Market Intel

Intel

Latest Rent Payment Data Shows Evidence of ‘Recovering’ Economy, Apartment Group Says

The latest apartment rent payment data from the Washington, D.C.-based National Multifamily Housing Council offers “evidence of a recovering economy,” the trade group’s president said. About 79.8% of apartment renters in the United States made full or partial rent payments as of April 6, according to data released by the organization. That represents a 1.9% increase over the number of renters who paid rent through April 6, 2020, but is slightly below the 82.9% of

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Intel

Study Finds Online Reputation Boosts Apartment Performance

It has always been assumed that online reputation boosts apartment property performance. A new report from J Turner Research and RealPage puts some teeth to that assumption. On average, properties enjoyed a three-basis-points premium to market returns for each point a community improved its Online Reputation Assessment (ORA) score. Additionally, the study showed that property performance fell with an adverse change in online reputation. By zeroing in on four markets Dallas, Phoenix, Atlanta, and Seattle,

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Multifamily rents jump in March
Intel

Multifamily Rents Jump in March, Post Strong Quarter

Average multifamily rents rose by $6 to $1,407 on a year-over-year (YOY) basis in March, according to Yardi Matrix. With the 0.6% YOY and 0.8% quarter-over-quarter jump, multifamily rents had one of the strongest first quarters in a few years, according to Yardi. Additionally, rents posted a 0.4% month-over-month growth in March, rising 20 basis points from February. Out of 134 markets surveyed, 114 had flat or positive YOY rent growth. Additionally, 19 of the

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Intel

Are Californians ruining the Arizona housing market?

The median home price of the average single-family home in Arizona has been increasing drastically over the past several years. Since 2015, the Arizona housing market has seen the median closing sale price increase from $211,000 to an astonishing $350,000. While many native Arizonans angrily profess to being priced out of a home in their own state, many more have attributed, vindictively, one source for this issue: their Californian neighbors. The idea is this: In

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Intel

Secondary Markets are Popular Plays for Apartment Investors

Investors are currently more active in secondary markets like Dallas and Atlanta than they are in primary markets such as Los Angeles and Manhattan. That’s because overbuilding and the strains of the pandemic have hurt the performance of apartments—especially in the largest and most expensive apartment markets. Property owners aren’t willing sell at the low prices implied by current rents. Buyers are eager to invest in properties with strong, proven performance and more potential growth

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Intel

Report: Phoenix among top US cities where millennials are moving

Millennials are moving to the Valley of the Sun in droves. Phoenix ranks No. 3 among top cities where millennials are moving, according to a new study by SmartAsset.  The report is SmartAsset’s fifth annual study analyzing Census Bureau data on migration patterns of people between the ages of 25 and 39. As millennials move out of state, whether to pursue a new job, buy a home or start a family, some parts of the

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Intel

Arizona’s Economy 2nd-Least Impacted By COVID-19: Study

PHOENIX, AZ — Arizona is among the states whose economy is least exposed to the coronavirus, according to a new study from WalletHub. In its study, WalletHub says researchers looked at all 50 states and the District of Columbia, and measured them across 13 key metrics, like how much of their GDP came from highly affected industries like retail and food services, how their economies are recovering, and what resources each state is offering businesses

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Intel

Phoenix named a top global luxury home market

Phoenix was named a top luxury real estate market to watch in a new report by Coldwell Banker Global Luxury. Phoenix was identified along with Denver and Dallas as secondary markets on the rise in the new report, called “The Report: 2021 Global Luxury Market Insights.” Chris Karas — who recently sold two luxury homes in Paradise Valley for $2.8 million and $3.7 million — said the luxury real estate market has been focused on

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Millennials driving the housing market
Intel

The ‘Aging Millennial Generation’ is Driving Housing Market

The light at the end of the tunnel is growing brighter for housing investors, particularly as vaccine rollouts gather steam and the economic recovery widens. In a recent video breaking down what’s driving the single-family housing market, John Chang, senior vice president and director of research services at Marcus & Millichap, notes that home sales have surged in recent months, with sales activity in February coming in 9.1% higher than 2020. That, in turn, pushed

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rental assistance
Intel

Even With Rental Assistance Multifamily Is Still At Risk

New research from Fitch Ratings raises questions about the extent to which rental assistance under the American Rescue Plan will keep apartment delinquencies low. Fitch analysts say it’s tough to estimate the amount of unpaid back rent despite current mortgage delinquency levels for affordable housing providers being low and only slightly up from pre-COVID levels. And while rental assistance has been a mainstay of the major federal stimulus packages thus far, the lack of data

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