After the volume of newly issued multifamily permits hit a 37-year high in 2022, multifamily completions surged another 22.3% last year. As the sector continues to gain strength, its growth has remained concentrated in the southern and western regions of the country, according to an analysis of new data from the U.S. Census Bureau’s Survey of Construction.
During the post-global financial crisis (GFC) cycle, a disproportionate share of new multifamily construction was of high-rise units in properties with amenities. However, the tides have turned. The rising cost of homeownership has brought the need for more affordable housing development in the U.S. to the top of many legislative agendas. In this deep dive, our research teams utilize data from the U.S. Census Bureau’s Annual Survey of Construction to show how and why the characteristics of new multifamily properties continue to evolve alongside shifting market needs.
On balance, the SFR sector continues to demonstrate strength amid economic turmoil, attracting increased attention from the broader multifamily investment community.
LGBTQIA+ Pride Month is recognized in June, but its lessons are timeless. During a recent conversation between Tres Seippel, Director, Construction Management at Arbor, and Dr. Sam Chandan, Founder of Chandan Economics, Founding Director, NYU Chen Institute for Global Real Estate Finance, and Co-Chair of the Real Estate Pride Council, Seippel shared why it is more important than ever for the industry to embrace visibility and show support for employees who identify as LGBTQIA+ or other diverse backgrounds.
In this exclusive, new video, Dr. Sam Chandan, Founding Director of the Chen Institute for Global Real Estate Finance at the NYU Stern School of Business and non-executive chairman of Chandan Economics, contextualizes the key takeaways from Arbor’s Affordable Housing Trends Report Spring 2024, developed in partnership with Chandan Economics.
In Washington, D.C., the Section 8 Housing Choice Voucher (HCV) program is championed by Republicans and Democrats alike, making it a rare meeting ground for consensus.
Although many anticipate more hawkish monetary policy in the months ahead, multifamily’s structural strength has historically helped it withstand heavy headwinds.
The ideal time to renovate is when the rental market is strong. With high occupancy rates, borrowers are more likely to quickly realize returns on their multifamily property renovations through higher rents. However, renovating during a market downturn, when rents are often cheaper, inventory is higher, and materials are more affordable, is also a sound strategy.
When people think of tech hubs, they often imagine a familiar mix of standards such as Silicon Valley, Boston, and New York, or recent-growth markets like Austin and Miami. However, Northern Virginia is quickly becoming a bona fide technology hub in its own right.
On the heels of a strong 2023, the single-family rental (SFR) sector is positioned to expand even more in 2024. Build-to-rent (BTR) starts ticked up in the third quarter to reach 7.8%, another record high. With occupancy rates stable and lease renewal rent growth above historical averages, SFR has healthy fundamentals that will continue to support growth amid headwinds, Arbor’s Single-Family Rental Investment Trends Report Q1 2024, developed in partnership with Chandan Economics, shows.
The U.S. multifamily market continued to show signs of slowing at the end of 2023, although demand remained robust, with high home prices leading younger generations of higher-income households to choose renting over homeownership.
Small multifamily starts the year from a position of strength with normalizing expense ratios and healthy occupancy rates. After demonstrating resiliency amid headwinds, this subsector is ready to capitalize on any positive momentum in the financial markets. Arbor’s Small Multifamily Investment Trends Report Q1 2024, developed in partnership with Chandan Economics, examines and explains the key developments every investor needs to know.
In the previous two years, Sun Belt markets dominated the top rent growth lists, as pandemic-related re-shuffling settled. In 2023, the list of top markets became much more diverse.
The most recent America’s Rental Housing 2024 report published by Harvard’s Joint Center for Housing Studies (JCHS) takes a detailed look at the state of the rental housing industry.
As borrowing costs rose and rent growth slowed, multifamily developers pulled back the reins in 2023. Nationally, the number of multifamily building permits sank 20.3% last year, according to the latest data from the U.S. Census Bureau. However, there are many metropolitan markets where activity has not slowed. In this deep dive, our research teams show which metros led the nation in multifamily permitting activity in 2023.
Now as old as 26, Generation Z is on the cusp of reshaping the rental market as they leave the nest in increasing numbers. In fact, it is the only generation adding rental households, while the amount of millennial renters has already peaked. Gen Z, the first digital natives, is poised to become the most influential demographic in the multifamily rental market.
The state of housing affordability in the U.S. has continued to erode as a growing wave of supply-driven policies offers hope of a solution on the horizon. A closer look at the nation’s overall housing needs underscores the increasing urgency of the situation.
Driven by investor confidence in multifamily housing’s long-term fundamentals, the volume of debt outstanding in the sector has grown by nearly 150% since the end of the Great Recession. As this piece will detail, where investment dollars have flowed, housing demand has followed. Through an analysis of newly released U.S. Census Bureau American Community Survey data, our research teams pinpoint the growing size and scope of the largest rental housing property type.