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Tag Archives: Rent prices

Rental Income Rises 12% Over the Year in September

Rental income of residential properties, which CoreLogic defines as ""gross rents for homeowners and renters minus the associated cost of financing and other expenses,"" rose 12 percent from September last year. Furthermore, ""[t]his growth shows no signs of slowing down,"" according to CoreLogic. The data provider attributes the 12 percent growth to ""fundamental shifts in the housing market, driven by a large increase in affordability and rising rents.""

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Group Argues for Federal Guarantee in Multifamily Market

With about one-third of the American population residing in rental housing with climbing rents even despite largely stagnant incomes, the Center for American Progress argues for continued participation of the federal government in the multifamily housing market. Specifically, the organization supports a federal guarantee on multifamily mortgages. CAP says the Federal Housing Finance Agency ""appears poised to pursue plans to privatize the multifamily mortgage market."" However, CAP says doing so would ""be a big mistake.""

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MBA Makes Recommendations of GSEs’ Future in Multifamily Market

With much focus in the industry on the single-family mortgage market and the challenges it currently faces, the Mortgage Bankers Association created a task force to address policy concerns in the multifamily market. With more than one in seven households residing in multifamily rental housing, the MBA task force says ""ensuring a vibrant and stable multifamily finance system is equally important to the public dialogue."" The MBA task force outlined a five-point plan for the GSEs.

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Increase in Asking Prices Exceeds Rent in Certain Markets

National gains for rentals still grew faster than asking prices for homes in November, but in certain metros, the trend was reversed, Trulia reported Tuesday. According to data from Trulia, rent prices in November increased by 5.6 percent year-over-year, while asking prices for homes were up 3.8 percent, representing the biggest increase so far this year. Even though rents stayed ahead with bigger improvements, asking prices in 14 of the 25 largest rental markets managed to post greater increases compared to rents, the data provider revealed.

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Multifamily Sector Will Remain Tight Despite Slow Decline in Vacancies

The multifamily sector may not see much of a decrease in its vacancy rate over the next year, but the market is still considered to be tight and there's still room for growth, according to a report from National Association of Realtors (NAR). The NAR offered projections into four areas of commercial real estate: office, industrial, retail and multifamily markets. Out of all four sectors, the vacancy rate for the multifamily sector is expected to decline the least and fall by just 0.1 point. Despite the small decrease, NAR said the multifamily sector still has the ""tightest availability"" and the ""strongest rent increases.""

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Credit Risk of Multifamily Renters Decreases Yearly in Q3

As the rental market continues to grow stronger, the quality of rental applicants also showed improvement from last year, according to report from CoreLogic. The data provider's multifamily applicant risk (MAR) index report stood at 106 in Q3 2012, an improvement of two points from last year, but a decrease of 3 points from Q2 2012. A score above 100 indicates an applicant pool with reduced average risk of default.

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Homeownership Remains Low Despite Decreasing Burden of Owning

Despite the recent declines in homeownership, the cost burden of owning a home decreased in 2011 and has ""fallen substantially for young owners during the last four years,"" Fannie Mae stated in a recent report. When measuring housing cost burden, analysts often look for households paying more than 30 percent of their gross income in housing costs, which analysts define as rental or mortgage payments combined with utility spending. In 2011, the percentage of homeowners who fell into this category decreased by about one percentage point. In contrast, the number of renters in this category grew.

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Demand Rises, Inventory Falls in Single-Family Rental Market

Demand in the single-family rental market continues to expand even as inventory tightens, according to the latest MarketPulse report from CoreLogic. Comparing lease rates, supply, pricing, and the ratio between bid prices and asking prices clearly demonstrates an increasingly tightening market. Currently, the greatest amount of growth is occurring in North Port, Florida; Cape Coral, Florida; and Honolulu.

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Consumers Expect Higher Home and Rent Prices in Fannie Mae Survey

The positive outlook on home prices was further strengthened in Fannie Mae's most recent housing survey. In the October survey, respondents raised their expectation for home price growth in the next 12 months to 1.7 percent, up from 1.5 percent in September. In October 2011, consumers expected prices to fall by 0.3 percent. In addition, only 10 percent of respondents expect home prices to drop during the same one-year period.

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Report: Population of Multifamily Renters Expected to Grow

In a slow recovery, Freddie Mac expects to see further growth in the multifamily sector, while the homeownership rate is projected to tick down from its already historically low rate. According to the GSE's multifamily demand forecast, the homeownership rate will descend by one or two percentage points to around the 65 percent level, which implies more than half of total new households will transition into rental units. On the other hand, the multifamily market is expected to reap somewhere around 1.7 million new renter households from 2011 to 2015. The projection is based on the assumption that the recovery is continuing at a slow pace.

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