According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rents in October increased $23 to $1,572 (13.7% year-over-year). Yardi says the growth is driven by an ongoing surge in demand that started in the spring and has yet to subside. Indeed… “But 2021 is not a normal year. The combination of pent-up demand, rapid job growth, increase in single-family prices keeping renters in place, long-term shortage of supply, and rapid migration to markets with low-cost housing has created seemingly inexhaustible demand…” Click here to read the full report at Yardimatrix.com.
Author: Brad Beckett
Brad Beckett
Director of Education & Outreach, National Real Estate Investors Association
The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) was 0.9% in October, 2021. The all items index rose 6.2% for the 12 months ending October, the largest 12-month increase since 1990. Click here to read the full release at the Bureau of Labor Statistics.
The Visual Capitalist reminds us that every day, millions of Americans take prescribed drugs to help them stay healthy and live their lives – and that includes many of you reading this right now. To that end they put together today’s infographic with the most prescribed drugs in America. Interestingly, the majority of those prescriptions are used to treat high blood pressure or its symptoms. Stay safe & healthy and have a Happy Friday!!! “As our understanding of medicine has evolved, we’ve been able to develop drugs to aid with some of the most common medical conditions—from pain and blood…
On a recent episode of Real Estate News for Investors, Kathy Fettke takes a look at why it’s a “banner year” for homeseller profits, how much an ADU (accessory dwelling unit) will increase your home value, and which states are attracting the most newcomers. Tune in! Click here to listen on Spotify.com.
RentCafé says “they don’t make ’em like they used to” and to prove their point, they recently highlighted the top 20 oldest buildings still renting today – some of which are more than 135 years old. “The oldest apartment building on our list is the quaint Pendleton in Cincinnati, OH. Dating back to before the Civil War, the red brick structure is alive with residents inhabiting its 78 rental units. And it’s not just the 171-year-old Pendleton that still has some life left in it! Some of today’s apartment communities witnessed the glitz and innovation of the Gilded Age, while…
The National Multifamily Housing Council (NMHC) says that 78.2% of apartment households made a full or partial rent payment by November 6th, 2021. This figure is 2.2% lower than those who paid rent through November 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.
How would you like to own your own jail? Or maybe rehab it into an Airbnb or maybe just fix-n-flip it? Nestled along the Arkansas River in the little town of Ozark, AK, sits a former jail that was recently listed for just $250k. The former jail was built in 1914 (constructed with locally sourced sandstone) and is listed on the National Register of historic places. Its listing says it contains of 2,512 square feet and has five bedrooms and 1.5 bathrooms. Be sure to check out the cool photos of the old cells in the listing. Click here to…
We first posted about Zillow Offers back in 2017 and just last week, we learned that Zillow is planning to sell about 7k homes as it seeks to recover from what Bloomberg called a “fumble in its high-tech home-flipping business.” Now fast-forward a few days and we learn that Zillow has decided to pull the plug on its Zillow Offers, making the the following statement on their website: “Zillow Offers is winding down, which means we are not making any new offers on homes. We’re focused on helping existing customers and selling our remaining inventory. If you’re looking to sell,…
A recent report from Redfin says that as of late October, a third of homes sold went under contract within seven days of hitting the market – and they say that rate has been in the rise for 6+ weeks. In addition they point out that their Homebuyer Demand Index (measuring requests for home tours and other home-buying services) rose 1.2 points during the week ending October 24, and was up 10% from a year earlier. “Homes continue to sell quicker and quicker,” said Redfin Chief Economist Daryl Fairweather. “There are still plenty of homebuyers lying in wait who missed…
The U.S. government is reporting that the national vacancy rates for Q3, 2021 were 5.8% for rental housing and 0.9% for homeowner housing. The national homeownership rate for Q3, 2021 was 65.4% (same as Q2). In addition, approximately 89.3% of the housing units in the United States in Q3 were occupied and 10.7% were vacant. Owner-occupied housing units made up 58.4% of total housing units, while renter-occupied units made up 30.9% of the inventory. Click here to read the full release at the U.S. Census Bureau.
