What I'm Reading Up, Up and Away Part I: Demand for single-family rental homes is soaring, pushing prices to record highs, as Americans continue to want larger homes with outdoor spaces per the latest report from CoreLogic. Sunbelt cities like Miami and Phoenix are leading the charge. CNBC Up, Up...
March 3rd – Beware the Ides of March
What I'm Reading Beware the Ides of March: With omicron cases falling, major employers say they spot a window to bring workers back to the office. However, with a tight job market, the question becomes whether or not employees are willing. Wall Street Journal Embedded: Russian oligarchs have spent decades...
February 18th – Shelter in Place
What I'm Reading Shelter In Place: Higher interest rates will make move up buyers with low, fixed mortgage rates and tons of equity less likely to move. Instead, they will likely renovate or expand their existing homes. At the same time, builders confidence is declining as rates rise and supply...
February 15th – Upside-Down
What I'm Reading South of the Border: Californians looking for lower mortgage or rent payments are increasingly heading south to Mexico for more affordable prices, and the influx of residents has sparked a real estate boom in Tijuana. Fox Business As I have said in this space before, of of...
February 1st – Guessing Game
What I'm Reading Guessing Game: Pandemic uncertainty has made it extremely difficult for appraisers to assign values to office buildings. IMO, this will continue until the dust clears and the impact on demand from work from home can be fully quantified. Globe Street Windfall: Crypto whales are cashing out some...
January 25th – Up and To The Right
What I'm Reading Up And To The Right: Average monthly listed rents in the US increased 14.1% year over year, according to a report issued by real estate brokerage firm Redfin. Meanwhile, the national monthly mortgage payment for homebuyers climbed 21.6% year over year, also the biggest increase in Redfin’s...
January 20th – Getting High on Your Own Supply
Chart of the Day A bit of a narrative violation from RealPage's Jay Parsons challenging the assumption that supply constrained markets tend to outperform when it comes to rental growth. Supply, in and of itself isn't a bad thing. In fact it adds to economic growth creating jobs for new...
January 11th – Open House
What I'm Reading Open House: Supply chain issues are making it difficult for home builders to complete new houses, despite increased building activity. As a result, mostly finished units are often sitting for weeks, awaiting the delivery of items like garage doors and gutters. Wall Street Journal No End in...
January 5th – Stuck in Place
What I'm Reading Boxed In: Despite an incredibly tight apartment market, Los Angeles won't allow rent hikes for tenants in rent-stabilized units - which accounts for approximately 75% of inventory - until at least 2023. This despite costs rising sharply, including labor and materials for building repairs as well as...
December 16th – Leading the Pack
What I'm Reading Leading the Pack: Millennials were supposed to be the generation that spurned home ownership. Instead, they now make up over half of all home purchase applications as the group enters prime household formation years. The generation accounted for 67% of first-time home purchase mortgage applications and 37%...