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

Federal Aid to Renters Moves Slowly, Leaving Many at Risk via The New York Times

Four months after Congress approved tens of billions of dollars in emergency rental aid, only a small portion has reached landlords and tenants, and in many places it is impossible even to file an application.

The program requires hundreds of state and local governments to devise and carry out their own plans, and some have been slow to begin. But the pace is hindered mostly by the sheer complexity of the task: starting a huge pop-up program that reaches millions of tenants, verifies their debts and wins over landlords whose interests are not always the same as their renters’.

Read more...Federal Aid to Renters Moves Slowly, Leaving Many at Risk via The New York Times

Apartment Rents Rise; Perks, Discounts Fade via WSJ

Americans are paying more to rent homes again, ending a stretch during the pandemic when they enjoyed flat or falling rental prices and widespread landlord concessions.

Federal government stimulus payments and expanding payrolls are boosting savings, enabling building managers to lift rent prices on apartments and houses nationwide. A record-low inventory of homes for sale also leaves more people renting.

Read more...Apartment Rents Rise; Perks, Discounts Fade via WSJ

Yardi Matrix Anticipates 18- to 24-Month Recovery for Urban Cores via Multifamily Executive Magazine

In the spring 2021 edition of Yardi Matrix’s Multifamily National Outlook, vice president Jeff Adler and Jack Kern, director of institutional research, took a look at current market conditions as they affect multifamily and how they could play out in the near future—particularly with the ongoing vaccine rollout as a flashpoint for renter movements and preferences.

As of April, the economy is heating up, with 916,000 jobs added to the market in March and unemployment down to 6%. Gateway markets and urban cores are still struggling, but appear to be turning a corner, while tech hubs continue to grow. Yardi owes the strength there is to the ongoing approval and distribution of COVID-19 vaccines. Inflation is a concern to watch, as asset and input prices are on the rise.

Read more...Yardi Matrix Anticipates 18- to 24-Month Recovery for Urban Cores via Multifamily Executive Magazine

Multifamily Industry Sees Signs of Optimism via Multifamily Executive Magazine

The multifamily industry is seeing improved market conditions, according to the National Multifamily Housing Council’s quarterly survey of apartment market conditions for April.

“We are finally seeing improvement in most markets around the country,” noted NMHC chief economist Mark Obrinsky. “While gateway metros are still generally facing lower occupancy and rent levels compared to a year ago, conditions now appear to be on an upward trajectory. On the other hand, many Sun Belt markets continue to see substantial rent growth and strength in fundamentals.”

Read more...Multifamily Industry Sees Signs of Optimism via Multifamily Executive Magazine

Resident Retention Heads Back to Normal via GlobeSt

Apartment resident retention rates went on a wild ride during the course of the past year or so, but the ability to hold onto renters at lease expiration now is returning to more typical levels for the country as a whole.

Looking at what happened for leases that expired in 1st quarter 2021, 53.7% of households opted to stay in place, rather than move. That figure exactly matches results seen when averaging the share of households renewing their leases in the initial quarters of 2018, 2019 and 2020.

Read more...Resident Retention Heads Back to Normal via GlobeSt

Q1 Was a 'Turning Point' For US CRE via GlobeSt

With the end of the COVID-19 pandemic (potentially) in sight, CRE activity is bouncing back, according to a new report from Crexi.

The first quarter of 2021 “represented a turning point both for the US and the economic disruption the coronavirus caused,” the report, which outlines key national CRE trends over Q1, states. “While maintaining caution and taking the crisis seriously, the world of commercial real estate managed to steer away from the worst-case scenario and is now poised to capitalize on opportunities both in burgeoning sectors and those most impacted by the pandemic.”

Read more...Q1 Was a 'Turning Point' For US CRE via GlobeSt

Texas Economic Indicators 4/19/21 via Dallas Fed

The Texas economic recovery picked up in March as payrolls grew robustly and the unemployment rate was flat. The Texas Business-Cycle Index grew for the 10th month in a row. Texas Business Outlook Survey respondents reported strong growth in March, and energy prices ticked up in the week ending April 16. The share of seriously delinquent student loans in Texas dropped in February, but overall loan delinquencies increased, driven by a rise in credit card delinquencies.

Read more... Texas Economic Indicators 4/19/21 via Dallas Fed

Eleventh District Beige Book 4/14/21 via Dallas Fed

The Eleventh District economy accelerated to a solid pace during the reporting period. Growth in the manufacturing, retail, and nonfinancial services sectors picked up markedly, though activity stayed below normal levels. Home sales and single-family construction remained vibrant, and apartment demand increased. Overall loan volume rose, supported by continued strength in real estate lending. Energy activity increased. Employment rose and wages increased moderately. Supply chain disruptions led to longer lead times and intensified upward price pressures in the construction, manufacturing, and retail sectors. Most contacts reported being adversely affected by Winter Storm Uri in mid-February, and some noted damages to facilities, equipment, and inventories. Outlooks were more optimistic and less uncertain than in the last report, though there was some trepidation about the impact of supply shortages and/or tighter regulation on activity.

Read more...Eleventh District Beige Book 4/14/21 via Dallas Fed

Market Spotlight: Dallas – Fort Worth via ALN Apartment Data

With population growth in the neighborhood of 20% over the last decade, the Dallas – Fort Worth market has been one of the most active in the country in recent years both in terms of new multifamily supply as well as apartment demand. For the latest installment in the Market Spotlight series, let’s have a closer look.

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

ALN Monthly Market Stats April 2021 via ALN Apartment Data

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

Crexi: Asking Prices on the Rise Again in March via Connect Media

The overall asking price per square foot for commercial properties climbed once again in March, following a February drop across the board, Crexi reported. The average asking price jumped 7.89%, with all asset classes showing growth except for multifamily.

Read more...Crexi: Asking Prices on the Rise Again in March via Connect Media

Multifamily Rents Jump in March, Post Strong Quarter via GlobeSt

Average multifamily rents rose by $6 to $1,407 on a year-over-year (YOY) basis in March, according to Yardi Matrix.

With the 0.6% YOY and 0.8% quarter-over-quarter jump, multifamily rents had one of the strongest first quarters in a few years, according to Yardi. Additionally, rents posted a 0.4% month-over-month growth in March, rising 20 basis points from February.

Out of 134 markets surveyed, 114 had flat or positive YOY rent growth. Additionally, 19 of the top 30 metros had flat or positive YOY rent growth in March.

Read more...Multifamily Rents Jump in March, Post Strong Quarter via GlobeSt

Dallas-Fort Worth Economic Indicators March 2021 via Dallas Fed

Dallas–Fort Worth’s economic recovery stayed on track in January. Job growth continued for the ninth straight month and unemployment dipped. Movement in the business-cycle indexes was mixed. Housing market indicators reflected a vibrant market in February, with record-low inventories and rising prices. Home sales dipped last month largely due to activity coming to a standstill during Winter Storm Uri.

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

Austin Economic Indicators March 2021 via Dallas Fed

The Austin economy continued to expand in February, albeit at a slower pace. The Austin Business-Cycle Index grew at a moderate clip. While jobs were added at a healthy pace, the unemployment rate increased slightly. COVID-19 hospitalizations declined further since peaking in mid-January, and regional consumer spending has been strong. Existing-home sales weakened sharply in February, likely impacted by Winter Strom Uri.

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

Welcome to Texas: Thousands of folks from California, Illinois and New York moved to D-FW in 2020 via Dallas Morning News

During the pandemic, there’s been lots of chatter about people moving to North Texas from other states. But so far, there have been few hard numbers on the immigrant totals.

Now a new study from commercial real estate giant CBRE confirms the thousands of people heading to Dallas-Fort Worth last year and where they came from.

No surprise at the top: The largest number of new D-FW transplants comes from California.

Read more...Welcome to Texas: Thousands of folks from California, Illinois and New York moved to D-FW in 2020 via Dallas Morning News

D-FW apartment leasing picks up as construction declines via Dallas Morning News

Apartment leasing rose in the first three months of Dallas-Fort Worth as construction declined.

Net apartment leasing in the first quarter totaled 4,068 units — the strongest demand for the period in more than a decade.

Even with the economic declines that have come during the COVID-19 pandemic, North Texas still led the country in first-quarter net apartment leasing, according to a just-released report from RealPage.

Read more...D-FW apartment leasing picks up as construction declines via Dallas Morning News

Does Multifamily Benefit from the $2T Federal Infrastructure Plan? via Multi-Housing News Online

A wide-ranging $2.3 trillion infrastructure plan released by President Joe Biden Wednesday that includes $213 billion to address affordable housing issues for low- and middle-income renters and buyers, upgrades the nation’s public housing stock and seeks to remove barriers to development received wide approval from multifamily executives who said housing has historically helped lead the country out of recession.

Read more...Does Multifamily Benefit from the $2T Federal Infrastructure Plan? via Multi-Housing News Online

Urban Apartments Eye a Long Road to Recovery via WMRE

As many Americans fled cities during the pandemic and generated a glut of empty apartments, landlords in Manhattan and other urban metros slashed rents and offered draw-dropping concessions, including covering moving costs, free internet, months of free rent and other sweeteners.

Now, with millions of vaccine shots going out daily and the promise of a post pandemic future drawing closer, things are beginning to change. As more lockdown measures are eased, prospective urban residents are being lured back by city life and lower rents.

Read more...Urban Apartments Eye a Long Road to Recovery via WMRE