Jon Morgan

NAHB predicts a significant pullback in multifamily starts for 2024. Are we surprised? Multifamily Developer Confidence is in Negative Territory. In the fourth quarter of 2023, multifamily developer confidence remained in negative territory, as revealed by the Multifamily Market Survey (MMS) conducted by the National Association of Home Builders (NAHB). The survey produces two key indices: the Multifamily Production Index (MPI) and the Multifamily Occupancy Index (MOI). The MPI, which gauges sentiment about current production conditions in the apartment and condo market, scored 41, below the break-even point of 50. Meanwhile, the MOI, measuring the industry’s perception of occupancies in existing apartments, registered 77. Tight lending standards and high development loan costs continue to hinder financing for new multifamily projects. Given the substantial supply of multifamily units under construction, NAHB predicts a significant pullback in multifamily starts for 2024 #realestatedevelopment #realestateinvesting #passiveincome #multifamily #realestate #multifamilyinvesting #multifamilyrealestate #firsttimedeveloper #raisemasters30 #cre #financialfreedom

2

5 Comments

Why are multifamily turnovers are at record low? Ivy Zelman explains how multifamily markets are beginning to see a silver lining despite economic headwinds. Read the full article: https://lnkd.in/dV8YjXpH #Multifamily #HousingInsights #HousingMarket #Zelman #WeAreWD

12

1 Comment

The level of commercial/multifamily mortgage debt outstanding increased by $47.7 billion (1.0%) in the third quarter of 2024, according to the Mortgage Bankers Association’s (MBA) latest Commercial/Multifamily Mortgage Debt Outstanding quarterly report. Total commercial/multifamily mortgage debt outstanding rose to $4.75 trillion at the end of Q3. Multifamily mortgage debt alone increased $29.8 billion to $2.12 trillion, up 1.4% from Q2. Jamie Woodwell #cre #finance

1

Freddie Mac: Housing market is undersupplied by 3.7 million homes and it's "the root cause of decreased housing affordability" Housing shortage, according to Freddie Mac economists 👇 2018 -> 2.5 million 2020 -> 3.8 million 2024 -> 3.7 million According to a report published last week by Freddie Mac economists... The U.S. housing stock (147.0 million units) is 3.7 million units below the group’s estimate for how many housing units the market needs given demographics (150.7 million units) “The root cause of decreased housing affordability is the fact that housing supply has not increased enough to match demand. Inadequate housing supply leads homeowners and renters to bid up the sale price and rent of available housing, which puts a squeeze on affordability,” wrote Freddie Mac economists in their report. To stay updated on the U.S. housing market—including regional market variations, buyer/seller dynamics, and different perspectives—subscribe to the ResiClub newsletter: https://lnkd.in/gc6XNqfW

70

17 Comments

Top 12 Multifamily Predictions for 2024 🏘 👇 Here's a snapshot of what experts are forecasting for the multifamily industry in 2024: 1. Rents High, Occupancies Stable: High mortgage rates and tight home inventories will keep rents elevated while occupancy rates remain stable 2. Production Reduction: Construction financing is expected to drop, slowing down new multifamily projects 3. Below Replacement Cost: Investors will focus on buying properties below replacement cost, affecting urban supply pipelines 4. Senior Living Boom: The aging baby boomer generation will drive demand for independent and assisted living facilities 5. Hotel-Inspired Wellness: Multifamily communities will increasingly incorporate wellness-focused designs and amenities 6. Finding the Best Buyers: Sellers will prioritize buyers with strong equity and a proven track record, often opting for off-market sales 7. Maximizing Experiences: Luxury multifamily operators will need to offer unique resident experiences to stand out 8. Proptech Consolidation: There will be a push towards creating unified ecosystems for technology solutions in the industry 9. Coffee Perks: Expect to see more coffee bars in apartment buildings, enhancing social interaction and work-from-home productivity 10. The Right Mix: Multigenerational and socioeconomically diverse communities with rich amenities will gain recognition 11. Supply-Demand Reversal: A surge in multifamily deliveries may temporarily impact Class A rents, but this will balance out as construction slows 12. Adaptive Reuse on the Rise: The trend of converting old buildings into multifamily residences will continue, driven by sustainability and cost considerations Check out the full article for a detailed look into these trends: https://lnkd.in/eCaXqKKy What are your predication? Share in the comments ❗ #multifamilytrends #realestate2024 #propertymanagement

6

5 Comments

Multifamily real estate's tough times may spell opportunity for bargain buyers! Check out the latest insights on GlobeSt.com. #MultifamilyRealEstate #Opportunity https://lnkd.in/gEkFUpkV

2

Multifamily Market Update: A Slowdown in Renter Demand? Not Quite. The U.S. multifamily market remains resilient, even as rent growth shows signs of leveling off. According to Yardi Matrix: 🏢 Modest Rent Growth: Average apartment rents rose just 0.9% year-over-year to $1,748. 📈 Strong Demand: 329,000 units absorbed this year, though new supply has nudged occupancy rates to 94.7%. 📍 Regional Variations: The Midwest and Northeast are seeing strong rent increases, while the Southeast and Southwest experience slower growth due to higher supply. 🏡 Single-Family Rentals: Growth is minimal here too, with rents up just 0.3% year-over-year. While rent growth may be slowing, demand for multifamily housing remains robust, underscoring the importance of regional market dynamics and new supply trends. https://lnkd.in/gq3r3uih 

1

As the multifamily outlook for 2025 starts to come into focus, it’s looking like we will again have more units delivered than can be absorbed, so occupancy and rent growth will continue to be under pressure in many areas of the country. With operating expenses expected to continue to rise, leasing teams will need to deliver even more with even less during the 2025 leasing season. The good news is that there is ample time to prepare AND we have data to share that will help you identify the greatest opportunities for improvement across your leasing funnel! Join ResMan and our partners at Anyone Home for a webinar on Thursday, September 12th at 2pm CT as we provide data and insights from across the ecosystem on topics such as: - Conversion at various stages of the leasing funnel - Performance rates for humans, AI, and automation in moving leads into and through the leasing funnel - The impact of various tour types in converting leads to leases - The role different leasing technology solutions play in driving leads to leases Register for the webinar here: https://hubs.li/Q02P7Wc60 Don’t miss this chance to arm yourself with data for budgeting discussions and to jump start your planning for the 2025 leasing season. #budgetingseason #multifamily #multifamilymarketing #leasingseason #propertymanagement

4

As the multifamily outlook for 2025 starts to come into focus, it’s looking like we will again have more units delivered than can be absorbed, so occupancy and rent growth will continue to be under pressure in many areas of the country. With operating expenses expected to continue to rise, leasing teams will need to deliver even more with even less during the 2025 leasing season. The good news is that there is ample time to prepare AND we have data to share that will help you identify the greatest opportunities for improvement across your leasing funnel! Join Anyone Home for a webinar on Thursday, October 3rd at 2pm CT as we provide data and insights from across the ecosystem on topics such as: - Conversion at various stages of the leasing funnel - Performance rates for humans, AI, and automation in moving leads into and through the leasing funnel - The impact of various tour types in converting leads to leases - The role different leasing technology solutions play in driving leads to leases Register here: https://hubs.li/Q02Qw3-g0 We’ll provide guidance to help you identify leasing process changes that can have the biggest impact for your organization, and we’ll conclude the webinar with examples of how Anyone Home CRM, Leasing Assistant, and Contact Center are helping organizations deliver results in today’s challenging leasing environment. #leasingdata #multifamily #multifamilyleadership #multifamilymarketing #leasingagents #propertymanagement

9

Leasing Tip of the Day: Drive Decisions with Data, Not Emotions  Price is a universal measure. Tenants and prospects often compare rent rates between your location and competitors. Instead of defending your vacancy with a list of benefits, use real data, actual dollars and cents to quantify value. This approach provides prospects with a reliable benchmark to justify a potentially higher rent. Read more about this topic on my blog: https://lnkd.in/ee2XP6p6 #retailleasing #retailrealestate #themallwhisperer

8

What's in store for #Multifamily for the rest of 2024? Download the Yardi Matrix mid-year outlook for expert insights into rent growth, occupancy, and absorption. Grab your free copy: https://lnkd.in/duYcGpkb #MultifamilyRealEstate #HousingMarket #HousingMarketData #HousingMarketUpdates #RealEstate #RealEstateData #RealEstateMarketUpdate #RealEstateReport #RealEstateExperts

16

NOI is a crucial metric for the multifamily industry. We've got a breakdown of how to calculate Net Operating Income PLUS suggestions for how to improve it in today's rental market.

11

🎙️ Exciting News! Part 2 🎙️ Missed the first part of the podcast episode featuring Mike Holdwick? Don't worry! You can catch the continuation of "Deal Deep-Dive: Why Value Add CRE is a game changer with Mike Holdwick" to dive even deeper into valuable insights about commercial real estate. Tune in for more game-changing discussions! With Uptown Syndication #crepodcast #valueaddcre #realestateinsights #proteamcommercial #commercialrealestate #cre #investmentstrategies #investing #realestate #realestatetips #propertyinvestment

6

95% of CRE Brokers Do Not Understand Leverage... Almost all of them think they do, but in my opinion - most are missing out on the most important type of Leverage. "But I work with Bankers every day and there's debt on almost every deal I do!?" This is not the type of Leverage I'm talking about. There's 4 types of Leverage that can be broken down into 4 C's: Capital, Code, Content, and Collaboration. The Collaboration part has probably been the number 1 growth factor for my business. Collaboration allows Leverage on your Time. In my opinion, the key to the "game" of business is to continually trade up for more Leverage on Your Time. At first, you have to do the $10/hr tasks. But once you're making $50/hr, you can hire someone for $10/hr. And then when you're making $200/hr, you can hire someone for $50/hr to do the tasks you shouldn't be doing. After that, you continue to gain more leverage on your time, and execute the tasks that are the most influential to your business, and that you genuinely enjoy doing. So, if you're a CRE Broker and are not using Leverage in your business... I would recommend you start thinking about it. And if you want to know how I structured this Leverage to scale to $1.4M in Gross Commissions in a Single Year - Just reply to this post or DM me. No sales pitch - just happy to help however I can.

42

10 Comments