Higher-Income Tenants Pay the Biggest Rent Hikes and are Least Likely to Miss a Payment via GlobeSt

Here’s one of the most widely misunderstood realities of rental affordability: The renters seeing the largest rent hikes are upper-income households in the most expensive rentals, and despite larger rent increases, they’re least likely to miss a rent payment.

Read more...Higher-Income Tenants Pay the Biggest Rent Hikes and are Least Likely to Miss a Payment via GlobeSt

Median Apartment Rent Sees First Declines in Nearly Two Years via GlobeSt

One-bedroom median apartment rent is on the decline in several markets for the first time in many months.

More than half the cities on Zumper’s list show month-over-month decreases in median one-bedroom rent.

Read more...Median Apartment Rent Sees First Declines in Nearly Two Years via GlobeSt

How the Interest Rate Hike Impacts Multifamily via MHN

As widely anticipated, the Federal Reserve on Wednesday afternoon again lifted the federal funds target by 75 basis points. The announcement of the rate hike is intended to both trim demand and reduce inflation over the coming months. Reaction to the announcement from observers across the multifamily industry was swift.

Read more...How the Interest Rate Hike Impacts Multifamily via MHN

Dallas-Fort Worth Economic Indicators September 2022 via Dallas Fed

Broad-based expansion continued in the Dallas–Fort Worth economy in July. Payroll employment grew at a rapid clip, bolstering growth in the Dallas and Fort Worth business-cycle indexes. Home sales fell for the sixth straight month. Home-price appreciation remained strong in the second quarter, and housing affordability plunged due to a sharp increase in mortgage rates.

Read more...Dallas-Fort Worth Economic Indicators September 2022 via Dallas Fed

Austin Economic Indicators September 2022 via Dallas Fed

Austin’s economy continued to expand in July. The Austin Business-Cycle Index continued to grow as the unemployment rate remained low and employment increased. However, while Austin’s median home price declined slightly in tandem with the rest of the state, its Housing Opportunity Index declined this past quarter due to rising mortgage rates.

Read more...Austin Economic Indicators September 2022 via Dallas Fed

Houston Economic Indicators September 2022 via Dallas Fed

Recent data indicate that Houston continues to add jobs at a blistering pace in 2022. While job growth is broad based, there are signs the housing market is loosening. The growth rate of home values is stabilizing at a high level rather than accelerating, existing-home sales have declined, the apartment vacancy rate is up and the number of single-family permits has softened. The data suggest Houston’s near-term outlook remains healthy despite the recent weakening in real estate.

Read more... Houston Economic Indicators September 2022 via Dallas Fed

Higher Interest Rates Shock Developers via Multifamily Executive Magazine

Building apartments just became a lot more difficult. The interest rates developers pay for construction loans have risen sharply in the past several months, and they are set to increase even higher. At the same time, fewer lenders are making loans. Interest rates are just one part of the rising cost of development, but they are still a major problem for developers. Many are scrambling to protect themselves from rising rates or make up for the cost in some other part of their construction budgets.

Read more...Higher Interest Rates Shock Developers via Multifamily Executive Magazine

Multifamily Rent Growth Stalls in August via Multifamily Executive Magazine

National average asking rents stopped growing last month, according to the latest Yardi Matrix Multifamily Report. The average U.S. asking rent decreased by $1 in August—the first month-over-month decline since June 2020—to $1,718. For the second month in a row, year-over-year growth slid more than a full percentage point to 10.9%.

Read more...Multifamily Rent Growth Stalls in August via Multifamily Executive Magazine

ALN Monthly Market Stats September 2022 via ALN Apartment Data

ALN Data just released their August 2022 market stats on occupancy and rents for over 80 markets. In Texas, it includes DFW, Austin, Houston, San Antonio, Lubbock, Amarillo, Abilene, Corpus Christi and more. It is a must read from a great provider of apartment data.

Read more...ALN Monthly Market Stats September 2022 via ALN Apartment Data

Apartment boom in Dallas-Fort Worth | New report predicts thousands of units needed to house people moving into area via WFAA

If it seems like there are apartments everywhere you look, get used to it. Apparently, we are going to need a lot more of them in the years ahead.

Right now, there are more apartment dwellers in DFW (1.3 Million of them) than anywhere else in the state. Houston has 1.2 Million, Austin has 367,400, and San Antonio has 336,000.

Read more...Apartment boom in Dallas-Fort Worth | New report predicts thousands of units needed to house people moving into area via WFAA

Eleventh District Beige Book September 2022 via Dallas Fed

Growth in the Eleventh District economy continued at a modest pace, though job growth was quite robust. Manufacturing and service sector activity continued to slow, growing at a diminished clip from earlier this year. Retail sales were flat to down, and homes sales remained relatively subdued. Loan demand continued to increase but at a markedly slower pace. Local nonprofits reported increased demand for rent and food assistance amid rising costs. The energy sector expanded further while ongoing drought resulted in significantly lower crop production and culling of livestock herds. Wage growth remained highly elevated due to a tight labor market. Supply chain bottlenecks have begun easing and prices were not rising as fast, though inflation is still high. Outlooks were mixed as uncertainty remained elevated, and contacts voiced concern about slowing demand and the risk of a recession stemming from high prices, weakening consumer sentiment, and rising interest rates.

Read more...Eleventh District Beige Book September 2022 via Dallas Fed

Rising Mortgage Rates Complicate Decision on Buying Versus Renting via WSJ

Home buyers are feeling the pinch of rising costs more than renters.

The median monthly mortgage payment was almost one-and-a-half times as much as the median monthly asking rent in the second quarter, the largest differential in records going back to 2009, according to data tracked by the Mortgage Bankers Association, an industry trade group.

Read more...Rising Mortgage Rates Complicate Decision on Buying Versus Renting via WSJ