Author: Brad Beckett

Rental information site Zumper recently released their National Rent Report for May showing that the median national rent for 1-bedroom apartment rise ever so slightly to $1,185 (up 0.1%) while the two-bedroom average grew 0.6% to $1,422.  Zumper says this fairly stagnant trend was true to the year over year growth rates as well, with one and two bedroom prices up 1.4% and 2.1%, respectively.  Zumper analyzes rental data from over 1 million active listings across the United States. Data is aggregated on a monthly basis to calculate median asking rents for the top 100 metro areas by population, providing…

On a recent episode of the 7 Rules For Real Estate Investing with Nick Raithel podcast, Nick talks with National REIA’s COO Charles Tassell about Terrorism, Fake REI Clubs, and How Politics Impact Real Estate.  Tassell has worked on public policy over the past 20 years and has advised policy development for dozens of states, counties, and municipalities.  Along the way, he’s authored legislation and served on several state, regional and national boards. Click here to listen on 7 Rules.com

We have had some strange and bizarre posts over the last few years and while this isn’t the weirdest, it certainly ranks up there.  A recent story in the NY Post chronicled a twice-married woman in New York City who was “adopted” at age 58 by an elderly man she befriended who had lived in the flat for at least 85 years.  When he passed away in 2009 the building’s owners had planned to move the rent-controlled 2-bedroom, first-floor apartment to a market-rate rent of around $1,500 (up from $100), however a protracted legal battle ensued in which Maria DeTommaso…

According to their latest U.S. Home Equity & Underwater Report, ATTOM Data Solutions is reporting that as of the end of Q1 2018, over 5.2 million U.S. properties were seriously underwater.  This figure is down 291k properties from just one year ago which ATTOM says is the smallest year-over-year drop since they began tracking them in 2013.  ATTOM defines “seriously underwater” as properties where the combined balance of loans secured was at least 25% higher than the property’s estimated market value. “We’ve reached a tipping point in this housing boom where enough homeowners have regained both sufficient equity and sufficient…

The U.S. Census Bureau is reporting that total construction spending in March was estimated at a seasonally adjusted annual rate of $1,284.7 billion, which is 1.7% lower than February’s revised number.  However, March’s figure is 3.6% higher than March 2017.  During the first three months of this year, construction spending amounted to $279.0 billion, 5.5% higher than the same period in 2017.  In addition, private residential construction was at a seasonally adjusted annual rate of $536.8 billion and Nonresidential construction was at a seasonally adjusted annual rate of $450.7 billion, in March.  Total public construction’s seasonally adjusted annual rate was $297.2…

National apartment listing site ABODO recently reported that the median nationwide rent price for one-bedrooms dropped a little over one percentage point to $1,015.  This figure also represents the fourth straight month of declining prices.  ABODO uses over 1 million listings across the United States to calculate the median 1-bedroom rent price by city, state, and nation and then track the month-over-month percentage change. To avoid small sample sizes, they restrict their analysis to cities meeting minimum population and property count thresholds. Click here to read the full report on ABODO.com.

It seems like each year we hear more and more about America’s Cinco de Mayo celebrations – especially with the increased commercialization of Mexican food, beer, culture, etc.  But what is Cinco de Mayo exactly?  Well, for starters, it is not Mexican Independence Day (that’s 9/16), but rather a celebration of Mexico’s underdog victory over the French outside of Mexico City on May 5, 1862.  And, it’s not really celebrated in Mexico.  However, the holiday has been “Americanized” to celebrate Mexican-American heritage and culture….which is part of the unique & rich cultural fabric of America that truly makes “e pluribus…

When you think of Marriott you generally think of the large hotel chain known for their hospitality….but a competitor to Airbnb doesn’t come to mind.  Conde Naste Traveler recently reported that Marriott, in recent announcement, said they have begun a trial program in the U.K. where they will list 200 homes through their partner Hostmaker.  The report also pointed out that in 2017 Hyatt invested in vacation rental company Oasis, adding 2k homes to its portfolio as part of their “Unbound Collection.  Interestingly, Airbnb recently crossed the 4 million listing threshold, which is significantly more than the inventory of the…

The National Association of Realtors recently reported that pending home sales were down 3%, year-over-year, according to their latest Pending Home Sales Index.  They cite “unrelenting inventory constraints” that are keeping overall activity below year ago levels.  A sale is listed as pending when the contract has been signed but the transaction hasn’t closed, though the sale usually is finalized within one or two months of signing. “What continues to hold back sales is the fact that prospective buyers are increasingly having difficulty finding an affordable home to buy.”  Said Lawrence Yun, Chief Econmist for the NAR. Click here to…

Citing recent data from the Bureau of Labor Statistics, the NAHB’s Eye on Housing reports that, year-over-year, 17 states recorded annualized job growth above 1.5% while 31 states (+DC) had job growth between 1.4% and -0.2%.  In addition, non-farm payroll employment increased in 40 states (plus the District of Columbia) and decreased in 10 states.  This data points to strong job grown in the South and Western U.S. with only 2 states actually losing employment, North Dakota and Alaska.  Interestingly, employment gains across these areas track with regional population growth rates. Click here to read the full story on the…