The National Multifamily Housing Council (NMHC) says that 77.1% of apartment households made a full or partial rent payment by December 6th, 2021. This figure is 1.7% higher than those who paid rent through December 6, 2020. The data comes from the NMHC’s Rent Payment Tracker which uses data from 11.8 million professionally managed apartment units across the country – representing a wide variety of market-rate rental properties that can vary by size, type and average rental price. Click here to read more at the NMHC.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
According to recent data from the Associated General Contractors of America, construction employment increased by 31k jobs in November, 2021 with 10,300 jobs added in residential and 20,800 in the nonresidential categories. The AGC said construction firms would have added even more jobs if they could find more qualified workers with many firms reporting an increasing number of unfilled positions. “It is heartening to see steady job growth across all construction segments following a long period during which only residential contractors were adding employees…But record job openings show the industry needs still more workers as more types of nonresidential projects…
New data from Black Knight shows that the number of forbearance plans at the end of November was down by 214k (-17%) from last month. However, they point out that new plan starts, which have been relatively flat since the end of March, jumped almost 8k week over week. Black Knight says this figure will will bear closer scrutiny in coming weeks to determine whether this is an anomaly or an inflection point. Click here to read the full report at Black Knight.
We’ve been seeing record-high home prices for quite some time being attributed to low inventory and now a recent report from Redfin confirms it; the number of homes for sale hit an all-time low at the end of November. Redfin says this foretells a difficult winter for homebuyers. Indeed… “The number of homes for sale typically declines another 15% in December…That means that by the end of the year, there will likely be 100,000 fewer homes for sale than there were in February when housing supply last hit rock bottom…” Said Redfin Chief Economist Daryl Fairweather. Click here to read…
In late November a housing court in Boston, Massachusetts struck down Boston’s citywide eviction moratorium calling the ban an “overreach of power.” According to WBTS TV (Ch 7), Housing Court Judge Irene Bagdoian sided with a landlord and a constable who challenged the moratorium that the former Acting Mayor Kim Janey imposed in August. The ruling says that the Boston Public Health Commission does not wield legal authority to circumvent state law governing evictions. The Judge said that Massachusetts’ Legislature and not Boston’s health officials must decide whether to implement “temporary exemptions” to the law. Reportedly, the current Mayor is…
The U.S. government is reporting that total construction spending in October was at a seasonally adjusted annual rate of $1,598 billion, which is down 0.2% from September’s revised estimate. However, October’s figure is 8.6% higher than one year ago. Residential construction was at a seasonally adjusted annual rate of $774.7 billion in October, which is 0.5% lower than September’s revised estimate. Click here to read the full report at the U.S. Census Bureau.
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 19.5% annual gain for September, 2021, which they say is a record high. Their 10-City Composite annual increase came in at 17.8% and their 20-City Composite posted a 19.1% year-over-year gain. “We have previously suggested that the strength in the U.S. housing market is being driven by households’ reaction to the COVID pandemic, as potential buyers move from urban apartments to suburban homes. More data will be required to understand whether this demand surge represents simply an acceleration of purchases that would have occurred over the next several…
Christmas will soon be here, and that means gifts galore. Along those lines, the folks over at Statista reminds us that when it comes to those gifts, cash is king. As their chart shows, “festive classics” still dominate the ranking this year…but when it comes to receiving, people want cash. Just don’t lose sight of the “reason for the Christmas season.” Stay safe and have a Happy Friday!! Hat tip to Statista.
Redfin says both rent and mortgage payments have risen sharply in 2021. In fact, they point out that rent alone has seen its highest growth rate in at least two years. According to their report, average monthly rent has increased 13% nationwide while mortgage payments have grown 17% over the same period. Interestingly, Redfin points out that a handful of cities saw rents rise more than 30% from one year ago – these cities include Miami, Seattle, Portland (Oregon) and Austin. “Growth rates for mortgage payments and rents had been converging, but an uptick in mortgage rates and home prices…
According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), U.S. house prices in Q3 were up 4.2% from the second quarter of 2021. In addition, home prices were up 18.5% from one year ago. 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. “House price appreciation reached its highest historical level in the quarterly series…Compared to a year ago, annual gains have increased in every state…
