Read more...Multifamily Permits and Starts Jump in November via RealPage

Builders tapping the brakes on apartment construction in DFW via Dallas Morning News

North Texas apartment builders are tapping the brakes on construction.

Permits for new multifamily residential construction are down more than 40% in Dallas-Fort Worth. And the number of D-FW apartments under construction fell below 40,000 units at the end of 2020 for the first time in five years.

But North Texas still leads the country in apartment construction. And it’s unclear whether the slowdown in new rental community development is a temporary pause or will last longer due to the pandemic.

Read more...Builders tapping the brakes on apartment construction in Dallas-Fort Worth via Dallas Morning News

Thursday, January 14, 2021

ALN Monthly Market Stats January 2021 via ALN Apartment Data

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

Read more...ALN Monthly Market Stats January 2021 via ALN Apartment Data

Wednesday, January 13, 2021

Eleventh District Beige Book 1/13/21 via Dallas Fed

The Eleventh District economy expanded at a moderate pace, but activity in most industries remained below normal levels. Recovery in the manufacturing and service sectors picked up, while retail activity remained weak. The housing market continued to be a bright spot, with robust home sales and strengthening apartment demand. Overall loan volume increased, led by real estate lending. Energy activity showed mounting signs of improvement after a prolonged contraction. Employment rose moderately, though wage growth remained subdued. Input cost increases continued to outpace growth in selling prices. Outlooks were generally positive, but uncertainty remained high. Several contacts voiced concern about rising COVID-19 infection rates impacting their short-term business prospects, though there was optimism about the vaccine paving the way to a resumption of more normal activity this year.

Read more...Eleventh District Beige Book 1/13/21 via Dallas Fed

Millions of Renters Are In a Deep Financial Hole via GlobeSt

The recent stimulus will help millions of renters.

The additional stimulus payments will bring their typical rent burdens from more than 80% of their income to less than half of that percentage, according to a Zillow analysis. But even with this help, millions of people are behind on their rent payments and face an incredible challenge catching up.

At least three million renters who were employed last March lost their jobs and were still out of work in November, according to Zillow.

Read more...Millions of Renters Are In a Deep Financial Hole via GlobeSt

Multifamily Properties Are Positioned for a Strong 2021 via WMRE

The multifamily sector weathered the storm in 2020, living up to its reputation as one of the most stable commercial real estate asset classes. The forecast for apartments in the new year is also bright. And even with where things sit today with the still raging pandemic and the terrifying scene that unfolded in the nation’s capital last week, observers point to the continued rollout of vaccines and the likelihood of new COVID-19 relief measures with the new administration and Democratic control of Congress as reasons for high hopes for the balance of 2021.

Read more...Multifamily Properties Are Positioned for a Strong 2021 via WMRE

Tuesday, January 12, 2021

Austin Economic Indicators January 2021 via Dallas Fed

The Austin economy slowed in November as the Austin Business-Cycle Index decelerated due to an increase in the unemployment rate. Nonetheless, job growth was positive in most industries, and regional consumer spending since mid-July continues to hold at pre-COVID-19 levels. Office space demand continued to weaken, and existing-home sales contracted slightly in November.

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

The Metrics You Should Be Watching in 2021 via GlobeSt

When the Bureau of Labor Statistics (BLS) publishes its monthly jobs numbers, the world takes notice. Markets move and politicians tweet. But for commercial real estate professionals, K.C. Conway, chief economist for CCIM Institute, thinks there are more insightful indicators that, taken together, would provide a better understanding of what’s ahead for the CRE industry.

Read more...The Metrics You Should Be Watching in 2021 via GlobeSt

Renters are Flocking to These Suburbs via GlobeSt

With the pandemic translating to a work-from-home shift for countless companies, the suburbs have a new-found appeal for renters with their abundance of space, larger apartments and homes and often lower rents compared to big cities.

With thousands of new suburban apartments opening in recent years, renters have many popular locations from which to choose. And if work-from-home becomes the new normal, a significant reversal of recent homebuilding patterns may emerge, according to a housing study by Harvard University.

Read more...Renters are Flocking to These Suburbs via GlobeSt

Renting Has Become More Affordable Than Owning in Many Counties via GlobeSt

Renting remains more affordable than homeownership in nearly three-quarters of the most populated counties in the United States, according to ATTOM Data Solutions’ 2021 Rental Affordability Report.

Renting is more affordable than buying a home in 18 of the country’s 25 most populated counties, and in 29 of 44 counties with a population of 1 million or more, including Los Angeles, Houston, San Diego, Chicago, and Orange County, Calif. It’s also more affordable to rent than buy in counties in the New York City, Seattle, Dallas, San Francisco, San Jose, Boston, and Riverside, Calif., areas.

Read more...Renting Has Become More Affordable Than Owning in Many Counties via GlobeSt

Monday, January 11, 2021

U.S. Apartment Performance Divide Persists Across Metros via RealPage

The U.S. apartment market has ended 2020 with sustained healthy occupancy but very mixed results across metros in terms of rent achievement.

Occupancy Holds Up
December occupancy in the country’s 150 largest metros came in at 95.5%, only a hair under the year-earlier figure of 95.6%.

Read more...U.S. Apartment Performance Divide Persists Across Metros via RealPage

Pricing Drops Were Not That Drastic After All Last Year via GlobeSt

Predictably, commercial real estate prices decreased last year, although the price changes were not uniform across property types. Industrial and manufactured home park values increased about 10% in 2020, while pricing of hardest-hit sectors fell 15 to 25%, according to Green Street. And, the Green Street Commercial Property Price Index was unchanged in December.

Read more...Pricing Drops Were Not That Drastic After All Last Year via GlobeSt

Multifamily Transactions See Dramatic Drop in 2020 via Multifamily Executive Magazine

Multifamily transactions were down sharply in 2020 due to the COVID-19 pandemic, according to a Yardi Matrix report.

Through the first three quarters of 2020, $50.6 billion of multifamily property sales had been completed nationwide, dropping 41.7% from $86.5 billion through the same period in 2019. According to Yardi Matrix, it will be a challenge for full-year volume to get close to 2019’s record high of $127.8 billion.

Read more...Multifamily Transactions See Dramatic Drop in 2020 via Multifamily Executive Magazine

Wednesday, January 6, 2021

Multifamily Leaders Concerned about Rent Issues, Economy: Survey via CPExecutive

As the COVID-19 battle moves into its second year, a survey of multifamily industry leaders said timely rent payment was the most challenging issue of 2020. Optimism about rent growth and the overall economy dropped to the lowest levels in a decade among respondents in an annual survey by J Turner Research.

Optimism for the national economy for the next 12 months dropped to 3.0, down from 3.7 in 2019 and the lowest outlook since 2010, according to the survey of senior-level and onsite multifamily personnel that began in 2008.

Read more...Multifamily Leaders Concerned about Rent Issues, Economy: Survey via CPExecutive

Tuesday, January 5, 2021

How Class C Apartment Residents are Getting By via GlobeSt

The pandemic’s impact on apartment dwellers hasn’t been uniform.

In its third-quarter National Housing Survey, Fannie Mae found that nearly one-third of respondents have experienced non-voluntary employment changes, including reduced working hours, layoffs, furloughs, pay cuts or their employers going out of business.

Fannie Mae found that lower-income households, renters and minorities are two to three times more likely to be concerned about their ability to pay their bills.

Read more...How Class C Apartment Residents are Getting By via GlobeSt

Nearly 90% Of Renters Paid Up in December via GlobeSt

Call it another casualty of COVID-19: rent collections have fallen 3.4% year-over-year in December 2020, according to National Multifamily Housing Council data.

The NMHC’s Rent Payment Tracker, which surveys 11.5 million units of professionally managed apartments across the country, found that 89.8% of apartment households made either a full or partial rent payment by December 20. That’s 393,952 fewer households than the share who paid rent by that date in 2019. NMHC data shows that 90.3 percent of households paid rent by November 20, 2020.

Read more...Nearly 90% Of Renters Paid Up in December via GlobeSt

Monday, January 4, 2021

D-FW apartment leasing jumped in the final months of ‘20 via Dallas Morning News

A surge in North Texas apartment leasing during the final months of 2020 was good news for rental landlords.

But reductions in rent — however slight — didn’t make for much merriment at the end of the year.

Net apartment rentals in Dallas-Fort Worth totaled 4,455 units during the final three months of 2020.

Read more...D-FW apartment leasing jumped in the final months of ‘20 via Dallas Morning News

More Renters Stayed Put Last Year via GlobeSt

The COVID-19 pandemic kept more people in their apartments last year.

This may come as a surprise, given the data that show more Americans moving to lower-cost areas of the country. Yet in a recent report, RENTCafé said that 10% fewer renters applied for a new apartment last year, which broke a years-long trend of single-digit increases. These results were consistent with a RENTCafé survey in April of 2020, when 11% of renters said they were staying put.

Read more...More Renters Stayed Put Last Year via GlobeSt

GSEs Extend Multifamily Forbearance Programs via Multi-Housing News

Fannie Mae and Freddie Mac have extended their COVID-19 mortgage forbearance programs for multifamily landlords through March 31, 2021, providing more flexibility for struggling property owners as well as protections for renters at a time of continuing stress for the industry.

The programs were due to expire Thursday, December 31, before the extensions announced by the Federal Housing Finance Agency (FHFA) last week. The move gives multifamily operators more time to request new or supplemental forbearance agreements if they are facing pandemic-related financial hardship.

Read more...GSEs Extend Multifamily Forbearance Programs via Multi-Housing News