Commercial Real Estate & Business News – February 6, 2018

Apartment rents might not be headed upward with the same kind of energy they did in recent years, but there's still upward momentum in the vast majority of U.S. markets. RentCafé recently reported that 89 percent of the nation's biggest cities (the top 250 by population) saw rents grow year over year in January, while only 2 percent experienced rent drops...»
Nearly three-quarters (74%) of mortgage bankers expect to see no downturn in the multifamily lending space this year, saying deal volume will either increase from or remain the same as in 2017. That's according to Berkadia's first Powerhouse Poll, which surveyed nearly 150 of the firm's investment sales brokers and mortgage bankers across 60 offices to assess 2018 opportunities in the multifamily space...»
Today's employment report from the Bureau of Labor Statistics shows growth in both public and private construction spending, according to an analysis by Associated Builders and Contractors (ABC). Construction added 36,000 net new jobs in January, an impressive increase of 0.5 percent on a month-over-month basis. During the past 12 months, construction has added 226,000 net new jobs...»
The average profits for people selling their homes recently hit a 10-year high. During the last three months of last year, ATTOM Data Solutions found the average home price was $54,000 more than what the seller had paid. In metro Phoenix, the average home price gain was $63,000, a 36 percent return on investment, according to ATTOM's research...»
Could Millennials be holding metro Phoenix's new home market back from finally recovering? Most of this huge generation of young adults haven't bought homes yet, and the Valley's home-building market still hasn't recovered from the crash. Housing market watchers, including myself, have been a bit obsessed with where and how Millennials, born between the early 1980s and 2000s, live...»

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