In this video, Dr. Sam Chandan, Founding Director of the C.H. Chen Institute for Global Real Estate Finance at the NYU Stern School of Business and non-executive chairman of Chandan Economics, details the key takeaways of Arbor’s Special Report Fall 2023, which he co-authored with Ivan Kaufman, Chairman and CEO of Arbor Realty Trust.
The Federal Housing Finance Agency (FHFA) announced a $10 billion rollback of Fannie Mae and Freddie Mac’s volume cap for loan purchases for 2023 to $140 billion ($70 billion for each agency). This move aligns with industry expectations, given the anticipation of continued headwinds for the multifamily in 2024. Next year’s cap for the Government-Sponsored Entities (GSEs) is a reduction of approximately 7% from the $150 billion limit set for 2023 and a return to the level it was in 2021.
With the cost of living climbing, the need for affordable housing has become more urgent. Although demand continues to outpace available supply, multifamily investment in affordable housing is fortified by Low-Income Housing Tax Credits (LIHTC), Project-Based Section 8, and the Housing Choice Voucher (HCV) programs. Arbor’s Affordable Housing Trends Report Fall 2023, developed in partnership with Chandan Economics, examines the supply-driven programs and policies designed to improve supply at a point in time when federal gridlock has stalled many funding increases.
Multifamily rent growth in the U.S. continued to be distributed throughout a variety of markets, which contrasted with the previous two years when Sun Belt markets dominated the list.
FANNIE MAE® Workforce Housing Social Impact Financing: Sponsor-Dedicated Workforce Housing (SDW) V103123
FANNIE MAE® Workforce Housing: Sponsor-Initiated Affordability (SIA) V103123
Arbor’s Small Multifamily Investment Trends Report Q4 2023, developed in partnership with Chandan Economics, is a snapshot of a strong and resilient subsector continuing to navigate ongoing market dislocation. The report shows that distress has remained limited, even with valuations and measures of risk pricing in flux. As conditions start to stabilize, there are signs that deal activity is picking up.
The U.S. multifamily market held steady during the third quarter of 2023, as high mortgage rates and a lack of inventory in the housing market continued to drive rental demand.
Arbor’s roots are in small multifamily, and Chatter is your source for small multifamily news, research and insight. With nearly a third of all renters calling a property with between 5 and 50 units home, we’re dedicated to keeping you informed on the best practices for investing, financing and running smaller apartment communities.
Small multifamily plays a critical role in offering more affordable rents in Greater Los Angeles, as housing affordability remains a concern in the region.
Annualized small multifamily lending volume reached $57.8 billion in Q3 2019. Here’s a quick look at the quarter’s small multifamily investment and finance benchmarks.
Annualized small multifamily lending volume jumped to $57.8 billion in Q3 2019. Read our Q3 2019 Small Multifamily Investment Trends Report for more insights on the multifamily sector.
New York City’s small multifamily inventory mostly consists of older, pre-war buildings, while large apartment buildings tend to be newer.
The small multifamily market has experienced rapid change over the course of this cycle due to improved access to capital, favorable demand and a dramatic step-up in operating efficiency. This new annual report takes a closer look at the sector’s performance by breaking out the top-50 U.S. metros into three tiers and analyzing the markets in terms of origination volume, cap rates, debt yields and more.
Multifamily properties made up 75% of New York City’s rental market. Large multifamily was concentrated in Manhattan, while small multifamily was more evenly distributed among the five boroughs.
Arbor Realty Trust has created the Arbor Small Multifamily Price Index (ASMPI), in partnership with Chandan Economics, to provide new and important data on the small multifamily market that can help shed light on potential investment opportunities in the sector.
Millennial STEAM workers’ preference for small and large multifamily appears to be explained less by absolute income level differences, and more by a variety of personal preferences.
Amenity-rich large multifamily is increasingly geared toward high-skill jobs within the urban core, while the more dispersed and affordable small multifamily cater to a wider mix of workers.
Annualized figures through Q2 2019 totaled $58.5 billion in lending volume, representing a 7.9% gain from 2018. Here’s a quick look at the finance and investment benchmarks for Q2 2019.