Vaccine Approval Could Mark a Turning Point in CRE Price Discovery via NREI

Investors hoping to cash in on a COVID-19 pricing discounts may see opportunities slip away as emergency-use approval of the first vaccine against in the virus was granted to Pfizer and with availability expected to grow as other firms gain approvals in the coming weeks and months.

The coming widespread distribution of vaccines could very well prove to be the long-awaited light at the end of the tunnel for some struggling assets. Many buyers in the market have been hoping to negotiate at least some COVID-19 discount on pricing, even a slight five percent to 10 percent discount based on weaker rent growth. “I think there could still be some deals made in that range, but the combination of the vaccine outlook combined with more and more active liquidity in debt markets are going to make it more difficult to find those opportunities in the near term,” says David Bitner, head of Americas Capital Markets Research at Cushman & Wakefield.

Read more...Vaccine Approval Could Mark a Turning Point in CRE Price Discovery via NREI

U.S. Poised for Wave of Evictions in January as Federal Ban Expires via WSJ

Millions of U.S. renters face the prospect of eviction in January unless federal officials extend protections put in place during the Covid-19 pandemic.

That month is when the Centers for Disease Control and Prevention’s ban on evictions is set to expire. The moratorium protects tenants who have missed monthly rent payments from being thrown out of their homes if they declare financial hardship. The CDC ordered the halt on evictions under the Public Health Service Act, which allows the federal government to enact regulations that help stop the spread of infectious diseases.

Read more...U.S. Poised for Wave of Evictions in January as Federal Ban Expires via WSJ

Multifamily Rent Collections Down 24% in December via GlobeSt

Apartment rent payments continued to decline in December. As of December 10, rent collections were down 24% from March collections, according to research from Rentec Direct, which aggregates rent collection data to analyze the impact of the pandemic.

Rent payments continue to trend well below March collections; however, payments have improved since September 2020, when collections were 35% below March and a record low for the pandemic. In October collections were down 28%, and in November, payments were 27% below March.

Read more...Multifamily Rent Collections Down 24% in December via GlobeSt

ALN Monthly Market Stats December 2020 via ALN Apartment Data

ALN Data just released their November 2020 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 2020 via ALN Apartment Data

Mark Cuban: Dallas is best place in Texas for tech HQ relocations via Dallas Business Journal

The Dallas region’s most well-known tech entrepreneur stepped up for his own area after Austin got a big win with a massive database and software company.

Mark Cuban took to Twitter to talk up Dallas over the weekend and potential moves by companies out of Northern California. The post followed news that Oracle — sometimes called “Big Red” — was moving its headquarters out of the Silicon Valley and to Austin.

Read more...Mark Cuban: Dallas is best place in Texas for tech HQ relocations via Dallas Business Journal

Big-city apartment rents are seeing big declines during pandemic, except in Dallas via Dallas Morning News

Some big-city markets are seeing huge declines in apartment rents thanks to the COVID-19 pandemic.

Looking nationwide at one-bedroom units, monthly rents are still up about 1% from a year ago. But in some of the biggest U.S. apartment markets, there have been huge declines in monthly rental rates.

The biggest drops are in San Francisco, where the median rent on a one-bedroom apartment has fallen more than 27% during the last year.

Read more...Big-city apartment rents are seeing big declines during pandemic, except in Dallas via Dallas Morning News

Single-Family Permits Keep Climbing, Multifamily Levels Of via RealPage

Multifamily permits and starts have plateaued in recent months, while single-family activity has surged.

Roughly 365,000 building permits for multifamily construction were issued on a seasonally adjusted annual rate in October. Permit levels were down 5.9% from September and more than 30% from last year. Multifamily permits have plateaued, averaging at about 380,000 units since August.

Read more...Single-Family Permits Keep Climbing, Multifamily Levels Of via RealPage

Houston Economic Indicators December 2020 via Dallas Fed

Local employment data show further improvement in October, though Houston continued to lag the rest of Texas due to weakness in the energy sector. Higher-frequency data (number of hourly employees working) suggest that the recovery weakened in November and early December when accounting for the Thanksgiving holiday.

Read more... Houston Economic Indicators December 2020 via Dallas Fed

Dallas-Fort Worth Economic Indicators December 2020 via Dallas Fed

Dallas–Fort Worth’s recovery from the economic effects of COVID-19 progressed further in October. Payrolls expanded broadly, unemployment dipped and the Dallas and Fort Worth business-cycle indexes rose. Activity in the housing market remained a bright spot, characterized by soaring sales, prices and construction activity. Apartment rent collections in November slightly trailed both October and year-earlier levels.

Read more...Dallas-Fort Worth Economic Indicators December 2020 via Dallas Fed

A Look at Where the Multifamily Market Stands: NAREE via Multi-Housing News

As 2020 comes to a close, many in the multifamily industry are looking back on the unprecedented events of the year and how they impacted the market. During the National Association of Real Estate Editors’ annual conference Dec. 9-10, Editorial Director of Multi-Housing News and Commercial Property Executive Suzann Silverman moderated a panel in which she spoke to National Multifamily Housing Council’s Vice President of Research Caitlin Sugrue Walter on how multifamily fundamentals have fared this year compared to previous years and where things stand on major issues like rent collections and potential stimulus relief.

Read more...A Look at Where the Multifamily Market Stands: NAREE via Multi-Housing News