This Year Marked a Turning Point for Multifamily Fundamentals via GlobeSt

There’s good news in 2023 for multifamily says a CBRE report. Overall demand should hold steady. But a moderating force of new units is coming online, so don’t expect the results of the previous two years.

“It appears 2022 will be a turning point for multifamily fundamentals,” CBRE wrote.

Read more...This Year Marked a Turning Point for Multifamily Fundamentals via GlobeSt

ALN Monthly Market Stats December 2022 via ALN Apartment Data

ALN Data just released their November 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 December 2022 via ALN Apartment Data

Yardi Revises Year-End Multifamily Outlook As Midsize Markets Thrive via GlobeSt

Yardi has revised its 2022 year-end outlook for multifamily rent and occupancy upward from 6.9% to 7.6%, as many midsize markets in the Southeast and Midwest continue to overperform.

At the same time, Yardi has lowered its 2023 expectations from 3.7% to 3.5%.

Read more...Yardi Revises Year-End Multifamily Outlook As Midsize Markets Thrive via GlobeSt

Young Renters Making Trade-Offs in Response to Inflation via MHN

Young American renters are already facing a historic shortage of rental housing and are now encountering inflation in the form of higher rents and higher prices of everyday necessities.

Grubb Properties’ survey of 1,000 renters between the ages of 22 and 35 found that these young renters are taking action and making trade-offs as necessary to address this economic reality.

Read more...Young Renters Making Trade-Offs in Response to Inflation via MHN

Rent prices fall for a third straight month in November: RealPage data via Yahoo News

Apartment rents across the U.S. recorded a third consecutive monthly decline in November, signaling a further cooldown in the U.S. housing market.

The latest data from real estate platform RealPage showed asking rents for new leases nationally fell 0.59% in November, the third-largest monthly cut since 2010 outside of the pandemic-altered months of April and May 2020.

Read more...Rent prices fall for a third straight month in November: RealPage data via Yahoo News

GSEs Unlikely to Meet Allocations via MHN

Multifamily transaction activity has slowed so much in recent months that the government-sponsored enterprises Fannie Mae and Freddie Mac—possibly for the first time ever—may not lend all the capital allocated to them by the federal government.

Through the end of October, Fannie and Freddie were nowhere near the $78 billion in allocations they were granted by the Federal Housing Finance Agency. Fannie originated $54.7 billion and Freddie $51.2 billion in the first 10 months of the year, according to the agencies’ public filings. With many in the multifamily industry putting their pencils on hold through year-end, there is little chance that the agencies will meet their lending capacity, probably ending the year at around $70 billion in originations.

Read more...GSEs Unlikely to Meet Allocations via MHN

Houston Economic Indicators December 2022 via Dallas Fed

Houston has continued to add jobs at a strong pace, with leisure and hospitality leading growth and construction receding slightly in the last three months. Though mortgage rates remain high, home sales, new building permits and home price growth have started to level out. Recent data show positive signs that Houston’s real estate market is stabilizing after the pandemic boom.

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

Texas, Florida Are Top Moving Destinations in the US via GlobeSt

Florida and Texas are the most popular moving destinations in the US, according to a new study from Forbes Home analyzing US Census Bureau data.

Read more...Texas, Florida Are Top Moving Destinations in the US via GlobeSt

Austin Economic Indicators December 2022 via Dallas Fed

In October, Austin experienced a rebound in job growth, accompanied by a slight increase in unemployment and a decline in wage growth. On the housing side, demand has weakened further as mortgage rates cause home prices to cool and housing inventory to rise. At the same time, housing affordability continues to fall.

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

Eleventh District Beige Book November 2022 via Dallas Fed

Modest growth continued in the Eleventh District economy. Expansion in manufacturing eased slightly while service sector growth ticked up. Retail sales and home sales fell further. Rising interest rates dampened loan demand, with loan volumes declining for the second consecutive reporting period. Activity in the energy sector continued to expand, though growth remained constrained by equipment and labor shortages. Local nonprofits cited higher demand for assistance amid rising household costs. Widespread rains improved drought conditions. While employment expanded at a solid rate and wage growth was generally high, there were reports of a slowdown in hiring and layoffs. Price pressures remained elevated but eased notably in retail. Outlooks were mostly pessimistic except for the energy sector, and uncertainty increased, with contacts voicing concern about inflationary pressures, weakening demand, and labor challenges.

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