By Will Parker When Tressy Coats looked to rent a somewhat worn-out, three-bedroom house in Virginia Beach, Va., two years ago, the market was so tight that 46 other people applied to rent the same home. This June, Coats found an ocean-facing, two-bedroom apartment in that city. The $2,100 a month rent was lower than she […]
By Richard Berger Operational costs for apartment companies grew by 8.6 percent on average year-over-year in the second quarter of 2023, according to a new report from Marcus & Millichap. Effective rents rose at nearly twice the pace of expenses during the yearlong period ending in June 2022, but those trends inverted over the following […]
By Will Parker America’s suburbs are posting the country’s fastest-rising rents, a sign that the recent migration of families from major cities is starting to look more long-term. Many white-collar workers with remote jobs moved out of city apartments for roomier accommodations during the early months of the pandemic in 2020. Now, high mortgage rates and home […]
Borrowing costs have risen more than the benchmark Treasury yields they track, pushing up interest rates for buyers By Ben Eisen and Gina Heeb Mortgage rates pushed to a fresh two-decade high this week, making it tougher for the housing market to emerge from its stark slowdown. The average 30-year fixed mortgage came with an interest rate of […]
Meet the people who helped make it happen Cathy Mande surveyed the rubble of her former home on a recent warm day, a serene look on her face. A few days later, the rubble would be gone, cleared away to build what many hope will bea new model for affordable housing. Months prior, when Mande […]
By Konrad Putzier Apartment buildings, long considered a real-estate haven, are emerging as the next major trouble spot in the beleaguered commercial-property world. Investors bid up the prices of multifamily buildings for years, attracted by steadily rising rents and the prospect of outsize returns. Many took on too much debt, expecting they could raise rents fast enough to […]
By Andrew Brinker A high-profile push by Boston Mayor Michelle Wu and some housing advocates to end the state’s three-decade-old ban on rent control has gained little traction with state lawmakers this year. So now supporters are considering another approach: taking the matter to the voters. Cambridge StateRepresentative Mike Connolly — “acting in my personal […]
By Abha Bhattarai Business has been so slow at the Corner Bar & Diner that many nights, owner Serena Rice closes her New Underwood, S.D., watering hole at 8 p.m., six hours early. Fewer people are stopping in — and when they do, they’re ordering $3 well whiskeys instead of their usual $5 pours of Crown […]
By Richard Berger The lack of affordable insurance options for property owners of all types increasingly puts needed insurance coverage out of reach and limits the ability of property owners to make needed investments in their properties. As a result, this stressed insurance market, stubborn inflationary pressures, and rising interest rates have disrupted transactions and […]
By Ashley Fahey Although loans backing office properties are the most scrutinized these days, a wall of debt is also maturing within the multifamily sector in the coming years. And while multifamily continues to be seen as one of the safer asset classes, already, there’ve been recent examples of loan defaults on multifamily portfolios, including four […]
