D-FW construction starts turned positive in the first quarter via Dallas Morning News

North Texas construction starts turned the corner in the first quarter of 2021 after big declines during the worst of the pandemic.

Starts for residential and commercial buildings in the Dallas-Fort Worth area were up 7% in the first three months compared with first-quarter 2020 totals, according to the latest report by Dodge Data & Analytics.

In 2020, the D-FW area saw a 20% decline in construction activity because of COVID-19.

Read more...D-FW construction starts turned positive in the first quarter via Dallas Morning News

Texas Service Sector Outlook Survey April 2021 via Dallas Fed

Activity in the Texas service sector in April increased at its fastest pace since late 2014, according to business executives responding to the Texas Service Sector Outlook Survey. The revenue index, a key measure of state service sector conditions, rose from 21.6 in March to 26.1 in April.

Read more...Texas Service Sector Outlook Survey April 2021 via Dallas Fed

Dallas-Fort Worth Economic Indicators April 2021 via Dallas Fed

DFW apartment absorption was strong, and rents rose in the first quarter, according to ApartmentData.com. Demand is generally sluggish in the first quarter, but absorption exceeded expectations with a total of 5,727 units absorbed, up from 2,009 units in the fourth quarter. Average monthly rents in DFW ticked up to $1,193 per unit, up 1.6 percent year over year (Chart 4). Rent concessions were ongoing, largely in Class A properties. Occupancy rose as well to 91 percent; however, it remained extremely low in Class A properties that were in the lease-up phase.

Read more...Dallas-Fort Worth Economic Indicators April 2021 via Dallas Fed

Houston Economic Indicators April 2021 via Dallas Fed

High-frequency data through March indicate continued recovery in Houston. Housing markets are very tight with elevated sales, low inventories, and rising input and selling prices for both new and existing homes. Vacancy rates in commercial office and industrial markets are elevated. Overall, the data point to further recovery and a positive outlook for Houston.

Read more... Houston Economic Indicators April 2021 via Dallas Fed

Texas No. 1 state for business for 17th year in a row, CEOs say via Dallas Business Journal

It seems many CEOs are able to look past Texas' recent winter storm, which caused massive headaches for some businesses, because the state's low taxes and robust talent pool are just too good to pass up.

On Wednesday, Texas topped Chief Executive's list of the best states for business for the 17th year in a row.

Read more...Texas No. 1 state for business for 17th year in a row, CEOs say via Dallas Business Journal

Rents in Dallas up 1.6% month-over-month via Dallas Business Journal

Rents in Dallas increased 1.6 percent month-over-month, compared to 1.9 percent nationally, according to the latest rent report from apartmentlist.com.

Median rents in Dallas now stand at $1,013 for a one-bedroom apartment and $1,215 for a two-bedroom.

Read more...Rents in Dallas up 1.6% month-over-month via Dallas Business Journal

Apartment Renters’ Shifted Amenities Preferences Are Likely to Last After COVID-19 via WMRE

During the pandemic, the kinds of amenities apartment renters looked for shifted. Outdoor spaces, reliable Internet connectivity and extra space for working all became “must haves” for some renters. And apartment industry experts say that even after the coronavirus pandemic is over, renters are likely to keep wanting more space in their apartments and more technology to keep them connected.

Read more...Apartment Renters’ Shifted Amenities Preferences Are Likely to Last After COVID-19 via WMRE

Federal Aid to Renters Moves Slowly, Leaving Many at Risk via The New York Times

Four months after Congress approved tens of billions of dollars in emergency rental aid, only a small portion has reached landlords and tenants, and in many places it is impossible even to file an application.

The program requires hundreds of state and local governments to devise and carry out their own plans, and some have been slow to begin. But the pace is hindered mostly by the sheer complexity of the task: starting a huge pop-up program that reaches millions of tenants, verifies their debts and wins over landlords whose interests are not always the same as their renters’.

Read more...Federal Aid to Renters Moves Slowly, Leaving Many at Risk via The New York Times

Apartment Rents Rise; Perks, Discounts Fade via WSJ

Americans are paying more to rent homes again, ending a stretch during the pandemic when they enjoyed flat or falling rental prices and widespread landlord concessions.

Federal government stimulus payments and expanding payrolls are boosting savings, enabling building managers to lift rent prices on apartments and houses nationwide. A record-low inventory of homes for sale also leaves more people renting.

Read more...Apartment Rents Rise; Perks, Discounts Fade via WSJ

Yardi Matrix Anticipates 18- to 24-Month Recovery for Urban Cores via Multifamily Executive Magazine

In the spring 2021 edition of Yardi Matrix’s Multifamily National Outlook, vice president Jeff Adler and Jack Kern, director of institutional research, took a look at current market conditions as they affect multifamily and how they could play out in the near future—particularly with the ongoing vaccine rollout as a flashpoint for renter movements and preferences.

As of April, the economy is heating up, with 916,000 jobs added to the market in March and unemployment down to 6%. Gateway markets and urban cores are still struggling, but appear to be turning a corner, while tech hubs continue to grow. Yardi owes the strength there is to the ongoing approval and distribution of COVID-19 vaccines. Inflation is a concern to watch, as asset and input prices are on the rise.

Read more...Yardi Matrix Anticipates 18- to 24-Month Recovery for Urban Cores via Multifamily Executive Magazine