Eleventh District Beige Book April 2023 via Dallas Fed

The Eleventh District economy continued to expand modestly. Manufacturing output rose slightly following a mild contraction in the previous period. Growth in the service sector continued at a modest pace, and retail sales and energy activity were flat. Loan demand weakened further, loan volumes fell, and credit conditions tightened. Agricultural conditions remained strained by drought in some areas. Home sales rose. Local nonprofits cited higher demand for assistance. Overall payrolls rose modestly, though hiring slowed sharply in the service sector. Wage growth remained elevated, while price pressures eased notably. Outlooks worsened, and uncertainty surged, partly due to heightened apprehension about the recent banking sector issues and high interest rates, and their spillover effects on the broader economy.

Read more...Eleventh District Beige Book April 2023 via Dallas Fed

Apartment Demand and New Lease Rent Growth on the Rebound via GlobeSt

The multifamily sector has been a growing disappointment. Not that it was expected to be otherwise. Interest rates up, consumers beset with higher prices and growing concerns over potential layoffs. Companies wondering how close a recession is. Transaction volumes have been down and rent growth slowed. Refinancing properties is tight and expensive.

But there’s some good news for owners and operators, says RealPage. Net apartment demand has recovered and is once again positive in the first quarter of 2023.

Read more...Apartment Demand and New Lease Rent Growth on the Rebound via GlobeSt

How Multifamily is Penciling Deals Amid an Uncertain Capital Market Environment via GlobeSt

The multifamily sector is thriving nationwide as demand for more apartments continues to grow. But it hasn’t escaped the impact of rising interest and cap rates on lenders and investors.

Lending and capital experts at GlobeSt’s Spring Multifamily Conference, shared their take on the impact of interest and cap rates, and their predictions for 2023.

Read more...How Multifamily is Penciling Deals Amid an Uncertain Capital Market Environment via GlobeSt

ALN Monthly Market Stats April 2023 via ALN Apartment Data

ALN Data just released their March 2023 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 2023 via ALN Apartment Data