News & Trends

Multifamily properties led as commercial and multifamily mortgage bankers closed a record $530.1 billion of loans in 2017, according to the Mortgage Bankers Association's (MBA) 2017 Commercial Real Estate/Multifamily Finance Annual Origination Volume Summation, according to a release.

"2017 was a very strong year, driven by solid property fundamentals, rising property values, low interest rates, and a ready supply of mortgage capital all contributing to extraordinarily attractive finance markets," Jamie Woodwell, MBA's Vice President of Commercial Real Estate Research, said in the release.

 "We expect another robust year in 2018, even with the slight increase in interest rates, although perhaps not quite as robust as 2017."

The apartment sector continued its strong economic run last year for apartment owners with more than two million units being owned by firms on the National Multifamily Housing Council’s (NMHC) top 50 owners list, representing about 10 percent of all apartments in the U.S., according to a release.

“Strong underlying demand and investment performance metrics continue to buoy the market,” Mark Obrinsky, NMHC’s Senior Vice President of Research and Chief Economist, said in the release.

New research shows that more tenants are renters for financial reasons and that a growing number are satisfied with the rental experience, according to Freddie Mac.

However, renters in the West say they are feeling impact of rent increases more than other areas.

Among millennials 71 percent say renting is a good choice for them.

The spring "Profile of Today's Renter" by Freddie Mac finds a total of 67 percent of renters view renting as more affordable than owning a home, including 73 percent of Baby Boomers (aged 53-71).

Similarly, 67 percent of renters who will continue renting say they will do so for financial reasons—up from 59 percent just two years ago.

The Seattle City Council has passed 7-1 an ordinance banning Seattle landlords and property managers from bundling the cost of parking with rental payments.

Landlords of buildings with more than 10 apartments will no longer be able to include the cost of parking in rent, and must bill tenants separately for parking. Tenants, especially those who do not own a car, will have the option then of not paying the landlord for parking if they choose.

“We know that an oversupply of cheap parking has a negative impact on Seattle – it increases driving and traffic congestion, increases our carbon footprint, and makes housing more expensive,” City Councilman Rob Johnson said in a statement.  

A Salt Lake City apartment complex has won the development of the year award from the Utah Apartment Association, according to a release.

Alta Gateway Station, a project of Wood Partners, a leader in real estate development and construction, won the award.

“I am ecstatic that our first project in Utah is being recognized for our thoughtful design and best-in-class service that Wood Partners is known for,” Director for Wood Partners Tim McEntee said in the release.

“I grew up in Utah and am a graduate of the University of Utah. I have pursued development opportunities in the Salt Lake City market for almost 25 years and seen the tremendous growth and change,” McEntee said.

Rising rents are showing up in the national average as rent hit $1,371 in March 2018, up 2.5% year-over-year, following a 14-month growth plateau, according to RentCafe.

No sign of spring yet in the apartment market, as the national average rent continues its sluggish under 3% growth year-over-year for the 14th month straight, according to the release.

 The national average rent increased by 2.5% in March compared to the same time last year, reaching $1,371/month. Month-over-month, national rents showed a more visible 0.3% increase, or $4, compared to the previous month.

The Seattle City Council in an 8-0 vote has put a moratorium on the use of rent bidding apps for rental housing in Seattle until the council can study the impact of the technology, according to a release.

Startups like Rentberry allow landlords to list rental units so that would-be tenants can offer higher or lower prices, based on what they would be willing to pay. The sites take a percentage of the difference. Operators of these rental auction sites claim supply and demand already affect rent prices and that their services just make the process more transparent, according to reports.

There should be a continued good pool of renters for landlords as new research shows many renters feel now is not a good time to buy a home, as interest rates climb and the tight supply of homes for sale continues.

Renters and rent payments are going to continue to grow as renters spent a record $485.6 billion in 2017, an increase of $4.9 billion from 2016, according to Zillow research.

New consumer findings from the National Association of Realtors (NAR) show that while a growing share of households feel more confident about the economy and their financial situation, those positive feelings are not translating to positive views that now is a good time to buy a home.

A new study based on Census data shows that millennials spend about 45 percent of their income on rent before reaching the age of 30, according to Rent Café.

The cost of renting is a huge subject nowadays and a big expense as well, arguably the biggest it’s ever been. People in their 20s starting a life on their own have always faced a lot of challenges. Besides having a low income because of limited work experience, leaving home and paying rent make things even harder, according to Rent Café.

“Analyzing Census data going as far back as 1974, we discovered that rent burden followed an ascending trend over time, making millennials the hardest hit generation. But the future doesn't look too bright for Generation Z either,” the company said in a release.

A new study based on Census data shows that millennials spend about 45 percent of their income on rent before reaching the age of 30, according to Rent Café.

The cost of renting is a huge subject nowadays and a big expense as well, arguably the biggest it’s ever been. People in their 20s starting a life on their own have always faced a lot of challenges. Besides having a low income because of limited work experience, leaving home and paying rent make things even harder, according to Rent Café.

“Analyzing Census data going as far back as 1974, we discovered that rent burden followed an ascending trend over time, making millennials the hardest hit generation. But the future doesn't look too bright for Generation Z either,” the company said in a release.