Author: Brad Beckett

The pest control & rodent removers over at Orkin recently released their annual Top 50 Bed Bug Cities list.  Topping the list this year was Chicago – for the 3rd year in a row!  Their list is based on treatment data (residential & commercial) from metro areas where Orkin has performed the most bed bug treatments from December 1, 2021 through November 30, 2022. The ranking includes both residential and commercial treatments. “The Windy City is settling in as the #1 city on Orkin’s Top 50 Bed Bug Cities List for the third year in a row. Chicago, New York…

ATTOM Data recently released their Q1 2023 Single-Family Rental Market report, which ranks the best U.S. markets for buying single-family rental properties in 2023.  Among the findings;  The report says the average annual gross rental yield on three-bedroom properties, (annualized gross rent income divided by purchase price) among the 212 counties analyzed is projected to be 7.5% in 2023. That is up from an average of 6.7% in 2022 in those same markets and marked the first time since at least 2019 that the figure rose nationwide.  To get their data, ATTOM analyzed single-family rental returns in 212 U.S. counties…

Recently, the Biden Administration released its Blueprint for a “Renters Bill of Rights.”  As part of a 5-part series on the Rent Perfect Podcast, David Pickron and his General Counsel Denny Dobbins discuss how this blueprint can and will affect landlords today and in the future. You can download a copy of the White House’s document by clicking here. Here are parts one and two: Click here to listen on Spotify. Click here for Parts 3 & 4. Click here for Part 5.

The U.S. Government is reporting that sales of new single-family houses in February, 2023 were at a seasonally adjusted annual rate of 640k, which is 1.1% higher than January’s revised rate but is 19% lower than one year ago.  The median sales price of new houses sold in February was $438,200 with an average sales price of $498,700.  There were an estimated 436k new houses for sale at the end of February representing a 8.2-month supply at the current sales rate. Click here to read the full report at the U.S. Census Bureau.

We love posting about short-term rentals – especially when there’s some good news for the segment.  Today’s infographic from Statista says Airbnb saw its bookings cut by more than 40% due to Covid 19.  However, as they illustrate, Airbnb bounced back remarkably well in 2021 and 2022 with the number of nights and experiences booked through the platform exceeding its pre-pandemic high.  Stay safe, happy travels and have a Happy Friday!! Hat tip to Statista.

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 March, 2023 The number of jobs in February was 2.9 percent higher than last year, normally an indicator of strong economic growth, but the increase was 3.3 percent in January, 3.5 percent in December. The rate of improvement is slowing down, which probably means that we’re still counting pandemic recovery jobs as new jobs, and we don’t really know how weak or strong the economy is.…

The National Association of Realtors is reporting that existing home sales were up 14.5% in February to a seasonally-adjusted annual rate of 4.58 million (down 22.6% year over year).  Total housing inventory at the end of February was 980k units, the same as January but up 15.3% from one year ago.  Unsold inventory sits at a 2.6-month supply at the current sales rate with properties remaining on the market for around 34 days.  The median existing-home price for all housing types in January was $363k, down 0.2% from one year ago.  The NAR said that February snapped a 12-month slide…

A recent report from the NAHB’s Eye on Housing says the market value of owner-occupied real estate decreased $0.07 trillion from $43.57 trillion in Q3 2022 to $43.50 trillion in Q4 2022.  The Eye on Housing says as home prices begin to decrease from pandemic highs, households’ real estate asset value fell for the first time since the first quarter of 2012.  In addition, Real estate secured liabilities of households’ balance sheets, i.e., mortgages, home equity loans, and HELOCs, increased over the fourth quarter from $12.36 trillion to $12.52 trillion, a 1.25% quarterly increase. Click here to read the full…

Bloomberg Law has reported that a federal judge in Texas has issued a preliminary injunction against the Biden administration’s waters of the US rule (aka WOTUS). However, the injunction only applies to the states of Texas and Idaho.  The injunction was issued on the day before the rule took effect for the rest of the country on Monday, March 20, 2023. The EPA and Army Corps’ interpretation of the Clean Water Act to include all interstate waters without “any limiting principle” raises “serious” federalism questions, [Judge] Brown wrote. “The rule is likely to irreparably harm Texas and Idaho for intruding…

According to the latest Yardi Matrix Multifamily Report, the average U.S. multifamily rents were $1,702 in February, the same as January’s figure.  Yardi says year-over-year growth continued its downward slide, and is now 4.8% nationally, down 70 basis points from the previous month and the lowest level in nearly two years. Click here to read the full report at Yardi.