Market Intel

Apartments in Lower-Cost Areas Set to Thrive

With remote working increasing and oversupply a concern in urban markets, trends seem to favor suburban apartments in the future. Some households will move to lower-cost areas to maintain a similar quality of housing or amenities for less money.  “We do see some strengths with suburban apartments,” says CoStar Advisory Services Consultant Joseph Biasi. “If this work-from-home trend is going to be a little bit longer term, people will feel more comfortable with moving out

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For-Sale Housing Market Posts Highest Monthly Jump in 15 Years

The house sales market remains hot as the typical home value rose to $259,906 in September. The month-over-month growth rate moved up 0.8%, the most significant jump since November 2005, according to the Zillow Real Estate Market Report. The quarterly growth of 2.2% was the largest increase since 2013 and the annual growth of 5.8% was the largest in nearly two years. For the third consecutive month, home values have risen in every major US

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New Home Prices in July Outpace 2019

Home prices in newly built communities are outpacing pricing trends from 2019. According to data from Zonda, 56% of new home communities raised prices in July, while only 39% of new home communities increased pricing in July 2019. Phoenix, Denver, Las Vegas, Sacramento and Riverside are epicenters for new home construction an increased pricing. “The price increases, especially in the new home market come from the puzzle that the industry was facing pre-pandemic, which is

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Multifamily Stabilization Weighed Down By Rising Concessions

The multifamily market is beginning to show signs of improvement and stabilization—but still has challenges ahead in certain areas, such as a rising level of concessions. A new report from MRI Real Estate Software found that move-in numbers have improved, behind only 3% compared to last year as of September. On the other hand, concession volume is up 21% compared to last year, while concessions values are up 13%. Since April, concession values have increased

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October Rent Payments Hit 79 Percent: NMHC

More than 79 percent of U.S. rental households have made rent payments as of Oct. 6, according to a just-released report on rent collections from the National Multifamily Housing Council. The report comes more than a month after the Trump administration announced a nationwide eviction moratorium through the end of the year and just a few days after stimulus relief talks between party leaders in Congress were called off by President Trump, alarming industry groups.

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Housing Demand Shifts to Low-Density Markets

Early in the pandemic, housing activity came to an abrupt halt. Now, demand has rebounded, but the dynamics have changed. Housing demand has shifted to low-density markets and areas where homebuyers can purchase larger homes more conducive to remote work and distance learning models. As a result of the shifting demand, home investors and developers are finding new opportunities to develop housing. After falling sharply at the beginning of the pandemic, new home construction has

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Intel

Apartment Demand Improved Across the Board in the Third Quarter

Apartment demand returned in full force in the third quarter. Multifamily net absorption, or the difference between move-ins and move-outs, improved in nearly every metropolitan area last quarter. And though some cities still ended up in the red, even most of the country’s laggards were able to stem the tide somewhat. Reasons for that broad-based improvement last quarter include pent-up demand, a prolonged leasing season and an economy that continues to recover from the pandemic.

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Intel

Apartment Rent Collection Rate Bounces Back to Pre-Pandemic Level

Residents at the country’s biggest apartment properties paid October’s rent at exactly the same rate they did last October, well before the pandemic sidelined millions of workers and put rent payments in doubt. The results from the latest National Multifamily Housing Council survey underscored the value of buildings that have high numbers of white-collar tenants who have kept their jobs and are probably working from home. NMHC’s first-week data for October mirrors last year’s level

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Suburbs with a Metropolitan Flair May Suit City Dwellers on the Move

Now that most office workers have been forced to work remotely, and amenities in urban cores have become largely unavailable, many Americans are reevaluating where, and how, they want to live.  “Many buyers are seeking a balance of indoor and outdoor space and affordability, while still maintaining that big city feel,” according to new research by Zillow. As a result, the home buying and selling firm—in conjunction with Yelp—has created a “Cityness Index,” which identifies

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