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