Author: Brad Beckett

According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rents rents in February increased $3 to $1,399.  Yardi says this is the ninth consecutive month where overall rents have either increased or remained flat, pointing to signs of recovery.  However, on a year-over-year basis, rents rents declined by 0.1%. “Many markets experienced strong year-over-year rent growth in February, while others have begun to recover following rent declines in the summer and fall. However, urban cores continue to see rent declines. A major factor in their ability to bounce back is the percentage of the workforce that remains…

What are the 10 fastest-growing retirement towns in America?  That’s the question Realtor.com recently put pen to paper to find out.  Citing Census data that showed 313k+ people over 65 moved to a new state last year, they looked at metro areas where at least a quarter of the population was aged 60 and up.  Then they looked those with the largest increase in the number of new residents aged 55-plus moving in from 2014-19, as well as the biggest jump in seasonal and vacation homes over the same period.  Indeed… “Retirees might be able to cash out on pretty…

Do you love good housing data?  If so, you’re in for a treat.  The U.S. Census Bureau recently released their 2020 Housing Vacancy Survey which provides vacancy rates, homeownership rates and characteristics of units available for occupancy for the United States, regions, states and the 75 largest metropolitan statistical areas.  In addition, it contains estimates of the total housing inventory and percent distributions of vacant for-rent and vacant for-sale-only units are available for the United States and regions. Click here to read the full report at the U.S. Census Bureau.

A new report from Redfin says home buyer interest in vacation towns & suburbs has soared since the Coronavirus pandemic hit in early 2020.  They say remote workers seeking space for home offices and a simpler lifestyle are searching for homes in places like Lake Tahoe, Santa Cruz and Cape Cod. Meanwhile, a lot of big cities like New York City are cooling down.  Apparently buyers are taking advantage of remote-work policies to seek more affordable housing and amenities such as being close to nature and recreational opportunities.  Indeed… “El Dorado County, CA—an area that spans from the eastern outskirts…

The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) was 0.4% in February, 2021.  Over the last 12 months, the all items index increased 1.7% before seasonal adjustment. Click here to read the full release at the Bureau of Labor Statistics.

According to data from the NY Fed (illustrated for us by Statista), U.S. household debt climbed to a record high of $14.6 trillion at the end of 2020, with mortgage going above $10 trillion for the first time.  They say this was driven mainly by a a record volume of mortgage originations, with households taking advantage of historically low rates to refinance.  Either way, that’s a lot of debt.  As always, stay safe and have a Happy Friday! “…the high volume of refinances from super-prime borrowers has also contributed to historically low delinquency rates. With 96.8 percent of total household…

A former Congresswoman from NE Ohio, Marcia Fudge, was confirmed during the second week of March by the U.S. Senate to lead the U.S. Department of Housing and Urban Development.  According to The Hill, she will be the first woman to hold the position since 1979.  After her confirmation, she resigned from her seat in the U.S. House of Representatives where she had represented parts of Cleveland and Akron (Ohio) since 2008. “Fudge vowed during her confirmation process to turn HUD around at a critical moment for the U.S. with a special focus on narrowing the racial inequities in…

According to recent data from the Associated General Contractors of America, construction employment decreased by 61k jobs in February, with the sector’s unemployment rate soaring to 9.6% amid severe winter weather and continuing weakness in new nonresidential projects.  However, residential construction employment (comprising residential building and specialty trade contractors) dropped only by 200 jobs in February with the sector’s employment remaining slightly higher than a year ago.  Indeed… “The steep decline in construction employment in February continues a downward trend in nonresidential activity that began before the disruptions caused by last month’s freezes and power losses,” said Ken Simonson, the…

On a recent episode of Real Estate News for Investors, Kathy Fettke says selling a home is about to get cheaper thanks to the settlement of a recent antitrust lawsuit between the National Association of Realtors and the U.S. Department of Justice.  The agreement says that fees that sellers pay to buyers will now be publicly displayed on listing pages.  Katy says this kind of transparency may result in more competition in the marketplace and lower rates.  Indeed… Click here to listen at Real Estate News for Investors. Background: Justice Dept Charges Realtors with Alleged Antitrust Violations, 11-24-20 Real Estate…

The National Multifamily Housing Council (NMHC) says that 80.4% of apartment households made a full or partial rent payment by March 6th, 2021.  This figure is 4.1% lower than those who paid rent through March 6, 2020 and higher than the 79.2% that paid by February 6th, 2021.  The data comes from the NMHC’s Rent Payment Tracker which uses data from 11.4 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 the full report at the NMHC. Click…