In Case You Missed It: Week of Oct. 3
Apartment occupancy increases; millennials shun home buying in coastal markets; higher-incomes give Class-B apartment buildings a boost; 2016’s fastest growing cities; and more in this week’s roundup of multifamily news.
Apartment Occupancy Increases
Mortgage Bankers Association – October 6, 2016
“U.S. rental apartment occupancy reached 96.5 percent in the third quarter, just shy of the 96.8 percent peak set during the tech boom, reported MPF Research, Richardson, Texas.”
Millennials shun homebuying in coastal cities
HousingWire – October 5, 2016
“Millennials are now ages 18 to 36, and while they have pushed off entering the housing market longer than other generations, they are now moving towards settling down.”
Higher Incomes Should Help Renters and Landlords of Class-B and Class-C Buildings
National Real Estate Investor – October 4, 2016
“The median household income rose in 2015 for the first time since 2007. And the increase wasn’t the kind of barely there uptick that might disappear in a later revision to the numbers. Real median household income rose 5.2 percent to $56,516 from 2014 to 2015, according to data from the U.S. Census. That’s several times higher than the overall rate of inflation over the same period.”
Commercial Real Estate Financing & Investment Report 2016
National Real Estate Investor – October 3, 2016
“The commercial real estate market has enjoyed a prolonged period when debt capital has been both cheap and plentiful. Exclusive research from NREI’s latest finance survey shows that confidence remains high that those good times are likely to roll a bit longer.”
2016’s Fastest Growing Cities
Wallethub – October 3, 2016
“Experts might not agree on the “best” or the “right” recipe for rapid economic growth, but some cities have figured out the key ingredients and how to stir the pot just right to sustain long-term prosperity. Patterns emerge within those cities, allowing us to identify the contributing factors that perpetuate a lasting cycle of growth.”
America is running out of apartments
Business Insider – October 1, 2016
“Also, not enough people are moving out and buying their own places. A RealPage report published early in September showed that a record number of renters were opting to renew their leases because it was harder to find an affordable apartment to rent or buy.”