Author: Brad Beckett

A recent report from the Economic Innovation Group says it goes without saying that remote work has increased dramatically since before the pandemic.  They say the rise in what they call “telework” offers new opportunities for the economic development of communities across the country by loosening the grip that superstar cities have on skilled knowledge workers.  Interestingly, as they point out, the geography of this remote work surge has remained largely unmeasured by the data. However, analyzing data from the 2021 American Community Survey (ACS) suggests that remote work is not just a superstar city or coastal phenomenon.   Indeed… “What…

According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rents were $1,718 in September, the same as in August.  Yardi says while the cooling economy is beginning to show its effect on multifamily, the key fundamentals remain strong.  Indeed… “Despite the flattening rent growth, much about the market remains positive. National asking rents are still at record highs, and national occupancy rates have been hanging around 96% since June of 2021” Click here to read the full report at Yardi.

Here’s a new take on the proverbial top 10 list;  the top 10 metros where homes for sale inventory is precipitously going down.  A recent report from Realtor.com says “there are still deals available” but you need to know where to look for them.  Their report reveals the cities where homes are selling briskly, competition remains fierce, and available homes are scarcer than peak COVID-19-era toilet paper – in other words, metros where housing inventory is falling instead of piling up.  In addition, they say these are the places where buyers are looking for scenic views or more affordable real…

The U.S. government is reporting that total construction spending in August, 2022 was at a seasonally adjusted annual rate of $1,781.3 billion, which is 0.7% lower than July’s revised estimate but is 8.5% higher than one year ago.  Residential construction came in at a seasonally adjusted annual rate of $912.9 billion in August, which is 0.1% lower than July’s revised estimate. Click here to read the full report at the U.S. Census Bureau.

The Visual Capitalist says McDonald’s is still the most popular fast-food brand in America with over $46 billion in systemwide sales in 2021.  Today’s graphic uses data from a report on America’s top 50 fast food chains by Quick Service Restaurant (QSR) Magazine, sized by their 2021 systemwide sales.  As always, stay safe and have a Happy Friday!!! Hat tip to the Visual Capitalist.

On a recent episode of the Rent Perfect podcast David Pickron says one thing that is critical to being a successful landlord is knowing exactly who is applying as a tenant for your property.  Rent Perfect President David Pickron discusses why having an investigative background check, including all known aliases, is so important when onboarding a new tenant.  So, is your applicant hiding behind an alias? Rent Perfect is the solution rental property owners & managers have been crying out for! Their Online Lease Agreement allows you to send your tenant(s) a customized lease agreement, electronically & securely. They offer…

A recent article in the Wall Street Journal (reposted on Realtor.com) says land for housing is in short supply because of land-use restrictions and lack of infrastructure.  They say land-use restrictions and a lack of public investment in roads, rail and other infrastructure have made it harder than ever for developers to find sites near big population centers to build homes. As people keep moving to big cities they are pushing up land prices and making the housing shortages in fast-growing urban areas even worse. “The United States, a country of wide open spaces, is short on land.” “Land-use restrictions…

A recent report from Redfin says asking rents climbed to a record high in August however growth moderated for a 3rd straight month. Redfin says the national median asking rent was up 11% year over year in August, coming in at $2,039 – which they note is the smallest annual increase in a year.  Indeed… “Rent growth will likely slow further as the Federal Reserve continues to raise interest rates. Higher interest rates impact the rental market because they put a damper on spending power in the economy as a whole, including renters’ budgets…Growth in rents is also likely to…

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 15.8% annual gain for July, 2022.  Their 10-City Composite annual increase came in at 14.9% and their 20-City Composite posted a 16.1% year-over-year gain. “Although U.S. housing prices remain substantially above their year-ago levels, July’s report reflects a forceful deceleration…For example, while the National Composite Index rose by 15.8% in the 12 months ended July 2022, its year-over-year price rise in June was 18.1%. The -2.3% difference between those two monthly rates of gain is the largest deceleration in the history of the index.”  Said Craig J. Lazzara,…

According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), U.S. house prices dropped 0.6% in July but were up 13.9% year over year.  The FHFA produces the nation’s only public, freely available house price indexes (HPIs) that measure changes in single-family house prices based on data that cover all 50 states and over 400 American cities and extend back to the mid-1970s. “U.S. house price index posted its first month-over-month decrease in July since May 2020 when the U.S. economy experienced lockdowns as a result of COVID-19. This decline was widespread as eight of the nine…