Market Intel

The multifamily industry gathered in Orlando this week with expectations that its strong fundamental performance will continue, but the market nonetheless is preparing for challenges that include rising interest rates, a national labor shortage, evolving migration patterns and changes in renter preferences. Multifamily is coming off a year with the

Fannie Mae provided nearly $70 billion, the Federal Housing Finance Agency (FHFA) volume cap, in financing to support the multifamily market in 2021. In addition, multifamily affordable housing funding increased more than 23% last year, marking the highest volume in the history of the 33-year-old Delegated Underwriting and Servicing (DUS)

While many believe 2020 was a pivotal moment for residential design, some argue it was merely an accelerant. Before March 2020, attributes such as healthy home environments, sustainable qualities, work-from-home capabilities, and unique amenity offerings piqued the interests of many renters, but they weren’t necessarily top needs at the time.

Phoenix and a host of other markets perhaps have seen once-in-a-lifetime multifamily rent growth. Landlords who stuck it out since the onset of the pandemic have been handsomely rewarded with rents increasing by more than 20% annually. But pushing rents may be more challenging moving forward as incomes fail to keep

The COVID-19 pandemic has changed renters’ current and future wants and needs, according the 2022 Renter Preferences Survey Report from the National Multifamily Housing Council (NMHC) and Grace Hill. The report includes input from 221,000 renters living in 4,564 communities in 79 markets nationwide. “The pandemic caused many renters to

The cost to build or improve a home since the start of the pandemic has skyrocketed because of the rising prices of lumber, but lumber prices are showing signs of letting up. Futures contracts fell to $536 per thousand board feet of lumber as of July 16, a 68% drop from the

The average U.S. asking rent rose $2 in December to a record-high $1,594, reported Yardi Matrix. Over 12 months, the average asking rent increased $190. Rents rose 13.5% year over year to end 2021, with growth more than double any previous year recorded by Yardi Matrix. However, rent growth is expected to

As the headwinds of the past two years begin to subside, the U.S. is returning to a semblance of normalcy. During the most tumultuous times, multifamily fared well—better than expected, in fact—with strong occupancy levels and stable rent collection for Class A and B properties. To add to that, the

Last year was anything but normal — especially in Arizona’s residential real estate market. Median sale prices rose in Phoenix from $325,000 in January 2021 to $404,300 by October, a 24.4% increase, according to real estate website Redfin. Houses listed for sale saw fierce bidding wars with buyers willing to

Freddie Mac’s latest multifamily market forecast is projecting continued growth for 2022, albeit at a much more moderate pace than in 2021. The 2022 Multifamily Outlook report noted that demand for existing multifamily properties will remain strong, following the second and third quarters of 2021 that saw the highest levels of demand