Market Intel

Intel

Interest in Relocation Dips Slightly

Metro areas that are more affordable than major coastal cities like San Francisco and New York, and feature warmer weather, frequently make the list of top migration destinations according to a report this week from Redfin. “They’ve become even more popular during the pandemic because homebuyers who work remotely have had the freedom to prioritize affordability and space over proximity to the office,” according to the report, but overall, relocation dipped slightly in July and

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Intel

SFR Poised to Be as Prevalent as Multifamily

The single-family rental market was already heating up before the pandemic. Now, it has quickly transformed into one of the top investment asset classes in commercial real estate. With strong demand and institutional capital entering the arena, the single-family rental market is on track to be as prevalent as multifamily. “The single-family rental concept is not new, but it has been blossoming over the last several years and most notable since the onset of COVID-19.

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Intel

Real-Life Stories: Navigating the Renter Assistance Program Application Process

partment owners’ efforts to manage the eviction moratorium and the administration of the complex federal renter assistance programs has taken several twists and turns as deadlines approach and so much rent remains unpaid. “Owners don’t want to evict unless they have to,” Caitlin Sugrue Walter, Ph.D., Vice President of Research, National Multifamily Housing Council (NMHC) shared during a recent session at the MFE Conference in Las Vegas. “Some apartment company CEOs are fully engaged in

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Intel

Multifamily’s Summer Recovery is Dialing Back a Bit Lately

Concessions, slightly sagging renewal rents and on-time rent payments are a few of the concerns mixed within a relatively upbeat report from the MRI Software Market Insights, “Reflecting on a summer of recovery for Multifamily,” which examines data and trends through August 2021. While concession volumes have settled down, the average concession value has remained high, with August showing a slight retreat toward baseline norms. In addition to year-over-year comparisons, this report also includes a

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Intel

Affordable Housing Posts Pre-Pandemic Level Rent Growth

The affordable housing sector posted the largest quarterly rent growth since the third quarter of 2019, in a sign Moody’s Analytics analyst David Caputo says suggests the sector “might have fully recovered” from the pandemic’s effects. Asking rents hit an average of $986, while the national vacancy rate declined by 0.1% in the second quarter to reach 2.5%. This number is well within the average range Moody’s has observed since it began tracking the sector,

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Intel

CRE Is Due for a Correction, and COVID-19 Wasn’t It

The word “recovery” comes up a lot these days, describing everything from recent job gains to resurgent lending and transaction volume in commercial real estate. But before investors get too carried away by the good news, they should pause to ask themselves, “What are we recovering from?” It may be safe to say the nation is on its way to recovering from the pandemic. Just over half or 51.4 percent of U.S. residents had completed

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Intel

Zillow Estimates 0.6% of Nation’s Renter Pool to be Evicted

Zillow projects a 50 percent rise in evictions coming out of the expiration of the federal eviction moratorium, or roughly 1.5 times what they would typically have been before the pandemic, according to the survey conducted Aug. 3 through Aug. 17. The survey comprised a collection of 111 economists, researchers, analysts and other housing experts from academia and the private sector. An estimated half-million evictions would be filed over September and October, according to the

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Intel

US Single-Family Rent Growth Hits 16-Year High

Single-family rentals continue to be one of the highest performing housing sectors for rent growth, according to the CoreLogic Single-Family Rent Index (SFRI).  Single-family year-over-year rent growth reached a 16.5-year high in July 2021 as the increase in US single-family rents were up 8.5%, or nearly five times the July 2020, according to SFRI).  The index measures rent changes among single-family rental homes, including condominiums, using a repeat-rent analysis to measure the same rental properties

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Intel

Evictions Loom for Millions of Tenants and Slow Rental Aid Disbursement Isn’t Helping

While the strain on the U.S. economy from the coronavirus pandemic has been easing, with vaccination allowing many of the worst affected businesses like restaurants and hotels to return to operating at full capacity, one aspect of the COVID-19 crisis continues to this day: millions of renters are in danger of being evicted. With the funds from the federal government’s rental assistance program being disbursed at an excruciatingly slow pace (as of August, only 11

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Intel

Apartment Industry Takes ‘Next Step’ in Considering Vaccine Mandates

The door is open for apartment landlords to consider whether to require tenants to get COVID-19 vaccinations, according to one of the biggest industry trade groups. The National Multifamily Housing Council said members are now discussing whether owners would want to impose requirements in apartment buildings similar to those some businesses have implemented in offices. It comes as one Florida apartment landlord has begun requiring new and renewing tenants be vaccinated, a move that may

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