Market Intel

With the federal ban on evictions set to expire in two days, the Centers for Disease Control and Prevention has once again extended the eviction moratorium, this time through June 30. This marks the third time an extension has been granted. The CDC first put the order into affect in September 2020 and was set to conclude at the end of the year. In December, it was then extended for a second time through Jan.

Apartment rents continue to rebound across the country, according to the latest data from Apartment List. In March, Apartment List’s national index jumped by 1.1%, which was its largest monthly increase going back to the beginning of 2017. That doubled historical growth in the month. In the previous three years, March’s year-over-year rent growth was 0.6%. In addition, the rent growth in March knocks out COVID’s declines in Apartment List’s index. Recently, Apartment List’s index

One of the biggest stories in the multifamily sector over the past year is the divergence in rent growth trends by region, neighborhood and bedroom type. Previously, CoStar analyzed the best and worst regions of the country for multifamily rent growth since the coronavirus pandemic began. However, roughly one year into the public health crisis, looking solely at year-over-year or quarterly rent growth obscures the initial rent drop as well as the recent rent increases.

The Phoenix multifamily market is officially among the top in the nation. According to a new report from Commercial Search, the city is ranked sixth in the nation for multifamily sales over the last decade. The market has closed $42 billion in apartment investment sales since 2009. During that time, prices on multifamily increased 156%. “Recent multifamily investment activity in Phoenix has been driven by the overall growth and success of the Arizona economy,” Chapin

Any pricing reductions from the pandemic and economic dislocation will be short-lived. A new survey from CBRE finds that 70% of respondents plan to increase investment by at least 20% this year compared to 2020, but only 30% of investors on the sale-side made the same claim. This disconnect between buyers and sellers will likely drive buying competition and pricing, creating a seller’s market. Most investors are anticipating an active year acquisitions year. While 70% plan

A recent survey of commercial real estate investors ranked Phoenix as a Top 10 target among Americas metros. The Sun Belt market jumped five spots to No. 4 in CBRE’s 2021 Americas Investor Intentions Survey. The survey found that more investors are prioritizing secondary markets in 2021 (as opposed to gateway markets), particularly those with strong job and population growth prospects, which can translate into greater potential for both equity and income growth. Sun Belt

Multifamily rents fell by 0.1% year over year in February 2021, up 10 basis points from last month’s 0.2% YOY decline, according to Yardi Matrix’s latest Multifamily National Report. Despite ongoing negative growth, year-over-year rents in the national report have trended toward positive over the past several months—and could turn positive by next month if the trend continues. The national average multifamily rent rose by 0.2% from January to February, or $3, to $1,399. This

Rising interest rates are unlikely to push cap rates up this year, counter to what many investors may believe, according to new analysis from Marcus & Millichap.  The interest rate on ten-year Treasuries has nearly tripled since the end of July, when it was at an all-time low near 50 basis points. But rates remain near historical lows, a good sign for investors, according to John Chang, Senior Vice President and Director of Research Services

Roughly one year into the coronavirus outbreak, commercial real estate owners are starting to fully price in the effects of the global pandemic. There are endless ways to analyze the impact of the past year on commercial property valuations, but one useful metric is tracking the prevalence of rent gains across the various property types. Showing the percent of submarkets across the U.S. that have increased asking rents or average daily rates on a year-over-year

Over the last decade, apartment owners have focused on providing impressive amenity packages to apartment residents. In what has been called the amenities race, new class-A developers have included everything from dog parks and bicycle garages to fitness centers and rooftop pools. It appears, the race is far from over. A new report from Apartment Guide has found that 36% of apartment residents are unhappy with the amenities in their current apartment building. The complaints,