Author: Brad Beckett

A new report from RENTCafé says that renters have become the majority 23 big cities (with >100k residents) over the past decade.  Among the reasons for this shift, were the 2008 housing crisis and the Great Recession – which they say caused caused many to postpone their homebuying plans altogether.  Indeed… “The housing crisis of 2008 and the great recession caused many Americans to lose their homes to foreclosure or postpone their homebuying plans altogether. This led to a massive boost in renting in the early years of the 2010-2019 decade — with the number of renters peaking at 111…

The NAHB’s Eye on Housing says that a shift has taken place in the number of multifamily units built as smaller properties, reversing a trend that favored larger buildings over recent years.  Citing data from the Census Bureau’s 2019 Survey of Construction, they point out that the number of multifamily units completed in buildings with 9 or fewer units and 10 to 29 units increased in both relative and absolute terms in 2019 while buildings with 30-49 units or 50 or more units decreased.  In addition they report that the total number of multifamily units completed in 2019 was 352k,…

Local Market Monitor, a National REIA preferred vendor, recently released their monthly National Economic Outlook where they share their thoughts on developments taking place in the U.S. economy. National Economic Outlook By Ingo Winzer November 13, 2020 It looks like the economy is getting better but the recession will still be with us well into 2021. The good news that Covid vaccines may be highly effective means that we can see an end to the pandemic within the next two years and a return to ‘normal’ economic growth; that’s good for real estate values. On the other hand, most Americans…

According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rents were flat in October.  However, Yardi says the national numbers appear misleading as the sector is experiencing an ever-increasing divergence between outperforming and underperforming markets.  In addition, rents fell 0.6% nationwide, year-over-year.  Indeed… “With each passing month, outmigration from large gateway markets to secondary and tertiary tech hubs is amplifying. At this point, the apparent winners are markets in close proximity to large gateways but with significantly lower costs of living.” Click here to read the full report at Yardimatrix.com.

The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in October, after increasing 0.2% in September.  Over the last 12 months, the all items index increased 1.2% before seasonal adjustment. Click here to read the full release at the Bureau of Labor Statistics.

Pandemic aside, what are the best and worst cities for that morning commute?  The Daily Infographic says it can be either a complete cakewalk or an incredibly tedious task.  Indeed…Today’s infographic takes a look at the best and worst commuter cities in America.  They point out that the worst cities are in larger and more densely packed states – go figure?  On that note, stay safe, be patient and have a Happy Friday! “The five worst commuter cities in America are Washington D.C., Baltimore, Los Angeles, Boston, and San Francisco. On the opposite side of the spectrum are the best…

According to recent data from the Associated General Contractors of America, construction employment increased by 84k jobs in October, with jobs added in both nonresidential and residential categories.  However, employment related to infrastructure experienced a decline.  The AGC cautioned that the pandemic is causing a growing number of construction projects to be canceled or delayed. “The employment data for October is good news, but our latest survey found that only a minority of contractors expect to add to their workforce in the next 12 months,” said Ken Simonson, the association’s chief economist.” Click here to read the full report at…

The National Multifamily Housing Council (NMHC) says that 80.4% of apartment households made a full or partial rent payment by November 6th, 2020.  This figure is 1.1% lower than those who paid rent through November 6, 2019 and compares to 79.4% that paid by October 6th, 2020.  The data comes from the NMHC’s Rent Payment Tracker which uses data from 11.4 million professionally managed apartment units across the country. “November’s opening rent payment figures show that the additional support apartment residents received over the summer, coupled with generous, innovative approaches put into place by property owners and managers, continue to…

On a recent episode of the Rental Property Owner & Real Estate Investor Podcast, Brian Hamrick talks with Mike Bonadies, a landlord and co-owner of a New Jersey-based property management company about the dirty and gritty side of investing in real estate.  Notably,  the unglamorous aspects that most rental owners have to deal with, such as septic clean ups, eviction clean-outs, pre-1920’s construction and investing in C & D, and even F properties.  Mike owns 25 units of small multi-family and mixed-use, and he manages 225 units. His maintenance and preservation company has worked on over 600 units and foreclosures,…

According to new research from Redfin.com, 29% of their users looked to move to a different metro area in Q3, 2020.  Santa Barbara (CA) tops the list followed by followed by Louisville (KY), Buffalo (NY) and several other affordable metros in the South & Northeast with positive net in-flow (the number of people looking to move in minus the number of people looking to leave).  Indeed… “Remote work has opened up a whole new world of possibilities when it comes to buying a home,” said Redfin chief economist Daryl Fairweather. “Many residents of expensive areas like New York or Los…