Industry News
Senior associate director for housing and regulatory policy Meg Burns of the Federal Housing Finance Agency recently testified before lawmakers to clarify the purpose and intent of the REO-to-Rental Initiative. Currently in pilot stages, this program is intended to facilitate the bulk sale of properties held by Fannie Mae to private investors for conversion into… Read more >>
Southern California apartment markets including Los Angeles and Orange County have recently posted revenue growth, one firm reports, with first quarter data suggesting that few residents are moving from rentals to homeownership. The firm reported an almost $9 million increase in funds from operations year-over-year, while annual same-store revenues and net operating income grew 5.8… Read more >>
With the apartment vacancy rate down more than 2 percentage points from its 2009 peak to 8.8 percent in the first quarter, industry experts say the sector's momentum should carry it forward strongly for the immediate future. The number of occupied apartments surged 8 percent higher during the beginning of this year, according to Calvin… Read more >>
The multifamily sector in Louisville, Kentucky, is expected to reap the benefits of a hiring surge driven by major employers such as UPS, General Electric and Ford, according to analysts. Hiring by those and other companies is projected to lead to a 2.1 percent increase in employment as approximately 13,000 new positions are created during… Read more >>
The multifamily industry may see more competition from investors holding single-family rentals as more distressed properties are rehabilitated and prepared for tenants. About 16.1 percent of multiple listing service entries are rentals, according to Real Estate Economy Watch, more than twice the proportion in 2006. The single-family rental business is worth about $3 trillion and… Read more >>
Average monthly rents increased to $790 recently in Middle Tennessee, their highest first-quarter average since the economic downturn began. The Greater Nashville Apartment Association attributes this rise largely to an occupancy rate of nearly 95 percent. Local investors and industry stakeholders say this may continue, noting the region has seen little construction in recent years.… Read more >>
Landlords and rental property management firms should be raising rents now, some industry analysts and stakeholders say. High demand means that any renters who choose to depart their current housing accommodations are likely to be replaced quickly by those willing and able to afford higher monthly costs, real estate investment trust Equity Residential recently indicated… Read more >>
Vacancy rates in Portland are expected to drop sharply to new historic lows in the near future, in response to a combination of limited multifamily construction and job growth. Projections call for the metro area to add 31,000 jobs this year, up 3.1 percent from the 20,500 new positions created in 2011. In particular, real… Read more >>
Apartment sales rose during the beginning of this year, ending the first quarter 31 percent higher year-over-year. Garden property sales accounted for $7.1 billion while high rises rose $4.8 billion, according to commercial real estate research firm Real Capital Analytics. Each sector saw sales about 30 percent higher. About 13 percent of total sales involved… Read more >>
Some real estate analysts project the U.S. economic recovery will be volatile and uneven, in keeping with their earlier expectations. Data firm Marcus & Millichap sees the nation's economic future much as it did a year ago, although the multifamily sector's recovery has slowed somewhat, according to the company. Issues with the country's debt ceiling… Read more >>