Costar: Sun Belt No Longer the Nation’s Multifamily Rent Growth Leader: Reduced Demand, Near-Record Deliveries Has Sun Belt Rents Retreating Quickly. In 2021, Sun Belt rent growth in multifamily properties peaked at an annual average of 16.6%, or 550 basis points above the national mark of 11.1%, with some markets such as Tampa, Florida, and Las Vegas, Nevada, seeing apartment rent growth double the national average. Since the end of 2021 however, multifamily rent growth in Sun Belt markets has decelerated at a much faster pace than the national average. (Click here to access the full report)
Globe Street: Yardi Revises Year-End Multifamily Outlook as Midsize Markets Thrive: Yardi has revised its 2022 year-end outlook for multifamily rent and occupancy upward from 6.9% to 7.6%, as many midsize markets in the Southeast and Midwest continue to overperform. At the same time, Yardi has lowered its 2023 expectations from 3.7% to 3.5%. (Click here to read the full article)
WSJ: Investors Yank Money from Commercial-Property Funds, Pressuring Real-Estate Values: Blackstone Inc. last week said it would limit the amount of money investors could withdraw from its $69 billion flagship real-estate fund following a surge in redemption requests. Starwood Capital Group shortly after notified investors that it was also restricting withdrawals in a $14.6 billion fund, according to a person familiar with the matter. (Click here to read the full article)
Rent.com: Migration Nation Third Quarter Report: Renters in the U.S. are ready to move. And many are willing to leave their city, state and even their geographic region. The South emerged as the most desired region for renters during this survey period with a positive 3.7 percent lead delta. Both the South and the Midwest showed positive growth over their Q2 numbers. Although some Southern and Midwestern metros and states saw outbound migration spikes this quarter, these two regions remained popular with renters. (Click here to access the full report)
RealPage: St. Louis Holds on to Apartment Demand and Rent Growth: The St. Louis apartment market continued at its typically stable pace in 3rd quarter, holding onto demand and logging historic rent growth while fundamentals softened in many markets in the U.S. (Click here to read the full blog)
RealPage: Apartment Rents Fall Again in November as Leasing Traffic Remains Soft: Same-store effective asking rents for new leases nationally fell 0.59% in November. That marked the third-largest month-over-month cut since 2010, topped only by April and May 2020 at the height of pandemic lockdowns, and a hair deeper than October 2022’s reduction. (Click here to read the full blog)
Rent.com: Migration Nation Third Quarter Report: Renters in the U.S. are ready to move. And many are willing to leave their city, state and even their geographic region. The South emerged as the most desired region for renters during this survey period with a positive 3.7 percent lead delta. Both the South and the Midwest showed positive growth over their Q2 numbers. Although some Southern and Midwestern metros and states saw outbound migration spikes this quarter, these two regions remained popular with renters. (Click here to access the full report)
RealPage: St. Louis Holds on to Apartment Demand and Rent Growth: The St. Louis apartment market continued at its typically stable pace in 3rd quarter, holding onto demand and logging historic rent growth while fundamentals softened in many markets in the U.S. (Click here to read the full blog)
RealPage: Apartment Rents Fall Again in November as Leasing Traffic Remains Soft: Same-store effective asking rents for new leases nationally fell 0.59% in November. That marked the third-largest month-over-month cut since 2010, topped only by April and May 2020 at the height of pandemic lockdowns, and a hair deeper than October 2022’s reduction. (Click here to read the full blog)
