Multifamily rents were flat for the third consecutive month in October, but the national numbers appear misleading, as the sector is experiencing an ever-increasing divergence between outperforming and underperforming markets. On a year-over-year basis, rents fell 0.6% nationwide.
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A review of several data outlets by Freddie Mac shows that renters are prioritizing rent payment. Apartment rent payments overall have remained stable throughout the pandemic—a welcome surprise considering the rapid increase in unemployment. The reason? Renters have been prioritizing rent payments. This is according to Freddie Mac, which recently reviewed several apartment rent data sources, including National Multifamily Housing Council, The Household Pulse Survey, LeaseLock, Apartment List and National Association of Real Estate Investment Trusts.
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While the results of last night’s presidential election remain too close to call, a leading political science academic is warning that the January 2021 occupant of the White House will be forced to deal with the greatest foreclosure and eviction crisis since the Great Recession.
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Top real estate economists at the CPE-MHN Summit share insights into what's next for the industry.
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At the same time, the vacancy rate increased 10 basis points in Q3, which put it at 5.0% at quarter's end.
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Orange County’s multifamily fundamentals were a mixed bag at the close of the third quarter. Rent performance recovered after six consecutive months of declines, as the average rent rose 0.3% to $2,121, on a trailing three-month basis as of September.
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While owners of lower B and C apartments might be struggling now, there are many tailwinds behind rental housing. While the eviction moratoriums could be problems for many landlords, Class A apartment owners aren’t as concerned about their impact on their portfolios. “Fundamentally, we don’t think these eviction moratoriums are negatively affecting us,” Ric Campo, Chairman and CEO of apartment REIT Camden, who says his company has had no layoffs and gave bonuses to onsite workers. “In terms of the CDC [eviction moratorium], it’s just not affecting us that much because our renters aren’t affected as much..”
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According to a recent Zillow report, monthly mortgage payments are getting more affordable for most Americans. In fact, Zillow reports that mortgage rates for U.S. homeowners have actually hit all-time record lows.
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The competition among homebuyers is intense and home prices have been soaring in recent months. The cause of this heated competition and rising prices is the short supply of homes for sale. This lack of inventory has been prevalent across the country since COVID-19.
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The COVID-19 pandemic has been the impetus for federal foreclosure prevention measures. Many states also have taken their own measures. The legal-news site JDSupra has provided a summary of the most-recent statewide foreclosure and eviction moratoria updates.
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