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Tag Archives: Multifamily

Beige Book Again Sees Modest-to-Moderate Growth

Continuing to shrug off sequester cutbacks, but feeling the effects of adverse weather, the nation's economy ""continued to expand at a modest to moderate pace"" from early July through late August, the Federal Reserve reported Wednesday in its Beige Book assessment. Echoing--or perhaps anticipating--governors' concerns at the upcoming policy meeting, the Beige Book said ""hiring held steady or increased modestly"" while ""upward price pressures remained subdued, and prices increased slightly.""

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NAHB: Confidence in Multifamily Housing Reaches New High

Confidence among developers of multifamily housing units is soaring, according to survey results released Thursday by the National Association of Home Builders (NAHB). ""Multifamily developer confidence is currently at an all-time high according to our survey results, and we expect to see that continue for the foreseeable future,"" said W. Dean Henry, chairman of NAHB's Multifamily Leadership Board. NAHB's Multifamily Production Index rose nine points over the second quarter of this year, reaching its highest rating on record--61.

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NAR Projects Slight Increase for Apartment Vacancies; Rents to Rise

Nationally, NAR forecasts slight drops in vacancy rates across the office, retail, and industrial markets over the next year. Multifamily vacancies are expected to edge up very slightly, on the other hand. The apartment rental market is expected to see vacancy rates climb to 4.0 percent in Q3 2014 from 3.9 percent in the third quarter of this year, ""with construction rising to meet increased demand."" On that token, NAR expects average apartment rents to rise 4.0 percent both this year and the next.

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Single-Family Starts, Permits Drop In July

Led by multifamily activity, new housing permits and starts rose in July with new construction, continuing a shift from single-family homes. The Census Bureau and HUD reported Friday builders broke ground on new homes at a seasonally adjusted annual rate of 896,000 units, up 5.9 percent from June, and filed permits for construction of 943,000 new units, up 2.7 percent from June. Economists surveyed by Bloomberg had expected the pace of total starts to increase to 900,000 and total permits to increase to 918,000.

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Freddie Mac: Multifamily Market Still a Good Investment

Even as the single-family housing market recovers, apartment properties should still be a solid investment in most markets going forward, according to Freddie Mac's analysts. In its mid-year multifamily outlook for 2013, the mortgage giant notes that multifamily market fundamentals such as rents and vacancies continue to improve, with New York, San Francisco, Denver, Seattle, and Los Angeles all seeing marked growth.

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MBA Ranking Reveals Largest Commercial/Multifamily Servicers

Wells Fargo is the largest servicer of commercial and multifamily mortgages by dollar volume as of the end of June, according to the Mortgage Bankers Association (MBA). The institution is responsible for primary and master servicing duties for $431 billion in commercial and multifamily loans, according to data released Thursday by MBA. PNC Real Estate/Midland Loan Services is the second-largest commercial/multifamily servicer, working with $352.8 billion in loans.

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Beige Book Again Sees Modest to Moderate Growth

Citing improvements in manufacturing, tourism, commercial and residential real estate and in the financial sector, the Federal Reserve Wednesday said the nation's economy ""continued to increase at a modest to moderate pace"" from late May through early July. The assessment in the periodic Beige Book was tempered by ""mixed"" conditions in the agricultural sector and the absence of improvement in labor markets. ""Hiring,"" the Beige Book said, ""held steady or increased at a measured pace.""

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What Soaring Confidence? Builders Cut Back in June

Despite soaring builder confidence, new housing permits and starts fell in June, with new construction falling to the lowest level in 10 months, the Census Bureau and HUD reported Wednesday. The seasonally adjusted annual rate of new housing permits tumbled 7.5 percent--the largest month-over-month decline since January 2011--while starts fell 9.9 percent, the second-largest drop since February 2011. Builders completed homes at an annual adjusted pace of 755,000 in June, 6.3 percent more than May's 710,000.

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Report: Rent Growth Picks Up in Q2

Over the last year, rents for new leases grew at an annual pace of 3.1 percent following a slowdown in the previous quarter. In the first quarter of this year, annual rents were up by just 2.6 percent, marking the weakest growth since late 2010, according to MPF Research. At the same time, the national apartment occupancy rate also moved higher, increasing to 95.3 percent from 94.9 percent in previous quarter.

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