Single-family rentals (SFR) are fueling rent growth across the country as homeownership remains challenging due to significant upfront costs and unpredictable mortgage rates.The asking rent for a typical single-family home was $2,174 in December, according to Zillow data. That’s up 4.4% from last year and 40.6% over the past five years. By comparison, multifamily rents grew just 2.4% from last year and 26.2% over the past five years, according
Every major capital source for commercial mortgage debt increased its holdings of mortgages during the third quarter of 2024.The level of commercial/multifamily mortgage debt outstanding increased by $47.7 billion (1.0 percent) in the third quarter of 2024, according to the Mortgage Bankers Association’s latest Commercial/Multifamily Mortgage Debt Outstanding quarterly report, released recently.Total commercial/multifamily mortgage debt outstan
Apartment market conditions declined in the National Multifamily Housing Council’s (NMHC’s) most recent Quarterly Survey of Apartment Market Conditions, released Tuesday. All four indices – Market Tightness (40), Sales Volume (41), Equity Financing (48) and Debt Financing (32) – came in below the breakeven level of 50, signaling less favorable conditions this quarter. “Census data show that more apartments were delivere
If you are financing your home purchase, you will likely be required to get a home appraisal as one of the steps between signing and close. Here’s what you should know:What is an appraisal? An appraisal is an opinion on a home’s market value that helps a lender ensure the purchase price is in line with the property value. The process is led by a licensed or certified residential appraiser—an independent third party engaged by the lende
Between signing and close, a homebuyer may choose to have a new home inspected to make sure it is in good condition and safe for a new owner. Here’s what buyers and sellers should know:What is a home inspection? A home inspection is an assessment of a home’s condition in which an inspector identifies potential problems in a home’s structure, exterior, roof, plumbing, electrical systems, heating and air conditioning, interiors, ventila
Greystar is set to face a federal lawsuit as soon as this week over allegations the nationwide developer and manager of apartment buildings stuck renters with millions of dollars in hidden fees, according to people familiar with the probe.The US Federal Trade Commission has prepared a suit accusing the company — the largest third-party apartment manager in the US — of falsely advertising rental prices by failing to inform potential rente
Another weekly jump in borrowing costs appears to be making prospective home buyers jittery.Home sales have been on the rise, but the recent uptick in mortgage rates could threaten that trend. The 30-year fixed-rate mortgage rose to a 6.93% average this week as mortgage applications—a gauge of future home buying—dropped to their slowest weekly pace in nearly a year.“In the first full week of the new year, the 30-year fixed-rate mortgag
Federal Reserve Bank of Kansas City President Jeff Schmid said he favors slowing the pace of interest-rate cuts, though only after a persistent change in incoming economic data.“I am in favor of adjusting policy gradually going forward and only in response to a sustained change in the tone of the data,” Schmid said Thursday in prepared remarks for an event in Kansas City. “The strength of the economy allows us to be patient.”Schmid also e
Ken Jenkins, who on Jan. 6 took over as Westchester County Executive pending a special election Feb. 11 to fill the unexpired term of George Latimer, on Jan. 7 signed into law the first piece of legislation during his tenure. The Land Acquisition Act had been passed by the Board of Legislators and authorizes $10 million in county funding to fund the purchase of property in downtown White Plains that will be used by WBP Development LLC to create 1
National year-over-year asking rent growth eased to 1.0% in December 2024 compared to 1.1% at the end of September 2024, Apartments.com said Monday. Since mid-2023, Y-O-Y apartment rent growth has hovered around 1% after its rapid deceleration in 2021 and 2022.The national rent per unit closed the year at $1,729, compared to $1,712 recorded at the end of 2023. Quarter-over-quarter rents fell by 0.4%, the second consecutive quarter of falling rent
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