Author: Brad Beckett

The NAHB’s Eye on Housing says housing’s share of the economy rose to 16.1% in the first quarter of 2024, after remaining below 16% for all of 2023.  They say this increase to above 16% marks the first-time housing’s share of GDP is above 16% since 2022.  Housing-related activities contribute to GDP in two basic ways: Through residential fixed investment (RFI) – effectively the measure of home building, multifamily development, and remodeling contributions to GDP. The measure of housing services, which includes gross rents (including utilities) paid by renters, and owners’ imputed rent (an estimate of how much it would…

Zumper asks;  Which cities afford singles the best lifestyle and opportunities to meet a better half? To that end, they analyzed around 100 of the top cities by looking at median rent, percentage of single population, cost of living, median income, unemployment rate, and access to dining and entertainment.  Be sure to look at their entire list. “From the bustling streets of Atlanta, Georgia, to the charming neighborhoods of Pittsburgh, Pennsylvania, these cities offer many opportunities for singles to connect and thrive. With affordable living options, vibrant entertainment scenes, and bustling dating environments, these cities are the perfect places to…

According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rent was $1,725 in April, 2024.  Yardi says multifamily rents increased for the second straight month, as the market benefits from robust demand.  Indeed… “Although rent growth remains moderate, there are plenty of encouraging signs in the data.  Most importantly, demand for apartments continues unabated due to high levels of household formation stemming from the strong job market, large numbers of immigrants and ongoing migration to the South and West.” Click here to read the full report at Yardi.

This Sunday, May 12 is Mother’s Day (your final reminder, btw).  The History Channel says Mother’s Day became an official U.S. holiday in 1914 and traditionally involves presenting moms with flowers, cards and other gifts.  Today’s infographic from Groupon shares with us the best ideas for what Mom really wants (and doesn’t) on this special day…and yes, a card is necessary.  As always, stay safe and have a Happy Friday!!! Hat tip to Groupon.

On a recent episode of the Rent Perfect podcast David Pickron talks with Gary Mazzarella (and investor and landlord) about some of the people strategies they use to find success in the marketplace. “Landlords often fall into the trap of thinking that their business is all about the property… they couldn’t be more wrong.”  David Pickron Click here to listen on Spotify.

The U.S. government is reporting that total construction spending in March, 2024 was at a seasonally adjusted annual rate of $2,083.9 billion, which is 0.2% lower than February’s number.  However, March’s revised estimate is 9.6% higher than one year ago.  Residential construction came in at a seasonally adjusted annual rate of $884.3 billion in March, which is 0.7% lower than February’s revised estimate. Click here to read the full report at the U.S. Census Bureau.

Rental information site Zumper recently released their latest monthly National Rent Report for April, 2024.  According to their data, median rent for 1-bedroom apartments was $1,486 (down 0.6%) and $1,843 (up 0.1%) for two-bedrooms. Be sure to check out their list of the top 100 metro areas. “It seems we are firmly settled into the year of the renter as people have more options now than in recent memory…With Class A buildings marketing concessions that include up to three months of free rent, free parking, and waived deposits and application fees, this, in turn, puts pressure on Class B and…

According to the latest Federal Housing Finance Agency’s (FHFA) House Price Index (HPI), home prices home prices rose 7%  between February 2023 and February 2024.  In addition, FHFA’s seasonally adjusted monthly index for January was up 1.2% from February.  The FHFA HPI is the nation’s only collection of public, freely available house price indexes that measure changes in single-family home values based on data from all 50 states and over 400 American cities that extend back to the mid-1970s. “U.S. house prices rebounded with an increase in February, after declining slightly in January…All nine census divisions experienced price appreciation over…

The latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index reported a 6.4% annual increase for February, 2024.  Their 10-City Composite increased 8% and their 20-City Composite increased 7.3%, year-over-year. “U.S. home prices continued their drive higher.”  Said Brian D. Luke, Head of Commodities, Real & Digital assets at S&P DJI. Click here to read the full report at S&P Dow Jones Indices.

According to data from the 2024 National Association of Realtors’ Home Buyers and Sellers Generational Trends Report, millennials are now the largest group of home buyers, marking a significant shift in the housing market’s demographic landscape.  The annual report examines the similarities and differences among recent home buyers & sellers across generations.  “Leading the charge” were younger millennials, whose proportion of first-time buyers increased from 70% to 75% over the past year. “The generational tug-of-war between millennials and baby boomers continued this year, with millennials rebounding to capture the largest share of home buyers…This notable rise is attributed to both…