Texas’ $7 billion plan to remake Houston highways once again targets homes, businesses in communities of color
8. TxDOT estimates it will need to acquire 162 single family homes, 643 multifamily units and 508 public housing units. “At the core, this
Read MoreMore claim the “American Dream” involves renting
getting a good deal on their apartment, and 55% are satisfied with their rental. Freddie Mac found that 40% of renters said they thought a
Read MoreCalifornia enacts statewide rent control
law was also opposed by the National Multifamily Housing Council, National Apartment Association, Mortgage Bankers Association, California
Read MoreApartment construction is slowing down, even as occupancy reaches an all-time high
Although multifamily occupancy rates keep climbing, with apartment occupancy rates in July reaching the highest level since 2000, multifamily construction is slowing. Many major markets have seen a slow down in multifamily construction growth – slowing to the lowest level it’s been in almost four years, according to a new report from RealPage. There were nearly…
Read MoreDallas apartment renters are wooed with giveaways
About 35% of Houston apartments are using freebies, and in San Antonio 30% of the rental units come with a concession deal. Houston, San Antonio and Dallas have all seen thousands of new apartments built during the last few years. “Dallas has been the nation’s busiest market during the cycle, seeing nearly 125,000 units deliver,…
Read MoreAverage rental prices rise as nation faces multifamily housing shortage
As rent prices continued to climb in July, RentCafé indicates that the nation’s average rent rose $48 from the previous year. According to the company’s Apartment Market Report, the national average rent in July totaled $1,469. Not only is this a 0.2% increase from last month, but it is also 3.4% higher than the same time period…
Read MoreDallas-area apartment rents growing slower than national rate
In the Dallas area, rents rose 3% year-over-year. The average Dallas area multifamily rent rose in July to $1,202. “Multifamily rents continued their impressive and consistent performance, increasing by $3 in July to $1,469,” Yardi analysts said in the nationwide report. “Metros known for their concentrations of technology industries — Boston, Portland and Seattle — have…
Read MoreMultifamily developers struggle to keep up with Austin's booming job market
Despite the annual ritual of pleading South by Southwest goers not to “move here,” Austin residents are still seeing a population influx fueled by job growth. And according to a recent report from Yardi, multifamily developers are struggling to keep up with the demand this market presents. In March, the metroplex saw an addition of…
Read MoreFreddie Mac: It will be another banner year in multifamily
It looks like the multifamily sector is set to have another strong year thanks to a combination of factors that will fuel demand for rental housing. According to Freddie Mac’s midyear outlook, 2019 will see a robust rental market as the nation’s housing shortage, a strong labor market and low interest rates create a potent…
Read MoreReport: Houston among top markets for apartment investors
With rents poised to rise and vacancies set to fall, Houston has been designated as one of the nation’s top market for multifamily investments, according to a new report. Ten-X Commercial, a transaction platform specializing in online property auctions, determined the top five ‘buy’ and ‘sell’ markets by examining the outlooks for growth in net…
Read MoreYounger generations are moving more than others
The conventional wisdom about Millennials is that they move (and move home) more frequently than older generations, and a new study from Porch will only reinforce that belief even further. Out of the 1,000 people surveyed, Millennials were found to move once every two years. Gen Xers moved about every four years and baby boomers stayed in the same…
Read MoreRental vacancies fall to historic low as home sales slow
With home sales down and an almost inordinate amount of new multifamily development, it should come as no surprise that rental units and properties are high in demand. According to a recent report from Capital Economics, the slowdown in home sales is feeding the demand for rentals. “Alongside solid earnings growth that helped drive the CPI…
Read MoreAmericans want more affordable housing, just not in their neighborhoods
As housing affordability continues to be a national concern, several states have introduced zoning legislation that aims to tackle the issue by building more affordable, high-density housing. One of these states, Oregon, recently passed House Bill 2001, a measure that will soon require cities of more than 10,000 people to permit duplexes in areas currently zoned for…
Read MoreThe Debate Over Single-Family Zoning
A new survey from Redfin revealed that homebuyers and sellers are nearly twice as likely to oppose increased housing density in their neighborhood than they are to support it. The report adds that African-American respondents under the age of 25 were most likely to support policies that encourage dense housing. Of those that responded, 53% supported zoning…
Read MoreLuxury Dorms, Pricey Apartments Run The Risk Of Further Stratifying College Students
With Meghna Chakrabarti Private developers and colleges are teaming up to build luxury dorms. At what price to the college experience? Guests Deirdre Fernandes, Boston Globe correspondent covering the education economy. (@fernandesglobe) Joshua Brown, professor of education at the University of Virginia. Lead author of the study “The Hidden Structure: The Influence of Residence Hall Design…
Read MoreFreddie Mac: Limited homes for sale put pressure on prices
According to Freddie Mac’s July forecast, home sales will be dampened this year due to a shortage of inventory and rising prices. Existing home sales in 2019 probably will total 5.34 million, matching the number in 2018. New-home sales probably will grow to 650,000, compared with 620,000 last year, the mortgage financier said. There likely will be 1.26 million housing starts,…
Read MoreHousing’s Impact on the GDP
Although Q2 2019’s GDP growth of 2.1% exceeded expectations, housing’s share of the GDP declined to 14.6%, according to the National Association of Home Builders (NAHB). Recording its sixth-consecutive negative contribution to GDP growth was home building and remodeling, which fell to just 3.1% of the GDP. The NAHB stated the lack of housing supply…
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