Author: Brad Beckett

According to the latest Yardi Matrix Multifamily Report, 2024 multifamily finished the year on the downswing, with the average U.S. advertised rent falling $4 nationally in December to $1,742. Year-over-year rent growth, which remains positive albeit weak, was down 10 basis points to 0.6%.  However, Yardi says the trends that shaped 2024 remained in place to the end, with demand staying robust throughout the year in most regions. “The market enters 2025 walking a tightrope, with heavy supply growth balanced by equally strong demand. Clearly, 2025 promises change. Starts have dropped, and completions will wane soon. On the demand side,…

A new report from Zillow reveals their top housing markets for 2025.  And, at the top of that list is Buffalo, NY.  Zillow says relative affordability and few homes for sale are common threads among what should be the most competitive markets for buyers this year.   Be sure to check out the complete list which includes the top 50 cities. “Construction that keeps pace with an area’s growth remains a crucial piece of keeping homes available and accessible. In chilly Buffalo, competition among buyers will remain hot, with employment growing far faster than builders are adding homes…Shoppers nationwide should see…

The U.S. government is reporting that privately‐owned housing starts in December, 2024 were at a seasonally adjusted annual rate of 1,499,000, which is 15.8% higher than November’s revised number and is 4.4% lower than one year ago.  December’s rate for units in buildings with five units or more was 418k.  Privately‐owned housing units authorized by building permits in December were at a seasonally adjusted annual rate of 1,493,000, which is 0.7% lower than November’s revised number and is 3.1% lower than one year ago.  Authorizations of units in buildings with five units or more were at a rate of 437k…

The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4% in December, 2024.  The all items index was up 2.9% for the 12 months ending in December.  The index for shelter rose 0.3% in December, accounting for nearly forty percent of the monthly all items increase. Click here to read the full release at the Bureau of Labor Statistics.

The Visual Capitalist says gas prices vary across state lines due to factors such as local taxes, environmental regulations, reliance on local production or imports, and proximity to refineries.  Not surprising, Hawaii, California, Washington Oregon and Nevada lead the U.S. in gas prices.  Indeed…Stay safe and have a Happy Friday!!! Hat tip to the Visual Capitalist.

A new report from Redfin says renters are moving less than ever, with a third staying in the same home for at least 5 years.  They say the soaring cost of buying a home has pushed many to stay put for longer and the high cost of moving has also discouraged renters from moving regularly.  To produce their report, Redfin analyzed 2023 renter tenure data from the U.S. Census Bureau. “Monthly mortgage payments have nearly tripled over the past decade, preventing many renters from being able to buy a home…Rents spiked during the pandemic, but have stayed relatively flat over…

According to the latest CoreLogic Home Price Insights (HPI) report, home prices nationwide, including distressed sales, increased year over year by 3.4% in November, 2024.  CoreLogic predicts that home prices will increase 3.8% through November 2025.  In addition, they say despite pockets of decline, national prices are continuing to trend upward, even in the off-season. “Heading into the end of the year, home prices remained relatively flat though showing some marginal improvement from the weakness seen moving into the fall and following the cooling of homebuyer demand amid the summer mortgage rate surge. Nevertheless, the cooling home price growth trend…

According to the ADP National Employment Report for December, 2024, private sector employment increased by 122k jobs and annual pay was up 4.6% year-over-year. The ADP National Employment Report is an independent and high-frequency view of the private-sector labor market based on the aggregated and anonymized payroll data of more than 25 million U.S. employees. “The labor market downshifted to a more modest pace of growth in the final month of 2024, with a slowdown in both hiring and pay gains…Health care stood out in the second half of the year, creating more jobs than any other sector.”  Said ADP…

According to the U.S. Department of Labor’s Bureau of Labor Statistics, total nonfarm payroll employment increased by 256k in December, 2024 with the unemployment rate coming in at 4.1%.  As always, the BLS says employment in government continued its upward growth trend in December (up 33K) with an average monthly gain of 37k in 2024. Click here to read the full report at the Bureau of Labor Statistics.

Last week we saw the leading states for U-Haul rentals.  Today we’re looking at their top metro areas.  According to the latest U-Haul annual Growth Index, the Dallas-Fort Worth-Arlington metroplex, is U-Haul’s leading 2024 Growth Metro.  In addition, Charlotte, Phoenix, Lakeland and Austin made up the top five U.S. growth metros, seeing the largest net gains of one-way equipment rentals.  U-Haul’s Growth Index was compiled from over 2.5 million one-way U-Haul truck, trailer and moving container transactions.  Indeed… “We are seeing unprecedented growth in the Dallas metro area, both within the city and also suburbs like McKinney, Plano and Addison…The…