Author: Brad Beckett

According to the latest Yardi Matrix, the average U.S. rent in April was $1,465 (down $8).  That being said, Yardi says rents increased 1.6% on a year-over-year basis, however they point out that it marks the biggest one-month decline in their dataset, including during the Great Recession, and it puts rents back to where they were in August, 2019.  Yardi also believes that April’s rent collections surprised many to the upside. Indeed… “Even though the COVID-19 pandemic has deeply disrupted the apartment rental process, the industry has responded quickly with virtual or self-guided tours and online leasing, which has enabled…

Former Vice President Joe Biden, says rent and mortgage payments should be forgiven for those struggling financially during the current economic crisis precipitated by the Coronavirus pandemic.  According to Realtor.com, the Democratic presidential candidate said those who lost jobs during the pandemic should not have to repay their missed housing payments, emphasizing that it was “forgiveness…[and]  not paid later.”  Biden joins others in the Democrat Party including U.S. Rep. Ilhan Omar (D-Minn) who recently introduced legislation that would would cancel rent & mortgage payments for the duration of the public health crisis.  Indeed… “There should be rent forgiveness and there…

In today’s business environment the mobile phone has not only become an essential tool, but is nearly ubiquitous among our society.  Throw in the current Coronavirus pandemic that the world is experiencing and you realize that you’re potentially carrying around a little germ-trap.  A while back we posted about the importance of washing your hands and today’s infographic from Shamo’s reminds us to keep our phones clean too!  Stay safe and have a Happy Friday!!! Hat tip to Shamo’s.

The Federal Housing Finance Agency (FHFA) announced in mid-May that they are extending their moratorium on foreclosures and evictions until at least June 30, 2020.  The foreclosure moratorium applies to Enterprise-backed (Fannie Mae & Freddie mac), single-family mortgages only. The current moratorium was set to expire on May 17th.  The full text of the release is listed below: FHFA Extends Foreclosure and Eviction Moratorium Moratorium applies to Enterprise-backed mortgages 5/14/2020 Washington, D.C. – Today, to help borrowers and renters who are at risk of losing their home due to the coronavirus national emergency, the Federal Housing Finance Agency (FHFA) announced…

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 May 11, 2020 – We can now see the depth of the current recession. In April, the total number of jobs in the economy was down 13 percent. And because that estimate is based on mid-month data, we can be pretty sure that the current situation is already worse. Meanwhile, retail sales were down 8 percent way back in March, just the first indication of a…

Redfin CEO Glenn Kelman says to expect something close to an exodus from expensive, large cities as the pre-pandemic trend has greatly accelerated. He said searches and the long-term trends are both pointing to areas outside of big cities.  Kelman was a guest on CNBC’s Power Lunch to discuss the state of the housing market and where he sees it heading as the coronavirus pandemic continues.  He also talked about the vacation home market, in which he says investors selling their properties in great numbers. Click here to watch the interview on CNBC.com.

The Mortgage Bankers Association is reporting that their Mortgage Credit Availability Index (MCAI) decreased 12.2% in April, which they say is an indicator that lending standards are tightening.  The MCAI  report analyzes data from Ellie Mae’s AllRegs Market Clarity business information tool.  Indeed… “The abrupt weakening of the economy and job market – and the uncertainty in the outlook – drove credit availability down in April for the second consecutive month,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. Click here to read the full report at the Mortgage Bankers Association.

In a recent episode of the Rent Perfect podcast, David Pickron talks about the importance of requiring renters insurance in rental leases.  He says many landlords miss the mark by not requiring their tenants to have a Renters Insurance policy.  David is joined by insurance veteran Scott Urry to discuss the ins-and-outs of renters insurance and why it is a must have in today’s market. Click here to listen at Buzzsprout.com. Rent Perfect is the solution rental property owners & managers have been crying out for!  Their Online Lease Agreement allows you to send your tenant(s) a customized lease agreement,…

According Black Knight’s latest Mortgage Monitor, 7.3% of all mortgages in America were in forbearance, representing 3.8 million homeowners.  However they do report that as of April 15 the daily number of new forbearance requests began to taper off.  Black Knight says the slowdown in new forbearance requests has the mortgage market proceeding on pace with their most optimistic scenario forecast.  Indeed… “…What remains an open question at this point is to what degree forbearance requests will look like at the beginning of May – when the next round of mortgage payments become due, and with nearly 30 million Americans…

We often post about where people are moving around the country – it’s good data.  The folks over at Apartment List recently released their Renter Migration Report for the 2nd quarter.  To come up with their numbers, they analyzed searches form their website to see where users were preparing to move.  Interestingly, they point out that this particular report takes on added significance as it provides an early glimpse into how  trends might be affected by the COVID-19 pandemic.  Indeed… “This mix of urgency and uncertainty reflects the unprecedented nature of the current situation. On one hand, it seems that…