Author: Brad Beckett

The National Multifamily Housing Council (NMHC) says that 78.4% of apartment households made a full or partial rent payment by October 6th, 2021.  This figure is 1% lower than those who paid rent through September 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.

During 2020, renter households (in professionally managed properties) spent an average of 27% of their income on rent.  The data, from the NAA, also points out that only six states had rent-to-income percentages higher than the oft cited 30% threshold.  Indeed….  Stay safe and have a Happy Friday! Hat tip to the National Apartment Association. Click here to download a PDF of this chart (good for printing).

Rental information site Zumper recently released their latest monthly National Rent Report showing that their median national rent for 1-bedroom apartments in September, 2021 was $1,352 (up 10.7% since March, 2020) and the median two-bedroom rent was $1,663 (up 13.1% since March, 2020).  Be sure to check out their list of the top 100 metro areas. “There are a few things driving the growth. First, the hot housing market that’s pushing rent up in Phoenix is doing the same in similar markets where single-family home values have risen rapidly in the aftermath of the pandemic. As prices soar and competition…

The U.S. government is reporting that total construction spending in August was at a seasonally adjusted annual rate of $1,584.1 billion, which is virtually the same as  July’s revised estimate.  However, August’s figure is 8.9% higher than one year ago.  Residential construction was at a seasonally adjusted annual rate of $786.6 billion in August, which is 0.4% higher than July’s revised estimate. Click here to read the full report at the U.S. Census Bureau.

ATTOM says that even though home flipping is on the rise, the profit margins associated with those flips are at a 10-year low.  According to their Q2 2021 U.S. Home Flipping Report, 79,733 single-family homes and condominiums were flipped in the second quarter representing 4.9% of all home sales in the Q2, or one in 20 transactions – the first increase in more than a year.  The report also pointed out that flipping rates were up in almost 80% of local markets. However, the typical gross-flipping profit of $67k in Q2 2021 translated into a 33.5% return on investment compared…

This week is Fire Prevention Week (October 3-9, 2021).  Did you know that America’s fire death rate is one of the highest per capita in the industrialized world?  Fire kills around 3k and injures approximately 20k people every year.  And, believe it or not, the majority of deaths are in homes without a working smoke alarm.  As we reported last week, if you have a smoke alarm that’s over than 10 years old, that means it’s time to replace it! Kidde says understanding the best ways to protect your home and family or your business from fire should always be…

According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), U.S. house prices were up 1.4% in July and up 19.2% from July, 2020.  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.  The FHFA’s HPIs are built on tens of millions of home sales and offer insights about home price fluctuations at the levels of the nation, census division, state, metro area, county, ZIP code, and…

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 19.7% annual gain for July, 2021, which they say is a record high.  Their 10-City Composite annual increase came in at 19.1% and their 20-City Composite posted a 19.9% year-over-year gain. “We have previously suggested that the strength in the U.S. housing market is being driven in part by a reaction to the COVID pandemic, as potential buyers move from urban apartments to suburban homes. July’s data are consistent with this hypothesis…” Click here to read the full report at S&P Dow Jones Indices.

The National Association of Realtors is reporting that pending home sales were up 8.1% in August, 2021.  The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) fell to 119.5.  In addition, they report that year-over-year contract signings were down 8.3%. “Rising inventory and moderating price conditions are bringing buyers back to the market,” said Lawrence Yun, NAR’s chief economist. “Affordability, however, remains challenging as home price gains are roughly three times wage growth.” Click here to read the full report at the National Association of Realtors.

National Fire Prevention Week runs October 3rd – 9th, 2021 and one of the best ways to celebrate is to check all your properties’ smoke alarms for functionality and age.  If you have one that’s over than 10 years old, that means it’s time to replace it!  And when you do, National REIA recommends both ionization and photoelectric technologies be used in all your properties.  You should also have a working & tested carbon monoxide detector and fire extinguisher in each unit as well.  Remember, an ounce of prevention is worth a ton of cure…as well as saving lives!  As…