Author: Brad Beckett

According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rents in February increased $10 to $1,628 (up 15.4% year-over-year).  Yardi says that while rent growth once again rose to record levels, the pace will likely decelerate in the coming months. “The sustained growth illustrates the long-term shortage in America’s housing supply, which has been exposed to a surge in demand.  Single-family home prices jumped 18.8% in 2021, according to the S&P Case-Shiller Index, while multifamily rents have kept apace as absorption has been robust in virtually every market.” Click here to read the full report at Yardimatrix.com.…

There are still areas across the country where a good deal on a home can be found.  It doesn’t mean the house is any less desirable than in a more expensive market, it simply means that there are places with moderate costs of living where prices are more reasonable.  To that end, the folks over at Realtor.com looked at the 250 largest metro areas to find places with the lowest median home prices and limited to just one metro per state. “These areas generally have lower median incomes and lower costs of living, helping keep home prices lower,” says Hannah Jones,…

The National Association of Realtors is reporting that existing home sales were down 7.2% in February to a seasonally-adjusted annual rate of 6.02 million (down 2.4% from one year ago).  Total housing inventory at the end of February was 870k units, down 16.5% from one year ago.  Unsold inventory sits at a 1.7 month supply at the current sales rate with properties remaining on the market for around 18 days.  The median existing-home price for all housing types in February was $357,300, which was up 15.% from one year ago.  The NAR says this marks 120 consecutive months of year-over-year…

The U.S. government is reporting that privately‐owned housing starts in February were at a seasonally adjusted annual rate of 1,769,000, which is 6.8% higher than January’s revised number and 22.3% higher than one year ago.  February’s rate for units in buildings with five units or more was 501k.  Privately‐owned housing units authorized by building permits in February were at a seasonally adjusted annual rate of 1,895,000, which is 7.7% higher than January’s revised number.  Authorizations of units in buildings with five units or more were at a rate of 597k in February. Click here to read the full report at…

This Sunday, March 20th, is the first day of Spring!  That means now is a great time to start thinking about your property’s landscaping.  Whether it’s a rental or that new flip, a good-looking lawn will certainly add value and improve its curb appeal!  The folks over at The Home Depot put together this handy infographic with some Spring fertilization tips to help make your lawn look great…..As always, stay safe and have a Happy Friday!!! Did you know…. Members of National REIA receive a 2% biannual rebate, 20% off interior & exterior paints & primers, volume pricing, access to…

A new report from Roofstock reveals the top 20 metros where job growth is outpacing the supply of new housing.  They say in a normal market, there’s typically a six-month supply of houses.  However there has been a “perfect storm of factor”s since 2020 (including record-low mortgage rates, more mobility for remote workers, etc.) that has caused widespread housing shortages from busy metropolitan areas like Los Angeles to small cities in the middle of Indiana or Michigan. To come up with their list, Roofstock looked at recent metro data from the U.S. Census Bureau’s Building Permits Survey and the Bureau…

It has been just over two years since the Coronavirus pandemic was officially declared. A recent report from Redfin takes a look at how drastically the housing market changed since that moment in time. They illustrate this with multiple data charts that include: Housing supply, home prices, sales over list price, days on the market, bidding wars, migration and mortgage rates. Key takeaways: House hunters have half as many homes to choose from after surging demand driven by remote work and low mortgage rates intensified a housing shortage. Homes are 34% more expensive, with the median sale price now at…

Rentcafe says Generation Z was only the generation to record an increase in renting activity in the past year, up by 21% and representing over a quarter of lease applications nationwide.  These so-called “Zoomers” are swarming large urban areas potentially bringing new life into places that were once considered doomed due to the pandemic.  Indeed… “Big cities are appealing for a host of reasons—big cities offer diverse job opportunities. Big cities offer many amenities that are not available in smaller cities or rural areas, from dining and entertainment options to public transit, to services like gyms and spas. And big…

How much income do you need to considered “rich” in the 50 biggest U.S. cities?   That’s the question the folks over at GOBankingRates put pen to paper to find out.  They analyzed data from the U.S. Census and American Community Survey to find which cities have the highest and lowest incomes.  In order to be considered as “rich” you your income needs to be in the top 20%. “The United States is a large and diverse country with big regional variances and even noticeable differences from one city to another. Everything from the food people eat to the way they…

Are we in a long-term housing shortage situation?  Realtor.com’s Chief Economist, Danielle Hale, thinks that’s the case as part of her recent interview on CNBC about what’s likely to happen in the housing & mortgage markets in 2022.  Click on the image below to watch: Click here to watch on CNBC.com.