The average multifamily asking rent in the US went up $3 in March to $1,706. The national asking rent growth turned positive for the first time in 4 months. With this being said, nationally the year-over-year growth actually dropped to 4%. With the collapse of several banks making the financial markets unpredictable at the moment, the multifamily market has remained relatively...
Throughout the pandemic multifamily owners in California saw a 2-year delay in physical and economic terms. With situations like this, this can play into why SB721 was put into place. Through SB721 California multifamily owners must have their balconies inspected and there are now deadlines for this. The first deadline is to have balconies inspected before or by January 1,...
Throughout the past two-and-a-half years, we have seen asking multifamily rents climb at the fastest pace on record, at 21.7%. But with this, the asking multifamily rents have now fallen month-over-month for the first time since May 2020. The Fed has been aggressive with rising interest rates to combat inflation. These rising rates will eventually take its toll on the...
More and more San Diego renters have been falling into homelessness. To combat this, there will be new tenant protections. There will be more consistency with the Tenant Protection Act of 2019. Through this, renters will receive additional notices such as the definitions for “No Fault” and “At Fault Termination of Tenancies” so that the terms are clear to both the...
The estimated 12-month personal consumption expenditures (PCE) through October was 6% (as seen below). Inflation is still uncertain over the next few years. Forecasts show significant decline over the next year, but it has also been projected to do so multiple times in the past and did not, so it is still uncertain. To get on a path to inflation...
COSTAR INSIGHT San Diego Adds More Jobs, Loses More of Its Labor Force Apple Still in Hiring Mode By Joshua Ohl CoStar Analytics November 21, 2022 | 2:38 P.M. San Diego’s unemployment level shifted upward during October, to 3.2%, according to the latest report released by the California Employment Development Department. That compares to California’s unadjusted statewide unemployment rate of 3.8%. Although San Diego added 14,000 to nonfarm...
Currently 42% of Chula Vista housing is rental housing. 44% of renters in Chula Vista pay over 50% of their income on rent. 47% of Chula Vista’s households are considered to be lower income. Many of the Chula Vista renters applied for the COVID-19 Emergency Rental Assistance Program (ERAP) to get help paying rent. Along with this, Chula Vista’s rents...
Source: Yardi Matrix Multifamily National Report - Summer 2022, in link here. While multifamily rents have decelerated from the record highs in 2021, they are still in the double-digit growth percentage through mid-year. The average asking rent increases are expected to grow to 7.9% by the end of the year. Due to the ever so strong performance in the multifamily sector,...
Source: SDAR / Alan Nevin Economic Report link here. San Diego ranks fourth in the United States for the share of $1 million-plus dollar homes in the city at 13.5%. This is likely in part because San Diego is such a desirable place to live. United States unemployment has hit a new low of only 3.6% in June. San Diego’s unemployment...
Source: Yard Matrix The average US asking rent increased $19 to a new high of $1,706. Nationally the asking rates have increased by $73 year-to-date. Rent growth has increased by at least 10% in 25 of Yardi’s top 30 metros. US asking rents have also increased at an average of 1.1% in June from May. National occupancy rates are at a...