MARKET INTEL

Intel

Virtual, Self-Guided, and In-Person Tours Remain Integral for Prospective Renters

our years ago during the COVID-19 pandemic lockdowns, multifamily owners and operators had to adapt to connect with prospective residents. The industry quickly rolled out virtual and self-guided tours. “I do think pre-pandemic, there were not so many companies that were focused on the virtual and self-guided tours,” says Tina West, executive vice president, Client Advisory Group, SRG Management. “When COVID hit, we didn’t have a choice. It really forced those not in the space

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Intel

Five Markets Desired By Homebuyers

Could it be that return-to-office policies are once again drawing homebuyers to house hunt close to the locations where they work, instead of the remote settings they were drawn to post-pandemic? That is certainly the conclusion reached by Realtor.com in its February Hottest Housing Market report. “Large metros continue to heat up as homebuyers return to office and look for a home near business hubs,” the report concluded. “These areas pulled in about 11% more

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Intel

How Airbnb Is Going From Multifamily ‘Bad Guy’ to Landlord Partner

Airbnb and landlords have historically had a tumultuous relationship.  Property owners would often hear of strangers coming and going from tenants’ apartments despite lease agreements that bar tenants from subletting their units. “Part of the frustration for multifamily was that we didn’t know how to stop it,” said Young Hill, managing director of Greystar’s property management business.  Airbnb’s solution? Convince landlords to embrace it. In November 2022, Airbnb launched a landlord partnership dubbed Airbnb-friendly apartments that would

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Intel

Here’s How Buckeye Leads the West Valley as a Hot Spot for Development

In the early 2000s, Buckeye was a quiet community on the outskirts of the bustling Phoenix metropolitan area with a population of 6,537. Fast forward to today, and Buckeye has transformed into the West Valley’s boom town with an impressive 114,000 residents. Recognized as America’s fastest-growing population over five years in 2022, Buckeye is projected to reach 300,000 by 2040. The city that many in Arizona once viewed as merely a drive-through on Interstate 10

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Intel

How Real Estate Investors Can Prepare for an Economic Rebound

What to consider in the current economy From labor markets to inflation, there’s no shortage of economic indicators for investors to keep an eye on. But a few factors stand out, including:  Political and geopolitical dynamics: “Globally, the variety of conflicts elevate the probability of supply-side shocks—to oil, freight and intermediate goods—enough to warrant consistent monitoring,” LaSalvia said. Domestically, U.S. political parties’ lack of cooperation, which nearly led to a debt default last year, could

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Intel

Multifamily Investors Plan to Transact More Soon

A robust 62% of multifamily investors expect to increase their purchasing activity from last year and 40% expect to sell more, according to CBRE’s 2024 Global Multifamily Investor Intentions Survey in late 2023 of 1,200 investors. And nearly half (47%) of multifamily investors view high risk, such as opportunistic, distressed, and debt as the most attractive investment strategy in 2024. Investors were most bullish about multifamily in the Americas, with 41% saying their purchasing would

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Intel

CBRE: Persistent Gap to Continue Between Mortgage Payments and Rental Costs

Homeownership will continue to remain out of reach for many, with mortgage payments projected to exceed rental costs for at least the next five years, according to new research from CBRE. CBRE finds that the average monthly mortgage payment for a newly purchased home has surpassed apartment rents by 38%. Historically, these costs have aligned closely. However, since late 2019, average mortgage payments, including taxes, have increased by 75%. “The disparity between mortgage payments and

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Intel

Phoenix Earned No. 8 Spot for Population Gains in 2023

Phoenix is now the eighth-fastest growing metropolitan statistical area in the nation, according to recently released data from the U.S. Census Bureau. The Valley’s population base added 49,200 people from July 1, 2022, to July 1, 2023, the data found. Many of the top markets are located in the Sun Belt and benefit from similar demographic benefits. The favorable climate, relative affordability and employment opportunities in Texas, Florida, Arizona and the Carolinas have consistently drawn

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Intel

Apartment Rental Fraud Becoming Increasingly Sophisticated

Organized rings of fraudsters and other bad actors are using a range of sophisticated deceptive practices to obtain apartment leasing, according to a new survey of more than 400 property management professionals by RealPage. More than 50% reported seeing diverse types of fake identity, income fraud or approval errors and just 17% currently have a portfolio-wide fraud prevention initiative in place and yet 97% of respondents report that reducing renter fraud is a top priority.

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Intel

Persistent Inflation and Its Effects on CRE

While inflation is still a challenge for the Federal Reserve, there are many positive signs for the commercial real estate industry. The headline Consumer Price Index rose 3.2 percent for the year ended Feb. 29, a figure 20 basis points lower than the Dec. 31, 2023, rate. Lower energy and food costs helped slow the rate of inflation and global supply chains remained active in spite of regional and global conflicts. If we eliminate food

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